Toll Brothers, one of the US’s largest builder of luxury homes reported a net loss of $472.3 million, a substantial increase compared to Q3 2008, where the company lost $29.3 million. This brings the total losses for 2009 so far to $644.4 million, bringing their net debt-to-capital ratio down to 14.5% from 18% at the [...]
Candy & Candy sued by Mexican bank
: August 26, 2009
Luxury property developers, Christian and Nick Candy, have hit the news once again, and are being sued by Grupo Financiero Inbursa, a Mexican banking conglomerate owned by Carlos Slim. The lawsuit was filed in New York State court in Manhattan yesterday. The 11 page complaint alleges that CPC group, Christian Candy’s property development firm, has [...]
Luxury Real Estate News Roundup 07/06
: July 6, 2009
The Great Recession and the Real Estate Bubble Between 2000 and 2006, the real estate market was booming due in large part to easy mortgage terms. Countless people bought into the market driving prices up and spurring major new home construction. In late 2006 the market crashed. Borrowers began to default on loans they could [...]
Luxury News from around the World
: March 31, 2009
Luxury home construction in Brooklyn at a standstill; luxury home foreclosures attract the vultures, Russia’s luxury goods market dies a quick death; Luxury property portfolio goes to Auction in South Africa and Noho Square is sold at 66% off. As luxury home construction comes to a standstill in Brooklyn, owners are finding themselves living in [...]
Luxury Real Estate – Over Supply and Bad Banks
: March 9, 2009
The luxury real estate market is beginning to fully feel the effects of the global downturn, with yet more bad news coming from the financial services sector and over-supply becoming a major issue. Bad Banks The financial services sector continues to supply bad news. I know I keep harping on about this, but until we [...]
New York Luxury Condominiums Start to Feel the Pain
: January 6, 2009
New York is starting to feel the pain of the financial crisis. Lagging a little behind the overall national market, the job cuts in the financial services industry are now starting to take their toll. The median price of Luxury condos in Manhattan fell from $4.3 million to $4.13 million in the last quarter of [...]
The Yellowstone Drama Continues
: January 2, 2009
It appears that the Yellowstone luxury residence club in Montana has had a stay of execution. In December, a federal judge gave approval for a $20 million interim loan to see the club through the winter season, with the hope that a buyer could eventually be found this year. This went completely against the wishes [...]
Donald Trump’s Plans for Scottish Golf Development in Doubt
: December 22, 2008
It seems as though Donald Trump’s heavily disputed golf development in the Scottish wilderness may now be in some doubt. Despite claims from the Trump camp that financing is not an issue, problems in several other areas of Mr. Trump’s business interests may have an effect. Trump was finally given permission to build what he [...]
Luxury Homes in Slovakia drop 40% in Price Overnight
: November 17, 2008
A luxury property developer in Bratislava has slashed prices of a luxury housing project by 40% Much to the ire of other local luxury property developers, J&T real estate have reduced the prices of luxury apartments in their “River Park,” complex in Bratislava by 40 percent. Overnight on November 11th. River Park is a luxury [...]
Creative accounting keeps Luxury Property Developer Candy & Candy out of Iceland’s troubles
: October 31, 2008
Ultra-luxury real estate developers, Candy & Candy were sucked into what could have been a disastrous situation recently when one of their partners in two large scale projects, Icelandic bank Kaupthing, was nationalized by the Icelandic government this month. Candy & Candy have apparently come to a deal whereby they have relinquished interest in NoHo [...]
