Ritz Carlton, Washington DC
Short sales occur in all neighborhoods. You can find them for under $100,000 to well over $5,000,000. Even the famous Ritz Carlton in Washington DC has experienced short sales. Homes from Bethesda MD, Potomac MD and high end communities throughout the Washington DC Metro area are experiencing short sales and foreclosures.
In today’s tough market ordinary homeowners are finding themselves stuck with ballooning and unaffordable mortgages. Facing a buyer’s market and an upside down mortgage, many homeowners turn to short sales, even in the luxury real estate market.
A short sale (pre-foreclosure) is a real estate transaction that nets less than the amount of debt owed on a property. In other words, an owner sells his/her home for less than the mortgage they owe on it.
Why would someone consider a short sale?
1. Will or have already fallen behind on mortgage payments
2. They are facing foreclosure.
3. Divorce or death of a spouse.
4. Sudden disability
5. Immediate and pressing need to relocate.
Marc Cormier, a Realtor with The Tania Ivey Real Estate Team and owner of www.help34.com closes more short sales in an average month than most realtors have done in their entire career. Mr. Cormier closed 3 short sales in a 2 week period in June 2008 alone, . Cormier offers the following advice for those considering a short sale. More on Luxury Real Estate seeing short sales and foreclosures in Washington D.C.
Filed under Press Releases by Mark Knowles
February 29, 2008
Larry Silverstein
Larry Silverstein heads Silverstein Properties, a real estate developer and management organization. The company owns over 7 million square feet of prime residential and office space in Manhattan.
They were responsible for building the Ronald Reagan Building in Washington DC – at 3.1 million sq foot, the biggest privately developed office building in the US. The building is, of course, occupied by the US government. At that time, the Ronald Reagan building was the most expensive federal building ever built ($768 million and came in for substantial criticism considering the fact that Mr. Reagan himself was against such ostentatious government expenditure. But it seems Mr. Silverstein has friends in high places
Six weeks before the September 11th attacks on the World Trade Center, Silverstein Properties acquired the lease to the building which marked the largest real estate transaction in New York history. Only being overshadowed by the subsequent insurance claim which took several years in court to settle. Silverstein is committing the bulk of the $5 billion settlement to the redevelopment of the World Trade Center site.
Silverstein opened 7 World Trade Center in 2006 – a 52 floor office tower at 250 Greenwich Street near the World Trade Center site.
Many of Silverstein’s properties are commercial, but they also have substantial interests in the luxury residential market with plans to build the tallest residential downtown tower at 99 Church Street. The property will be operated by luxury hotelier The Four Seasons. Architects for the project are Robert A.M Stern. Once completed, the building will stand 80 stories tall and have a slim profile. The lower half of the building will comprise a 175-room Four Seasons Hotel with the remaining floors given over to private condominiums. 143 luxury apartments of up to 6,500 square feet.
Clearly this company is a force to be reckoned with in the luxury real estate market.
The Ronald Reagan Building
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Filed under For Enthusiasts, Luxury Property Developers by Mark Knowles
