News About Properties

The market for luxury goods is in full-fledged revival mode, and that includes high-end city real estate — apartments and townhouses in the $5 million-plus range. After plunging 30% from peak to trough, luxury-home prices in many big urban markets are back on the rise. Unit sales in Manhattan, Miami and San Francisco are up as much as 50% since 2009, as new buyers have come into the market from China, India, Russia and Brazil. Prices are up 15% or more.

"Buyers at every price point smell value and, at the high end, they are in a position to do something about it," says Brian K. Lewis, executive vice president of Halstead Properties in New York.

Some sellers are even making money. Scott Bommer, founder of the hedge fund SAB Capital, couldn’t have bought his $28.5 million 5,800 square-foot apartment on the 29th floor New York’s Ritz-Carlton Tower on New York’s Central Park South at a less propitious time: July 2008. He relisted the apartment four months later at $35 million, but not surprisingly found no takers. In late August, he finally closed a sale for $30 million, according to Leighton Candler, senior vice president at the Corcoran Group. Bommer declined to comment.

via Urban Luxury Homes Are Making a Comeback.

Peter Flotz believes in bringing the personal touch to business.

It’s not unheard of him, for instance, to walk into meetings for multi-million dollar development projects bearing a box of his mother’s cookies.

That personal touch has helped him forge successful partnerships, he says, but has also hurt as he has sometimes let his heart overrule his head.

via Big hearted developer has big plans for Melbourne skyline.

This is going to be exciting! There is nothing more exciting than talking about numbers, budgets and statistics to get everyone hanging on the edge of their seats … or the abyss to boredom. End sarcasm here.

One of the more consistent questions asked by real estate consumers is, what exactly is included in the fees and what exactly is the maintenance fee?

via Chris Griffith: Making sense of condo maintenance fees.

The creators of a new and unusual downtown condominium project have only the very neighborly in mind.

The co-owners of Walnut Commons aren’t looking for neighbors interested in just borrowing a cup of sugar or waving “hello” as they pull out of their driveways.

Walnut Commons is a proposed cohousing community that would include 19-21 private units in a three-story, green-certified building centered around a common living space, where neighbors would gather regularly for communal dinners, lectures, children’s activities and other programs. Professionals, artists, seniors and children are welcome.

"We have the vision of what we want to do," said Jeff Major, project manager for the group’s financial partner and architect, Barry Swenson Builder. “You get community when you want it, but privacy, too. This allows people to pool their resources.”

via Residents plan cohousing condos – Santa Cruz Sentinel.

A lender has filed foreclosure against CityPlace, the high-profile shopping complex that’s facing financial woes in spite of its high occupancy.CityPlace fell behind on its $150 million loan in March, and an entity affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure suit in Palm Beach County Circuit Court.

When contacted, CityPlace Partners said: “CityPlace Partners continues to work closely with the special servicer to realign the loan and ensure the continued long-term success of CityPlace. Those talks are ongoing.” Real estate experts say it’s unclear whether the lender would seek to take back the property.

via West Palm Beach’s CityPlace is target of foreclosure suit.

Q: If a 1985 amendment to our condominium bylaws provides for staggered terms, but our association did not hold a vote to affirm staggered terms in 2008 or any subsequent year, is our association in violation of the law if we still use staggered terms?

A: Yes. Section 718.112(2)(d)1 of the Florida Condominium Act was amended in 2008 to provide that “in the event the bylaws permit staggered terms of no more than 2 years and upon approval of a majority of the total voting interests, the association board members may serve 2-year staggered terms.”

via Community Law: Owners must OK staggered terms for condo board.