U.S. presidents live in homes that most people dream about. Yet, according to Forbes Magazine, it seems that a few presidential manses have shed value in the economic downturn.
Zillow reported that the value of President Obama’s home in Chicago is off by 20%.
Even the value of Camelot, the Kennedy compound in Hyannis is reported to be down 25% to 30%,” says Amy Massey-Weider, who runs the Century 21 Shoreland real estate brokerage in nearby Hyannis. The news is good for those who dream of buying a little slice of the shores where the Kennedys live and play.
Read more of the story here
Saturday, June 12, 2010
Wednesday, June 9, 2010
Whole Foods Coming to East 57th Street
After a major budget cut, and a reduction in size of a Whole Foods Market slated for East 57th Street, the city and the World-Wide Group cut the ribbon on a $500 million, 900,000-square-foot mixed-use development as reported by The Real Deal.
The project which was initiated in 2008, fell apart when the economy turned bad.
Then World-Wide and the New York City Educational Construction Fund regrouped, slashing the budget by $100 million, reducing the size of Whole Foods space and cut the amount of excavation required by 30 feet through the redesign of the entire retail space and the space for two schools.
New York City Schools Chancellor Joel Klein told the Real Deal that "The partnership between ECF and the World-Wide Group, is ECF's largest ever, and is a model for how the public and private sectors can work together to help our communities."
The development at 250 East 57th Street will roll out in two phases.
Read more of the story here
The project which was initiated in 2008, fell apart when the economy turned bad.
Then World-Wide and the New York City Educational Construction Fund regrouped, slashing the budget by $100 million, reducing the size of Whole Foods space and cut the amount of excavation required by 30 feet through the redesign of the entire retail space and the space for two schools.
New York City Schools Chancellor Joel Klein told the Real Deal that "The partnership between ECF and the World-Wide Group, is ECF's largest ever, and is a model for how the public and private sectors can work together to help our communities."
The development at 250 East 57th Street will roll out in two phases.
Read more of the story here
Wednesday, June 2, 2010
Manhattan condominium sales continue to pick up momentum
According to an article in the Wall Street Journal, March, condo sales activity more than doubled, rising 101.2% compared with a year earlier. This was reported to the WSJ by the RPX index designed by Radar Logic Inc. Sales in March were down 6.6% when compared with a month earlier.
The report goes on to say that existing unit sales increased 154% in March from a year earlier, and that new unit sales declined 25% in March.
According to Radar Logic, there was also a shift towards sales for small and inexpensive condo units in the $400,000-$600,000 range.
They say that condo prices, as measured by square foot, were down 14.9% in March compared with the same month a year ago.
Radar Logic also reported that prices declined in seven of the eight neighborhoods they tracked. The biggest decline was on the Upper East Side, where average prices fell 28.8% to $925.93 a square foot.
The only neighborhood that posted an increase in prices was the East Village/Lower East Side, where prices per square foot rose 1% to $903.64.
Despite the large year-over-year increase in sales activity, Radar Logic reports that sales remain low in comparison to the top sales activity in 2007.
Sunday, May 23, 2010
Sunday, May 16, 2010
Fannie cuts Battery Park City a break
Thanks to Fannie Mae, Battery Park City residents hoping to sell their apartments can breathe a little easier. Fannie Mae is going to back loans in this waterfront neighborhood now that it has completed its review of the neighborhood’s ground leases.
Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents’ monthly payments and could more than double as the leases expire in 2011. That potentially steep rise would have to be taken into account in the underwriting of loans in the neighborhood.
Fannie Mae has been reviewing these ground leases for the past two months and is now sending a letter to the lenders who have originated—or have expressed interest in an intent to originate—mortgages secured by condominiums in Battery Park City, informing them that the ground leases on the established condominium projects have been reviewed and are acceptable. Fannie May said they will continue to accept deliveries of eligible loans secured by condominium units in Battery Park City.
Battery Park residents live on land leases which means they have to pay rent for the land their buildings stand on. Each of the dozen or so buildings in the area has its own ground lease. Those ground lease fees are factored into the residents’ monthly payments and could more than double as the leases expire in 2011. That potentially steep rise would have to be taken into account in the underwriting of loans in the neighborhood.
Fannie Mae has been reviewing these ground leases for the past two months and is now sending a letter to the lenders who have originated—or have expressed interest in an intent to originate—mortgages secured by condominiums in Battery Park City, informing them that the ground leases on the established condominium projects have been reviewed and are acceptable. Fannie May said they will continue to accept deliveries of eligible loans secured by condominium units in Battery Park City.
Wednesday, May 5, 2010
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