After six years of a complete halt on residential condominium sales, towards the end of 2012 investment sales for this type of property started to slowly recover in markets such as Boston, San Francisco and New York. The new year came with even more interest from analysts, investors for the now re-emerging condo market, their eyes being lured in by large residential and commercial developers that announced new condo development projects in areas that have been considered overbuilt markets, like South Florida or Las Vegas.

The increase in demand is confirmed as both overall US condominium investment sales volumes and the average price per unit for new condo projects have reached record levels in the fourth quarter of 2012, the highest in the past seven years, as shown by data from CoStar.

In Las Vegas alone, Ladder Capital Finance Holdings LLLP bought 427 luxury condo units at Veer Towers in the CityCenter project in December 2012. The properties were acquired from MGM Resorts International for $119 million. The deal was struck ”at a time when the Las Vegas housing market is seeing sustained improvement,” Tony Dennis, executive vice president of CityCenter Residential explained.

Picking up on the recovery signs, large homebuilders such as Lennar and Toll Brothers are also planning on developing rental apartments and for-sale condos as a means of diversifying their portfolios. Toll Brothers, a leading luxury homes developer, has officially announced a major push into the condo market, a move marked by the acquisition of a development site in downtown Bethesda, MD, where they plan to build a seven-story building with 60 luxury condominiums and underground parking.  They also plan to build luxury condos and retail space in New York, and acquired 953-961 First Avenue between 52nd and 53rd streets in the Midtown East area, and 82 King Street, between Hudson and Varick Streets, in SoHo, to accommodate their development plans.

Another major player, The Related Group, with their losses in South Florida still fresh in their minds, are also returning to the market, but are taking a cautious approach, while focusing on retail and office space developments in Miami. Related thus decided to buy a 1.3-acre high-rise mixed-use development site in Miami;s Brickell financial district for $18.5 million

New development projects have also been announced for supply constrained markets like San Francisco.  Trumark Companies acquired six sites where it will build mid- and high-rise condo projects, with more than 500 units planned. The project requires an investment of over $300 million.

But as Trumark principal and co-founder Gregg Nelson explained,  the demand for urban housing is on a rebound as the economy strengthens, more so in top tier markets like San Francisco. Yet up to now all new developments have been rental housing.

“We see an exploding opportunity, and an exploding demand, for for-sale housing in core urban areas because there’s almost a complete lack of supply,” Nelson said. Polaris Group data supports his idea of a non-existent supply, showing a forecast of 200 units per year through 2015 for new condominiums, and that is for a city with close to a million residents.

Trumark’s condominiums have a specific target in mind, younger tech company workers and retiring baby boomers who would trade larger residences for owning property in San Francisco, as explained by Michael Maples, who co-founded Trumark with Nelson in 1988.

The new demand for condos and the large number of development projects is the result of a recovering housing and job market in urban metro areas such as San Francisco and Boston. As rents are going up fast in some markets and mortgage rates drop, buying is once more becoming more sensible than renting.

Photo source

Zurich Mountain coming Winter this year.

Zürichberg – Wohnadresse

Translated from German Zürichberg is Zurich Mountain (above), one of the most exclusive and desirable addresses in Switzerland’s capital city. The image below from MOBIMO reflects a bit of the stylish and crisp architectural flair of these residences with privileges. The reader can find more information a wonderful images via this link. Alternatively you can contact: Mobimo Management AG, Seestrasse 59 8700 Küsnacht: Tel. +41 44 397 11 01 or verkauf@mobimo.ch

1184 Sq. Ft in Buenos Aires $2,735 per month

Palermo: Arenales St. & Sanchez de Bustamante St.

Okay, if you don’t know Buenos Aires then the address above won’t make too much sense. But, if you want to rent a penthouse in the city then Buenos Aires Habitat is the best place online to find one. The image above shows off just how upscale and luxurious this Argentine city can be. For those how have never been, we can tell you there’s no more refined city in Latin America. For more information on this or the many other Buenos Aires listings, you can contact Buenos Aires Habitat via: info@buenosaireshabitat.com, or Tel. Buenos Aires: +(54-11) 4815-8662 / 4816-6405 / 4813-7949.

This Mullumbimby is amazing as is the company photography

Mythical Mullumbimby

The next listing actually deserves an entire spread and in depth article. I quote directly from the Luxury Real Estate Australia listing:

“This home and environs comprise an unrepeatable labour of love in one of the most strategic and spectacular sites in the northern rivers. Unhindered private views from Cape Byron, to Mt Chincogan to Mt Warning. Close enough to hear the surf at Byron but far enough away for total peace and privacy. The land is arable and suited for macadamias or coffee. The architect designed home is unique and splendid with a wealth of exquisite detail and design.”

And then some. Mt Warning in the background, a 17 meter lap pool, and I’ll let your curiosity direct you to see more. Contact Brian Grant at +61 0408 899 555 if just outside Brisbane is your next home away from home.

Jason Soprovich knows his Hollywood property presentation

Eagle Harbor – Vancouver

Every day as an editor and author is a discovery. Today I found a real estate broker who knows his online business where showing properties is concerned. Jason Soprovich clearly understands people need to connect with things they may want to buy, especially online. The most difficult thing in the world is showing a property without the feeling, the tone, the sense the buyer can get from standing in the living room. But to get a lead into the living room? Ah, that is the rub now isn’t it?

As you can tell from the picture (full screen when you visit) 5535 Parthenon Place in West Vancouver, is extraordinary. Though the price is on request, it’s clear this ultra bachelor pad will go for millions. To contact Jason, call him on his cell at +1.604.817.8812, or mail him at jason@jasonsoprovich.com. Be sure and see the other fantastic properties whether or not you intend moving to Vancouver.

Tokyo Midtown Residences – view from the Ritz Carlton

Tokyo Midtown Residences

If I were a billionaire. Funny I never thought of it, but an appreciation of all things Japanese would seem to have led any writer to focus on a pad in Tokyo? Or not somehow. Whatever the reason, not taking a look at one of the world’s most fascinating and hopping places, has to be some sort of sin. And if you are going to fork over the hard earned cash for a place, then there’s no place better in Japan’s capital then these luxury residences. Available for long term rental, these fabulous apartments are the only 5 star luxury pads at the wonderful Ritz Carlton. For more info you can reach out directly via phone: +81-3-5772-9923, or visit the website via the link. We leave you with an image of your swimming pool at the Ritz.

Pool at the Ritz in Tokyo

Sorouh Gates construction – courtesy Sorouh

Aldar, the company that developed Abu Dhabi’s Yas Marina Formula One race circuit, has been massively funded by the government there.  With recent EU economic woes increasing, and the price of oil stagnant, its the companies are a bit “on the ropes” as far as potential profitability and liquidity are concerned. Goldman Sachs and the National Bank of Abu Dhabi are leading talks over the proposed merger, while Credit Suisse advises Aldar, and Morgan Stanley works with Sorouh individually. Challenges remain regardless of any talks however, the country being faced with ever increasing suppl-demand concerns regarding their property holdings.

Shares of the two companies jumped a bit on the news of a potential merger Aldar still being up 35.9 percent year-to-date and Sorouh up 36 percent, according to reports. On a final note here, if attention to a corporate website means anything at all, Aldar’s new one, plus the fact that there has been no press release posted on the old one in a year, shows a company focused elsewhere beyond growth for us. Aldar’s last press release spoke of the Abu Dhabi Education Council penning a deal with the property group in October of 2011.

As for the most recent construction project reports, this PDF from the firm shows a bit of where those billions are tied up. Not to be too critical, but throwing money into such projects as YAS Water World Abu Dhabi at a time when most of the world cannot afford lunch, this is not exactly gripping investment potential.

As for Sorouh, the news front is slightly better online visibility wise at least. The company website shows a release having been made for the completion of the world’s tallest bridge structure of a penthouse at ey residential development. We’re not sure exactly who keeps records of such world records, but Richard Amos, the company’s CFO, looks as if he’s lost some sleep in the 2012 report given below. Not to sound too critical, sometimes the little signs add up to a lot in these matter. It remains to be seen if the two companies will merge, and whether or not any such merger can result in black ink for those concerned.

Punky Brewster book signing event at the Azure © wrangler - Fotolia.com

Soleil Moon Frye, also known as “Punky Brewster” from the hit 80s TV series, is the author of the book called ‘Happy Chaos: From Punky to Parenting and My Perfectly Imperfect Adventures In Between.’ At the launch Moon Frye spoke on topics such as balancing raising children while running a business, as well as how to introduce a new baby into the family, and the need to accept chaos in your life. She also offered parenting advice, tips and guidance.

Azure was the perfect setting for this family friendly event which was held last week, as the building has no less than 6,300 ft.² of amenity spaces including a children’s playroom, residents lounge with private dining room and catering kitchen, as well as two landscaped roof terraces and a fitness center.

The residences also have the advantage of being in one of the most family-oriented neighbourhoods in Manhattan. The book signing and launch event took place in residence 26CD, which is a 3000 ft.² four-bedroom, 4 1/2 bathroom home with a balcony offering stunning views across the East River to the midtown skyline and Central Park. The residence also has 10 foot ceilings, a great room, corner living room and two wings each with two bedrooms. It’s currently on the market for $4,250,000.

Azure is located at 333 E. 91st Street on the Upper East Side, and was developed by The Mattone Group and The DeMatteis Organizations. The building has a 421a 10 year tax abatement, with an additional 10 years of tax benefits. Purchasers pay no mortgage tax, which is a saving of an additional 1.925% of their mortgage account. Azure is enviably located just steps away from public and private schools, museums, art galleries, fashion boutiques and parks. Prices start at $1.2 million. For further information contact the sales office at (212) 828-4848, or visit the website.

When Royal Palm Miami Holdings began construction in 2005, there was plenty of hype surrounding the luxury tower.  It was supposed to be cutting edge and truly raise the bar in Miami, but poor money management and a tragic crane accident in which two workers were killed made the property almost appear as though it were cursed.

Royal Palm even took out a $210 loan in 2006 from Corus Bank and iStar Financial, but it was having trouble finding ways to pay for it.  Finally, with Corus Bank out of business since 2009 and Royal Palm owing a ton of money, iStar won a foreclosure settlement and assumed the property’s title along with ST Residential on May 10, 2011.

Currently, the tower is like a ghost town with 340 units all sitting there unoccupied, but iStar and ST are hoping to change all of that, even hiring famed musician-turned-designer Lenny Kravitz to take over the interior design.  They have also enlisted Fortune International to handle strategic sales and marketing.

“I believe that the vision and stability being provided by iStar Residential and ST Residential for the repositioning and relaunching of Paramount Bay are key elements to the successes of this project.  We at Fortune International are extremely excited about working together to make Paramount Bay an extraordinary real estate asset,” said Edgardo Defortuna, President of Fortune International.

When it is finally complete, residents who live in Paramount Bay will enjoy amazing views of Bay and South Beach, as well as the Wynwood Arts District, the Design District, and many other attractions.  It will be “first-class living” for its residents, assuming the curse thing is just a myth.