Archive for October, 2011

just sold: 3 bedroom condo at the rushmore

Posted by ricardo on 10/22/2011 | |

 

A 3 bedroom condo at the Rushmore was just sold for close to $3 million to one of our clients.

Our foreign buyer approached us with the task of finding a beautiful three bedroom apartment that they planned on renting for the first few years, but then enjoying for themselves in later years. The buyer was in New York City for only a few days on a business meeting, so we had very limited time. We quickly scoured the city for properties that made the best sense for the family, quickly narrowing down the options to a select group of the finest properties. With first class door-to-door service we visited each property and revisited a select few.  Ultimately, the buyer was very pleased with our selection and chose a Hudson River facing three bedroom at the Rushmore on the 21st floor.

Rushmore rises over 41 floors in two towers on the Hudson River.  While Rushmore is new construction, the building is over 85% sold and closed. The last remaining units are now selling quickly.

The Rushmore stood out to us and our buyers for a number of reasons.  First, the Hudson River views from this building are quite spectacular and are protected for life (which is very important to many of our investors). Second, property taxes for the first 10 years are significantly reduced, as the building qualifies for a 421a tax abatement.  Third, the common charges at the Rushmore are quite low at $0.78 per sq. ft.  You get a lot for your common charge money at the Rushmore, as it is a full service building with gym, pool, kids playroom, etc. In comparison, Rushmore’s neighbor and many properties in New York City charge $1.15 per sq. ft. for common charges.  Since the buyers would not be using the property for themselves in the early years, it didn’t make sense to be paying all these extra taxes and common charges since the family wouldn’t be living there. Fourth, the 21st floor apartment is one of only two apartments on that floor it has a very exclusive feel unlike so many apartment buildings in the city.  Fifth, the building is new and while the finishes are contemporary, they are done with traditional accents, making the apartment really feel like home. Finally, the future addition of Riverside Center by Extell, only a few blocks south, will feature tons of retail, offices, apartments, green space, and a K-8 public school, adding long term value to the entire area. For this and many other reasons The Rushmore is perhaps one the best New York Condos For Sale on the market.

Click here for more info or to request the availability for Rushmore.

 

New development highlight: the touraine

Posted by ricardo on 10/20/2011 | |

 

Seldom do you find new construction in such a prime location, in the Upper East Side at 65th St. and Lexington Ave., so The Touraine, a boutique building featuring 22 residences, will be in very high demand.

Residences at The Touraine feature custom designed kitchens with Calacutta marble counter tops, Gagganau appliances, and Sub-Zero refrigerator. Baths feature custom vanities and Calacutta and Artic gray marble. Amenities include a private wine cellar with wine lockers for residents, roof-top terrace with open-air fireplace, and fitness center.

1 bedroom start at $1.2 million (already sold), 2 bedrooms start at $2.5 million, 3 bedrooms start at $3.6 million, 4 bedrooms start at $9 million and 5 bedrooms start at $15 million. Sales are schedule to start to the public on the 4th week of October.

For more info click here. And to included on Manhattan Miami’s priority list, click here.

Update: As of November 15th, Touraine sold most of their units, except for a 2 bedroom on the 4th Floor priced close to $2.9mm and two penthouses units.

 

Foreign Buyer Residence Visa Program

Posted by ricardo on 10/20/2011 | |

 

A new measure being proposed in Washington, DC, would give residence visas to foreign buyers who invest $500,000 in property in the United States.  For instance, if the foreign buyer purchased two properties for $250,000 each, they would qualify under the proposal.

This measure would not provide the foreign buyer with a work permit, which would continue to be issued through normal immigration channels. It would, however, eliminate a lot of red tape for foreigners who want to purchase in the US, but are unsure of whether they can obtain a visa. It would also allow foreign buyers to spend more time in the US than under the current visa rules. Under this proposal, the spouses and children under 18 years old of the foreign buyer also would be covered under this residence visa.  Once the apartment is sold, however, the residence permit would expire.

The measure is part of a larger bipartisan immigration measure being introduced in the Senate designed to increase foreign investment in the US.  This proposal is far from being law, but we will be watching its progress closely, since this will affect many of our foreign buyers.

Please contact us to send us your contact info if you want to be kept up to date regarding the Foreign Buyer Residence Visa Program.

Press Release from Senator Charles E. Schumer regarding the bill to let foreign investors move to US and purchase excess homes.

Paramount Bay starts sales

Posted by ricardo on 10/20/2011 | |

 

A victim of the Great Recession, Paramount Bay is finally being reborn and resold. This Miami luxury condo building just started sales to the public this past week. While the building has been fully built for a number of years, Paramount Bay has been unoccupied until now. Accordingly, the common areas are currently being updated and redesigned by Lenny Kravitz – so the building is being retrofitted with the current Luxe feel and High Style in mind.

This Miami latest high-rise has cutting edge design, private elevators, 8 foot deep terraces, 10 foot high ceilings, and gorgeous kitchens and baths. All units at Paramount Bay are flow though, so each apartment boasts spectacular views of Biscayne Bay. Apartments are grand, with a 1 bedroom plus den at 1,214 square feet (or 113 sq. mt.) starting at $385,000 and 2 bedroom plus den at 1,782 square feet (or 166 sq. mt.) starting at $693,000.

Additional information can be found here.

Manhattan Current and Future New Development Supply Dwindling

Posted by ricardo on 10/5/2011 | |

The Real Deal Online recently released some interesting statistics regarding new development supply in Manhattan. With all the recent press around some new mega condo plans in Manhattan and the frequent articles about new developments like One 57, 250 West Street and Touraine, one would think that new developments were bursting through the ground at record pace. Alas, the opposite is actually occurring.

The number of Manhattan new development condos coming online in 2011 has dwindled to only 466 units (YTD), down from a peak of 10,660 units in 2006. 2010 and 2009 each had only approximately 800 units come online. From where we are sitting, 2012 is set up to be a record low for new development inventory.

The reasons for these low numbers are quite obvious. The credit crisis of 2008 caused a lack of available construction financing. Therefore, almost nothing has been built or approved for financing. And, there are very few projects on the drawing board.

So, what are the implications of low to almost no new development inventory in a city where demand for new construction is increasing? With everything else being equal, the low supply of new development inventory might just put significant upward pressure on prices of those high-quality new developments that came online in the last few years.

For more information, click here.

Miami List Prices Rebound in 2011, as Pending Home Sales Rise

Posted by ricardo on 10/5/2011 | |

According to the latest real estate data from Realtor.com, Florida cities have had the largest increase in list prices. Miami has had the largest rebound in list prices across the country, where current average list price is now $640,332, an increase of 27.4% over the prior year. In comparison, the national average list price rose only 2.36% to $320,325.

In addition, the Miami Association of Realtors, has indicated that pending home sales rose 18% in August over the prior year, outperforming the nation. Miami Condo sales outperformed single-family homes with an increase of 21% over the prior year.

For more information click here.