Archive for May 16th, 2008
Continue Reading May 16th, 2008
The Donald gets what The Donald wants. Well, at least when it came to his 80,000-square-foot Palm Beach mansion on County Road, which it looks like Donald Trump will be able to sell for his $100 million asking price.
The Palm Beach Post reported this week that the oceanfront mansion is under contract for sale to an unnamed foreign buyer. Despite the real estate downturn, luxury home prices continue to hit records even in the beaten-down South Florida market.
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Continue Reading May 16th, 2008
Let me quickly dispel any notion that the 8.2% surge in housing starts in April reported by the Commerce Department on May 16 was a positive sign for real estate, or that it has much significance at all.
The rise was fueled by a 40.5% leap in construction starts on multifamily homes of five or more units – a monthly statistic that is notoriously volatile (April’s increase followed a 35% decrease in March and a 24% increase in February).
So let’s focus on the important number. Single-family home starts dropped 1.7% to a seasonally adjusted 692,000 annual rate, another sign that builders are holding back on new projects while they unload unsold homes and wait for a rebound.
Still, the April drop in single-family home starts was the smallest decline since June 2007 when starts fell 0.9%. Single-family home starts decreased 7.7% in November and the rate of decline has been falling ever since. The last time single-family starts increased was in April 2007.
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Continue Reading May 16th, 2008
Second-, and even third-tier cities, should be on corporations’ radar screens. They are good places to locate new manufacturing plants, call centers and IT hubs, a study on corporate development hot spots has concluded. Read more »
Continue Reading May 16th, 2008
With a $21 million loan in hand from Wrightwood Capital, the Emri Group will acquire a 144,000-square-foot flex building in Poway, Calif., about 20 miles outside of San Diego. Read more »
Continue Reading May 16th, 2008
Developer Westrust has filled up all 10 anchor spots at The Plant, its $142 million, 646,000-square-foot regional shopping center in San Jose. Read more »
Continue Reading May 16th, 2008
Three new Macy’s will open their doors in the Phoenix area within the next two years, a move that is part of the chain’s goal of making their stores the leading fashion destination in their respective communities. Read more »
Continue Reading May 16th, 2008
Key lawmakers Thursday evening were hammering out a deal on a bill that would allow the government to insure up to $300 billion of home loans and overhaul oversight of key players in the mortgage industry.
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Continue Reading May 16th, 2008
The deal for 1250 Broadway in New York City, as previously reported by CPN, has found funding through Carlton Advisory Services, which closed $215 million of acquisition and mezzanine financing for its acquisition, Carlton has announced. Read more »
Continue Reading May 16th, 2008
Later this year, Denver-headquartered ProLogis will commence development of ProLogis Park Fort Worth on a 130-acre site in the North Fort Worth submarket. At full build-out the industrial complex will encompass seven structures containing a total of 2.1 million square feet of distribution space. Read more »
Continue Reading May 16th, 2008
New York City is a tough place to build, and no areas are more challenging to developers than the city’s historic neighborhoods, as the experience of the Rudin Organization and St. Vincent’s Hospital Manhattan has just proved again. Read more »
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