Scottsdale, Arizona is someplace that people should not overlook when searching for a new home or new Scottsdale condo. Scottsdale, although a little warm in the summer, has many exciting new developments at exceptional pricing. Luxury condos such as those at Monterra Scottsdale start under $140,000 for a 1bed. Spacious units are available at Monterra Scottsdale as condos range up to 955 sf. You may say to yourself that this is just another condo development, why should I buy here? Well, the amenities should help sway you. Such amenities include: slab granite countertops, a refinished shower and tub, and brushed nickel lighting…just to name a few. I am actually excited about this project. It just graced the pages of New Condos Online but it has had already, a phenomenal response thus far! I guess people see the value in a project like this. Luxury at an affordable price won’t last for that much longer. With the Fed not lowering rates anytime soon (they are expected to keep rates stagnant next quarter), getting in now is a no-brainer. If you’re really interested in Monterra Scottsdale, you should for sure ask about their summer specials which, I believe, ends August 31st. Only one way to find out…visit the project on www.newcondosonline.com.
June 26, 2008
Downtown Dallas has a new condo project in the works that is aiming to be the new centerpiece of this Texas city. The Dallas condo market has not seen anything like Museum Tower in a long time. This 122 unit development is to be built forty-two stories of seemingly nothing but glass. The luxury high rise tower will offer a collection of residences in nine floor plans, ranging from 1,450 to 8,700 square feet. New condos are starting from 1.2 million and designed by world-renowned architect Scott Johnson. The dramatic one, two and three bedroom interiors will feature floor-to-ceiling glass, direct-access elevators, outdoor terraces and all requisite goodies imaginable will be built right in.
Museum Tower will be offering a limited release of only 20 homes this spring. Check out the listing for Museum Tower before you are too late – This will be the last pre-construction pricing, selection and home customization opportunity for Museum Tower.
June 20, 2008
At New Condos Online, I’m always trying to keep abreast of all facets in the real estate industry. Mortgage brokers, lenders and others have recently been in the headlines again due to fraudulent and unethical lending practices. There have been several cartoons about them in certain political magazines and many goofs made on talk shows and I’m sure there are many writers in Hollywood whipping up scripts – satires, dramas, comedies – about what has recently swept through America in the past few years. I have now recently just read about “Operation Malicious Mortgage” and although it doesn’t solve any of the problems, a few are going to pay drastically for the many many lives that they ruin. Federal prosecutors recently arrested two execs from Bear Sterns (Matt Tannin and Ralph Cioffi) who were partly responsible for that pretty big mess at the investment bank not so long ago. In addition to these 2 former execs, the feds announced that more than 400 people have been arrested and charged with roles in the housing crisis and in turn, credit market crisis. More than 1000 investigations are still under way. Although this may be satisfactory to some, I feel that it is not. You can arrest people and make them pay by putting them in jail or fining them but it won’t get a family back their new condo they bought on the assumption that a 6-month libor was a solid mortgage choice. And it won’t put money back in the pockets of investors who invested in these “solid” mortgage-backed securities.
Albert Einstein was once said “in the midst of difficulty lies opportunity.” It does not take a theoretical physicist to decipher the recent Seattle housing market sales data to see that opportunity still exists in an otherwise bleak market outlook.
The median house price in the city of Seattle last month was $475,000, up significantly from the previous month’s $440,000, but still reflected a 2.7 percent decline from the previous May 2007. While the overall data for single family residences does reflect recent improvement it is still struggling out of its slump.
Proof that opportunity does exist in a time of difficulty, lies in the statistics of new condos in Seattle. King County condo sales were up considerably in May at 648 compared with 579 in April. More importantly, Seattle’s median condo price, $320,000, was an increase from the previous month’s $312,500. It also reflected a 4.1 percent increase over May 2007.
Moral of the story: Summaries of real estate data as a whole can be misleading. Individual markets each have distinct personalities, characteristics, and may perform very differently from each other in a distressed market. While one sector struggles, another may thrive and the overall analysis does not reflect these polar opposite performances. Or as Einstein may have put it “A man should look for what is, and not for what he thinks should be.”
June 19, 2008
A senior living condo development in San Jose caught fire this weekend and destroyed four condos and damaged four others from smoke. There were no reported injuries from this fire. What is it with California and our fires? No of course this is a bit different than our usual battle against nature disasters. We have experienced many fires in San Diego. Many of these have started as brush fires but we have also seen some major condo developments destroyed from large fires.
Speaking of disasters…about an hour ago, the new Hilton Hotel at the San Diego Convention Center experienced a fairly large explosion. Currently, about 13 people have been reported injured. This hotel is one of the largest new developments constructed during the downtown San Diego construction boom. Many new condos and hotels have gone up over the past few years. Of course, some of the sales have slowed but many builders such as Bosa Development still have major condo projects under construction.
Guess what?! Another condo/hotel is going up in New York City! That’s right…as if there has not been enough development in the city that never sleeps, another developer is coming in and is going to construct a new condo development that I’m sure, will have many people in awe. This will not be any other ordinary condo building but an extraordinary one as Nobu is putting their name behind this development. From what I have read, the building will be 62 stories tall and feature 77 condos and a 5-star hotel. Swig Equities seems to be the developer behind this massive construct and I am having mixed feelings about the project. There is no doubt that Nobu is one of the hottest restaurants in the country, but what is their experience in the hospitality and condo industry? Will the brand stay strong enough to parlay into a condo/hotel? Will they be able to effectively sell 77 units? Restaurants come and go – it’s nature. I’m just curious to know if Nobu is strong enough to perhaps withstand the average life of a restaurant and thus become a successful condo/hotel chain. Is Nobu looking to brand themselves into a hotel after their restaurant? I’m excited to follow the development of this New York City Condo.
In my last New Condos Online blog I talked about the recent growth that the Seattle condo market was experiencing. The Seattle condo market is doing very well with sales when compared to general trends domestically. A somewhat recent hotspot went cold, the condo market in Miami has seen a very drastic recession in the last 2 years and that has mainly been due to a declining market, a weakening economy and too many units flooding the market — too many units for not enough interested buyers. While stats and figures are fun to toss around, I wanted to get to the deeper side of life today.
Imagine, if you will….. you live in a old run down neighborhood in Seattle and amid a spurt of gentrification by the cities partnership with corporate condo builders, you were given the option to move out for a nice cash settlement. You might be tentative at first but after seeing your neighborhood transform from old and wilted to tower concrete edifices, you might take the offer.
Not Edith Macefield.
Not with the first offer of a place to live and hundreds of thousands of dollars for the inconvenience.
Would you do it for a million? Ms. Macefield turned down roughly 1 million dollars to stay in her 1 bedroom house that sports a charming yet precarious lean. An 86 year old woman who lived through World War II who currently spends time watching soap operas during the day. Ballard condos opted to build AROUND her house. She is quoted as remarking that she has lived through bombing raids in London during WWII so a little construction noise wouldn’t hurt. Personally, I’d take the money and stick it in the bank and laugh at the interest i’d make and then probably purchase a place in Seattle — take the seattle condos project, Olive 8.
I’d live in the penthouse and drive an M5.
Ms. Macefield liked to live her way, and forged a very unique relationship with the construction superintendent. There was no bad blood between the two, they actually became good friends but after a series of critical illnesses, she succumbed recently and died this year. Plans are set for a memorial park that would take the place of her humble abode.
June 17, 2008
Usually, a good indication of how well a specific region is selling based on present market conditions is found by simply looking at New Condos Online city section to view the numerous properties in a given area. While a place like Aspen Colorado is a very glitzy getaway, the resort valley’s representation in our website is limited because the real estate activity there is outside of the curve and is based on atypical market trends. Looking at cities like San Diego, Los Angeles and Seattle condo market will be a good indication of how that specific market is doing.
According to a recent article, “May’s Seattle condo market performance reflected an improvement over April marking the second year-over-year increase in median price this year. At $320,000, Seattle’s condo median price increased 2.4% over April and 4.1% over May of last year.”
These recent statistics point to the fact that housing prices are trending towards consistent increase. The city of Seattle has a variety of condos varying from the humble and simple to the luxurious condo perched in a monolithic high rise. New Condos Online sees some great projects come through its virtual doors and listings like “The Parc” and “Olive 8” get great response and should be looked at as a catalyst as a “how to” to advertise with NCO. Consider browsing through the Seattle Section of New Condos Online to see what is going on, and use us as a litmus test to verify how your city’s market condition is fairing in this down market.
June 16, 2008
When investing in today’s Chicago condo market, the core factors of real estate investment taken into consideration have become more important than ever. These factors are location, price and amenities. Searching according to this specific criterion is made easy on www.newcondosonline.com. In an undersupplied market, the factors played a smaller role in the selection process. In an oversupplied market, location wins every time. Between this year and next, about 10,000 condominium units will come on the downtown market. In the suburban communities, the same rules apply, leading to pockets of healthy activity in many communities, whether it’s new construction, or condo conversions.
Chicago’s Gold Coast, comprised of residences in the 60611 zip code remains one of the better markets in the Chicago area. Between January 1 and April 30 of this year, 371 properties sold with a median selling price of $526,000, according to data from Midwest Real Estate Data LLC. That compares with 332 properties selling at a median price of $414,688 during the same period a year ago. Much of today’s current development activity lies in the South Loop condo projects which has proven to hold strong amidst changing market conditions. Sales are up from a year ago while average market time is down and the median selling price has remained relatively unchanged from a year ago. This and other positive data coming from the Chicago condo market proves that calculated decisions pay off in today’s market.
The downtown Austin condo market will never be the same. A new modern 42 story condominium high-rise has been announced and is scheduled to be delivered in mid 2009. At 300 Bowie, Spring Condominium will offer 246 new luxury condos ranging in price from the mid $200′s to the high $900′s. These new Austin condos will range from 575 to 1,704 square feet and have all the amenities that one would need.
Spring Condominium features one, two, and three bedroom condos in the middle of all the action. Anyone who is from Austin, lives in Austin, or has simply visited knows what a fantastic city it is. That is why it has been one of the most popular and fastest growing cities in the country for a long time. The city is known for attracting young professionals and families but really does cater to all ages and generations. Downtown Austin is a great place to live and is not nearly as congested as one might think.
The housing market in Texas has also remained more stable than other markets across the nation. Cities like Dallas and Austin experience more steady growth as opposed to getting sucked into the “condo boom” behavior. This keeps prices more realistic and protects from much negativity when things slow down a bit or rates rise. Austin has a booming job market and offers more recreation, night life options, and amenities than most other cities in Texas. Spring Condominium will change the face of the downtown Austin skyline forever. Check it out today!