United States Property

George Soros Billionaire investor George Soros is not confident about the US commercial real estate market according to a recent speech at a Washington forum. He stated “Commercial real estate has not yet fallen in value, it is inevitable, it is written, everybody knows it, there are already some transactions which reflect and anticipate it, so we know, they will drop at least 30 percent.”

Since 2007 the US commercial real estate market has already suffered tremendously, seeing values fall by 30 percent. Deutsche Bank also voiced their concerns about the sector when they stated that total returns in a commercial property index used by pension funds may decline as much as 11 percent in 2009.

construction-homes-usa Latest reports from the US show a renewed sense of hope in the housing starts department as figures showed a 22 percent rise in February from the month of January. New work on some 583,000 homes is seen to be a positive sign and indication that maybe the worst of the US housing slump is over.

While the warmer weather is partially responsible for the jump in new construction, analysts do not believe this new rate will be sustained in the future. Most of the new housing starts are apartments and condominiums.

Plus, there still are hundreds of thousands of unsold properties on the market, keeping the recession tight. Despite the non shifting property market, economists think that “the worst of the contraction may have passed.”

lower-manhattan Reports all over have confirmed what was beginning to shape up late last year; Manhattan real estate is tumbling downward at a rapid rate. Many Manhattan based agents in the business have never seen anything like this in the last 25 years.

Prices of high end Manhattan apartments that until late last year have always withstood  countrywide real estate price slumps are now coming down; sometimes by as much as 30%. This is great news for cash buyers as it puts the luxury townhouse and apartment market back on the map for many who previously couldn’t afford property in Manhattan.

 US Realtors are doing it hard right now to attract overseas buyers to their shores as their market dries up due to the global credit crunch. As of late it seems the Korean and Russian buyers with plenty of cash flow are the ones still in the property game whereas most others are sitting on their benches, waiting for better times.

Some real estate agents say that 10-30 percent of sales in the country are accounted for by overseas buyers.

Immobel, a Warsaw based company that specializes in online real estate listings translations into 13 languages saw their American market jump up by 30 percent.

A British banker put down a cool $5 million as a deposit for the entire 76th floor of AOL Time Warner’s new Manhattan skyscraper. He is apparently a REIT executive, but this hasn’t been confirmed since he is intending to keep the transaction private.

imageWhat we do know is that he will fork out a whopping US$ 45 million for this prestigious apartment floor, which includes floor to ceiling glass windows, plus another $15 million for the decorating work.

This puts New York back on the market and local Realtors hope it will enliven the luxury property market after news gets around.

The swanky $1.8 billion AOL Time Warner building on Columbus Circle is nearing completion and incorporates a 252,000 SQ. M vertical village in he middle of Manhattan. It is also the city’s largest commercial development since the WTC when it opened in the 1970s with twin 80-storey towers.

Yesterday we were part of history being made. Martin Luther King’s dream has finally become reality as the people of the United States elected senator Barrack Obama into the presidential seat.

All around the world, newspapers, blog posts and radio shows were talking about a new dawn, a renewed sense of belonging and humanity all thanks to this charismatic leader called Obama.

But it is early days yet and there is no doubt that Obama will have his plate full to the brim with concerns about the economy, the global credit crunch and the war against terrorism. The question is, how will Obama’s election affect the US property market?

As reports of the US glooming economy keep appearing, many US residents fight for their financial survival. According to latest new sources, there is now a huge surplus of unsold housing which is unlikely to shrivel fast.

In August, median house prices in the US fell to 6 percent, or $221,900. This is the lowest since the past eight years when the country was on a high with a huge property boom, especially along the coastal regions. What many couldn’t afford back then might well become affordable soon as property prices keep declining.

tribeca townhouses new york city

Located in the very heart of New York City, Tribeca Townhomes have been designed to combine contemporary urban design with environmental sustainability and eco-friendly living.

Paying homage to Lower Manhattan’s industrial past, the 6 one-, two- and three-bedroom properties are completed and have been constructed using traditional design elements such as limestone and architectural iron design.

 

Apogee can be described as a building that epitomizes luxury and one of South Florida’s most prestigious developments . It’s $22 million penthouse is up for sale at the moment and is nothing but jaw dropping.

This six bedroom, 7.5 bath, three-level penthouse apartment has a massive internal space of 6,853 SQ. FT and over 11,000 SQ. FT of terrace space with unbelievable ocean, bay, and city views.

There is a 360-degree rooftop palazzo, private pool, and summer kitchen. The main living area’s floor to ceiling height of 22-feet is enclosed by double-height floor-to-ceiling windows.

New York City’s real estate is looking a bit shaky right now – especially Manhattan – since the second quarter figures were released. While Manhattan held its head high amidst the country wide housing disaster for the past three years, latest statistics have shown cracks appearing. So much so, that the 38% dump in sales was hard to overlook.

The Corcoran Group, New York’s biggest residential real estate group stated that this low is the biggest in five years. This is especially concerning since this low came right in the middle of the usual hottest property season.