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South Beach?s Royal Palm Hotel/Condo Missed Loan Payments
2006-08-06 19:51:16
The Royal Palm hotel missed its loan payment last month while facing a cash squeeze amid its stalled plan to convert 160 rooms into condominium units, an owner said Wednesday. Robert Falor said the summer tourism slowdown left the 417-room South Beach hotel about $600,000 short of the $1 million loan payment due at the end of June. Instead, the Royal Palm dipped into an interest-reserve fund established with its lender to cover the installment, said Falor, a minority owner of the hotel and president of the Chicago company that runs the hotel. more (Miami Herald)
More About: Hotel , Men , Loan , Condo

Mortgage Applications Drop to Four-Year Low
2006-08-06 19:51:16
Mortgage application volume fell to its lowest level in more than four years last week, the latest indication that the once red-hot real estate market is cooling down. The Mortgage Bankers Association reported Wednesday that its market composite index, a gauge of mortgage loan application volume, fell to 527.6 last week, down 1.2 percent from the previous week’s reading of 533.8. This is the lowest index reading since May 2002. more (MSNBC)
More About: Applications , Cat , Mortgage , Four , Application

Goldman-Sachs Say Home Prices To Drop in US: First Time in H
2006-08-06 19:51:16
HOUSE prices are set to drop in the US for the first time on record, US investment bank Gold man Sachs warned this weekend. Prices in several segments of the market have already started to fall, and the overall market will move into the red even in nominal terms next year, fuelling fears that this will trigger a downturn in consumer spending and hit an already slowing US economy. ?The risk is rising that nominal US home prices may be headed for an outright decline in 2007. It would be the first decline in national home prices ever recorded, at least in nominal terms,? said Jan Hatzius, economist at Goldman Sachs more (The Chattanooganl)
More About: Time , Home , Rice

The Prudential Douglas Elliman Manhattan Market Overview 2Q
2006-08-06 19:51:16
Want to study the New York real estate market. Thanks to Miller Samuel, you can know the in’s and out’s of the market. Enjoy An excerpt… The phenomenon of rising prices and declining sales is a classic sign of a market in transition. The market has entered a period where the sellers no longer have a clear advantage in the typical sales transaction. Buyers were expecting a deep discount on all transactions while sellers remained fairly firm in their pricing. As a result, the number of sales dropped as the buyers who were resistant to rising prices simply chose not to participate, while those who stayed in the market paid record prices on average. The modest uptick in mortgage rates since the beginning of the year tempered demand as both existing and new development inventory was rising. While inventory levels are the highest they have been in ten years, the selection for buyers has not improved as much as the inventory numbers would suggest as sellers have not y...
More About: Market , Hat , View , Lima , Over

Haute Living Magazine Announces Launch of Haute New York
2006-08-06 19:51:16
The only thing more glamorous than high-end luxury real estate in New York City and the Hamptons is a magazine exclusively devoted to covering high-end luxury real estate in NYC and the Hamptons. “A New York edition was a natural next step for Haute Living ,” said publisher Kamal Hotchandaniin a morning press release. “Obviously, New York leads the way when it comes to luxury real estate.” Obviously. South Florida-based Haute Living Magazine has already covered the divas of Manhattan real estate–and, less successfully, the Cipriani Club. Where will spin-off Haute New York be found? In “400 luxury buildings where the average price of an apartment is $4.2 million.” And: “in flight on private jets.” more (NY Observer)
More About: Launch

Dirty Dancing Set Becomes Luxury Condos
2006-08-06 19:51:16
Dirty dancing is giving way to luxury living on Boys Club Road. A Lake Lure developer has announced plans to put 41 homes on 54 acres where much of the hit 1987 movie “Dirty Dancing ” was filmed. Lots in the development, called Firefly Cove, will range from $600,000 to $1.5 million. The site, a former summer camp, was turned into a 1960s resort in upstate New York’s Catskill Mountains during filming in 1986. Patrick Swayze played a dance instructor, and Jennifer Grey was the sheltered teenager who became his dancing partner and lover. more (Arizona Republic)
More About: Luxury , Condo , Dirty , Ondo