Posts Categorized: Condos

Clark County Asks: Where Are the Condos?

Prestige Development’s Dollie Lynch building

There is a perception among developers that if you build a condominium you may as well be building a wasp’s nest. Veering into that market has gotten many builders stung by lawsuits over purported construction defects. Vancouver developer Elie Kassab has heard those concerns, but isn’t worried. People constantly ask whether he will build any… Read more »

Everyone’s Moving to Oregon

A confluence of factors — including low supply, high demand, obstructive regulations and lacking infrastructure — is driving up housing prices in the state, a panel of state economists and housing experts told a legislative committee Tuesday, May 24. “There are too few units given the strong and growing demand,” said Josh Lehner, economist with… Read more »

Is the New York Real Estate Market About to Crash?

The tallest residential structure in the Western Hemisphere sits at 432 Park Avenue in New York City. Standing at nearly 1,400 feet, there are 141 apartments for sale in a building where there average selling price is $21 million, ten times the price of an “average” Manhattan apartment! But here’s the thing, despite all the… Read more »

Will the Coming Bump in Interest Rates Lower Co-op and Condo Values?

New York City real estate professionals are split on what effect the Federal Reserve’s expected raise in short-term interest rates will have on property values and real estate development. According to the latest survey by accounting firm Marks Paneth, 41 percent say an interest rate hike will cause co-op and condo values to decline, 34… Read more »

Downtown Phoenix Housing Boom Finally Underway

Downtown Phoenixs long-awaiting housing boom is finally here. More than 20 apartment and condominium developments are going up across the city’s core. The urban projects range from penthouse condos at Portland on the Park next to Margaret T. Hance Park to 500-square-foot micro apartments near Roosevelt Row. The old Quality Inn next to the Phoenix… Read more »

We Want More Walkable Neighborhoods – but Can Our Communities Deliver?

“The most requested neighborhood characteristic of all buyers is walkability,” real estate broker Andrea Evers recently told a reporter for The Washington Post. But, in an article written by the Post’s Michele Lerner, Evers went on to say that “very few areas” in the greater DC market meet the desired criterion, particularly if the prospective… Read more »

Condos Outpace Single-Family Homes in Appreciation

Condos are back in the game as they outpace single-family homes in appreciation. A recent research study released by Zillow stated that condos are appreciating at 5.1 percent annually, outpacing the 3.7 percent rate of single-family homes in the United States. During the past recession, condos were hit hard by the sudden burst in the… Read more »

San Francisco Condo Prices Slip

San Francisco condominium prices fell last month and home sales lagged as the frenzied market cooled off. New condo prices fell 3 percent and resales slipped by 2 percent as the number of sales declined by nearly 20 percent between August and September, according to the Mark Co., a condo marketing firm. Paragon Real Estate… Read more »

Seattle Developers Say Condos Have Too Much Liability, Need to be More Expensive

Builders are opting for apartments over condos, experts say, because they don’t face the liability of being sued under the state’s condominium act. Some condo builders still bear fresh memories of multimillion-dollar settlements with homeowner associations. “You’re finding developers saying, ‘Why take the risk of building a condo?’\0x2009” said Matthew Gardner, chief economist at Windermere… Read more »

A Surprising Culprit in San Francisco’s Real Estate Crisis

The awkward, criss-crossing intersections around Market Street and Van Ness Avenue will soon pop with some of the most change in the city. Nearly every property zoned to rise at least 120 feet tall under 2009’s Market-Octavia Plan has been snatched up, and the city’s newest spate of towers is in the works. Carpet stores,… Read more »

Why Developers in Minneapolis Hate Condos

Four Minneapolis developers walk into a room at St. Thomas School of Law … and mostly agree about the current state of multi-family residential real estate. The market, they all say, is hot, with projects being announced with a regularity not seen since before the Great Recession. But those projects are mostly apartment buildings —… Read more »

Why Isn’t the Condo Market Rebounding?

While construction of single-family homes and multifamily rentals is on the rebound, condo construction has sunk to new lows. A condo rebound has been delayed by stringent rules on condo mortgages that took effect post-housing crisis, as well as stronger demand among young people for rentals, The Wall Street Journal reports. Condo construction in the… Read more »

Seattle Home Shortage Could Continue for Years

Typically home-buying activity falls off during the summer months, but not this year in the metro Puget Sound region, where buyers are competing to buy fewer homes while paying significantly higher prices. The lack of condos and houses for sale is nothing new as real estate agents have been clamoring for additional inventory for more… Read more »

New Supertall Condo Tower Planned for the Rich

When plans first emerged for New York City’s Nordstrom Tower, it was plain that its designers meant to defer to One World Trade Center. At 1,775 feet in height, the new supertall designed by Adrian Smith and Gordon Gill fell just one foot shy of the record for the tallest building in the city (and… Read more »

Low Inventory Drives Huge Price Increases for West Coast Condos

The value of new construction condominiums is up in downtown Los Angeles, San Francisco and downtown Seattle, according to The Mark Company Trend Sheets. The Mark Company reported the value of new construction condominiums in downtown Los Angeles inched up 1 percent in February, and was 26 percent higher than a year earlier. In San… Read more »

Miami’s Condo Market May Be Cooling Off

A new study confirms the latest chatter from real-estate watchers: Miami’s sizzling downtown condo market is cooling down. Skyrocketing construction costs, overheated land prices and falling foreign currencies have finally caught up with a housing market that boomed after the lean years of the recession. But unlike the last go-around, when highly leveraged projects brought… Read more »

San Francisco Penthouse Listed at $49 Million

A 15,000-square-foot duplex condominium that overlooks the Bay Bridge is the new most expensive listing in San Francisco, with a price tag of $49 million. The penthouse on the 41st and 42nd floors of one of two Lumina towers being developed by Tishman Speyer is still under construction. However, marketing began this week thanks to… Read more »

Condos Are Now Safe Deposit Boxes for the Rich

Out here on the west coast, we’ve watched in horror as condo prices in every big city have suddenly shot through the roof. In Portland, for instance, housing that was $300 a square foot just 2-3 years ago in The Pearl District is now pushing $700. Who can afford these prices? Who is buying these… Read more »

Manhattan Condo Prices at Record High

The final quarter of 2014 rounded out a banner year for price growth in the Manhattan real estate market. Manhattan condo prices rose 8.4 percent year-over-year to hit a record high in December, marking a 24-month rally in price growth fueled by low inventory. However, stabilizing days on market, slowing price growth, and a slight… Read more »

Half of Midtown NYC’s Super Luxury Condos Sit Vacant

In a story that basically confirms everything New Yorkers already believed about the proliferation of foreign buyers who own stash pads here, the Times quantifies the suspicion that a heckuva lot of apartments around the southern end of Central Park are owned by out-of-towners. (The paper of record, by the way, likes to revisit this… Read more »

Statue of Liberty as a Condo Conversion?

A NY satirist takes the current trend of converting historic buildings into condos for the rich to its logical conclusion: As a condominium complex, “the landmark offers privacy, security, exclusivity and the feeling that you are part of history. One lucky penthouse owner will be able to experience breathtaking 360 degree views of the city… Read more »

Check Out One of New York’s Most Expensive Views

An imposing-but-thin building is dominating the midtown Manhattan skyline these days, and its name is not Empire State. No, this new behemoth is simply called 432 Park, and it is the tallest residential tower in New York City. Visible from all five boroughs, the building houses what will be some of the most expensive condos… Read more »

Nordstrom “SuperTall” Tower Joins Others Changing City Skyline

217 West 57th Street’s design remains in flux, but using the detailed blueprints YIMBY received earlier this summer — for the tentatively 1,775 foot tower — its overall impact on the skyline can now be rendered. Though official images from Extell remain lacking, the latest glimpse depicts the 92-story supertall’s appearance from several perspectives, and… Read more »

New Buildings in Midtown New York to Rival Height of World Trade Center

Several skyscrapers now going up on the south end of Central Park in midtown will eclipse the height of the Empire State Building. Today New York YIMBY reveals a similar “super-luxury” condo tower planned for our billionaire overlords in the financial district. YIMBY has the reveal for 125 Greenwich Street, which will become Downtown’s tallest… Read more »

Manhattan Condo Inventory, Prices Up

The Manhattan condo market saw a spike in the number of available units and prices in July, according to a real estate report released Thursday. StreetEasy’s report said the despite the 5.4% growth of inventory between July 2013 and this year, the number of available units is 16.2% below the five-year average level of inventory…. Read more »

Where Are the New Condos in San Francisco? as put together a great interactive map of the current sand pending condo projects across The City: For those you who are more visually inclined, here is our map of new construction condo homes across San Francisco. For your convenience, we have organized the condo buildings into three chronological groups – buildings that have… Read more »

Nano Housing – The Next Big Thing?

In Seattle, developers are racing to build what has become a wildly popular new type of apartment complex: “congregate housing.” Miniature studios averaging 150 square feet are so tightly packed that foldaway beds must be stowed during the day. Instead of an eat-in kitchen, residents can sometimes share cooking space with 30 other people down… Read more »

Condo Prices Up Again Along the West Coast

Condominium prices rose again in June in downtown Los Angeles, San Francisco and downtown Seattle, according to The Mark Company’s Condominium Pricing Index. According to The Mark Company Trend Sheets, the value of new construction condominiums in downtown Los Angeles was up eight percent in June over the previous year. In San Francisco, the value… Read more »

Urban US Markets Leading Condo Re-Bound

The condominium market is surging nationwide as financing trickles back into a real estate class shunned by lenders for years since the downturn. The revival also comes amid an increase in demand for rental properties, pushing the apartment vacancy rate in the U.S. to the lowest level in decades. Rental rates are responding with an… Read more »

New Condo Towers Going Up Across the USA

For the first time since the U.S. housing crash, new condominium towers are sprouting in downtown Boston, Seattle and Los Angeles as developers bet on the return of the riskiest type of residential real estate. Buyers are signing deals to reserve units in two new high-end projects in Boston. A 41-story tower rising in Seattle… Read more »

Is the US Real Estate Market Stalling?

After picking up momentum over the last couple of years, there are some signs that the US housing market may be slowing. The Washington Post reports: The third installment of Freddie’s “Multi-Indicator Market Index” (or MiMi), which sizes up homebuying activity and other factors, found that only 10 states and the District of Columbia fall… Read more »

Manhattan Condo Prices Decline the Most in Three Years

Manhattan condominium prices fell in April by the most in more than three years, a sign the market is slowing during the busiest selling season. Sale prices for previously owned units dropped 1.4 percent from March, the biggest decline since September 2010, after four consecutive monthly increases, according to a report today by real estate… Read more »

Seattle’s Condo Comeback

After a drought of new condo construction that spanned four years between 2009 and 2013, condos are making a comeback…and just in time, too. The massive Insignia Condo project on the edge of Belltown was the first out of the gate. Covering an entire city block, Insignia is on target to be the largest condominium… Read more »

Vacation Home Property Sales Surges

  The American desire to own a second home as a vacation home is alive and well! The National Association of Realtors analysis of U.S. Census Bureau data shows there are approximately 8 million vacation homes in the U.S. Their 2014 Investment and Vacation Home Buyers Survey shows vacation home sales improved substantially in 2013. NAR Chief… Read more »

New Castro-Area Condo Building Likely to Be Approved

A formerly controversial housing project in San Francisco’s gay Castro district is expected to sail to passage next week when it comes up for a vote at the city’s planning commission. As the Bay Area Reporter noted in a March 2013 article, Castro neighborhood groups initially expressed a number of objections with developer Greystar’s plans… Read more »

Four New Residential Towers Planned in Seattle’s South Lake Union Neighborhood

As we previously posted in November, Onni Group out of Vancouver BC is planning to construct 4 new towers in South Lake Union. They have released some new information on what will be built on the site, which is between Boren Ave N and Fairview Ave N and from Denny Way to Thomas Street. According… Read more »

Scarcity Pushing Up San Francisco Condo Prices

The handful of developers currently selling condo units in San Francisco might seem like the luckiest guys in the city. Units are moving fast with projects selling out within months, and pricing has hit pre-recession levels at more than $1,000 per square foot. At Vida, a 114-unit project at 2558 Mission St., a pre-sales event… Read more »

Portland’s North Pearl Gearing Up

The northern part of the popular, gay friendly Pearl District is starting to be built out – but it’s almost all apartments. Portland Monthly reports: Even if all eight residential buildings planned for the area known as the North Pearl are built, longtime neighborhood advocate Patricia Gardner thinks the neighborhood still won’t add enough units…. Read more »

Are Seattle Renters Being Priced Out of the Market?

In the next few years Amazon said they will hire an additional 12,000 employees and they all have to live somewhere. But at what cost? The rapid redevelopment could become an epidemic for all of King County. The average one bedroom in South Lake Union costs $2,200. That’s more expensive than many of the trendy… Read more »

A Tale of Two Cities’ Condos

Richcraft Homes’ latest condo project, The Bowery, is touted as “condominium living with a distinctly New York vibe.” That got me thinking about what distinguishes the two cities’ condo markets. Space Confucius says: “He who lives in New York City understands that space is a luxury.” OK, he didn’t. But he may as well have…. Read more »

San Francisco Condos More Expensive Than Houses in January

If you’re looking for a deal on a new home in San Francisco, forget about buying a condo. The median price for a condo or tenancy-in-common unit in San Francisco hit $950,000 in January, a 24.6 percent year-over-year jump, and surpassed the $928,000 median price for single family homes, according to the San Francisco Association… Read more »

Radio City Post Office Condo Plan Raises Concerns

Neighborhood residents are angry about the pending addition of a two-story, 48-unit luxury condominium to the top of the Radio City Post Office. With building permits okayed by the city at the end of last year, residents are arguing that the addition, which could provide some much needed cash-flow to the struggling USPS, would compromise… Read more »

Ten Huge Apartments For Sale in New York City

Time for a little fantasy living – Jeremiah Budin has compiled a list of the ten largest apartments for sale in NYC. Curbed reports: One of the biggest concessions of living in New York City is giving up the dream of having what most people would call “a reasonable amount of space,” and instead squeezing… Read more »

Old San Diego Buildings Become New Residences

World over, buildings of bygone eras are refurbished and adapted to modern residential environments. What makes the subject so fascinating is the random way that each old structure must twist in order to provide adequate living space according to consumer demands. Apartment and loft living might be called the quintessential urban experience when they are… Read more »

The Seattle Condo Market Rebounded in 2013

The Seattle condo market rebounded significantly last year after bottoming out in February 2012. For many buyers, the market depicted quick turnover, rising prices and increased competition with multiple offers. Overall, Seattle realized $863,589,200 in total condominium sales volume in 2013, that’s a 17% increase from 2012 with unit sales rising 15.8% to 2,507 condos… Read more »

San Francisco Condo Prices Up 18% in 2013

San Francisco condominium prices rose 18 percent in December 2013 over the previous year, according to the Condominium Pricing Index released by The Mark Company, an urban residential marketing and sales firm. Yet new construction inventory was 78 percent lower than a year before. “With so few new condominiums now for sale in San Francisco,… Read more »

Are Condo Conversions on the Horizon for Seattle?

style=”margin: 6px;”Apartment developers in Seattle will start looking at converting for-rent units to condominiums this year, a new report states. Commercial real estate brokerage Marcus & Millichap, a national company with a Seattle office, issued its 2014 apartment report Monday. The report paints a generally rosy picture of the market for apartment landlords, forecasting rental… Read more »

Toronto’s Astounding Condo Boom

The worst of times are usually obvious, as in the case of Toronto under Rob Ford. The best of times can take longer to reveal themselves — as in the case of Toronto under Rob Ford, which is most likely to be remembered by future historians not for its political buffoonery but for the amazing… Read more »

Could More Hi-Rise Condos Benefit Portland, Oregon’s Livability?

Michael Mehaffy and Suzanne Crowhurst Lennard’s recent opinion piece (“High-rises and livability: Do Portland planners have tower envy?” Sept. 29) made several references to my city of Vancouver, British Columbia, in its efforts to dissuade readers from the appropriateness of towers in Portland. Three erroneous claims were made about Vancouver in particular and tower construction… Read more »

“Billionaire’s Condo Building” Approved in New York

One of the proposed Manhattan super-skyscrapers that I mentioned last month has been approved by the city. At a comparative height of more than 100 floors, it will have only 100 apartments. Ever want to look down on the Empire State Building? How about from your apartment? In three years, well-heeled buyers will be able… Read more »

New Seattle Hotel/Condo Highrise Planned for Denny Triangle

Officials of GIS International Group said Wednesday that they’re starting to plan development of a hotel-condo building in the Denny Triangle area of downtown Seattle. The project is planned for the corner of Stewart Street and Minor Avenue, according to a press release on GIS’s website. The site, which is now a parking lot, is… Read more »

Large Condo Project Opens Sales in Downtown Seattle

The first major condo project launched since the real estate bust started sales this past weekend. Insignia, under construction at Sixth Avenue and Bell Street, will have twin 41-story towers atop a shared base. The first phase, set to open in spring 2015, contains 350 one- and two-bedroom condos, priced from a little under $500,000… Read more »

New York to Get New Condo Super Towers

The astounding condo sales for the nearly completed One57 at the southern edge of Central Park has spurred the construction of three more super-skyscrapers, all of which will be even taller and will challenge national height records for residential buildings. Gizmodo has published a breakdown of the coming towers and the one in the center… Read more »