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Tampa Condo Market is Tightening

February 14, 2012 By 1 Comment

According to the Tampa Bay Times, inventory is starting to tighten up for high-rise condos with views in the Tampa area.   The original developers of several towers went bankrupt allowing for investors to come in and buy the units and sell them for more realistic 2012 prices.  So while the number of sales have gone up, the average price has gone down.  We feel the net result of that activity is good for the market.  First, empty units and foreclosed condos are a drag on the HOA and can affect the building negatively.  Second, if inventory tightens up we hope that the pricing will stabilize to current market levels.

The activity we’re seeing in Tampa Condos is also happening in cities around the country.  Higher construction costs and tougher lending standards are keeping many developers from breaking ground on new condo towers, so existing units are selling a little faster.  This is going to be the trend for the near future since even when developers do decide to pull the trigger and plan new buildings there will be around five years before any new inventory is ready for move-in.

Filed Under: Condo Market, Florida, Tampa Tagged With: , ,

The Sanctuary Condos are Born Again!

January 26, 2012 By Leave a Comment

It seems only appropriate that condos housed in a Christian Church should be born again, and that’s exactly what has happened to the Sanctuary Condos of Seattle.  When the project was originally started, it was crucified by the downturn in the real estate market.  But behold – a savior has come along and rescued the project from bankruptcy and the doors will soon be open again.

These 12 unique condominium homes are expected to be a hot commodity in downtown Seattle’s booming real estate market.  The inventory is low and that has led to an increase in prices and interest in new developments.  The pictures look great, and a few of the units priced at $799,950,  $849,950  and $1,099,950 have hit the Seattle MLS.

Filed Under: Seattle, Washington Tagged With: , ,

Charleston Condo Guide

December 7, 2011 By Leave a Comment

Charleston has a zoning law that prohibits any new building from being over four stories high.  So these existing few Charleston Condos over four stories are the only game in town if you want to live with a view.

There are high-rises in some of the cities around Charleston, like Mt. Pleasant and Isle of Palms.  However if you want to live in Charleston, these are your options for high-rise living:

 

Filed Under: Charleston, High-Rise Condo Guides, South Carolina Tagged With: ,

One57 Begins Marketing Homes

December 7, 2011 By Leave a Comment

Two of my favorite things are about to come together.  Not chocolate and peanut butter… that’s been done.  The two things I’m talking about are New York City and Park Hyatt Hotels.  And here’s the best part – now you can live in the same building.  Extell Development has begun marketing 95 condominium homes located at One57, the 90-story tower located at 157 West 57th Street.  The building will house a Park Hyatt, so residents who purchase a home will have access to the hotel’s amenities.

That list of amenities is long, and includes a 24-hour doorman and concierge, screening and performance space, on-site parking, triple-height indoor swimming pool and custom Jacuzzi, library, catering kitchen, function room, arts and crafts  room, state-of-the-art fitness center, yoga studio and even a pet wash room.

Units will start at $6.375M and supposedly go north of $30M from there.  When finished, the 1000-foot building will take the city’s tallest residential tower moniker from New York by Gehry.  Combine that height with that location and you’ll see why the price of admission is so high… the views in all directions should be phenomenal.

Filed Under: New Condo Buildings, New York, New York City Tagged With: , ,

Good News and Bad News For Condo Buyers in Orlando

December 1, 2011 By Leave a Comment

If only the planets could all align in Central Florida.  In the mid-2000′s, condos were so expensive that they weren’t really an option for most first-time home buyers.  However mortgages were plentiful for those that could afford them, even with nothing down.  Now the pendulum has swung in completely the opposite direction, and the pricing is great for first time home buyers.  According to the Orlando Sentinel, the median condo price has dropped from $166,100 in 2006 to only $60,500 this past September putting condos directly in the sweet spot for first-time buyers.  The bad news for buyers?  lending has dried up to the point that in order to buy one of these cheap condos you have to pay cash.  And that’s just not in the cards for most first time buyers.  The article in the Sentinel goes on to explain the reasons for the lack of funding but what’s most notable is the idea that Fannie and Freddie overreacted.  We would venture to say that the overreaction probably put negative pressure on the prices of all Orlando Condos.

 

 

Filed Under: Condo Financing, Florida, Orlando Tagged With: , , ,

Brickell House: First new Miami high-rise in years

October 18, 2011 By Leave a Comment

Wait, what?  Somebody is actually building a new high-rise condo tower in Miami?  Well, according to this story in the Miami Herald it’s true.  Brickell House is scheduled to have 374 condos across 46 floors and will cost around $170M.  The developer claims that the existing inventory in Miami which used to be excessive has largely been absorbed (!) so the timing will be right for this building to hit the market in 2014.    This could be true as Miami, like Las Vegas, has seen a lot of international buyers come in the market because of the weak dollar and relatively low housing prices.  Your friends at the condo blog are skeptical, but hopeful that this is a sign that the market is turning.

Filed Under: Florida, Miami, New Condo Buildings Tagged With: , ,

Signs of Life for Phoenix Condos?

September 15, 2011 By Leave a Comment

If you listen very closely you may actually hear the faint pulse of the Phoenix condo market as it starts to come back to life.  According to a recent story in the Arizona Republic, high-rise condo towers are finally starting to fill up with buyers and renters.   They report that in the last year there have been 120 closings on high-end Phoenix Condos, compared to 60 in the previous year.   Check out the article here, they do a great job breaking down the market by building.

Filed Under: Arizona, Phoenix Tagged With: , ,

Midtown Atlanta Condo Guide

September 8, 2011 By Leave a Comment

These are just a few of the high-rise condominium options you have in the Midtown Atlanta area:

Filed Under: Atlanta, Georgia, High-Rise Condo Guides Tagged With: , ,

Cleveland Condo Guide

September 8, 2011 By Leave a Comment
Cleveland has a variety of condo and loft buildings from which to choose. There are rustic warehouse lofts at Cloak Factory as well as modern steel and glass condos at Stonebridge Plaza. Below is a list of condo buildings that we’ve found in the Cleveland area:
Filed Under: Cleveland, High-Rise Condo Guides, Ohio Tagged With: , , ,

Is it better to buy or lease a San Jose Highrise?

September 8, 2011 By Leave a Comment

San Jose is one of the few markets in the country where the price of condos is outpacing the increases in rent, making it a potentially better market for purchasing than leasing. At least that’s what Trulia is reporting. Here are their statistics, according to Trulia spokesperson Daisy Kong:

“The median listing price of a two-bedroom condo or townhome in San Jose has climbed from $250,000 in January 2011 to $350,000 in July 2011,” Kong said. “Meanwhile, rents have climbed from a range of $1,450 to $1,950 in January to a range of $1,550 and $2,050 in July.”

Even though it may be relatively cheaper to lease a San Jose Condo in the short term, when you take into account appreciation and tax breaks you may actually come out ahead. And there are plenty to choose from with a lot of current inventory at The 88, Axis and City Heights. We’ll monitor the San Jose market and report on whether these increases continue.

 

Filed Under: California, San Jose Tagged With: ,
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