Manhattan mega-developers are reeling after a federal judge ruled that complexes with more than 100 units must refund buyers' formerly non-refundable deposits upon request.
Manhattan Federal District Court P. Kevin Castel ruled Wednesday that developer Related Companies must pay back a $510,000 deposit — plus interest — to buyers wishing to back out of the deal, based on a slightly obscure 1968 law, the New York Times reported. Castel said an affiliate of Related Companies had failed to comply with a little-known federal law known as the Interstate Land Sales Full Disclosure Act.
The decision could allow buyers in any condo buildings with more than 100 units to get their deposits back, according to the Times.
"It's a free ticket out," one real estate lawyer told the newspaper.
Lawyers for Related told the Times they planned to appeal the decision.
By Nina Mandell, DNAinfo.com
Thursday, September 23, 2010
Wednesday, August 25, 2010
Tuesday, August 24, 2010
Chicago Home Sales
So - several of my clients sent me this article and asked for my comments. I thought I would share this with you too! If a few ask, perhaps more would like to know....
Here you go: Averages are meaningless in our specific luxury market - we are not in the slightest changed by the drop in the $8k tax credit as none of our buyers are in that market. As always, the important information to study for your particular sale or purchase is- building by building and then tier by tier within that building. Nothing else is relevant.
As an example, most units at Trump and Heritage are up 20% over 6 months ago if they are in the prime tiers. In the not prime tiers, it is another story. In some of our other buildings, sales prices are lower by as much as 20%, but there are usually additional reasons - assessments got too high, a special need or special assessment got bad word of mouth going, too many desperate sellers...reasons. But proper marketing and patience gets the job done.
Building by building, tier by tier.
Our Fox Group sales numbers this year are excellent. Out of 5,000 Keller Williams Groups nation-wide, we performed #3. Why? Luxury market, direct marketing techniques, not relying on the old way of doing business. Half of our sales are "on us", meaning we find the buyers through direct means. A lot of luxury buyers are interested in buying "up", enjoying a finer home in a somewhat uncertain economy. While our year would be LOTS better if interested buyers could sell their own homes (Domino Effect), we have some who either have successfully sold or who are buying without selling first.
Person by person, building by building, tier by tier.
We are bullish on our market segment and our numbers show it! Do sellers need patience? Yes. Are lowest price units selling first? Yes again. In my 20 years in real estate, I have never seen a better chance to buy. And if that means savvy, informed sellers may take a little less, then that dictates that they should do that - and buy into the best market they are likely to see in their lifetimes. Sell for less, buy for less still. And buy well so you can appreciate value increase over time.
Basics. Location, location, location? NO! Value, Value, Value.
Here you go: Averages are meaningless in our specific luxury market - we are not in the slightest changed by the drop in the $8k tax credit as none of our buyers are in that market. As always, the important information to study for your particular sale or purchase is- building by building and then tier by tier within that building. Nothing else is relevant.
As an example, most units at Trump and Heritage are up 20% over 6 months ago if they are in the prime tiers. In the not prime tiers, it is another story. In some of our other buildings, sales prices are lower by as much as 20%, but there are usually additional reasons - assessments got too high, a special need or special assessment got bad word of mouth going, too many desperate sellers...reasons. But proper marketing and patience gets the job done.
Building by building, tier by tier.
Our Fox Group sales numbers this year are excellent. Out of 5,000 Keller Williams Groups nation-wide, we performed #3. Why? Luxury market, direct marketing techniques, not relying on the old way of doing business. Half of our sales are "on us", meaning we find the buyers through direct means. A lot of luxury buyers are interested in buying "up", enjoying a finer home in a somewhat uncertain economy. While our year would be LOTS better if interested buyers could sell their own homes (Domino Effect), we have some who either have successfully sold or who are buying without selling first.
Person by person, building by building, tier by tier.
We are bullish on our market segment and our numbers show it! Do sellers need patience? Yes. Are lowest price units selling first? Yes again. In my 20 years in real estate, I have never seen a better chance to buy. And if that means savvy, informed sellers may take a little less, then that dictates that they should do that - and buy into the best market they are likely to see in their lifetimes. Sell for less, buy for less still. And buy well so you can appreciate value increase over time.
Basics. Location, location, location? NO! Value, Value, Value.
Wednesday, August 11, 2010
Tricia Fox Group Sells Chicago!
The Tricia Fox Group is the 7th highest producing group in Keller Williams for the year to date (January to July)! We have had over $48 million in sales this year.
Local expertise, global reach, and experienced negotiators thinking outside the box. See what the Tricia Fox Group can do for you.
Local expertise, global reach, and experienced negotiators thinking outside the box. See what the Tricia Fox Group can do for you.
Thursday, July 29, 2010
What's Driving the Sale of Downtown Luxury Condos?
By Dennis Rodkin, Chicago Magazine
In the first few months of 2010, as some local developers slashed prices or staged auctions on their newly built condominiums, a small segment at the upper end of the condo market flourished. As Gail Lissner of Appraisal Research Counselors notes, “There are always wealthy people with the ability to buy.” The big difference lately is that those well-heeled folks have been shelling out princely sums to buy luxurious new condos in downtown high-rises. “These are not speculators buying cookie-cutter condos,” says Lissner. “By and large, they are buying to live in these really high-end, unique places.”
Consider these numbers: From the beginning of the year until the middle of May, about 40 downtown condos have been sold for $2 million or more—and most of those condos were in buildings that opened in the last two years. (Some sales may have not yet appeared in public records.) They ranged from an $8.182-million sale at the Elysian—the 60-story tower at 11 East Walton Street designed by Lucien Lagrange—to a three-bedroom unit that went for a little more than $2.24 million at Aqua, the much-praised skyscraper at 225 North Columbus Drive that Jeanne Gang designed for Magellan Development. (The Elysian sale was the highest price paid for a Chicago condo since November 2006, when a 61st-floor unit at the Park Tower—at 800 North Michigan Avenue—went for $8.275 million.)
What’s driving the sales? To update an old real-estate adage: timing, timing, timing. Many of these new elite homeowners made their decision to buy several years ago, while buildings were under construction or still in the planning stage—and before the recession punctured the real-estate boom. With those condo towers now ready for residents, the folks who agreed years ago to buy are finally inking the deals.
That’s generally what’s been happening at the Elysian, according to Caryl Dillon, who was the tower’s sales agent. Since January 1st, at least 16 buyers there closed on condos priced at $2 million or more (in addition to the $8.182-million sale already mentioned, one condo went for $7.25 million and another for $6.9 million). That’s on top of a first round of December 2009 closings at $2 million and up. Meanwhile, at The Legacy (which recently opened at 60 East Monroe Street), three units priced at more than $2 million were among the first closings in the building—and usually the earliest buyers sign off on the earliest closings. (Since condos on a building’s bottom floors are often finished first, some lower-level, lower-priced units bought during construction can also be among the earliest closings.)
Buyers who signed contracts before the bust could have opted to cancel their contracts when the economy soured—as did numerous buyers of medium-priced homes. But “10 percent [the standard deposit on a condo] is a lot to walk away from” on a multimillion-dollar sale, Lissner says. Still, as she suggests, it’s also likely that for many of these rich buyers “their lifestyle hasn’t changed in the downturn.”
Janet Owen, a Sudler Sotheby’s International agent who works exclusively in the luxury market, points out that many rich people have not had to worry about the tight mortgage-financing climate that has contributed to the drag on the larger real-estate market. Mortgage lenders have been requiring bigger down payments, higher credit scores, and more detailed documentation of financial histories from average buyers. “These aren’t issues [wealthy potential homeowners] have to think about,” says Owen. On top of this, she notes, “their buying had nothing to do with the $8,000 federal tax credit.”
That is especially true of well-to-do buyers who made their purchase decisions recently. In early May, someone paid $2.3 million for a previously owned condo on the 51st floor of the Trump International Hotel & Tower (that building, at 401 North Wabash Avenue, opened in 2008). Another buyer spent $3.45 million in April for a 54th–floor condo at 55 East Erie that an investor had held on to since 2003. These new purchasers “are almost always cash buyers,” says Tere Proctor, who was the director of sales at Trump before returning to agency work (at Koenig & Strey Real Living). “They see the value in buildings like Trump and the Elysian, and they’re banking on knowing that whenever the market gets better, they will be holding valuable real estate.”
Read the full article and see building highlights here.
In the first few months of 2010, as some local developers slashed prices or staged auctions on their newly built condominiums, a small segment at the upper end of the condo market flourished. As Gail Lissner of Appraisal Research Counselors notes, “There are always wealthy people with the ability to buy.” The big difference lately is that those well-heeled folks have been shelling out princely sums to buy luxurious new condos in downtown high-rises. “These are not speculators buying cookie-cutter condos,” says Lissner. “By and large, they are buying to live in these really high-end, unique places.”
Consider these numbers: From the beginning of the year until the middle of May, about 40 downtown condos have been sold for $2 million or more—and most of those condos were in buildings that opened in the last two years. (Some sales may have not yet appeared in public records.) They ranged from an $8.182-million sale at the Elysian—the 60-story tower at 11 East Walton Street designed by Lucien Lagrange—to a three-bedroom unit that went for a little more than $2.24 million at Aqua, the much-praised skyscraper at 225 North Columbus Drive that Jeanne Gang designed for Magellan Development. (The Elysian sale was the highest price paid for a Chicago condo since November 2006, when a 61st-floor unit at the Park Tower—at 800 North Michigan Avenue—went for $8.275 million.)
What’s driving the sales? To update an old real-estate adage: timing, timing, timing. Many of these new elite homeowners made their decision to buy several years ago, while buildings were under construction or still in the planning stage—and before the recession punctured the real-estate boom. With those condo towers now ready for residents, the folks who agreed years ago to buy are finally inking the deals.
That’s generally what’s been happening at the Elysian, according to Caryl Dillon, who was the tower’s sales agent. Since January 1st, at least 16 buyers there closed on condos priced at $2 million or more (in addition to the $8.182-million sale already mentioned, one condo went for $7.25 million and another for $6.9 million). That’s on top of a first round of December 2009 closings at $2 million and up. Meanwhile, at The Legacy (which recently opened at 60 East Monroe Street), three units priced at more than $2 million were among the first closings in the building—and usually the earliest buyers sign off on the earliest closings. (Since condos on a building’s bottom floors are often finished first, some lower-level, lower-priced units bought during construction can also be among the earliest closings.)
Buyers who signed contracts before the bust could have opted to cancel their contracts when the economy soured—as did numerous buyers of medium-priced homes. But “10 percent [the standard deposit on a condo] is a lot to walk away from” on a multimillion-dollar sale, Lissner says. Still, as she suggests, it’s also likely that for many of these rich buyers “their lifestyle hasn’t changed in the downturn.”
Janet Owen, a Sudler Sotheby’s International agent who works exclusively in the luxury market, points out that many rich people have not had to worry about the tight mortgage-financing climate that has contributed to the drag on the larger real-estate market. Mortgage lenders have been requiring bigger down payments, higher credit scores, and more detailed documentation of financial histories from average buyers. “These aren’t issues [wealthy potential homeowners] have to think about,” says Owen. On top of this, she notes, “their buying had nothing to do with the $8,000 federal tax credit.”
That is especially true of well-to-do buyers who made their purchase decisions recently. In early May, someone paid $2.3 million for a previously owned condo on the 51st floor of the Trump International Hotel & Tower (that building, at 401 North Wabash Avenue, opened in 2008). Another buyer spent $3.45 million in April for a 54th–floor condo at 55 East Erie that an investor had held on to since 2003. These new purchasers “are almost always cash buyers,” says Tere Proctor, who was the director of sales at Trump before returning to agency work (at Koenig & Strey Real Living). “They see the value in buildings like Trump and the Elysian, and they’re banking on knowing that whenever the market gets better, they will be holding valuable real estate.”
Read the full article and see building highlights here.
Wednesday, July 28, 2010
Home Affordability is the best it has been in decades!
Daniel Kelley is the lead real estate analyst and portfolio manager of the Fidelity Select Construction and Housing Portfolio.
"Having just gone through a potentially once-in-a-lifetime down market, there is a bright light. Home affordability is the best in decades. In fact, on average, today's homebuyers have the lowest mortgage payments as a percentage of income in 30 years," wrote Kelley in a recent research report.
"Having just gone through a potentially once-in-a-lifetime down market, there is a bright light. Home affordability is the best in decades. In fact, on average, today's homebuyers have the lowest mortgage payments as a percentage of income in 30 years," wrote Kelley in a recent research report.
Friday, July 16, 2010
Highlights Around Town for the Month of July
Looking for some summer fun? Try one of these events!
• The River North scene will take center stage again at the Taste of River North, Saturday, July 17th 12pm-10pm and Sunday, July 18th 11am-8pm. Located in and around magnificent Erie Park, this fest gives food lovers and weary art shoppers a taste of the best of everything the trendy River North neighborhood has to offer along a picturesque green riverfront setting. Near Erie & Kingsbury.
• The Dearborn Garden Walk, Sunday, July 18, and the Chicago Yacht Club’s Race to Mackinac, Saturday, July 24! These two colorful & memorable events have always made the middle of summer most enjoyable by showcasing warm weather enjoyment on land and in water!
• Your love of flowers will flourish on as you also enjoy the Sheffield Garden Walk, July 17 & 18 as well as the continuing Summer Tropical Flower Show at the Garfield Park Conservatory here through September 26. The show is featuring Chicago-weather friendly fauna to enjoy throughout the year.
• Enjoy an evening of music in one of our many intimate music venues in and around Chicago! David Sanborn will be performing his long known sweet jazz saxophone Saturday, July 31 in Wentz Concert Hall at North Central College in Naperville. Andrea Marcovicci will serenade you with her soft & melancholy voice July 14 – 18 At Davenport’s Piano Bar & Cabaret. For something a little hotter, enjoy Chichito Valdes Afro-Cuban Ensemble July 23 & 24 at the Green Mill
• Want to get away? Day-Tripping is the way to go! A day in the country is a sure way to revive yourself from the daily city grind! County fairs abound with all the fun food and events that are a traditional part of them! The Kane County Fair in St. Charles, July 14-18; The DuPage County Fair in Wheaton, July 21-24; The Lake County Fair in Grayslake, July 27 though Aug 1
• Still can’t come back inside because the weather is so nice? How about an outdoor concert? Millennium Park & Ravinia are offering a wonderful line-up of classical favorites! If classic rock is more your style, Chicago will be performing with the Doobie Brothers on Friday, July 16 and REO Speedwagon along with Pat Benatar, Sunday, July 18 at Carter One Pavilion at Northerly Island.
• Art fairs are also a wonderful way to get a nice walk in as part of your exercise routine while enjoying the talents of many local and national artists as they showcase their sculptures and painting. The North Shore Festival of Art will be held July 25 - 26 in Skokie.
• The Gold Coast Art Fair! This year the fair has a new address…Butler Field in Grant Park! Save the Date! Aug 20-22
• The River North scene will take center stage again at the Taste of River North, Saturday, July 17th 12pm-10pm and Sunday, July 18th 11am-8pm. Located in and around magnificent Erie Park, this fest gives food lovers and weary art shoppers a taste of the best of everything the trendy River North neighborhood has to offer along a picturesque green riverfront setting. Near Erie & Kingsbury.
• The Dearborn Garden Walk, Sunday, July 18, and the Chicago Yacht Club’s Race to Mackinac, Saturday, July 24! These two colorful & memorable events have always made the middle of summer most enjoyable by showcasing warm weather enjoyment on land and in water!
• Your love of flowers will flourish on as you also enjoy the Sheffield Garden Walk, July 17 & 18 as well as the continuing Summer Tropical Flower Show at the Garfield Park Conservatory here through September 26. The show is featuring Chicago-weather friendly fauna to enjoy throughout the year.
• Enjoy an evening of music in one of our many intimate music venues in and around Chicago! David Sanborn will be performing his long known sweet jazz saxophone Saturday, July 31 in Wentz Concert Hall at North Central College in Naperville. Andrea Marcovicci will serenade you with her soft & melancholy voice July 14 – 18 At Davenport’s Piano Bar & Cabaret. For something a little hotter, enjoy Chichito Valdes Afro-Cuban Ensemble July 23 & 24 at the Green Mill
• Want to get away? Day-Tripping is the way to go! A day in the country is a sure way to revive yourself from the daily city grind! County fairs abound with all the fun food and events that are a traditional part of them! The Kane County Fair in St. Charles, July 14-18; The DuPage County Fair in Wheaton, July 21-24; The Lake County Fair in Grayslake, July 27 though Aug 1
• Still can’t come back inside because the weather is so nice? How about an outdoor concert? Millennium Park & Ravinia are offering a wonderful line-up of classical favorites! If classic rock is more your style, Chicago will be performing with the Doobie Brothers on Friday, July 16 and REO Speedwagon along with Pat Benatar, Sunday, July 18 at Carter One Pavilion at Northerly Island.
• Art fairs are also a wonderful way to get a nice walk in as part of your exercise routine while enjoying the talents of many local and national artists as they showcase their sculptures and painting. The North Shore Festival of Art will be held July 25 - 26 in Skokie.
• The Gold Coast Art Fair! This year the fair has a new address…Butler Field in Grant Park! Save the Date! Aug 20-22
Subscribe to:
Posts (Atom)