real estate

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Manhattan Real Estate Prices Plummet

News will only get worse, experts predict

(Newser) - Manhattan real estate is already taking a major hit from the economic crisis, reports the New York Times. Median property prices in Harlem are down nearly 20%, and east midtown condos have plunged more than 18%. The downturn will eventually rock even the toniest neighborhoods, experts predict. Sales have slowed...

Trump in Trouble on Chicago Tower

Bleak outloook makes financing a tall order for 92-story skyscraper

(Newser) - Donald Trump's 92-story Chicago tower has been hit by a triple-whammy of the credit crunch, the housing slump, and sagging retail sales, making foreclosure a real danger, the Wall Street Journal reports. Trump, who developed the tower without partners, owes $1 billion on the project but has so far sold...

Cities Fight Urban Blight With Free College Tuition

'Promise Communities' are tried across the country

(Newser) - Cities on the decline across the country are testing a new strategy to stem urban decline: Families who buy homes in town get their kids college tuition paid in full. These "promise communities"—about 80 in all—seek to attract new residents and keep upwardly-mobile city dwellers from...

Once-Brash Big Apple Wilts in Crisis

Once-brash Big Apple is reeling from Wall Street crisis

(Newser) - A New York state of mind is giving the city’s big spenders a migraine, the Washington Post reports. Economic meltdown has withered the Big Apple, where private jet and yacht bookings are off, lavish parties are being trimmed, and lofts sit freshly vacant. Worse, the Mets and Yankees are...

GM May Sell Detroit Home Base
 GM May Sell Detroit Home Base 
Oct 7, 2008 4:46 PM CDT

GM May Sell Detroit Home Base

Firm seeks investment from pension funds in landmark Renaissance Center

(Newser) - General Motors will ask to borrow $500 million from pension funds for Detroit city employees to refinance its headquarters, the Renaissance Center, the News reports. The firm will make a pitch to the police and fire retirement system Thursday; GM will consider selling the landmark and leasing office space inside...

For Sale: Brit's $7.9M Breakdown Palace

Beverly Hills estate famous site of crazy scenes

(Newser) - Pop tart Britney Spears has put her six-bedroom Beverly Hills home on the market for $7.9 million, and you can almost hear champagne corks pop as neighbors rejoice, reports the Los Angeles Times. The manse, with mosaic tile floors, pool and spa, has been the site of paparazzi mob...

Coney Island's Astroland to Shut Down

Owner of legendary amusement park can't strike deal on lease

(Newser) - The iconic Astroland, one of two theme parks on New York’s Coney Island, will close for good on Sunday, the New York Post reports. Owner Carol Albert said she couldn't strike a lease deal with the 46-year-old site's developer and landlord. The park’s historic (and bruising) Cyclone rollercoaster...

Forget Renting: Friends Now Buying Homes Together

Bargain housing prices lure young professionals looking to invest

(Newser) - The cooled-down housing market and lower prices are attracting new buyers: groups of young professionals who want to invest but don’t quite have the dough to buy their own place. Instead, they’re buying homes with friends and splitting the mortgage, maintenance costs—and the tax break, Time reports....

Phelps Lands Book Deal, Condo, Girl

(Newser) - Michael Phelps hasn't exactly rested since his eighth medal triumph Saturday night: The swimming sensation not only signed a $1-million deal to pen a behind-the-scenes book on his training regimen and bought a $1.7 million Baltimore condo, he was caught in a steamy make-out session with Australian swimmer Stephanie...

McCain Can't Quite Say How Many Houses He Owns

Also nixes one-term idea in interview

(Newser) - John McCain isn’t quite sure how many houses he owns, Politico reports. The presumptive Republican nominee responded to the question in yesterday’s interview with “I think—I’ll have my staff get to you.” He and wife Cindy are estimated to own between four and seven...

LA Gets the Luxury Condo Bug
 LA Gets the Luxury Condo Bug
Aug 21, 2008 9:38 AM CDT

LA Gets the Luxury Condo Bug

City's vertical trend extends to rich

(Newser) - LA’s multi-millionaires are downsizing. While the wealth and fame in the City of Angels has traditionally expressed itself in estates, preferably gated, now a steady stream of the very-well-heeled are trading in their mansions for high-rise luxury condos, the New York Times reports. “People are ready to live...

Stockholm Apartment for Sale, Stepdad Included

(Newser) - A beautiful apartment for sale in Stockholm comes complete with a balcony that overlooks one of the city's trendiest districts—and the current owner's ornery stepfather. The man is defying a court order by refusing to move out, but that's not stopping his stepdaughter from selling the residence, reports The ...

Chicago Transit Explores Groceries in Train Stations

Agency hopes to reap $100M over 5 years with new developments

(Newser) - The Chicago Transit Authority is looking make more money from the real estate it owns, and is investigating installing grocery stores and restaurants inside “L” (elevated train) stations, the Tribune reports—with the agency hoping to generate $100 million over the next 5 years from such commercial development. "...

Trump Sells Mansion for $100M
 Trump Sells Mansion for $100M 
Jul 17, 2008 10:08 AM CDT

Trump Sells Mansion for $100M

US real estate record for the Donald's Palm Beach estate

(Newser) - The real estate market may be slumping, but not for Donald Trump, who sold his Palm Beach mansion to a Russian fertilizer billionaire for $100 million, the AP reports. It's the most ever paid for a US estate, a spokesman claims. "In an age of so many people getting...

New Yorkers Bolt for Warmer, Cheaper Atlanta

The city's cheap housing and warm climate attracts northerners

(Newser) - New Yorkers are flocking to the southern climes and cheaper housing of Atlanta, but encountering a range of culture shocks, the New York Sun reports. About 40,000 yanks moved to Atlanta between 2000 and 2005, drawn partly by a booming job market, and now some wonder how to move...

Wall Street's Wealthy Can't Nab Apartments

With 7-figure bonuses in jeopardy, the rich lack buying power

(Newser) - Manhattan’s most rabid real estate buyers are finding that a million-dollar bonus doesn't cut it anymore, the New York Times reports. With markets in turmoil, Wall Street bankers' staggering bonuses are in jeopardy, and apartment sellers are taking note. “They’re looking for people who have stable incomes...

Can't Buy Me Love, but Divorce Could Cost $100K

Paperwork's cheap, but hiring lawyers, dividing real estate, finding therapy adds up

(Newser) - In the current financial climate, getting unhitched has become all the more ruinous, Divorce360.com reports. Selling your home, hiring attorneys, shelling out for therapy, and finding temporary housing add up to a burly bottom line, with one attorney estimating that divorce "can run anywhere from $1,820 (uncontested)...

Retirees Scoop Up Bargains in Housing Slump

Sunbelt home prices plunge 25%

(Newser) - Retired Americans who can afford new bargains are enjoying the drop in housing value in once-exorbitant sun havens where prices have plunged as much as 25%. Miami, Phoenix and Las Vegas—formerly at the forefront of soaring prices—are now leading the decline, the New York Times reports. Homebuyers who...

Proposed Philly Mega-Skyscraper Rivals US' Best

1,500-ft. tower would top Sears; Chicago, New York plan taller

(Newser) - Philadelphia took a step toward entering America's mega-skyscraper club today, the Daily News reports, with a city councilman introducing zoning legislation for a building that, at 1,500 feet, would eclipse Chicago's Sears Tower. Plenty of bureaucratic hurdles remain for the proposed American Commerce Center, including retooling the city's planning...

Stealing Home: Five Signs It's Time to Lowball

Forget the market and climb inside the seller's head

(Newser) - It's not always the economy, stupid. Even in a weak market, buyers should consider a homeowner's situation before hurling a lowball bid, writes Daniel McGinn in Newsweek. One real estate broker offers five sure signs that a seller is ready to deal:
  1. Nobody's home. Sellers who have moved on, or
...

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