Coldwell Banker Email Shannon Biszantz Contact Shannon Biszantz
Search Homes Search Foreclosures What Is Home Worth

Tour Odeon, World’s Most Expensive Penthouse Now on the Market in Monaco

Tour Odeon  in Monico, Most Expensive Complex In The World.

Odeon Condo Complex in Monico, Most Expensive Complex In The World

Odeon Condo Complex in Monico, Most Expensive Complex In The World

 Tour Odeon in Monaco will  be the world’s most expensive condo.Tour Odeon, a twin high-rise condo project  will set a new world record penthouse sales price when their 5-story penthouse sells for an estimated $400 million plus price tag. When sold, it will easily eclipse the current world-record penthouse sales price of $237 million recorded earlier this year in London’s One Hyde Park.

While the developer did confirm to World Property Channel the penthouse is now actively on the market and available for purchase, they would not confirm the price. But based on the recent uber-luxe penthouse sale in London’s One Hyde Park at less than half its size in terms of square footage (16,000 square feet) for $237 million, a $400 million to $450 million price point is possible for Monaco’s 35,500 square foot penthouse. According to Groupe Marzocco, condo sales have continued to be strong in Monaco’s newest and tallest residential skyscraper.

TourOdeon3

Tour Odeon building facts:

Height of tower: 170 meters Number of stories: 49 (plus 10 underground levels)

Number of private residences: 70 luxury apartments, sky duplexes and 1 five-story penthouse

  • Total size of project: 60,000 sq m/645,800 sq ft Total size of private residential space: 28,000 sq m/301.382
  • Total size of commercial space: 4,400 sq m/47,360 sq ft
  • Work started: End of 2009
  • Completion date: Expected end of 2014
  • Developer: Groupe Marzocco
  • Architect: Cabinet Giraldi 
  • Car parking spaces: 543 -

TourOdeon2

 

, , ,

European Asset Managers Have A Massive Exposure To Real Estate.

European Banks Are Also At Risk With Huge Inventories of REO Properties.

Europe's Banks to Offload $770 Billion of Non-Core Property Assets

Europe’s Banks to Offload $770 Billion of Non-Core Property Assets

European banks and asset management agencies have a gross exposure of $770 billion (€584 billion) to non-core real estate which is subject to disposal or work-out strategies.

The findings, published in the firm’s European Real Estate Loan Sales Market H1 2014 update, reveal that despite the record volume of commercial real estate (CRE) and real estate-owned (REO) sales seen so far this year, the deleveraging process throughout Europe is far from over.

Cushman & Wakefield Corporate Finance carried out extensive research into the non-core real estate exposure of 46 banks and asset management agencies throughout Europe for the in-depth report.  The nine European ‘bad banks’ analyzed hold over 46% of the total gross exposure to non-core real estate, indicating their importance in the CRE loan and REO sales market in the next few years.

WPC News | European Real Estate Loan Sales - Top Buyers H1 2014The publication details eight ‘mega-deals’ – those with a face value over $1.3  billion – which have closed in H1, while another four are currently being tracked.  These ‘mega-deals’ accounted for 71% of the total H1 loan sale volume; this is up from 40% in H1 2013.

Contrary to the trend observed across Europe in 2013, the average size of loan sale transactions has increased in H1 2014 to $818 million from $455 million in the same period last year – this makes it even more difficult for smaller investors to participate in the sales process.

Following a record first quarter dominated by IBRC, Q2 saw activity spread to Southern Europe as vendors look to take advantage of increasing investor appetite in the region.  As a result, Cushman & Wakefield’s Corporate Finance team estimates $21.4 billion of sales completed in the three months to July, over six times the volume closed in Q2 2013 ($3.3 billion).

When combined with the Q1 2014 figure of $32.5 billion, the total volume for the first six months of this year amounts to $53.8 billion.  This represents an increase of over 30% on volume for the entirety of 2013 and of 611% on H1 2013.

A highly active H1 has led to Cushman & Wakefield Corporate Finance forecasting that closed CRE and REO sales are now likely to reach $79 billion in 2014.

Cushman & Wakefield’s Federico Montero, Head of Loan Sales, EMEA Corporate Finance said, “The record loan sales volume seen so far in 2014 has been impressive, although the non-core real estate exposure of 770 billion across Europe signifies the enormity of the deleveraging process still to occur.  Additionally, the upcoming stress tests being enforced by the ECB will guarantee that the current high levels of activity in the market will be sustained in the next few years.”
- See more at: http://www.worldpropertychannel.com

, ,

Home Sales in U.S. increased In July 2014 to Highest Level Of The Year.

Home Sales and completed transactions are at the highest pace of 2014.

Home Sales at Highest Pace of 2014, Says NAR

Home Sales at Highest Pace of 2014, Says NAR

Home sales in the U.S. increased in July 2014 to their highest annual pace of the year, as the ongoing decline in distressed sales continued (According to Nar).

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million in July from a slight downwardly-revised 5.03 million in June. Sales are at the highest pace of 2014 and have risen four consecutive months, but remain 4.3 percent below the 5.38 million-unit level from last July, which was the peak of 2013.

Thumbnail image for lawrence-yun.jpg

Lawrence Yun

Lawrence Yun, NAR chief economist, says sales momentum is slowly building behind stronger job growth and improving inventory conditions. “The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market,” he said. “More people are buying homes compared to earlier in the year and this trend should continue with interest rates remaining low and apartment rents on the rise.”

Yun does warn that affordability is likely to decline in upcoming years. “Although interest rates have fallen in recent months, median family incomes are still lagging behind price gains, and mortgage rates will inevitably rise with the upcoming changes in monetary policy,” he said.

Total housing inventory at the end of July rose 3.5 percent to 2.37 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace. Unsold inventory is 5.8 percent higher than a year ago, when there were 2.24 million existing homes available for sale.

Yun says the deepest housing wounds suffered during the Great Recession are beginning to fully heal. “To put it in perspective, distressed sales represented an average of 36 percent of sales during all of 2009,” he said. “Fast-forward to today and rising home values are helping owners recover equity and strong job creation are assisting those who may have fallen behind on their mortgage due to unemployment or underemployment.”

All-cash sales in July were 29 percent of transactions, down from 32 percent in June and representing the lowest overall share since January 2013 (28 percent). Individual investors, who account for many cash sales, purchased 16 percent of homes in July, unchanged from last month and July 2013. Sixty-nine percent of investors paid cash in July.
- See more at: http://www.worldpropertychannel.com/north-america

, ,

p5rn7vb

J.D. Salinger’s Home For Sale in New Hampshire for $679,000.

J.D. Salinger, write of “Catcher In The Rye” Estate lists his former house for sale.

Legendary writer J.D. Salinger's home on Cornish Drive in New Hampshire on Market for $679,000.

Legendary writer J.D. Salinger’s home on Cornish Drive in New Hampshire on Market for $679,000.

The former New Hampshire home of J.D. Salinger is for sale, and the secluded retreat on 12 acres is well-suited to the famously reclusive author, who died in 2010.

The “Catcher in the Rye” writer lived in the 2,900-square-foot home after separating from his first wife in the 1950s, according to the listing and an Associated Press report. The home at 342 Lang Rd in Cornish is listed for $679,000.

Salinger lived in New York City when “The Catcher in the Rye” was published, and his first short stories appeared in The New Yorker. He moved to Cornish in 1953 and eventually died there, although not in this home.

The cozy house has 4 bedrooms and 5 bathrooms, with a brick fireplace and a separate apartment above the garage. The private grounds are green and wooded, with gardens and groomed trails.

Salinger was raised in Manhattan and began writing short stories while in secondary school. Several were published in Story magazine[1] in the early 1940s before he began serving in World War II. In 1948, his critically acclaimed story “A Perfect Day for Bananafish” appeared in The New Yorker magazine, which became home to much of his later work. In 1951, his novel The Catcher in the Rye was an immediate popular success. His depiction of adolescent alienation and loss of innocence in the protagonist Holden Caulfield was influential, especially among adolescent readers.[2] The novel remains widely read and controversial,[a] selling around 250,000 copies a year.

J.D. Salinger, a picture of him in the height of his career.

J.D. Salinger, a picture of him in the height of his career.

, ,

Home prices Rose At their Slowest Pace Since February Of Last Year

Home Prices Continued to  Slow in May of 2014.

ome Prices Slow Down Since Last February According to Case Schiller

ome Prices Slow Down Since Last February According to Case Schiller

Home Price Indices for May 2014, the Composite Indices increased at a slower pace according to the latest S&P/Case-Shiller . The 10-City Composite gained 9.4% year-over-year and the 20-City 9.3%, down significantly from the +10.9% and +10.8% returns reported last month. All cities with the exception of Charlotte and Tampa saw their annual rates decelerate.

In the month of May, the 10- and 20-City Composites posted gains of 1.1%. For the second consecutive month, all twenty cities posted increases. Charlotte posted its highest monthly increase of 1.4% in over a year. Tampa gained 1.8%, followed by San Francisco at +1.6% and Chicago at +1.5%. Phoenix and San Diego were the only cities to gain less than one percent with increases of 0.4% and 0.5%, respectively.

The chart above depicts the 10-City Composite and the 20-City Composite Home Price Indices. In May 2014, the 10-City and 20-City Composites posted year-over-year increases of 9.4% and 9.3%, respectively.

Home prices rose at their slowest pace since February of last year,” says David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices. “The 10- and 20-City Composites posted just over 9%, well below expectations. Month-to-month, all cities are posting gains before seasonal adjustment; after seasonal adjustment 14 of 20 were lower.

“Year-over-year, nine cities – Las Vegas (16.9%), San Francisco (15.4%), Miami (13.2%), San Diego (12.4%), Los Angeles (12.3%), Detroit (11.9%), Atlanta (11.2%), Tampa (10.2%) and Portland (10.0%) – posted double-digit increases in May 2014. The Sun Belt continues to lead with seven of the top eight performing cities. Eighteen of 20 cities had lower year-over-year numbers than last month; San Francisco and San Diego saw their year-over-year figures decelerate by about three percentage points.

“Housing has been turning in mixed economic numbers in the last few months. Prices and sales of existing homes have shown improvement while construction and sales of new homes continue to lag. At the same time, the broader economy and especially employment are showing larger improvements and substantial gains.” – See more at: http://www.worldpropertychannel.com

, , , ,

Older posts >>

Shannon Biszantz

Shannon Biszantz

CalBRE #01787015
2651 Via de La Valle
Del Mar, CA 92014

Work Cell: 619-417-4655
Office: 858-755-0075

Market Snapshot

Behind The Gate

Whispering Palms

Whispering Palms

Morgan Run

Real Estate Communities

Follow Us!

Read Our Site In Your Language

EnglishFrenchGermanItalianPortugueseRussianSpanish

Biszantz Connection TV

Real Estate Search

>

Biszantz Connection

WordPress SEO