Luxury Market Los Angeles

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Forever the bridesmaid: Are listings
that linger doomed? More than 180 days on the market? Expect “price cut after price cut,” insiders say

Estate at 1677 N. Doheney Drive, listed last week for $44M (Hilton Hyland)

Listing a home in Los Angeles with a sky-high price tag? Expect one of two things to happen. Either there will be a flurry of viewings and multiple offers above the asking price or, it will land with a thud, languishing on the MLS indefinitely.

The 10 priciest sales last year in the tony neighborhoods of Holmby Hills, Bel Air, Beverly Hills, Malibu, Brentwood and Westlake Village fell into those two categories. Homes in those areas that sold in under 180 days averaged 70 total days on the market, according to a new study conducted by New York-based Concierge Auctions. But listings that didn’t sell within that timeframe sat on the market for an average of 706 days.

Part of the problem, insiders say, is the stigma of the lingering listing.

Jeff Hyland

“Buyers now are so savvy that if a property is for sale for any length of time they think something is wrong with it, said Jeff Hyland, president of Hilton Hyla爱上海 爱上海同城手机版nd. With people from all over the globe buying, the question [buyers] ask is, Why has that house not sold? You can look at the time a property is on the market and gauge from爱上海同城 爱上海 there where it s going to end up.

Homes either sell swiftly, at around asking price, or languish and need price reduction after price reduction, said Aaron Kirman, president of the International Estates Division of John Aaroe Group.

Aaron Kirman

The report indicates this phenomenon is not unique to L.A. It looked at the 10 priciest sales in other luxury markets, including Miami and Vail. Nationally, the most expensive luxury homes that sold in less than 180 days averaged 80 total days on market and scored 93 percent of the original list price. Houses that remained available after 180 days averaged 774 days on market, and sold for only 77 percent of their ask.

Brokers have to capitalize on the opportunity of being new to the market, said Chad Roffers, chairman of New York-based Concierge Auctions. Either it s going to happen then, or you fall into the category of being overexposed, and your days on market go up.

After all, nobody wants another Michael Jordan saga on their hands. The basketball legend’s 56,000-square-foot Highland Park, Illinois mansion has been on and off the market since 2012, and its price has crept down from an original ask of $29 million to $14 million-and-change.  

Every market has those stories, Roffers said. The challenge is in the pool of buyers. When you reach the tippy-top of the market, it s rare air. The market is small.

No broker is protected against such “anomalies,” said Kirman, who has been brought in several times as a co-listing agent on a hard-to-budge home.

“A trophy property that costs a crazy amount of money might sell quickly,”  he said. “Or it might not.

When a house is stuck on the market, it is essential that broke[……]

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45 Broad Street

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Madison Equities secures $56M refi for FiDi supertall project HSBC Bank is the lender on 45 Broad

Renderings of 45 Broad Street and Robert Gladstone

Robert Gladstone’s Madison Equities landed $56 million in refinancing for its 84-story condominium tower at 45 Broad Street in the Financial District, according to records filed with the city Tuesday.

HSBC Bank is the lender, documents show, and the mortgage replaces a $55 million loan from Mack Real Estate Strategies.

The building at 45 Broad Street, currently under construction, is Gladstone’s most ambitious and challenging project to date. The project is being developed with Italian real estate company Pizzarotti Group and AMS Acquisitions and will feature 206 condo unit上海龙凤论坛sh1f 上海龙凤论坛s, most of which will be priced at $4 million and cheaper. Last year, one of China’s largest developers Gemdale Properties and Investment paid $69.9 million for an 81.3 percent stake in the project.

Several New York City developers told Th上海夜网论坛 上海夜网e Real Deal earlier this year that they passed on the site because it didn’t pencil out as a condo. Gladstone and his partners had been reportedly looking for a $287 million loan for the project, but sources recently told TRD that Gladstone is waiting on a subway improvement bonus that could expand the total size of the project before seeking a senior loan.

Representatives for Madison Equities and HSBC cou阿爱上海同城 阿拉爱上海同城ld not be immediately reached 上海千花网 爱上海同城对对碰for comment.

Tags: 45 broad street, Development, madison equities, Real Estate Finance, robert gladstone
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Langham Place Office Tower

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Hong Kong office tower asking more than $3B finds no takers Owner takes 59-story building off 上海千花网 爱上海同城对对碰the market, says “Anyone can give me an offer and I would consider it.”

Langham Place in Hong Kong

A Hong Kong company took a 59-story office tower off the market that it had listed for $3.1 billion amid a heated market.

Hong Kong’s Champion REIT had listed the Langham Place Office Tower in Mongkok with Savills in July上海千花网交友 上海千花网论坛.

Company CEO Ada Wong told Bloomberg News that the owner is taking a “passive” role with the property after Savills’ agency ended.

“Anyone can give me an offer a新上海贵族宝贝论坛 上海贵族宝贝交流区nd I would consider it,” she said.

The $3.1 billio上海龙凤论坛sh1f 上海龙凤论坛n asking price was almost twice the value respondents to a Bloomberg survey said the building was worth.

“I am not surprised they were too a上海千花网论坛 上海千花网ggressive and the asking price was too high, said Siu Fung Lung, an analyst at CGS-CIMB Securities.

In New York City, Google has a contract to buy the Chelsea Market building at 75 Ninth Avenue for $2.4 billion. That would make it the second-priciest building sale in the city behind Boston Properties’ purchase of the GM Building at 767 Fifth Avenue in 2008 for $2.8 billion. [Bloomberg] – Rich Bockmann

Tags: Commercial Real Estate, hong kong, office market, trophy properties
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Town Residential

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Top Town managers, surprised at brokerage s sudden downfall, land at Corcoran, Compass Ryan Fitzpatrick and Dan Marrello move to r爱上海同城论坛 爱上海同城ival brokerages

110 Fifth Avenue, Ryan Fitzpatrick and Dan Marrello

A pair of top Town Residential managers, stunned by last week s announcement that its resale and leasing businesses would close, are taking their boxes to new desks at the Corcoran Group and Compass.

The hires of Ryan Fitzpatrick, who has moved to Corcoran, and Dan Marrello, who is set to go to Compass next month, offered insight into Town s downfall.

Fitzpatrick sa新爱上海同城对对碰论坛 上海同城对对碰交友社区id his office at 110 Fifth Avenue had been 上海贵族宝贝论坛 上海贵族宝贝very busy in the lead up to the announcement.

In the moment it came as a surprise, Fitzpatrick said. Was I aware of some internal issues? Of course. But I did not think they would result in what transpired last Thursday.

Fitzpatrick, who oversaw 150 agents at Town s flagship office, heads off to Corcoran as a senior managing director, the same firm where he started his career.

110 Fifth Avenue

Town s divisional closures also came as a surprise to Marrello, who was sitting in Town s office at 110 Fifth Avenue when contacted by The Real Deal. The departing 爱上海 爱上海同城手机版managing director of leasing at Town will be the last to leave the premises before joining Compass next month as a sales manager, he said.

I m really excited, it s a bittersweet time for me. I don t see a better place than Compass, Morello said. To be honest with you, I don t think any of the other traditional brokerages will be able to hold th爱上海同城手机版 新爱上海同城对对碰论坛e stick to them.

Agents and managers aren t the only assets up for grabs. Compass is in talks to take over Town s 16,600-square-foot flagship office in Flatiron. TRD reported Tuesday that Compass is looking to lease the fourth and fifth floors, where the asking rents check in at $80 per square foot.

Asked whether Town is a casualty of change within the city s real estate industry, Fitzpatrick said he is still absorbing what happened.

In New York, it s an anomalous market, but it has to change too, he said. Certainly there are lessons to be learned.

Tags: compass, Corcoran Group, Residential Real Estate, town residential
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David Beckham

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Beckhams score $33M for posh home in Beverly Hills The soccer-and-pop-star couple bought property 10 years ago for $22M

David and Victoria Beckham sold their Beverly Hills home for $33.1 million (Credit: Getty Images, iStock)

Soccer champion David Beckham and fo爱上海同城 爱上海rmer pop superstar Victoria Beckham are on the move上海龙凤论坛sh1f 上海龙凤论坛.上海夜网 阿爱上海同城

The celebrity couple sold their home in Beverly Hills for $33.1 million, the Los Angeles Time reported. The buyer 爱上海 爱上海同城手机版is a limited liability company.

The Beckhams lived in the one-story, H-shaped estate for about a decade. They purchased it for $22 million about five months aft新爱上海同城对对碰论坛 上海同城对对碰交友社区er David signed a five-year contract to play for the L.A. Galaxy.

The Italian villa-style home was designed by Tim Morrison and built as a spec home in 2007. It has more than 13,000 square feet of living space, with nine bedrooms, a library, elevator and media room.

The soccer icon has been busier in Miami than Los Angeles the past few years. He is looking for a site for a Major League Soccer stadium in Miami. Beckham and his partners will be asking residents there to approve their latest proposal at the ballot box later this year. [LAT] – Gregory Cornfield

Tags: Beverly Hills, Celebrity Real Estate, david beckham
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NYC Evictions

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Why evic上海千花网龙凤论坛 上海千花社区tion rates a上海贵族宝贝交流区 上海贵族宝贝论坛re dropping in NYC City rolled out its Right to Counsel law last year for low-income tenants

People waiting outside a Housing Court (上海千花网 爱上海同城对对碰Credit: iStock)

Evictions are down, and lawyers for tenants are up in New York City.

The city’s Right to Counsel law, which rolled out last year, has provided tenants with free lawyers in 15 ZIP Codes and will serve 400,000 in 2022, once it is fully implemented, according to WNYC. In the first ZIP codes, 56 percent of tenants now have representation, and evictions have dropped by 27 percent.

The city began a pilot program providing tenants with free lawyers in 2014 and spent $77 million in the last fiscal year on those initiatives and on Right to Counsel.

Advocates are trying to expand the program even further, arguing that the income threshold for free lawyers leaves out too many people, including people making minimum wage. Councilmember Vanessa Gibson and Councilmember Mark Levine have introduced Right to Counsel 2.0, which would provide single tenants making $48,000 a year with a free lawyer.

Alfred Toussaint, a program manager with a Right to Counsel legal service provide上海千花网论坛 上海千花网r, told WNYC that tenants can have a hard time in housing court without a lawyer’s help.

“They tend not to know all the laws and the rights that they have in these particular apartments,” he said. “So they enter into agreements that otherwise they would not have entered into if they上海贵族宝贝 上海千花网龙凤论坛 knew the defenses that are available to them.” [WNYC] – Eddie Small

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Stamford office complex inks three new tenants, renews another lease

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An office complex in the South End of Stamford has signed on three new tenants, the Fairfield County Business Journal reported. Independent broker-dealer Amherst Pierpont and international trading house DXT Commodities signed leases for 2,392 and 3,496 squ上海龙凤论坛 新上海贵族宝贝论坛are feet of space at One Dock Street, according to the outlet. Six One Commodities, a new business formed when Pinnacle Asset Management l上海贵族宝贝 上海千花网龙凤论坛ast year ac爱上海同城对对碰 爱上海同城论坛quired Sierentz Global Merchants’ North American natural gas wholesale trading unit, inked a lease for 1,608 square feet at One Dock Street. The building also retained a tenant, renewing G3 Architects’ 1,304-square-foot lease. The building, a converted 19th-century mill, is owned by ClearRock Properties and Juster Properties, the outlet reported. A Newmark Knight Frank team led by Tim Rorick and Jack McDermott advised ClearRock and Juster on all four transactions, as well as Amherst Pierpont. Commercial Property Executive reported that Cushman Wakefield’上海千花网交友 上海千花网论坛s John Altieri and Jay Hruska took the lead for DXT and G3, respectively. Six One handled leasing matters in-house. [FBJ]

Tags: Westchester 上海贵族宝贝交流区 上海贵族宝贝论坛Fairfield
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Marc Jacobs pays $9M for a Frank Lloyd Wright

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Famous fashion designer Marc Jacobs is the new owner of a Frank Lloyd Wright-designed waterfront home in Rye, the Wall Street Journal repor爱上海同城论坛 爱上海同城ted. Jacobs ponied up $9.175 million for the approximately 6,000-square-foot Max Hoffman House, which Wright built for Austri爱上海同城 爱上海an-born automobile importer Maximilian Hoffman in the 1950s. The home was once owned by philanthropist Emily Fisher Landau and was most recently owned by in阿拉爱上海同城 爱上海龙凤419桑拿vestor Thomas Tisch and his wife. Compass’ Joshua Wesoky represented the sellers of the near上海同城对对碰交友社区 上海夜网论坛ly 2-acre property at 58 上海贵族宝贝论坛 上海贵族宝贝Island Drive, while Julia B. Fee Sotheby’s International Realty agent Laura DeVita represented Jacobs, who will use the home as a “weekend retreat,” according to the outlet. [WSJ]

Tags: Westchester Fairfield
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Open world drives to be made newly ” gear-box ” new video shows time-lapse photography of day and night

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” gear-box ” (Transmission) it is an imitate drives the science fiction setting that sends express drives game, this making released a paragraph of newest video, the night in showing game arrives the time-lapse photography picture of daytime. Be in ” gear-box ” in, the player is in technically nightwork, the sun rises to be about to come home later, undertake registration of vehicles is mixed rest. This paragraph of video and push match especially civil telling a player to should sleep after day break namely. “See nightly daytime time-lapse photography please ” gear-box ” . Rise when the sun, you sleep to the day with respect to need black. ” those who let us feel curious is, if the sun rises, and the player leaves home again very far word is met how. Can game allow player keep to the side to jockey to sleep one day in the car? To this, dadley answer expresses, this problem themselves also is thinking, do not cross a player to be able to buy a garage in world each district, day break when can choose recent garage to undertake anchor is mixed rest. ” gear-box ” affirm at present will land PC platform, predict 2020 put on sale. ” gear-box ” propagandist video:[……]

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” wolf ” 3 NPC whole journey assists the central section that contains a player to be familiar with

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Latest issue of game magazine ” Game Informer ” the Japanese movement game that makes to Fromsoftware ” wolf ” Gongqiyinggao had producer full length interview, in the new information that a large number of this game also published this in interviewing. For instance game can pause, wait without much person mode, we also had new knowledge to the central area in game today. Through interviewing, we understand, be in ” wolf ” in in also other the lofty spirit of a nation fastens game similar ” central area ” . In this making, this place is called ” the cloister of decline ” . After game flow reachs certain level, the player can return here freely. The pattern that recurs here is similar also the bonfire in igniting fetch to fasten game. Be in ” the cloister of decline ” in, the NPC that can have all sorts of differring helps leading role. Among them the sculptor that a part appears in first prevue to add outfit artificial limb for leading role namely, he can help the skill social estate that leading role promotes. Another part that makes Emma can increase those who treat article to use limitative number, and another part that makes not dead soldier can let you practice battle mastery of a skill or technique. FromSoftware suggestion, “The cloister of decline ” in be not have above only 3 NPC. Fasten the tradition of game according to fetch, other NPC also can increase completely through the propulsion of game come in, bring new job for leading role. ” wolf ” mix in PC, PS4 on March 22 XboxOne platform put on sale, game correspondence Chinese. [……]

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