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Posts Tagged ‘Real Estate’

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Billionaire scoops up most expensive house in Dallas:

By Jennifer Chininis

 

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Tom Hicks, with the help of high-profile listing agent Allie Beth Allman, finally landed a buyer for his Preston Hollow estate: billionaire Andy Beal, founder of Plano-based Beal Bank. Asking price had been $100 million for the 25-acre property.

Candy’s Dirt founder and CultureMap contributor Candy Evans says that Beal had been eyeing the Trammell Crow estate, a historic, 6-acre gem in Highland Park.

Allman sold the home to Hicks and his wife, Cinda, back in 1997, after which they began a multimillion-dollar renovation. The work took nearly three years to complete.
Evans toured the compound back in March 2015, including the 28,000-square-foot main house and 3,347-square-foot guest house. “The approach to the private gates of 10000 Hollow Way Rd. feels more like a drive through the French countryside to a fabulous chateau deep in the heart of the forest. It’s hard to believe this is just seconds from the Dallas North Tollway and less than 10 minutes from downtown,” she wrote.

The estate overlooks a forest of trees and a creek. The property also features meadows, trails, pond, rose and vegetable gardens, greenhouse, two courtyards lined with 16 magnolia trees each, tennis court, and helipad.

“The most expensive sale in Dallas prior to this was closer to $20 million,” Allman told the Dallas Morning News. “It’s my understanding that is the largest sale ever in Texas for a residential property.”

 

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RE-home 15

WANT a house under your Christmas tree? If you are thinking of buying a home, the festive season is the time to make your move.

Contrary to popular belief, Christmas is an ideal time to buy, with properties left on the market in the lead up to the festive season and less potential buyers trawling real estate sites.

Agents say end-of-year vendors get to the point where they just want to sell, but realize people are on holidays. The result is they’ll flip their house for less.

That’s good news for potential home buyers repeatedly outbid by cashed-up investors this year in capital cities where auction clearance rates have clocked record highs.

TV real estate expert Bryce Holdaway says savvy buyers go against the trend and house hunt when the others aren’t looking – that’s this month and January.

“As the buyer, you generally hold all the cards at this time,” says Mr Holdaway, host of Location Location Location.

“Once December rolls around, the competition is thinking more about Christmas approaching than they are about embarking on a major decision like a property purchase. And this is where you can take advantage.

Buyers tend to get reluctant to buy close to Christmas … they’ll deal with it, along with the other new year resolutions, next year. Understandably, the vendor can become quite desperate to secure a deal.”

Even in Sydney where auction clearance rates have nudged 90 per cent this year, there will be bargains in the next few weeks.

Properties are going to auction right up until the weekend before Christmas, when the crowds of competitive buyers are sure to diminish.

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You won’t have to contend with the massive auction crowds in December and January. Source: News Limited

You won’t have to contend with the massive auction crowds in December and January. Source: News Limited

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“People are keen to sell before the New Year and capitalize on the active market that we’re currently in,” Roger Agha, principal of Devine Real Estate said.

What’s more, a recent investor sell-off in some prime Sydney suburbs could spook vendors into quick sales, with fears of the market slowing in 2014 making them more open to negotiations in the coming weeks.

It can be more difficult to sell in January with professionals required to finalize contracts often on holidays, further motivating vendors.

January also is generally a slow month for builders and contractors. With most people on holidays and factories closed for the break, this makes it a good time to negotiate fees on new homes.

Xmas cheer for buyers

Less people looking equals less competition, which means greater flexibility in negotiations and a better chance at securing a bargain.

Another great outcome of buying at this time of year is that settlement will often be in January or February – peak rental time.

Holidays will potentially increase condition and settlement times and the longer you control a property in a rising market without actually owning it the better.

A top time to sell?

On the flipside, real estate expert Andrew Winter says the festive season can also be the optimum time to sell.

“Demand however, can vary from area to area. Inner city and urban areas may close down as residents disappear to the coast,” Mr Winter says.

“Coastal areas, the country, even the outer burbs can shine during this festive season as numbers swell with visitors who can be tempted by the dream of a lifestyle change.

Mr Winter, host of Selling Houses Australia, advises vendors to consider their situation carefully at this time of year.

“Just adding days to your listing time is pointless and can have a negative impact on buyer’s perception of your home if the area shuts down.

“There’s also school holiday syndrome to consider if with time off, the kids want to turn the living room into a massive sleep out zone.

“Plus the detritus of Christmas wrapping ensuring your home looks like Myer at the end of the first day of the sales.”

Buyers looking for properties during the holidays are usually serious about purchasing and this could lead to a quick sale.

Most buyers want to be able to move in before a new year begins.

If you’re in an area that has an increased holiday population, competition between buyers may increase, this could lead to offers that are higher than your original asking price.

The 23-story Serrador building hangs a plastic tarp to protect its glasses against vandalism in Rio de Janeiro , Wednesday, Sep 9, 2015. At opposite ends of downtown Rio de Janeiro, projects tied to Donald Trump and Eike Batista -- one a billionaire-turned-politician, the other an ex-billionaire -- have come to represent the city’s real-estate bust. The Serrador building, a granite-and-glass art deco tower near Rio’s local airport, has sat empty since Batista’s failed empire of commodities companies abandoned it last year. Four miles away, in the city’s gritty port district, an ambitious office project that Trump lent his name to is still nothing more than a weed-filled lot about one year after construction was slated to begin.(Bloomberg Photo/Dado Galdieri)
The 23-story Serrador building hangs a plastic tarp to protect its glasses against vandalism in Rio de Janeiro , Wednesday, Sep 9, 2015. At opposite ends of downtown Rio de Janeiro, projects tied to Donald Trump and Eike Batista -- one a billionaire-turned-politician, the other an ex-billionaire -- have come to represent the city’s real-estate bust. The Serrador building, a granite-and-glass art deco tower near Rio’s local airport, has sat empty since Batista’s failed empire of commodities companies abandoned it last year. Four miles away, in the city’s gritty port district, an ambitious office project that Trump lent his name to is still nothing more than a weed-filled lot about one year after construction was slated to begin.(Bloomberg Photo/Dado Galdieri)

The 23-story Serrador building in Rio de Janeiro

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At opposite ends of downtown Rio de Janeiro, projects tied to Donald Trump and Eike Batista— one a billionaire-turned-politician, the other Brazil’s most famous ex-billionaire — have come to represent the city’s real estate bust.

The 23-story Serrador building, a granite-and-glass art deco tower near Rio’s Santos Dumont airport, has sat empty since Batista’s failed empire of commodities companies abandoned it last year. Four miles away, in the city’s gritty port district, an ambitious office project that Trump lent his name to is still nothing more than a weed-filled lot about a year after construction was slated to begin.

While real estate markets are faltering across this recession-plagued country, nowhere is the toll from a sweeping national corruption scandal and commodities collapse more apparent than in Rio. To make matters worse, a flood of new office units that were planned during the boom years of the past decade are now hitting the market, pushing Rio’s high-end vacancies to the most in Latin America. Rents that were once on par with New York and Paris are tumbling.
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“Rio is going through a very delicate moment,” said Ricardo Raoul, a managing director at Paladin Realty Partners LLC, a property fund with about 12 billion reais ($3.2 billion) in projects in Brazil. “There’s an increase of inventories together with a lack of demand.”

In Leblon, a seaside neighborhood with views of the Christ the Redeemer statue that houses many of the city’s hedge fund managers, office rents have plunged by a third since early 2014. Even more if you price the leases in dollars — about 60 percent. In Barra da Tijuca, an up-and-coming neighborhood on the city’s outskirts, phone company Tim Participacoes SA was able to negotiate two years of free rent for its new headquarters in a glass tower with palm trees out front, according to a regulatory filing.

Residential property prices in Brazil’s top 20 cities fell in August from July, the first drop since at least 2008, with Rio leading the declines, according to real estate index FipeZap. Prices of Brazilian properties rose 3.3 percent in the past 12 months, about 6 percentage points below inflation, resulting in a decline in real terms.

Rio monthly office rents fell to 135 reais per square meter — or about $3.32 per square foot — in the second quarter, said CBRE Group Inc., the world’s biggest commercial real estate services company. That’s about half the price of New York and Paris and is down from a peak of 150 reais in early 2013, or almost $7 per square foot based on the exchange rate at the time. Meanwhile, vacancies have jumped to 23 percent from less than 3 percent at the end of 2010.

Like so many of the city’s problems, this one too can be traced to the double blow of the scandal at state-run oil giant Petroleo Brasileiro SA and the slump in crude prices. Petrobras halted new business deals with about 30 suppliers after an investigation found evidence of kickbacks to win contracts, forcing at least seven companies with large operations in the city to file for bankruptcy protection. Standard & Poor’s stripped the country of its investment-grade credit rating Wednesday, citing in part the political fallout from the corruption scandal. The real fell 1.8 percent to 3.8494 per dollar at 2:12 p.m. on Thursday.

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Other oil companies are scaling back in Rio after prices more than halved in the past 12 months. Statoil ASA, the Norwegian oil company, gave back one of the seven floors it was occupying in the Manchete building. Trondheim, Norway-based Sintef, a research foundation for the energy industry, is leaving Rio altogether.

“A good portion of the market was based on the oil industry,” said Raul Correa, a partner at commercial agent Office International Realty who has been following the price drop in swanky districts like Leblon. “Now a lot of them are retreating.”

At the site of the future Trump Towers Rio, a 5 billion-real project announced in 2012, several run-down warehouses jut out from the overgrown brush. There are no signs of development anywhere. Stefan Ivanov, chief executive officer of the project that bought the rights to use Trump’s name, said it’s still in the planning phase.

“There are various real-estate projects under elaboration in Rio de Janeiro that are taking more time than originally anticipated to bring to construction,” he said in an e-mailed response to questions. He declined to comment on the timing of the project or if the budget is being adjusted.

In the nearby Porto Maravilha district, a flood of new projects that’s part of an effort to revive the area ahead of the 2016 Olympic Games will only add to the oversupply, Paladin’s Raoul said.

A recovery in the market will take time, he cautions. A very long time — as in wait until 2019.

“The outlook,” he says, “is very negative.”

 

By Juan Pablo Spinetto