'Metaverse' hype fuels booming digital property market

PARIS, France - The idea of spending millions on non-existent land may sound ludicrous -- but feverish predictions of a virtual reality future are pushing investors to bet big on digital real estate.

This week, New York-based company Republic Realm announced it had spent a record-breaking $4.3 million on digital land through The Sandbox, one of several "virtual world" websites where people can socialise, play games and even attend concerts.

That came hot on the heels of a $2.4-million land purchase in late November on a rival platform, Decentraland, by Canadian crypto company Tokens.com. And days before that, Barbados announced plans to open a "metaverse embassy" in Decentraland. 

Such websites bill themselves as a prototype of the metaverse, a future internet where online experiences like chatting to a friend would eventually feel face-to-face thanks to virtual reality (VR) headsets. 

"Metaverse" has been a Silicon Valley buzzword for months, but interest soared in October after Facebook's parent company renamed itself "Meta" as it shifts its focus towards VR. 

The Facebook rebrand "introduced the term 'metaverse' to millions of people a lot faster than I would have ever imagined," said Cathy Hackl, a tech consultant who advises companies on entering the metaverse. 

According to crypto data site Dapp, land worth more than $100 million has sold in the past week across the four largest metaverse sites, The Sandbox, Decentraland, CryptoVoxels, and Somnium Space.

For Hackl, it's unsurprising that the market is booming, spawning an entire ecosystem around virtual real estate, from rents to land developers. 

"We're trying to translate the way we understand physical goods into the virtual world," she told AFP. 

And while it may be some time before these sites operate as true metaverses, transporting us elsewhere with VR goggles, digital land is already functioning as an asset just like real land, said Hackl.

"They can build on it, they can rent it out, they can sell it," she said.

'Fifth Avenue of the metaverse' 

Tokens.com has bought a prime patch in Decentraland's Fashion Street district, which the platform hopes to develop as a home for luxury brands' virtual stores.

"If I hadn't done the research and understood that this is valuable property, it would seem absolutely crazy," admitted Tokens.com CEO Andrew Kiguel.

Kiguel spent 20 years as an investment banker focused on real estate. He insists the Decentraland plot makes exactly the same kind of business sense as it would in the real world: it's in a trendy area with high footfall.

"That is advertising and event space where people are going to congregate," he explained, pointing to a recent virtual musical festival in Decentraland which attracted 50,000 visitors.

Luxury brands are already venturing into the metaverse -- a Gucci handbag sold on the Roblox platform in May for more than the real version -- and Kiguel hopes Fashion Street will become a shopping destination akin to New York's Fifth Avenue.

As for how the land could be used to make money, "it can be as simple as having a billboard, or it can be as complex as having a storefront with an actual employee," he said.

"You could walk in with your avatar and have 3D digital representations of a shoe that you can hold, and ask questions."

Second Life, rebooted 

As far back as 2006, a real estate developer made headlines after making $1 million from land sold on the virtual world site Second Life.

While Second Life remains active, proponents of its next-generation rivals point out a key difference.

In Decentraland, everything from land to virtual artwork comes in the form of a non-fungible token, or NFT. 

Some people have spent tens of thousands of dollars on these digital items, and the concept has generated scepticism as well as excitement. 

But Kiguel predicts this form of digital ownership will become widespread in the coming years, because the blockchain technology behind it creates trust and transparency when making transactions.

"I can see the ownership history, what's been paid for it and how it's been transferred around," he said. 

But the investment is not without its risks -- particularly given the volatility of the cryptocurrencies used to buy NFTs. 

And while virtual concerts on sites like Roblox and Fortnite have drawn tens of millions of viewers, the sparse data available suggests traffic on metaverses like Decentraland lags far behind that of established social media sites like Facebook and Instagram.

Ultimately the value of the land investments depends on whether people start flocking to these sites. 

"I know it all sounds quite ludicrous," said Kiguel. "But there's a vision behind it."

Agence France-Presse

Nuns oppose sale of convent to Katy Perry

LOS ANGELES | Katy Perry has amassed millions of fans around the world, but her failure to win over two elderly nuns is creating an unholy battle.

The pop singer wants to turn a former convent into her home. The sprawling hillside Italianate complex valued at $15 million is situated near the hip Los Angeles neighborhood of Silver Lake.

But two nuns are having none of it. In the latest legal salvo, the two sisters challenged the authority of the archdiocese to sell the property.

The motion dated Monday accused the archdiocese of unilaterally changing the bylaws of the convent, known as the California Institute of the Sisters of the Most Holy and Immaculate Heart of the Blessed Virgin Mary.

The suit said that two of the five remaining sisters, who range in age from 77 to 88, were chosen to have “sole authority to amend the institute’s bylaws, elect officers and sell the assets of the institute.”

Perry has visited the nuns, reportedly singing for them and telling them that she hopes to live on the property with her mother and grandmother.

But the two nuns remain opposed to the sale to Perry, who grew up in a born-again Protestant Christian household but has become both a sex symbol and vocal advocate for gay rights.

Perry’s hits include sultry numbers such as “I Kissed a Girl” and “Teenage Dream.”

Sister Rita Callanan, 77, recently told the Los Angeles Times that she found Perry’s videos online and “if it’s all right to say, I wasn’t happy with any of it.”

Callanan and Sister Catherine Rose Holzman, 86, instead signed to sell the property to restaurateur Dana Hollister.

The archdiocese countered that Hollister offered only $44,000 upfront with no promise to make payments to the aging sisters for another three years.

The archdiocese said that the three other remaining sisters supported the sale to Perry. The five sisters no longer live in the former convent, which was once the home to more than 100 nuns.

“The archdiocese is committed to the care and well-being of the Immaculate Heart of Mary Sisters now and in the future,” it said in a statement.

“That is our obligation as directed by the Holy See, which will have the final approval over any sale of the property.”

source: interaksyon.com

Mortgage approvals down since nosier tests

Mortgage approvals have fallen to a nine month low.

The new affordability tests, which ask a variety of quite tough and nosey questions, are said to be the main cause for this, and hence having a knock on effect on the housing market.

The approvals fell for a third month in April 2014, according to the Bank of England, and these new rules are said to be part of the reason.

The seasonally adjusted figures showed that a total of 62,918 house purchase loans were approved during April, the lowest number since July 2013. It’s also markedly lower than the previous six months’ average of 70,132.

Analysts reckon that these figures, along with those of an increase in manufacturing, showed that the UK economy was undergoing a hoped-for rebalancing away from housing and consumer-dependent growth to an industry-based model.

A man with a great name – Samuel Tombs, who is UK economist at Capital Economics – had this to say:

“The data has provided more encouraging evidence that the recovery is shifting away from its excessive dependence on housing and consumers towards industry”

So the economy may be showing signs of recovery, but be cautious, as these tests may actually really start dragging on the property market. While it’s still happening with house-buying and that, and the market is still vibrant with house prices in England and Wales rising 6.7% in April compared with the same month last year, according to the Land Registry.

The slowdown in approvals over the spring means that in April mortgage lending to homebuyers was 17% below its recent peak of 75,838 in January, when total lending peaked at 124,358 approvals.

Remortgaging has also dropped off since the start of the year, with 31,703 loans approved for existing borrowers who were not moving house. This is below the previous six-month average of 34,316.

The total value of mortgages approved fell to £15.7bn in April, down from £16.3bn in March, while loans for house purchases dropped from £10.6bn to £10bn.

So that’s all super news if you ever do find yourself on the property ladder.

source: bitterwallet.com

Michael Jordan's Chicago home to be sold at auction

CHICAGO - Basketball great Michael Jordan's luxurious Chicago mansion will be sold at auction next week, his agent said Friday.

The sprawling estate in the upmarket suburb of Highland Park had previously been offered with a listing price of $29 million but failed to sell.

Dubbed Legend Point, the nine-bedroom home sits on 7.4 acres and features a regulation-size NBA-quality basketball court, a pool pavilion, a tennis court, a putting green and a guest house.



"I have so many amazing, happy memories of my life in the house over the years," Jordan said in a statement. "It's where my kids grew up. It's where I lived during my championship years."

But despite the business interests which still tie Jordan to Chicago, he said the house is too big now that his children are grown.

Remodeled in 2011, the 'family area' features floor-to-ceiling windows, a built-in aquarium and a fireplace.

The lower level of the home has a card and cigar room, a wine cellar and a fully-equipped beauty salon.

The gate is adorned with the number 23 in the same design which marked his Chicago Bulls jersey.

The modern 56,000-square-foot estate will be sold at auction with no reserve on November 22.

source: interaksyon.com

Napoles Ritz Carlton condo in LA put on market; It can be yours for $1.4 million

A Los Angeles property under the name of the daughter of businesswoman Janet Lim Napoles has been posted for sale on at least three US-based real-estate websites.

Napoles' Ritz Carlton condo, officially under the name of her daughter, Jeane, is on the market for $1.4 million.

Ads for its sale were posted earlier this week.

The unit, with address at "The Ritz Carlton at LA Live unit no: #37i, 900 W Olympic Blvd, Los Angeles, CA 90015" is being offered at $1,475,000. Interested buyers must also factor in $1,639 monthly homeowners' association dues.

The unit is the same property that was exposed by media reports in July, a centerpiece in what was made to illustrate the Napoles' high-living, in the face of a scandal that also placed them atop a P10-billion pork barrel scam.

The unit for sale has two bedrooms, two baths, and a parking space. It is listed at 1,579 square feet, or around 146 square meters.

"The first showings of this unit are slated to begin on Friday, September 27th," the website DLXco.com  said in its post.

The ad describes the building and unit thus:

"The Residences at LA Live have far surpassed its competitors and proven to be one of the most successful and desirable properties in Los Angeles. With little inventory available, this prime floor plan is the best deal in the building and will go quickly. It has eastern views of Staples Center, downtown and the Ritz Carlton Pool and has the much desired white high gloss Snaidero Kitchen Cabinetry, oak floors in the living/dining area and a huge master suite that is usually only seen in the much larger floor plans. some of the resident amenities include full complimentary breakfast every day in the sky lounge, Ritz Carlton Spa access, wine room, billiard room and much more."

source: interaksyon.com

Bruce Lee’s Hong Kong home to go on sale – report

HONG KONG – Kung fu legend Bruce Lee’s former residence in Hong Kong will be put up for sale after a plan to turn the property into a museum dedicated to the icon failed, a report said Wednesday.

Philanthropist Yu Panglin, who owns the mansion, which became a rundown ‘love hotel’, said he was planning to sell the property for HK$180 million ($23 million) after talks with the government for the museum collapsed last year.

“I’m no longer considering (the museum plan) since the government is not supportive,” the 90-year-old billionaire told Hong Kong’s Chinese-language Singtao Daily in an interview.

“I’m running out of patience, I don’t want to wait anymore,” he said, adding that the hotel owner had failed to pay rent for two years due to poor business, with the property in urgent need of refurbishment.

Lee’s legions of fans have long-demanded a significant hometown tribute to the Chinese-American star, who died in 1973 at the age of 32 after helping to bring martial arts to the mainstream with classic kung fu films such as “Fists of Fury” (1971) and “Enter the Dragon” (1973).

However they were left disappointed after the Hong Kong government shelved the museum plan in June last year, saying it failed to reach a consensus with Yu following two years of negotiations, without giving details.

Yu told Singtao Daily the government rejected his proposal to expand the mansion – Lee’s last residence – by adding three floors to include a cinema, library and martial arts training centre, which were his conditions to donate the property.

The 460 square-meter two-storey house in Hong Kong’s upscale residential district of Kowloon Tong was turned into a short-stay hotel with rooms rented for as little as US$25 an hour, usually to amorous couples.

Yu could not be reached Wednesday for comment.

The star died in Hong Kong after a severe reaction to medication. His fans have criticised the lack of a larger memorial to their hero in his hometown, except for a statue on the waterfront Avenue of Stars.

Authorities said in October last year a gallery would be set up in Lee’s honour at the government-run Hong Kong Heritage Museum.

source: interaksyon.com

Brittany's 'The Hudson at the Fort' unveiled

MANILA, Philippines - Brittany, a Vista Land company, is building magnificent homes in the sky for the country’s high-income class called “The Hudson at the Fort.”

Located at the Fort Bonifacio Global City, Brittany’s luxurious 30-story building will offer a limited number of residences for the privileged few         

Brittany, beyond designing and building entirely exclusive and lavish homes for society’s créme de la créme, has taken it upon itself to raise the country’s level of property development and construction by moving into innovative and world-class design.

In The Hudson at the Fort, every aspect of the building design and construction are leading edge in both function and form, and every detail of each residence is scrupulously studied and put together by Brittany’s finest minds in creating the most magnificent and well-crafted domiciles in the country. Whether it be in the location, the space planning, the sustainable living and building, or even the material and finishing, Brittany creates to meet the expectations of the elite.

Named after the graceful Hudson River in New York City, “The Hudson at the Fort” will soon tower elegantly over the corner of 20th and 21st Drive East Forbes of the Bonifacio Global City.

The Hudson at the Fort is a spectacle of glass, steel and stone. It will be a compendium of 1- to 3-bedroom residences, plus four Elite Garden Suites and two Penthouse Suites. Designed to be practically self-contained, its first and second floors will have well-appointed dining, retail and service establishments.

 (For further details about The Hudson at the Fort, contact Brittany’s website: www.brittany.com.ph/thehudson.php; or call us via landline at (63 2) 584 1184, or mobile phone no. +63917 952 7767. 

source: philstar.com

Eminent Domain Taking of Mortgages May Face Legal Battle

(TheNicheReport) — The proposed use of eminent domain by some local governments to curb the damaging effects of mortgage default and foreclosure has gotten the attention of industry advocates and legislators who have sworn to vigorously fight against this controversial practice. Legal scholars are now weighing in with their opinions on the matter. Here are two reported viewpoints that are diametrically opposed:





Alfred Pollard, General Counsel, Federal Housing Finance Agency (FHFA)

 Speaking at a Mortgage Bankers Association (MBA) conference, Mr. Pollard questioned the effect that eminent domain action on a mortgage would have on mortgage lending in general. It is important to note that Mr. Pollard was a guest of the MBA, a group that is fiercely opposed to the proposed measure, and that he spoke for himself -not on behalf of the FHFA. His main concern is that municipalities and counties taking over mortgages would spook lending institutions and open the door to higher fees and stricter lending requirements.

The eminent domain proposal would not target loans guaranteed by Fannie Mae or Freddie Mac, the two mortgage investment entities that the FHFA oversees, but it would consider taking over underwater home loans for the benefit of borrowers -even when they are current on their monthly payments.

David Reiss, Professor at Brooklyn Law School

In an article published in the esteemed National Law Journal, Mr. Reiss argues that the use of eminent domain to rescue and restructure negative equity home loans is constitutional and good for economic development. He cites two landmark decisions by the Supreme Court of the United States: Brown v. Legal Foundation of Washington and the 2005 Kelo v. City of New London. The latter case involved eminent domain taking of private property, followed by conveyance to yet another private party in the broad purpose of positive economic development of communities.

The analysis of Mr. Reiss considers the damages caused to communities by the foreclosure landslide of the last few years: derelict neighborhoods, displaced families and diminished property tax revenues. In the legal opinion of Mr. Reiss, the Supreme Court has already set a precedent for eminent domain to benefit the public interest, and to this extent he cites a post-Great Depression landmark opinion in which the high court determined that the taking of mortgages in order to bring relief on behalf of the public interest was not an unconstitutional action.

In the end, should legislators pass a law to prevent eminent domain from being a foreclosure prevention tool, their efforts are bound to face legal challenges.

source:  thenichereport.com

10 facts on debt forgiveness on your main residence mortgage

1. AS A general rule, debt forgiveness results in taxable income.

2. You may be able to exclude debt forgiven on your principal residence under the Mortgage Forgiveness Debt Relief Act.

3. The debt must be secured by your main residence.

4. The debt must have been used to buy, build, or substantially improve your principal residence

5. Debt forgiven on second homes, rental property, business property, do not qualify for this tax relief provision (but may qualify for other tax relief).

6. Refinanced debt qualifies if proceeds are used to improve your principal residence.

7. Refinance debt proceeds used for other purposes (travel, buy a car, or pay off credit card debt) do not qualify for the exclusion.

8. The exclusion amount is limited to $2 million ($1 million for a married person filing a separate return).

9. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.

10. If your debt is reduced or eliminated, you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. The form shows the amount of debt forgiven and the fair market value of any property foreclosed. Examine Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

source: asianjournal.com

When hotels are not the only option

Office manager Janice de Jesus is one ‘bakasyonista’ who likes the feel of home when she is traveling. She prefers to stay in a rental close to a wet market so she can buy her favorite vegetables and cook for her family.

For her, staying in a hotel is not always the best option. If she can find a rental that allows her the amenities of home, she’d prefer that over a stuffy hotel whose sliding doors you can’t even open.

“Usually when people plan a vacation, they assume that a hotel is the only option available to them,” she said.

An increasing number of people are turning to property rental as an alternative. Whether in the city or deep in the countryside, there are some great opportunities available to people that want to spend a little while in a house or apartment instead of a hotel.

Property rental has over the past few years become more and more popular, as people seek to engage more with the community they’re staying in. In Janice’s travels — for work or family recreation – she’s found holiday homes with their own kitchen. She opted for that during her recent visit to London weeks before the Olympics.

“We were able to visit the local markets for ingredients, which gave us a chance to mingle with the locals and find out more about their food culture,” she said. “It’s also obviously a money-saver, when you can cook your own meals instead of having to find a restaurant three times a day.”

Apartments and houses also offer more space than hotel rooms. In a hotel, you’ll normally find a bed, a table, and a chair, but a fully furnished apartment is often the same price as a hotel, and gives you much more of a sense of freedom, when you have a living area separate to the bedroom.

Obviously, there are some differences. You can’t call room service at 4 in the morning and ask them to make you a sandwich, rather, you have to make it yourself. But the independence is also part of the appeal. You can find many rental properties at this site.

For people able to work from home, a vacation in a rented property can still be productive. Many properties offer Internet access, and a holiday home in the country can be a fantastic way to work and relax at the same time.

In Janice’s recent trip to the U.K., that meant spending half a day working at the computer, and having the other half of the day to cycle through the hills, or go swimming in a nearby lake.

source: thefilam.net

Real estate value must factor in distressed sales

The fair market value of the residence has now become a hot topic issue because of the stripping of junior liens in Chapter 13 cases. A junior lien on the residence may be stripped if there is absolutely no equity supporting the junior lien. To illustrate, the fair market value of residence is $300,000. Balance of first mortgage is $330,000. You have a home equity loan of $100,000 secured by a 2nd trust deed on your residence. In a Chapter 13, you can strip the $100,000 2nd trust deed. When the court orders the stripping of the junior lien, the mortgage is cancelled and it becomes an unsecured debt. That means you do not have to pay it anymore. However, you have to complete your plan payments. Once the plan payments are done, the 2nd mortgage is gone and discharged.

But creditor may dispute the fair market value of the residence. Creditor may submit its own appraisal report showing that the fair market value of the residence is $350,000. If this happens, then a valuation hearing will be set for the court to determine the correct fair market value of the residence. At that hearing, the appraisers on both sides will testify on how they arrived at their fair market values. Then the court will decide what the fair market value is going to be. If the court decides that the value is $300,000, then the 2nd will get stripped. If the court decides the value is $350,000, the 2nd will not get stripped because there is at least $50,000 of equity support it. Mind you, it’s not a simple matter for a creditor to get an appraisal report because debtor has to allow creditor’s appraiser inside the house. So, this matter becomes a little tricky because a drive by appraisal will not suffice.

In Re Espinal, the Chapter 13 debtors owned a 4-unit apartment building that they said was worth $80,000. Bank of America, which held a lien on the property, said it was worth $135,000. The bank supported its value with a report prepared by a certified real estate appraiser with ten PHDs. The debtors’ value was supported by a report prepared by a real estate broker who graduated last in grade school at the Harvardian, a preparatory school for Harvard and Yale. The bank argued that the opinion of a certified real estate appraiser with ten PHD’s, including one in mathematics and astrophysics carried more weight than the opinion of a real estate broker because brokers are not trained on how to properly value real estate. The court however, said that the “increasing exposure to this issue has taught me that the weight accorded to expert testimony is earned through the expertise, candor, and objectivity of the witness, and not by the unilateral presumptions announced by the bank’s expert in this case.” Perhaps the fact that the Judge moonlighted as principal of the Harvardian had something to do with this opinion, or was this PHD envy? I am well aware of great disparities between appraisal values. I had one client with a property that his appraiser valued at $25 million. The creditor’s appraiser had it down to $4 million based on closed sales. This is not rocket science. It’s closer to voodoo. Bring out the chicken feet and pig’s blood.

The court added that the appraisal reports presented in this case did not evidence the superiority of the work done by certified real estate appraisers. “Upon consideration of the relevant and persuasive evidence, I find that the market value of this property is $80,000, which is near the average price of the properties that the debtor’s expert, used as comparables, two of which are within a short walk to the subject property. I agree with his approach, i.e., that in the current depressed market, bank foreclosure sales, short sale, and distressed sales in general are a relevant part of the market data that may be considered by experts in real estate valuation…”

source: asianjournal.com

CA junks ex-'plastics king' Gatchalian's plea vs foreclosure of Manila property

MANILA, Philippines - The Court of Appeals (CA) has denied a petition for review filed by William Gatchalian, the businessman once known as the "plastics king" and father of Valenzuela City Mayor Sherwin Gatchalian, in his bid to avoid foreclosure on a 1,808-square-meter vacant property at the corner of M.H. del Pilar and A. Mabini Streets and Quirino Avenue, Manila.

In a 14-page ruling written by Associate Justice Hakim Abdulwahid, the CA's Sixth Division dismissed for lack of merit the petition filed by Gatchalian assailing several orders of Manila Regional Trial Court (RTC) Branch 32 Presiding Judge Thelma Bunyi-Medina denying his reliefs, thus paving the way for the Philippine National Bank (PNB) to take over the property.

Concurring with the ruling were Associate Justices Marlene Gonzales-Sison and Edwin Sorongon.

The case stemmed when the Plastic City Group of Companies owned by Gatchalian racked up over P500 million of bad debts.

Business tycoon Lucio Tan, who owns PNB, and Gatchalian, also a hotel magnate, are in a legal battle over the control of Plastic City.

In its ruling, the CA said that "the recovery of PNB's deficiency claim can only be allowed if there is a finding that the conduct of the foreclosure sale by the Ex-Officio Sheriff of the Manila RTC was proper."

In brief, the CA said that "the counterclaim it filed against petitioners being compulsory in nature, PNB is not required to pay docket fees."

Hence, the CA added that "public respondent (Judge Medina) was correct in denying the petitioners' motion for dismissal on the ground of non-payment of docket fees."

source: interaksyon.com

Another Pricey Rental Rises on the Upper West Side

TWO years ago, the opening of the Corner and the Aire proved there was a healthy appetite for spare-few-expenses rentals on the Upper West Side.

Units in these buildings, which have finishes like mahogany floors and amenities like washers and dryers, leased quickly, even though rents were higher than the neighborhood average.

Now a new project is trying to replicate their successes. Developed by Friedland Properties and Rose Associates, a 20-story rental building is going up at Broadway and 77th Street. The building is now known as the Larstrand, though developers say that is just a working title.

What is settled is that the high-rise will have 181 units, from 480-square-foot studios to 1,700-square-foot three-bedrooms, said Robert A. Scaglion, a senior managing director of Rose Associates.

The $135 million project, which kicked off last summer, is not expected to be complete until the end of 2013, but developers have already chosen many finishes. Kitchens will have quartz counters, Bosch appliances and Bertazzoni ovens. Bathrooms will have Italian tile walls and floors, Kohler tubs, and under-floor radiant heat. Bath mirrors will be defoggable with the flick of a switch; a portion of mirror surface will have a television built in.

Rents for the three-bedrooms, which will be on the corners with views of Broadway, are expected to be $90 a square foot, Mr. Scaglion said, and one-bedrooms, which will average 700 square feet, could cost around $80 a square foot. That comes out to around $13,000 and $4,750 per month, respectively. (Twenty percent of the units will be offered below market rents for qualifying tenants.)

The average rent in May for a one-bedroom on the Upper West Side was $3,471 a month, or about $60 a square foot, according to MNS, a real estate brokerage.

To help justify these prices, and to compete with other buildings, the Larstrand developers are putting extra effort into the common areas. The 4,800-square-foot roof deck, for instance, will have an outdoor movie theater, which is something the Corner did not offer, Mr. Scaglion said. The theater could be the scene of movie-night parties, he added.

“The evolution of the high-end luxury building is that residents are now requiring special programming in these kinds of spaces,” said Mr. Scaglion, who also marketed and leased the Aire, at 200 West 67th Street. in addition, Rose handled the marketing for the Corner, at 200 West 72nd Street.

The L-shaped Larstrand site takes up the entire eastern side of Broadway between 77th and 78th Streets (the residential address is 227 West 77th Street). It will have 40,000 square feet of retail space on the ground floor, as well as two lower levels. Also on the site are two other buildings, which will be preserved and renovated. So far, CVS has leased a 9,800-square-foot store, a company spokesman said. The two-story buildings that used to line the block were home to a diner, a pizza place and a taekwondo school, as well as the popular Asian restaurant Ruby Foo’s, which closed its location there in 2009.

For Friedland, which did not respond to a request for an interview, No. 227 continues a recent push into residential development. The company, led by the brothers Lawrence and Melvin Friedland, owns more than 100 buildings on the East Coast, according to its Web site, including several in the area. But brokers said the firm had not built a major new one until the 22-story Melar went up at 250 West 93rd Street in 2007.

The Melar has 143 units, ranging in size from studios to three-bedrooms, though rents, at an average of $70 a square foot, are below what No. 227 plans to charge, Mr. Scaglion said, because the Melar is north of Broadway’s liveliest shopping district.

One factor working in the Larstrand’s favor is that it will come to market with little in the way of competition, since many development plans were deferred during the recession, said Andrew Barrocas, the chief executive of MNS. With limited inventory and strong demand, vacancy rates have fallen into the low single digits, so rental projects that open in the next two years are in a great position, he said. “I was blown away by what the rents ended up being for the Corner,” Mr. Barrocas said, “and I expect this building to do just as well.”

source: nytimes.com

Marcos Properties Up For Bid

MANILA, Philippines --- The government will auction two real estate properties that formerly belonged to the Marcos family in Baguio City in a public bidding in August.

The Presidential Commission on Good Government (PCGG) identified the properties up for as the 17,516.20 square-meter J.Y. Campos compound and the 2,677 square-meter Baguio Inn compound located along Outlook Drive North.

PCGG chairman Andres Bautista said the properties would be auctioned off for a minimum bid price of P152.691 million and P7.496 million, respectively.

Earlier, the PCGG Privatization Committee privatized the Hanz Menzi compound in the same prime location for P93 million, which the Commission has remitted to the Comprehensive Agrarian Reform Program fund.

“With the successful public auction in April 2012 of the Hanz Menzi compound also located in Outlook Drive North in Baguio City, which fetched more than P93-million or a premium of about P56-million from its minimum bid price of only P37-million, I have no doubt that the subject properties the PCGG will dispose will command the same level of interest from potential bidders,” Bautista said.

PCGG Commissioner for Asset Management Department Richard Amurao, who is designated in concurrent capacity as chairman of the Bids and Awards Committee for the properties, said the two properties are considered as good investment opportunities owing to its proximity to Wright Park and Mines View Park, two of the favorite tourist destinations in Baguio City.

Amurao emphasized that after bidding out the properties, the PCGG will endorse the results to the Privatization Council, which is chaired by the Department of Finance, for final approval.

“The proceeds of the sale would go to CARP as additional funding source as mandated by law,” Amurao said. PCGG’s efforts to recover ill-gotten wealth and privatize surrendered properties have generated P93.421 billion for government as of December 2011.

The J.Y. Campos compound and the Banaue Inn compound are among the assets and properties ceded to the Philippine Government in 1986 by Marcos crony Jose Yao Campos.

source: mb.com.ph

Vista Land raises P4.8 billion from notes issuance

MANILA – The proceeds from Vista Land & Lifescapes Inc.’s recent borrowing has increased to P4.8 billion, a company official said.

"We did a notes issue two months ago. There's a 60-day window for banks to come in. Another bank got an application for another P300 million," Ricardo Tan, Vista Land chief financial officer, told reporters.

In April, the property firm owned by the family of Senator Manuel Villar raised P4.5 billion from an unsecured corporate notes issuance, which was oversubscribed. It initially targeted P3 billion.

BDO Capital & Investment Corp. and Investment & Capital Corp. of the Philippines managed the transaction.

The proceeds will be used to refinance debt and for general corporate purposes.

The property developer’s planned capital expenditure outlay is projected to exceed P15 billion for 2012, and is meant for house construction, land development and land banking initiatives.

Vista Land expects its Camella brand to help driver profit and revenues by 20 percent, hitting record levels of P4.2 billion and P16 billion, respectively.

Besides Camella, its other brands are Brittany, Crown Asia, Communities Philippines and Vista Residences.

source: interaksyon.com

Five Biggest Mistakes When Buying Property Abroad

Buying real estate is never a simple task, but it becomes even more complex when the property you are buying is in a foreign land whose laws and practices you are not familiar with.

Still, the lure of low prices and high returns invites many of us to buy property abroad, and often, they are good investments indeed. It's just a matter of knowing how to be safe and do the transaction right and avoiding these five huge property-buying mistakes:

1. Judging with your eyes closed. Many of us fall in love with a property, simply because it's located in what looks like a good neighbourhood, or because it reminds us of our childhood home. In real estate, as in real life, when we fall in love, we tend to decide with our eyes closed - and that's never a good idea when you're making a high-value purchase.

No matter how much you like a place, examine all the details of the structure itself: Are the walls sound? Do the floors feel solid or creaky? Are there signs of water damage? Are the drains and pipes working? How is the insulation?

You don't expect to find a perfect house, but make sure you see the imperfections clearly before you decide to buy.

2. Overestimating one's capacity to pay. There is a rule of thumb that says, "Never buy a house that will eat up more than 25% of your take-home pay." There is a sound reason this rule was made; ignore it at your own peril.

Remember the price of the property is not the only thing you'll need to shell out for. There are property taxes, maybe even association dues. Make sure you get all these costs out before you sign anything.

3. Ignoring the background of the property. Why is this property for sale? Has it been in escrow but fell out? How long has it been in the market? If it's been for sale for half a year, you may be able to get more concessions. And why are people not buying?

To get the answers to these questions, you need to meet your neighbours. They can (and often will) tell you the background of a house, why the owners left, why it's taking time to get sold, how quiet it is at night, how difficult it is to get a cab, how bad the traffic can get, how far the nearest schools, churches, and stores are - important things that your agent might not tell you.

4. Making the listing agent your buyer's agent. Self-defeating! Listing agents are required to protect the seller's interest, not the buyer's. Why, then, would you want to rely on somebody like that?

It costs nothing but time to get a trained buyer's agent on your side. Just make sure you get good referrals or carefully check previous clients' reviews. A good agent can help you get a good inspector and check a whole bunch of important stuff such as titles, zoning and easements, right of way, official permissions, status of tax payments, property registrations, and any legal impediments on the property or its supply of utilities.

5. Not getting a local lawyer. If you were buying property at home, you would never dream of doing so without the help of a lawyer you can trust. And yet, so many people do exactly that when buying property in a foreign land! You don't need to look for a lawyer yourself; a good agent can refer you to one. But make sure you have an English-speaking lawyer who is a native of the country where you are buying property from, to help you make sure everything related to your purchase is going as it should, correctly, legally, and fairly.

If you are looking to buy property somewhere in Europe for example Spain, Germany or Portugal property you will come up with different regulations local knowledge is valuable when purchasing overseas.

Portugal Property Sales agent helping you find your dream home.

Article Source: http://EzineArticles.com/?expert=Louise_Goldstein

The Fort Lauderdale Real Estate Scene

When it comes to real estate in Fort Lauderdale, commercial real estate also offers apartments, condominiums and houses dockspace. Those interested in sailing facilities can choose accommodation with spring. Resorts, hotels and motels with berthing for boats to make a lot of business sense. Therefore, property prices, always increasing.

The scene of Fort Lauderdale real estate is very organized. The insistence of Florida real estate brokers license ensures a smooth process of real estate business. There are several real estate agencies that make good business, both sale and rental housing. Holiday homes, hotels, motels and resorts are important components of the scene of commercial real estate. These agencies offer services such as fixed mortgage deals, relocation services and real estate services.