Kanye West puts Wyoming ranch, business sites up for sale

CODY, Wyo. (AP) — Rapper, music producer and clothing entrepreneur Kanye West has put his ranch and business properties in northwestern Wyoming up for sale.

The West Ranch, formerly known as Monster Lake Ranch, went on the market Monday for $11 million. The property sprawls across six square miles (16 square kilometers) of open land and tree-studded hills and outcrops about six miles (10 kilometers) south of Cody.

The property features lakes, a lodge, commercial kitchen, equipment sheds, horse facility, corrals and go-kart track, according to the DBW Realty listing.

The listing came days after West listed his seven commercial properties in Cody for more than $3.2 million, the Cody Enterprise reported.

The ranch, which leases additional land owned by the U.S. government, listed for $13.3 million before West bought it in 2019 though it’s unknown how much he paid for the property. Wyoming law does not provide for public disclosure of real estate sale amounts.

-Associated Press

US long-term mortgage rates change little; 30-year at 2.87%

WASHINGTON (AP) — U.S. long-term mortgage rates changed little this week, flattening in recent weeks following a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Home loan rates have remained at historically low levels.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan eased to 2.87% from 2.88% last week. By contrast, the rate averaged 3.57% a year ago.

The average rate on the 15-year fixed-rate mortgage ticked up to 2.37% from 2.36%.

The low borrowing rates have bolstered demand by prospective homebuyers, who on the other hand have been constrained by the scarcity of available homes for sale.

In the latest sign of the flagging economic recovery and continued elevated level of job cuts, the government reported Thursday that the number of Americans seeking unemployment benefits fell slightly last week to a still-high 840,000.

-Associated Press

The Top Questions to Ask Your Lender Before a Refinance

You waited long enough – interest rates are right where you want them so you are ready to refinance. Before you jump in head first, you should ask your lender the following important questions.







What is the APR?

Don’t let yourself get so focused on the interest rate that you forget about the APR. The APR is the total cost of the loan, including the closing costs in percentage format. It gives you a better idea of what the loan actually costs you.

Sometimes loans with low-interest rates actually have high APRs because of the excessive fees charged. The APR can help to keep you in line and avoid you from refinancing when it’s really not worth it. It’s so easy to get caught up in the low-interest rate that you completely overlook what the loan will cost in the end.

Is There an Origination Fee?

If you are using a lender other than your current lender, you may pay an origination fee. Even if you use your current lender, don’t just assume they won’t charge it – ask them. Lenders charge an origination fee when they think an applicant has a risk of default. Unless you have exceptional credit and a super low debt ratio, you have some level of risk of default; it’s only natural.

Not all lenders charge the origination fee, but if they do, it can really make your closing costs get expensive. One point in an origination fee equals 1% of your loan amount. If you have a $200,000 loan, that’s $2,000 on top of all of the other closing costs.

Can You Pay a Discount Fee?

The discount fee is an optional fee. If you want to buy your interest rate down, you’ll pay the discount fee. Lenders usually discount the rate 0.25% for every point that you pay. Each lender has their own pricing structure, though.

Make sure you look at the big picture before you decide to pay the discount fee. First, will you stay in the home long enough to realize the savings? Remember, you have to pay off the closing costs before you truly start putting the savings in your pocket. Also, is the savings enough to make it worth it? If you’ll only save $25 a month, do you really want to pay thousands of dollars? It will take many years for it to make it worth it.

When Can You Lock the Rate?

Just like when you bought your home, you need to lock the interest rate. You’ll have a certain amount of time to close the loan before the rate lock expires too. Luckily, you can usually take a smaller lock period with a refinance because you don’t have to do any of the legal work that was necessary when selling the home.


Make sure you know the cost to lock the rate (if any) and the consequences of an expired lock. You don’t want to find out the hard way that you’ll have to pay to re-lock your interest rate because you locked it too early.

What’s the Turnaround Time?

If you are in a hurry, such as is the case with some cash-out refinance loans, you’ll need to know how long it will take the lender to process your loan. don’t be afraid to ask what the turnaround time is and what you should expect as far as a closing date.

If you are getting cash out of your home’s equity, you’ll want to know when you’ll receive it. Plus you need to schedule your life around the closing. For example, your closing date will affect when you have to make your first payment. If you have a month off, you can use that extra money that you’ll save to cover your closing costs. If you close at the beginning of the month, though, you won’t have that month off; your first payment will be due the next month.

Who Will Service Your Loan?

Finally, you should know who will service your loan before you close on it. If the lender doesn’t do their own servicing or they know they will sell your loan, you’ll need the details of where your loan will land. Just because you like the lender you are using now doesn’t mean that you’ll like the company that services your loan.

The loan servicer is actually the company that you’ll have the most communication with so you want to make sure that it’s a company that you like. If your lender can’t tell you exactly who will service your loan, they can at least tell you the possibilities of who will so that you can do your research and decide if it’s the right loan for you.

Take your time to ask your lender these important questions before you refinance. They will give the answers that you need to make the best decision about your refinance. Since you already own the home, you aren’t under any pressure to refinance like you were when you bought the home and needed financing. This time around, you’ll have more time and be able to make clear choices.

source: blownmortgage.com

Trump's sons Eric and Donald Jr. in Dubai to open golf club

DUBAI — Two of US President Donald Trump's sons arrived in the United Arab Emirates for an invitation-only ceremony yesterday to formally open the Trump International Golf Club in Dubai.

Photographs shared on social media by real estate brokers showed Eric and Donald Jr. attending a private luncheon yesterday afternoon in Dubai with Hussain Sajwani, the billionaire who runs DAMAC Properties, the developer that partnered with Trump on the golf course.

Trump's two sons gave brief remarks and met with over 80 people gathered at the event, attendee Niraj Masand told The Associated Press.

They were "expressing their gratitude to Mr. Sajwani, who is the chairman of DAMAC, and sort of expressing their happiness to meet with all the partners," said Masand, a director of the real estate firm Banke International.


Both sons are scheduled to attend a gala at the golf course yesterday night, which sits inside a larger villa and apartment building project called DAMAC Hills on the outskirts of Dubai. Some 100 Trump-branded villas also are on the property, selling from 5 million dirhams ($1.3 million) to over 15 million dirhams ($4 million).

Eric and Donald Jr., who now run the Trump Organization, receive Secret Service protection as immediate family members of the president.


It's unclear what additional security protection the two sons will receive while in Dubai as experts already have warned the Trump brand abroad now faces a global terror risk .

The US Embassy in Abu Dhabi has declined to comment about the trip, while Dubai police did not respond to a request for comment.

However, the United Arab Emirates, a staunch US ally in the war against the Islamic State group and host to some 5,000 American military personnel, remains a peaceful corner of the Middle East. Its hereditary rulers hope to see a harder line from America on Iran and its foreign minister even backed Trump's travel ban on seven Muslim-majority nations earlier this month.

The ceremony in Dubai, home to the world's tallest building and other architectural marvels, marks the first major event abroad that the two Trump sons will attend together since their father's inauguration Jan. 20.

Ties between Trump and Sajwani remain strong. One of the Trump Organization's subsidiaries received from $1 million to $5 million from DAMAC for running the golf club, according to a US Federal Election Committee report submitted in May.

Sajwani and his family also attended a New Year's Eve celebration at Trump's Mar-a-Lago club in Florida, where Trump referred to them as "the most beautiful people from Dubai."

Trump days later told journalists that DAMAC had offered the Trump Organization $2 billion in deals after his election, something DAMAC later confirmed.

The Dubai golf course marks Trump's first successful venture in the Arab world. Another Trump-managed golf course is planned for another even larger DAMAC project under development and the developer has been putting up billboards around Dubai advertising the newly opened course.

The 18-hole course has raised questions about how the Trump Organization's many international business interests will affect the administration of America's 45th president.

Already, a liberal-funded watchdog group has filed a lawsuit alleging his business violates the so-called emolument act of the US Constitution. Similar questions have been raised by legal experts over Trump's Dubai course.

Trips abroad by Trump's two sons are expected to continue. Before Trump's inauguration, his son Eric visited the Trump Tower Punta del Este in Uruguay to check on the tower's progress and personally greet buyers. A Trump hotel in Vancouver, British Columbia, is also expected to soon host Trump's sons.

source: philstar.com

Wells Fargo admits deception in $1.2 billion US mortgage accord

Wells Fargo & Co (WFC.N) admitted to deceiving the U.S. government into insuring thousands of risky mortgages, as it formally reached a record $1.2 billion settlement of a U.S. Department of Justice lawsuit.

The settlement with Wells Fargo, the largest U.S. mortgage lender and third-largest U.S. bank by assets, was filed on Friday in Manhattan federal court. It also resolves claims against Kurt Lofrano, a former Wells Fargo vice president.

According to the settlement, Wells Fargo "admits, acknowledges, and accepts responsibility" for having from 2001 to 2008 falsely certified that many of its home loans qualified for Federal Housing Administration insurance.

The San Francisco-based lender also admitted to having from 2002 to 2010 failed to file timely reports on several thousand loans that had material defects or were badly underwritten, a process that Lofrano was responsible for supervising.

According to the Justice Department, the shortfalls led to substantial losses for taxpayers when the FHA was forced to pay insurance claims as defective loans soured.

Several lenders, including Bank of America Corp (BAC.N), Citigroup Inc (C.N), Deutsche Bank AG (DBKGn.DE) and JPMorgan Chase & Co (JPM.N), previously settled similar federal lawsuits.

But Wells Fargo held out, and its payment is the largest in FHA history over loan origination violations.
Friday's settlement is a reproach for "years of reckless underwriting" at Wells Fargo, U.S. Attorney Preet Bharara in Manhattan said in a statement.

"While Wells Fargo enjoyed huge profits from its FHA loan business, the government was left holding the bag when the bad loans went bust," Bharara added.

The accord also resolved a probe by federal prosecutors in California of alleged false loan certifications by American Mortgage Network LLC, which Wells Fargo bought in 2009.

No one has been criminally charged in the probes, and the Justice Department reserved the right to pursue criminal charges if it wishes, according to the settlement.

Franklin Codel, president of Wells Fargo Home Lending, in a statement said the settlement "allows us to put the legal process behind us, and to focus our resources and energy on what we do best -- serving the needs of the nation's homeowners."

Lewis Liman, a lawyer for Lofrano, did not immediately respond to requests for comment.

Wells Fargo on Feb. 3 said the settlement would reduce its previously reported 2015 profit by $134 million, to account for extra legal expenses.

source: interaksyon.com

Investment Trend Forecast for Real Estate in 2016

The Emerging Trends in Real Estate report, makes projections in both commercial and residential real estate for the next year. A highly respected report, it surveys more than 1,400 people in the real-estate market, from investors to property managers.

Here, we take a look at what the report details.

18 Hour Cities

 

Continued urbanisation is one of the most significant issues that will affect the real estate industry. Many cities across the country are mimicking the walkability and transit-oriented development that New York, Washington DC and San Francisco have established successfully as “24-hour cities”. Smaller cities are copying this model, but on a more affordable scale, thus being coined 18-hour cities.

While last year, this was an emerging phenomenon, but in 2016, it is becoming something to invest in. Attracting potential workers due to availability of affordable services, and employers due to the lower cost of doing business. The report states that this means that 18-hour cities are being considered viable investment alternatives to the big six.

Suburbs

 

The suburbs are thriving, but in a new way to the past, by using components of the urban environment. Investors like urban investments more than the suburbs, so using urban components are making them much more attractive to big investors. There is growing evidence that supports the idea that millennials will eventually make their way to outer neighbourhoods and suburbs. In this areas they are still looking for good public transport and the amenities that they enjoy in the urban areas.

Housing Options for All

 

The US is moving away from traditional home ownership, with changing demographics and household preferences meaning that the single family housing market is improving. This means that there are a number of new opportunities in housing options, with the housing market seeing aging baby boomers who are looking for homes to age in, and first time buyers looking for affordable options in higher cost urban options.

Food is Important

 

There is a general trend towards those wanting eat fresh and nutritious foods, but who live in urban areas. One way to meet this need is through urban farming, utilising rooftops and obsolete industrial properties, making it an excellent investment opportunity.

Capital

 

Investors are considering expanding to a wider market set and alternative investment choices because global uncertainty continues to enhance the attractiveness of hard assets in stable markets. There is a lot of domestic and global capital that continues to flow into the US real estate market.

Photo Source

source: modestmoney.com

Exclusive office spaces for real estate brokers

MANILA, Philippines - While technology has allowed people to work virtually anywhere and anytime, having an office base is still a necessity one should not take for granted, especially for real estate brokers.

Real estate brokers engage their clients mostly in outdoor locations, so most of them choose not to have offices at all.

But for Salvador Mirandilla, president of Real Estate Brokers Association of the Philippines Quezon City (REBAB-QC), service in the real estate brokerage business is a commodity wherein value is directly proportional to image.

Thus, having one’s own office is an advantage. But setting up shop could be costly, especially to brokers who are just starting out.

Seeing the need for office spaces, and the growing trend of shared office business, Mirandilla founded RealtySurf Corp., a real estate company which offers professional office space for lease exclusively to real estate brokers.

RealtySurf started officially in October 2014 with an initial investment of P2 million, he said. 

“There are other companies already offering the same service and it doesn’t bother us. We look at it as a healthy competition. Besides, I personally look at it as an easy step for merger or partnership to get a better deal with different developers,” the veteran broker told The STAR.

He said shared offices are a good option because they offer the best of both worlds – having your own office at a very minimal cost.

“We just want to help fellow real estate brokers succeed in this cut-throat industry of real estate selling. Real estate brokerage is an image-dependent profession, and having your own office secures the perception that you’re a broker who will provide professional and diligent service to your clients giving you an edge above the competition,” Mirandilla said.

The company’s initial office space is located in West Avenue at the heart of Quezon City.

“We chose the location because of its accessibility and ideal location for both brokers and salespersons. We considered the rental price also,” Mirandilla said.

With a 92-square meter floor area, it houses a seminar room, and small office space for rental purposes for 10 brokers and office for administration.

RealtySurf offers a reasonably-priced office space in the market, at an average rental of P6,000 per month. This includes all the utilities like electricity, water, Internet and phone connection and use of its meeting room.

For more information on RealtySurf, contact 0917-819-7417 and ask for Malu Mirandilla. You may also make an appointment and visit RealtySurf’s office at Unit 3A, West Wing Building, 107 West Ave., Quezon City.

source: philstar.com

How Much Mortgage Can I Afford?

Due to the economic crisis and mortgage crisis that swept the United States, not to mention the fact that many people have been concerned about a housing bubble bursting here in Canada. One of the policies that came out of the situation was that the maximum mortgage length was dropped from 35 to 30 years, and then to 25 years.

Even without that change, it still makes sense to think that you might be asking how much mortgage can I afford? When you look at the situation in terms of monthly cash flow, this makes a big difference. As you start thinking about the type of home you want to buy, make sure that you pay attention to the monthly payment, and how it fits into your regular budget.





For most people, the difference in the maximum amortization length shouldn’t be a deal breaker. However, it does force people to pay off their houses sooner. On top of that, it also means that some buyers not might be able to get the same size mortgage. While most buyers will still be able to get a home, though, some fringe buyers will be forced out of the market, since this will increase their debt service ratio and could be the difference between qualifying for the mortgage or not.

If you think that you might not be able to afford a mortgage with a shorter amortization schedule, you should consider some of the options out there designed to help you boost your ability to afford a mortgage:

Home Buyers Plan

One way to make your home more affordable is through the Home Buyers’ Plan, which allows you to borrow $25,000 from your RRSP to put towards your down payment. Your spouse can withdraw $25,000 from his or her RRSP as well. So if you both have saved up enough in your RRSPs, this can be a great way to come up with $50,000 to add to your down payment and reduce your mortgage.

This is a nice bonus, since you wouldn’t normally be able to take money out of your RRSP before retirement. But this is a viable option. When you make a bigger down payment, you reduce the amount that you borrow, also reducing the amount of the monthly payment. It’s a good way to use your assets to purchase a home that is more affordable.

TFSA

Another great way to save up a down payment is to use your TFSA, which now provides $31,000 in contribution room if you were at least 18 in 2009, $62,000 if you have a spouse, that’s also saving up towards your new house. The TFSA is great, since you can take advantage of tax-free growth, and you don’t have to worry about penalties.

Figuring Out How Much You Can Afford

You also need to know how much mortgage you can afford before you raid your registered account for a down payment. There are different rules of thumb that can help you figure out how much home you can afford. Some suggested that you should limit your mortgage payment to 30% of your monthly income.

While the 30% rule can be a good start, the reality is that you need to consider what makes you comfortable. Look at your situation. Consider how much debt you already have. If you have a lot of debt, you need to keep your mortgage payment low. Additionally, you should also consider what might happen if you lose some of your income. You don’t want to have a mortgage payment that is so high that you are worried about defaulting if something goes wrong.

The mortgage rules that the CMHC announced a few years ago will certainly make it more difficult for some to get a mortgage. However, that doesn’t mean that you don’t have a chance at a mortgage. If you put together a decent down payment with one (or both) of the ideas above, and if you can be realistic about how much house you really need to buy, you can qualify for a mortgage and pay it off sooner!

source: canadianfinanceblog.com

How to Choose a Realtor

My husband and I have been saving for a down payment on a house for the past year. So like most young married couples looking to buy a house, we go to a lot of open houses on the weekends just to see what’s out there.

On one hand, you get a good sense of the real estate market. On the other hand, it’s like going to a bakery while you’re on a diet—you can look but you can’t buy.

One of the things we were concerned about when it came to buying a house was finding a realtor.

When we first went to get some information from our credit union about getting a mortgage, they automatically set us up with a realtor that had affiliations with the bank. That should have been our first indication not to go with that realtor.

However, since we were just happy to now have access to the MLS listings, we didn’t think anything of it. It wasn’t until we found a place in our price range that we emailed the realtor and told her we wanted to see the place.

On our first open house tour, she was curt, unapproachable, and definitely not warm. I felt so uncomfortable around her. What had we gotten ourselves into?

Here are some tips on choosing a realtor and how we finally found a realtor we could trust.

Get Recommendations from Friends

If you have a friend you trust, or if your friends have recently gone through the home buying or selling process themselves, ask them for recommendations.

Most people actually like their realtor because they spend a lot of time with them, so recommendations should be easy to come by. One word of advice though: Always be attentive when you start mixing business with pleasure. Meaning, if you don’t end up liking the realtor your friend recommends, don’t blame it on them and don’t ruin a friendship over faulty advice.

Read reviews

These days you can read a ton of reviews online and see which realtor might make a good fit for you. Perhaps you don’t care so much about personality, and would prefer to just have the top expert in the neighborhood you’re looking for. It’s up to you to decide what’s most important in a realtor. Just remember: sometimes, you really get what you pay for.

Interview Them

You can choose to meet several different realtors to gather an idea of what you’re looking for and see whom you really click with.

We actually found our realtor at one of the open houses we visited. While we didn’t end up buying the house, we really loved the realtor. He seemed very matter-of-fact and down-to-earth.

We chose to go with him as our realtor because we really liked his personality and felt that he was very credible. He’s been a wealth of information as we look to buy our own home.

source: everythingfinanceblog.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

Philrealty sells insurance arm

MANILA—Philippine Realty and Holdings Corp (Philrealty) has relinquished control of its insurance subsidiary to a group of private investors.

In a disclosure to the Philippine Stock Exchange, Philrealty said it inked a deal for the sale of its 70 percent stake in Meridian Assurance Corp for P191 million.

The transaction, which covers the sale of 1.75 million shares at P109.14 apiece, is subject to approval by the Insurance Commission.

A regulatory filing show Philrealty owns 86.66 percent of Meridian, a medium-sized non-life insurance company, underwriting fire, marine, and casualty and surety undertakings including miscellaneous lines of insurance.

Aside from its head office in Pasig, Merdian maintains offices in the key cities of Cebu and Davao.

The insurance firm's net underwriting income fell to P17.12 million in the first six months of last year from P17.81 million in the same period in 2012 due to lesser bookings. Philrealty took over Meridian in August 1994 from the Lozano-Ramirez group.

In March, Philrealty inked a deal with its major shareholder Greenhills Properties for the development of a 6,400-square meter lot in Bonifacio Global City. Total project cost will reach P5 billion.

Philrealty had said it would break ground on the project by middle of the year at the earliest to convert the land into a prime mixed-use development that will feature retail, residential, office, serviced apartments, and a hotel.

Philrealty is the company behind the Philippine Stock Exchange Center and the Alexandra mid-rise luxury condominiums in Ortigas Center, Pasig City. It is building the Andrea North condominium development in New Manila, Quezon City.

Two years ago, the Quezon City Regional Trial Court denied the petition of Philrealty to exit from rehabilitation.

Philrealty stopped payments of its liabilities at the height of the Asian financial crisis of the late 1990s.

source: interaksyon.com

Filinvest group plans 1Q debt sale to finance part of P20-B capex

MANILA - Filinvest Development Corp (FDC) plans to tap the debt market anew in the first quarter of next year to finance part of its capital expenditures.

On the sidelines of the bid opening for the Mactan Cebu International Airport project, Filinvest Land Inc board member Joseph Yap told reporters that the holding company plans to raise P10 billion in the first quarter of 2014 to finance capex and working capital requirements for the group’s various projects.

The holding firm of the Gotianun family set a capex of P20 billion for next year, of which P15 billion would go to its residential and retail businesses, and P2-3 billion to the power sector.

The company recently raised P7 billion through the sale of debt for this year’s capex.

In the first nine months of the year, FDC posted a net income of P4.3 billion, up 26 percent from last year's P3.4 billion.

The company's revenues amounted to P25.6 billion, an increase from last year's P20.54 billion.

source: interaksyon.com

Brisk real estate sales boost Century Properties' 3Q profit

MANILA – Century Properties Group Inc registered a double-digit growth in earnings in the third quarter on higher residential sales.

In a regulatory filing, the property company of former ambassador Jose EB Antonio booked a net income of P529.6 million in the July to September period, 13 percent higher than the P529.6 million in the same three months of last year.

Century Properties' nine-month tally rose 12 percent to P1.6 billion from the P1.4 billion in the same period last year.

Higher real estate sales lifted consolidated revenues by 22 percent to P2.79 billion in the third quarter from P2.29 billion a year ago. This pushed the nine-month total to P8.1 billion, an improvement of 12 percent from P7.22 billion in 2012.

Century Properties is on course to hit its pre-sales target of P24 billion for the entire 2013 after the nine-month total reached P18.1 billion. Unbooked sales stood at P29.6 billion at end-September.

“We believe that Century Properties had another solid quarter of operating and financial results. With the turnover of the Gramercy Residences at Century City, two Azure Urban Resort Residences buildings, and the near completion of the Paris Beach Club in Azure, we are now in a position to redeploy capital into a variety of commercial real estate projects, which we believe will provide attractive returns,” said Jose Carlo R. Antonio, the company's chief financial officer.

As an initial foray into retail, Century Properties will soon complete Century City Mall in its mixed-use project in Makati City. In August, the company broke ground on a 3,000 square meter lot in a prime area of Bonifacio Global City for an office building.

The real estate firm also topped off Centuria Medical Makati, a medical facility in partnership with GE Healthcare that will house doctors’ clinics and modern outpatient care facilities and will offer professional care in a hotel-like environment.

In September, Century Properties and Forbes Media announced that they will build the world’s first Forbes-branded commercial office building in Makati City.

The property firm also inked a deal with the group of Japanese gaming tycoon Kazuo Okada for the development of luxury residential and high-end retail projects on a five-hectare lot within the latter's 44-hectare Manila Bay Resorts in Entertainment City. Closing of the transaction is subject to the fulfillment of condition precedents.

Century Properties is gearing up for the next stage of growth with pre-sales expected to hit P30 billion and profit seen to reach P3 billion by 2015, the company's 30th year in the business.

The financial projections represent a compounded annual growth rate (CAGR) of 15 percent over the three-year period.

source: interaksyon.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

Fil-Am group moves to block sale of Napoles' US properties

MANILA, Philippines -- The Washington-based Migrant Heritage Commission said it will move to block the sale of assets owned by Jeane Napoles, the daughter of Janet Lim-Napoles, in the United States.

In an e-mail to PNA Wednesday, lawyer Arnedo Valera, MHC co-director, said Filipino-American leaders would vehemently block the sale of the luxury condominium unit at the high-rise Ritz Carlton in Los Angeles, which reportedly owned by the younger Napoles, who is studying in America.



Valera said there are suspicions the condominium was acquired with ill-gotten money, as he noted that Jeane is a full-time student with no known source of income of her own.

Valera said it was Balitang America that first reported the sale of the Los Angeles condominium.

American realty websites list the 1,500 square-foot condo, which has two bedrooms and two bathrooms, with a selling price of US$ 1.475 million.

It was purchased for US$ 1.28 million in 2011.

Valera said FilAms should work together to unmask all US properties of Napoles that may have been bought with Filipino taxpayers’ money.

He also called for the "total abolition" of the pork barrel because "it is the breeding ground for corruption and plunder."

Valera said the Napoles family is believed to own at least three other real estate properties in Southern California.

These include the Anaheim Express Inn valued at about $7 million, a $1.4-million home in the affluent Canyon View gated community in Irvine, and a commercial property in the City of Covina.

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

The future of condo living

MANILA, Philippines - Twin Oaks Place, the first future ready home at Greenfield District, offers unit owners the opportunity to enjoy the seamless and connected lifestyle within the confines of their own automated home.

“Through home automation, appliances, lights, curtains, and even the thermostat can be switched on or off with the press of a button on their smartphone or tablet,” says Duane A. X. Santos, executive vice president of Greenfield Development Corporation (GDC). “Owners can include numerous devices in their home automation system — light fixtures, air conditioning, AV and stereo systems, curtain control, and door locks. At GDC, we aim to provide homebuyers their money’s worth in terms of good quality, functionality, and innovation as we strive to be constantly at the cutting edge of real estate development.”

source: philstar.com

Versace's former Miami mansion sells for $41.5 million at auction

MIAMI - One of America's landmark homes, the Miami Beach mansion that once belonged to Italian fashion designer Gianni Versace, was sold at an auction on Tuesday for $41.5 million to a business group that includes the owners of the Jordache jeans brand.

The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner, telecom magnate Peter Loftin.

Bidding opened at $25 million and the winning offer was made by the current mortgage holders of the property, VM South Beach, a company affiliated with New York's Nakash family, which controls Jordache Enterprises.

The group beat out several other bidders, including billionaire Donald Trump and a Florida developer who owns the Palm Beach Polo and Country Club.

Potential buyers participated in a poolside auction at the three-story mansion on Miami's Ocean Drive. The property is now known as Casa Casuarina.

Bidders were required to sign a confidentiality agreement and meet financial requirements by making a $3 million deposit and demonstrating an ability to pay at least $40 million.

The 23,000-square-foot (2,137-square-metre) mansion, replete with hand-painted frescoes, Italian marble and a gold-and-marble toilet, has been the subject of a long legal battle.

In 1997, Versace was gunned down at the mansion's entrance gate by serial killer Andrew Cunanan. Three years later, Versace's family sold the property to Loftin, who is now facing bankruptcy and who had been trying to sell the house for more than a year.

The property was initially listed on the market with an asking price of $125 million. The price was later lowered to $75 million. It eventually ended up in bankruptcy proceedings.

In recent years, the mansion had been used as a private club and a boutique hotel.

Versace bought the property in 1992 for $2.9 million. He then purchased the hotel next door and spent $33 million on renovations to add another wing.

Inside, he decorated with an over-the-top style that included paintings of Grecian, nymph-like characters playing lyres under palm trees.

The snake-haired Medusa head, Versace's logo, is on display throughout the house, which is being sold fully furnished.

When Versace owned the property, he helped usher in a renaissance of Miami's South Beach. His presence attracted models, jet-setters and celebrities including Sylvester Stallone and Madonna, who also bought homes in Miami.

The former Versace mansion was originally built by Standard Oil heir Alden Freeman. It was modeled after the Alcazar de Colon palace built in the Dominican Republic in 1510 by the son of Christopher Columbus. (Additional reporting by Zachary Fagenson)

source: interaksyon.com

Ayala Land board approves additional fund infusion for affordable housing arm

MANILA - Ayala Land Inc (ALI) has moved to beef up the capital of its affordable housing subsidiary to fund its land banking initiatives.

In a disclosure to the Philippine Stock Exchange, ALI said its board approved the additional P1.1 billion capitalization of Avida Land Corp to complete its funding requirement of P5.4 billion for the year. ALI previously approved the equity infusion of P2.3 billion and P2 billion in 2011 and 2012, respectively.

"Proceeds of this funding exercise will be utilized for various land acquisitions in key growth centers," ALI said.

Avida, together with upper-mid brand Alveo Land, are set to debut in the debt market next month, raising P3 billion each from the sale of retail bonds to support their respective capital expenditure programs.

Avida and Alveo's retail bond offering will follow the first tranche of ALI's P21-billion fundraising. The listed real estate firm raised P15 billion from the sale of 10-year bonds with a coupon rate of 5 percent.

ALI this year earmarked P65.5 billion for its capital expenditures, P46 billion of which will bankroll the completion of ongoing projects. It will also launch 69 new projects with a combined value of P129 billion.

The company is on the penultimate year of its 5-10-15 plan, launched in 2009 with the world economy still reeling from the effects of the global financial crisis. Under the five-year plan ending 2014, the real estate firm aims to have a net income of P10 billion and a return on equity of 15 percent.

The real estate giant said net earnings jumped 30 percent to P5.62 billion in the first half from P4.33 billion in the same period last year. Consolidated revenues rose by more than a third to P36.63 billion at end-June from P27 billion in the same period last year.

source: interaksyon.com

Comparing Mortgage Offers Online

Canada’s housing market is filled with overpriced properties, which means fewer people are interested in buying a home of their own.  But over the past year, restrictive measures from the government slowed down the number of homes that are actually selling.  As the trend continues and owners are unable to offload their specific properties, prices inevitably must come down.

Buying a home is arguably one of the most expensive investments a person can make, but unless you have a savings account stashing away the national average home price of $400,000, you will require a mortgage.  Qualifying for a mortgage requires an adequate credit score, and enough savings to put down a down payment on a home.  The quality of your credit score and the size of the down payment both contribute to the mortgage interest rate you receive.

However, the art of negotiating for the mortgage loan is different in today’s market compared to years past.  In the old days, a loan applicant would be forced to meet with a banker or a mortgage broker, and plead the case for home financing.  This process required a significant amount of time, and likely cost more money than necessary.  Many creditors prefer dictating what they feel is a reasonable mortgage interest rate, and expect you as the applicant to accept their terms.

Thankfully, technology in today’s market simplifies the application process, and can potentially save you thousands of dollars over the lifetime of your mortgage loan.  There are now websites that act as one-stop shops for comparing mortgage interest rates from some of the leading providers across Canada.  Using these sites and the mortgage calculator tools, you can find the best advertised rates within minutes.  Offers from all viable competitors are available in one place, which puts the leverage for a fair mortgage loan back in your hands.

Many Canadians don’t realize that even a fraction of a lower mortgage rate percentage can save potentially tens of thousands of dollars by the end of the loan term.  This means you make smaller monthly mortgage payments, and the interest remains significantly lower than it would be otherwise, which means you pay closer to the amount that you borrow.

Opportunities are out there to find an affordable home in Canada, and online mortgage comparison helps you acquire the best options in no time at all.

source: marriedwithdebt.com