Condo Market

Condo Market

• What Recession? Young Developer Delivers First Project Despite the Odds.

  Fewer units are coming online these days, but one development newcomer in Southern California is determined to defy the odds. The 27-year-old just completed his first mixed-use deal and has begun work on a second.

   
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  A Steam Plant-Turned-Condominium Welcomes Residents in Queens, N.Y.

  A turn-of-the-century steam plant now houses upscale condos in an up-and-coming Queens, N.Y., neighborhood.

   

• Buyers Find Bulk Condo Deals

  Condo sales are picking up in South Florida. But it’s not being driven by people who want to live in the units they purchase. It’s being propelled by bulk buyers—those groups purchasing 10 units or more.

   

• Mixed Reactions to FHA Changes

  News that the Federal Housing Administration (FHA) is changing its approval process for condominium projects was met with mixed reaction throughout the housing industry.

   

• Rescue from Abroad: Foreign Buyers Soak Up Excess Condo Supply

  If recent reports are correct, the foreign buyer has been making a dent in the excess inventories of major condo markets such as New York and Miami.

   

• Some Areas of Nation’s Capital Thrive, While Others Struggle

  Washington, D.C., is considered one of the strongest, if not the strongest, housing market in the country. But three different reports show exactly how unevenly this relative prosperity is distributed throughout the nation’s capital.

   

• Condo Associations Face Financial Difficulties

  As more and more condo owners and developers across the country fall into bankruptcy, their associations are suffering right along with them.

   

• FDIC Sells Corus Bank’s $4.5 Billion Loan Portfolio to Investment Group

  Starwood Capital and other investors now control properties that include 12,000 condo units.

   

• Buyers Positioned to Swoop in on Everglades on the Bay

  All eyes in downtown Miami are focused on the partially-sold condo development Everglades on the Bay on Biscayne Boulevard. In late August, the project’s developer, Cabi Downtown Developers, filed for Chapter 11 bankruptcy protection—the first major downtown Miami condo developer to file for bankruptcy in this recession. Now, real estate players are waiting to see how they can possibly get a piece of Everglades on the Bay.

   

• Housing, Jobs to Blame for Florida's Population Loss

  In a region where loads of real estate is still sitting on the market, you'd think nothing could make it worse. You'd be wrong. What would happen if the people who could potentially live in one of those idle homes left the region altogether? A University of Florida study says that’s exactly what’s happening in the Sunshine State.