According to data compiled by the firm PropertyShark, since 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors [...] “The global elite,” says developer Michael Stern, “is basically looking for a safe-deposit box.” — New York Magazine
The first renderings are out for Tadao Ando's first project in New York City, 152 Elizabeth Street, a 32,000 sq.ft "ultra-luxury" condominium building to be constructed at the corner of Kenmare and Elizabeth Street in NoLIta in Manhattan. New York-based luxury residential development firm Sumaida...
No absentee landlords or faraway investors allowed. Only Michigan residents and businesses [...]
The idea is to lure neighbors, not investors or opportunists (#NeighborsWanted is the city's hashtag for the program). And that does not include out-of-state urban homesteaders dreaming of cheap property in Detroit. Right now, the land bank is focusing on otherwise intact neighborhoods, as opposed to those parts of town where vacant parcels outnumber the residents who've stuck around. — washingtonpost.com
To sever instances of “architecture” from the deaths of indentured construction workers on a building site in Qatar, or from the property lines measured out at Twin Lakes, is an elemental act, comparable to flushing a toilet, turning on the water, or switching on a light... Understanding these infrastructures, and contesting their hegemony with that knowledge, is therefore as basic as it gets. — Places Journal
For the 2014 Venice Architecture Biennale, curator Rem Koolhaas has chosen as his theme "fundamentals," meaning the "inevitable elements of all architecture ... the door, the floor, the ceiling, etc." To this list Reinhold Martin proposes Fundamental #13: real estate, the land itself, without...
All-cash deals hit a record 43% of home sales during the first three months of 2014, according to RealtyTrac. That's up from 19% a year earlier and the highest level reported since RealtyTrac began tracking the deals in early 2011.
The jump is due to two main factors: strict lending standards that make it difficult to get a mortgage and intense buyer competition. — CNNMoney
When all stages are completed, the 65,000 people daily who pass through the Hudson Yards’ office towers, residences, shops, restaurants, hotel, public school, and public open space will contribute to a massive stream of data intended to help answer the big questions about how cities of the future should be managed. [...]
“It really started from the question: If we could know anything about the city, what would we want to know and how could we do a better job at measuring the pace of life?” — fastcoexist.com
When he won the Pritzker Prize on March 24, the Japanese architect Shigeru Ban had a very busy day.[...]
The day after Mr. Ban won the Pritzker, the Douglas Elliman broker Holly Parker had a very busy day, too. “The phone started ringing, and it just hasn’t stopped,” said Ms. Parker, who, thanks to Mr. Ban, has won a prize of her own.
Since October 2012, she has been trying to sell [...] condominium inside the Metal Shutter Houses in West Chelsea, Mr. Ban’s only completed project in New York. — nytimes.com
Is London in danger of losing its soul? The question may sound melodramatic, but this is just what many of the British capital’s commentariat have been discussing over the past few days. [...]
Barely a day goes by without a local news story about the phenomenal rise of London property values. In just the past few weeks, we've learned that price levels are "approaching madness." [...]
London buyers start to bid consistently 25 percent above the asking price. — theatlanticcities.com
London’s 200 new towers are something different. Virtually every one contains “luxury” apartments. This new residential upsurge in London is echoed across the Atlantic in New York – as property in both cities becomes a global reserve currency. New York, once the city of the commercial skyscraper, has become the city of the condo tower and the penthouse. But where does that leave commercial architecture? — ft.com
Gensler recently began a research project focused on Los Angeles and D.C., “Hackable Buildings – Hackable Cities,” exploring how building owners can adapt their properties to meet changing demand.
“It really started with some research that we were doing on the evolution of office buildings,” said Raffael Scasserra, a Gensler principal. “What we were looking at is what is that evolution like? What is it transforming to and what are buildings going to be?” — washingtonpost.com
Contrary to what you may have read lately, the Museum of Modern Art is intent on carefully preserving the former American Folk Art Museum next door.
At least, the part of it that is most recognizable to the public: an 82-foot-high sculptural ensemble of 63 panels, cast in a gorgeous copper-bronze alloy [...]
“We will take the facade down, piece by piece, and we will store it,” Glenn D. Lowry, the director of the Museum of Modern Art, said in an interview last week. — nytimes.com
The low hipster homeownership rate of the past five years translates into a market of potentially millions of first-time homebuyers looking to find a home that matches their budget and fits into their hipster lifestyle. Real estate investors who want to tap into that trend should start with location: finding homes in communities with a heavy hipster demographic, and that are affordable for that demographic. — RealtyTrac
San Francisco is practically the reductio ad absurdum of gentrification: It’s already land limited on three sides by water, and the massive rise of the tech industry over the last few decades has dramatically increased both the population of the area and its wealth. [...]
But the blame shouldn’t go to the tech companies or their employees moving to San Francisco, however despicable some might be. Blame San Francisco for being pleasant, and its policymakers for being foolish — Quartz
[...] developer Ben Miller says, until now, it’s been impossible for local people to invest in development right across the street.
“Who owns your environment? You don’t know,” he says. “Who’s building your environment, who’s building your city? Not you.”
Miller is co-founder of the group Fundrise, which has started selling shares of private real estate projects to the public online. [...]
First they bought 1351 H Street with private capital, then crowdfunded about a third of it. — marketplace.org
“In New York, development is a three-dimensional chess game,” said Dan Kaplan, a senior partner at FXFowle Architects, “and the reason we’re seeing an increase in the use of cantilevers above neighboring buildings is linked to the complexity of finding a site that can utilize all available development rights.” — nytimes.com
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