× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Tuesday, February 28, 2012, by Sarah Firshein
Showing posts with label Latest. Show all posts
Showing posts with label Latest. Show all posts
Wednesday, February 29, 2012
Monday, January 9, 2012
Q&A: The latest Tenant Troubles dives into...
× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Wednesday, December 28, 2011, by Sally Kuchar
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Monday, May 23, 2011
Linkage: Gardens Galore; Iris Apfel's Wonderland; the Selby's Latest; More!
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Friday, March 18, 2011
Luxury Living - The Latest in Luxury Resort & <b>Real Estate</b> News <b>...</b>
Tiger Woods' Dubai Golf Project Halted
Tiger Woods(DUBAI, UAE) -- The much-hyped Tiger Woods-designed golf course in Dubai has been officially halted by developers due to the economic downturn. A statement this week by the golf course developer said "market conditions" were behind the decision to suspend work on the Tiger Woods Dubai on the city's desert outskirts.
The announcement -- just before Woods is scheduled to play in the Dubai Desert Classic next week -- shows that Dubai's property market is still reeling from the severe credit crunch that hit last year and stalled many headline-grabbing projects, including the iconic manmade palm-shaped island that helped put Dubai on the map.
"It's been put on hold for right now. A lot of projects are out there," Woods told The Associated Press after he finished his season debut at Torrey Pines last Sunday. "It's still there. We've got six completed holes and a few that were about to be grassed before construction was halted. Everything is on hold."
The golf course developer, part of Dubai Properties Group, left open the possibly that work could someday resume.
"These conditions will continue to be monitored," according to a statement reported by the Associated Press. "A decision will be made in the future when to restart the project."Only a few holes have been completed on the $1 billion course, planned as the centerpiece for a complex of 100 villas, 75 mansions, 22 sheik-style palaces, a boutique hotel, a golf academy and 30,000 full-grown imported trees.
The course is part of a far-larger leisure and living master plan known as Dubailand, which also has largely come to a standstill by Dubai's fiscal crunch. Officials had planned to open multiple theme parks including Universal Studios, Legoland and Six Flags -- none of which has been built.
Dubai Properties Group is part of a conglomerate known as Dubai Holding, which is controlled by the city-state's ruler, Sheik Mohammed bin Rashid Al Maktoum. Like a number of government-linked Dubai companies, the conglomerate is deeply in debt and has been locked in talks with creditors to renegotiate the terms of its liabilities.
Woods was among the sports personalities who frequented Dubai during its free-spending boom years and used to market several master-planned resort communities. Woods won the Desert Classic in 2006 and 2008 and never finished lower than fifth since he started playing in the emirate in 2001.
The course developer said it and Woods "will retain our commercial agreement together," according to the AP report.
Over the years, other well-known golfers have designed courses in Dubai, including Colin Montgomerie in '06 and Ernie Els in '08.
Ritz-Carlton, Dove Mountain Off to Strong Sales (MARANA, AZ) -- Luxury second home buyers are taking notice as The Residences at The Ritz-Carlton, Dove Mountain community is showing significant sales momentum going in to 2011. The first new homeowners will move in this spring, five more home sales totaling over $5 million occurred in December and January, and just last week a custom estate home site was purchased, the developer recently announced.
In addition to rising home sales, signs are clearly pointing in the positive direction as the developer just broke ground on two new beautiful homes that will offer immediate move-in opportunities once complete.
"Buyers are seeing the economy shift and we closed the year on a high note," said Residences developer David Mehl. "We have also seen a significant increase in site visits and phone calls from other prospective homeowners. The current market conditions are optimal for those seeking a luxury home with the countless amenities offered by The Residences."
Recently, The Residences played host to more than 70 of Southern Arizona's top brokers and real estate agents who came to meet Google pioneer Ray Sidney discuss his majority stake in The Ritz-Carlton Golf Club and The Residences and hear about Mehl's vision for the future of the community. Since the broker event, home tours and sales calls have significantly increased.
So what is it that is drawing in buyers to The Residences? For starters, significant capital infusion by Sidney has eliminated all community debt creating lower cost opportunities for luxury home buyers interested in purchasing the highly-personalized homes or custom estate homesites.
The initial residential phase, already underway, will have 110 highly-personalized homes featuring the finest in design and finishes, together with 16 custom estate homesites. New prices for the Amolillo single family homes start at $1.1 million; Seven Saguaros single family homes start at $1.5 million; and custom fairway homesites start at $590,000; villas start in the high $600,000's; and Rockpoint Ridge custom estate home sites start at $750,000.
Property owners and Golf Club members will enjoy the wide array of amenities and impeccable service all managed by The Ritz-Carlton. The community features miles of world-class hiking trails, unparalleled access to The Ritz-Carlton's new 250-room resort and spa, and dedicated "members-only" access to the 27-hole Jack Nicklaus Signature Golf Course and the facilities of The Ritz-Carlton Golf Club.
In February, and for the third year in a row, The Residences will play host to the PGA Tour's Accenture Match Play Championship, featuring the 64 best golfers in the world. One of Golfweek magazine's "Best Courses you Can Play 2010," the property's Jack Nicklaus Signature Golf Course is among the 848 courses now listed by Audubon International and is a Certified Audubon Cooperative Sanctuary, one of only 15 courses in Arizona to receive the honor.
The Ritz-Carlton Hotel Company, L.L.C., of Chevy Chase, Md., currently operates 72 hotels in the Americas, Europe, Asia, the Middle East, Africa, and the Caribbean. Opened in January 2009, The Ritz-Carlton Golf Club, Dove Mountain is an essential component within the Ritz-Carlton community in Marana's high Sonoran Desert. Twenty-seven holes of golf and the 45,000 square-foot clubhouse complex currently comprise The Ritz-Carlton Golf Club, Dove Mountain, with an additional nine holes of golf proposed in the future.
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Saturday, December 18, 2010
Latest Homebuyer Tax Credit: Pay More, Get Less
President Obama could sign the $10.8 billion homebuyer tax credit extension and expansion plan into law as soon as next week. The Senate this evening voted 98-0 in favor of the extension. The House is expected to approve it within days.
But a new report from Goldman Sachs suggests that the six-month extension might do little for the fragile housing market and could be even less effective than the soon-to-expire credit for first-time buyers that cost taxpayers about $8.5 billion and lasted nearly a year.
The Congressional proposal would give buyers until April 30, 2010 to sign purchase contracts and another 60 days to close. And it will no longer be just for first-time buyers. Homeowners who have lived in their current home for five of the last eight years can claim $6,500, under the new law, which would only apply to houses purchased after the current tax credit expires Nov. 30. Income limits will be more generous: $125,000 a year for individuals, $225,000 a year for married couples.
But Goldman Sachs economist Alec Phillips says, in a report released to clients Nov. 3, that the expanded program won’t raise home prices and sales much and likely won’t significantly trim the supply of unsold homes.
“The extension of the current credit will probably result in some incremental first-time buying but not as much as the last one,” Phillips said in a phone interview today. “The expansion to the other population of buyers [existing homeowners] will provide a small boost to prices, but no more than 1%.”
According to Phillips’ calculations, all but about 200,000 of the 1.4 million first-time buyers who claimed the credit this year would have purchased a home even without the incentive. And the credit resulted in boosting home prices only by about 1%(Phillips assumed in his calculation that home prices rose in part because sellers built a large portion of the credit into their asking prices).
The pool of first-time buyers who still need an incentive to get off the fence is likely small because many of them have already taken advantage of the now-expiring credit. Existing homeowners who qualify for the new $6,500 credit could spur additional sales. But the supply of unsold homes will remain unchanged because most homeowners will have to sell their existing home in order to buy a new one (The credit only applies to principal residences).
This doesn’t mean that the credit is useless, only that it is inefficient. For one thing, it could stimulate the economy by giving consumers more money to spend. (Economist Simon Johnson argued in the Washington Post last week that the tax credit is both inefficent as a homebuyer incentive and as a economic stimulus).
“We were not arguing that [the expanded credit] would have no effect,” Phillips said. “Just will the effect be as great as last one?”
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