Construction crews there are now building the world’s most expensive and largest home. Mukesh and Nita Ambani expect early next year to move into the 27-story skyscraper. The project is expected to cost $2 billion.
Ever hear of James Howard Kunstler? If you live in the suburbs, especially those located a long commute from any major city, he has something to say to you: Your lifestyle is on the way out.
The thing is, isn’t Obama right? Aren’t many U.S. citizens bitter about the way the economy has performed? There is no better example of this bitterness than in the housing and mortgage industries. When I talk to homeowners trying to sell their properties, they’re bitter that they’ve had to reduce their asking price two, three times and they’re still not getting any offers. Homeowners who aren’t selling are bitter that the house they purchased two years ago has now lost value.
Three writers at the Wall Street Journal recently wrote an interesting story on those condo/hotels that were built, reporting that many of the buyers who’ve purchased individual condominium units aren’t happy with their investment. They’ve made far less money off rentals than they expected, and their units aren’t appreciating as quickly as they had hoped.
Trump International Hotel & Tower, Trump’s Chicago hotel/condominium project, closed its 125th hotel/condominium unit late last month. That pace is surely slower than what Trump Tower’s sales would have been in a stronger residential market. But it’s not bad: Trump Tower sales agents sold the 125 hotel/condominium units in six weeks.
Time Out Chicago, an entertainmnet and lifestyle magazine based, not surprisingly, in Chicago, doesn’t seem to be the kind of real estate that would interest Donald Trump. Yet, there was the lastest issue of the magazine proudly featuring a grinning Trump on its cover and declaring that, yes, the real estate mogul had purchased the publication.
A federal appeals court late last week ruled that Craigslist is not liable for any discriminatory housing ads posted on its site.
The federal government displays an amazing ability to attack problems long after they’ve largely become too severe to fix. We’re seeing this talent now with the government’s attempts to somehow solve the nation’s mortgage crisis.
Warren Buffet, chief executive officer of Berkshire Hathaway and one of the richest people in the world, blasted lenders for fueling the housing crisis.
I hate myself for writing this, but it’s too hard to resist. Forbes Magazine, which has a love affair with the list, recently compiled another lone: its list of the biggest real estate losses taken by celebrities.
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Written by Dan Rafter [email] for b5media.
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