What are the repercussions of Dubai’s Collapse

Now that the Dubai situation is becoming more clear, it is worth looking at the worldwide repercussions of this. Whether Dubai will actually default on some $80 billion in outstanding debts is still an open question, but Dubai World, the government owned property developer has fingers in pies all over the world, and one has to wonder if they will be thrown to the wolves, in which case – expect fire sales throughout, from London to Vancouver.

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Dubai World in A World Of Hurt

Dubai World, owned by the Dubai government has requested a delay in payment of around $35 billion of debt. This comes as no great surprise to us, as we have been discussing the eminent collapse of Dubai for some time now. but appears to have been a shock to the currency markets and banks, which is odd considering CitiBank loaned $8 billion of tax payer money to Dubai in December 2008, shortly after a bailout, and the Abu Dhabi government was forced to loan Dubai $10 billion back in February of this year, buying half of a $20 billion bond issue.

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Its Official – New York Can Take Your Property

The New York Court of Appeals ruled in favor of the state in the matter of Atlantic Yards and eminent domain questions yesterday, ruling that the state acted within the law in seizing private property on the Atlantic Yards development in Brooklyn. The Atlantic Yards Project has been mired in lawsuits and other issues  – not least of which is the question mark as to whether the project will be anything like the original proposal.

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Luxury Real Estate in Bulgaria : Are we there yet?

Despite another drop in building permits being issued in the third quarter of 2009 – a few luxury housing starts have been announced in Bulgaria.It is all too easy to concentrate on a single market, but the global nature of the financial crisis is something to take into consideration when planning for the future.

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Superb Home, Superb Staging

Den Before Staging

To effectively market luxury homes in a competitive housing market it is imperative real estate agents think creatively about how to best present the properties to prospective buyers.

I am proud to represent the ultra-luxury residence at 10005 Meadowbrook in Dallas’ Preston Hollow neighborhood. To highlight the home’s uniqueness, I selected Dallas-based interior designer Barry Williams of Barry Williams Inc. to stage the almost 12,000-square-foot residence, which features a treasure trove of inl … Continued
on the blog.

Luxury condominium tower in San Francisco Sells Out

Tishman Speyer Properties (of recent Stuyvesant Town Infamy)  has sold out a luxury condominium tower in San Francisco. According to Reuters – this is a sign of pent-up demand in that city’s housing high-end market, especially among first-time home buyers.

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Luxury Real Estate News 11/20

Lots of ups and downs in the real estate world – as seems to be the norm recently. As usual, the conflicting information is adding to the confusion in the market place, at least for those of us not so far up the food chain we are guaranteed a tax payer paid bonus. The mess in the British economy continues to take it’s toll amongst the politicians. Years of systematic abuse by Members of Parliament is coming to boil and the latest head to roll (metaphorically) is David Curry – the politician ostensibly in charge of policing the expenses of MPs. I know I keep bleating on about the behavior of politicians and bankers – but I genuinely feel that until we chop the criminal element from these institutions and get some accountability – we cannot have a recovery.

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US Housing Starts Down Again

The figures for US housing starts showed another drop in October, down 10.6% to a seasonally adjusted, annual rate of 529,000. According to the Washington Post this is “unexpected,” and Business Week called it “surprising.”

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Trump Opens First Luxury Property in Waikiki in 20 Years

It is certainly good to report something positive in the luxury real estate world for a change, and the first new luxury property in Waikiki for 20 years is it. It is 3 years since the Trump International Hotel and Tower Waikiki Beach Walk was launched and she officially accepted her first guests on Monday with an opening ceremony featuring traditional dancing and music from Hawaii.

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STRIBLING & ASSOCIATES AND COOPER SQUARE REALTY FORM STRATEGIC ALLIANCE

Stribling & Associates, one of New York City’s most respected residential brokerage firms, and Cooper Square Realty, the largest residential property management company in New York City, announced that they have formed a strategic alliance to benefit the New York City residential market. Stribling agents will now be assigned to handle sales transactions in residential properties managed by Cooper Square.

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