Filed under: Estates

I was going to leave this one for the Sunday real estate round-up but a couple of you have mentioned it to me in the tips I decided to take a look at it a tiny early. And rightly so, a $64 million townhouse is worth a post to itself. The Henry T. Sloane mansion on East 68th Street in New York City would be the most expensive townhouse sold in city if it sells for the asking price (a record of $53 million was set for the Harkness mansion in 2006). It’s not the most costly listing price, as far as I know, the penthouse at the Pierre listed for $70 million still claims that honor.

Why so much? Part of it is location, the townhouse is located just steps away from Fifth Avenue on the East Side. Part of it is size, the building has 18,500 square feet total spread out over five stories. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden. Part of the lure is the history and design, the mansion was designed by architect Charles Pierrepont H. Gilbert for Sloane, the heir to a furniture empire, in 1905. The home is classic Beaux-Arts style and five of the rooms have all their original details intact. The wood-paneled ballroom with original oil-painted murals is particularly noteworthy.

The real estate broker Paula Del Nunzio and Brown Harris Stevens, the real estate firm she works for, could split a commission of $3.8 million on the sale. These days it’s hard to predict just how a pricey listing will behave. Some stay on the market for years until the right buyer with enough cash comes along. Some are snapped up nearly immediately. This one, given the size, location and history probably won’t linger long.

[Thanks Lana and David]

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Filed under: Estates

Out on the flats of the prairie in Johnston, Iowa, sits this surprising home, a French-styled chateau plunked down into the heart of the midwest. This ten-year-old home presents an elegant exterior with it’s tree-lined driveway but inside it’s a bit quirky. You’ve got a sort of country kitchen, a dark wood study packed to the brim with fish and game trophies and antiques everywhere. The first floor public rooms have columns and some charming plaster details but then you’ve got my personal pet peeve, those round lights inset into the ceilings in the bedrooms which rather destroy the classic effect. The home is 8264 square feet and there are five bedrooms. The exterior includes a private pond and a swimming pool on 4.66 acres. It’s a lot of house for not that much money, it’s listed at $1.495 million.

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Continue reading Chateau on the Prairie, Estate of the Day

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Filed under: Estates

The Magnolia farm in Sonoma, California is the town’s oldest East Side home and is a registered historical landmark. It has also been given a very modern rehabilitation that is a world away from its classic exterior). The home was built in the 1890s and has been owned by members of the Hearst family among other great California families. The property has a four-bedroom main house as well as a one-bedroom guest home. There is also a swimming pool, outdoor barbecue and a one acre lawn with room for croquet, bocce and horseshoes. The property is almost ten acres total and includes magnolia, olive, fig and maple trees. An outdoor patio offers dining for eight. it is currently being used as a wine country rental that costs $12,000 a week (many more gorgeous pictures are available at the home’s rental website). It is listed at $5.495 million.

Continue reading Magnolia Farm, Estate of the Day

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Filed under: Estates

I was going to leave this one for the Sunday real estate round-up but a couple of you’ve mentioned it to me in the tips I decided to take a look at it a tiny early. And rightly so, a $64 million townhouse is worth a post to itself. The Henry T. Sloane mansion on East 68th Street in New York City would be the most expensive townhouse sold in city if it sells for the asking price (a record of $53 million was set for the Harkness mansion in 2006). It’s not the most expensive listing price, as far as I know, the penthouse at the Pierre listed for $70 million still claims that honor.

Why so much? Part of it is location, the townhouse is located just steps away from Fifth Avenue on the East Side. Part of it is size, the building has 18,500 square feet total spread out over five stories. Two of the stories have 17-foot ceilings. There are 15 bedrooms and 17 bathrooms, seven fireplaces, a ballroom and a rooftop garden. Part of the lure is the history and design, the mansion was designed by architect Charles Pierrepont H. Gilbert for Sloane, the heir to a furniture empire, in 1905. The home is classic Beaux-Arts style and five of the rooms have all their original details intact. The wood-paneled ballroom with original oil-painted murals is particularly noteworthy.

The real estate broker Paula Del Nunzio and Brown Harris Stevens, the real estate firm she works for, could split a commission of $3.8 million on the sale. These days it’s hard to predict just how a pricey listing will behave. Some stay on the market for years until the right buyer with enough cash comes along. Some are snapped up almost immediately. This one, given the size, location and history probably won’t linger long.

[Thanks Lana and David]

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Hard times have hit a couple of large South Florida condo projects with two major condominium developers having filed for bankruptcy last week.. Strada 315 LLC, the developer of Fort Lauderdale’s Strada 315, filed Chapter 11 after selling 48 of its 117 units. The 21-floor condo tower was selling off condos for between $230,000 and $600,000.Regions Financial Corp., the largest bank based in Alabama, originally lent $34.5 million to the project. About $16 million was paid off as the condos were sold but Regions would not extend the loan. The developers filed for Chapter 11 bankruptcy protection last week, saying they owe at least $50 million in debts to this bank and other lending partners. The company will continue operating as U.S. Bankruptcy Court in Miami court reorganizes its debts.

Beach Home Property LLC, which is connected to Beach Home Designed by Richard Meier, at 9449 Collins Ave in Surfside filed for Chapter 11 bankruptcy protection on Friday. The 101-unit condo was set to be built on the property of the Beach Home Hotel and would offer 101 condos at prices starting at around $1.5 million. The company owes its 20 largest unsecured creditors $4.6 million.

What’s the future of these two projects? At Strada there are sales contracts on 51 of the remaining 69 units, but it is expected that some of these will not close due to the current grim conditions facing South Florida condominiums. The situation for the Beach House is even murkier. Apparently the project is way behind schedule and has according to a comprehensive article by Kevin Tomlinson of the South Beach Condo blog, been through several developers already. It’s a shame since the project, shown at left, is the first Meier project in the area and attracted a lot of attention when it was first announced.

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Filed under: Estates

The Magnolia farm in Sonoma, California is the town’s oldest East Side home and is a registered historical landmark. It has also been given a very modern rehabilitation that is a world away from its classic exterior). The home was built in the 1890s and has been owned by members of the Hearst family among other great California families. The property has a four-bedroom main home as well as a one-bedroom guest home. There is also a swimming pool, outdoor barbecue and a one acre lawn with room for croquet, bocce and horseshoes. The property is nearly ten acres total and includes magnolia, olive, fig and maple trees. An outdoor patio offers dining for eight. it is currently being used as a wine country rental that costs $12,000 a week (many more gorgeous pictures are available at the home’s rental website). It is listed at $5.495 million.

Continue reading Magnolia Farm, Estate of the Day

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Huge construction is going on in downtown Pittsburgh. The downtown area which has long been in a state of slow decline is looking to be revitalized thanks to a couple of major projects especially the Piatt Place project. Piatt Place will be a redesign of the Lazarus department store building. Two upscale chain restaurants, McCormick and Schmick’s and the Capital Grille will anchor the building and the rest of the building will be turned into offices and condos. The residential units are new construction, built on a new slab on top of the roof. The condos start $330,000 to $1.5 million each and in an article on KDKA it has been reported that 40% of the units are under contract.

But in a nationwide market that is not, for the most part, favoring condos, there might be trouble ahead. For example at another high-end project in Pittsburgh, 151 First Side, owners have closed on more than half of the 83 units but a handful are already up for resale. At the Carlyle, a project that has currently a 6,000-square-foot penthouse listed at $2.195 million, half of the 60 units are under contract but many of those buyers are investors and the second phase of the project is on hold. It seems that the problem in Pittsburgh isn’t so much a condo glut of the type that has affected so many other cities, but instead is a question of changing people’s perceptions of life downtown and whether or not people are willing to pay these types of prices when for the same amount of money they could get a fairly huge home in the suburbs.

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Hard times have hit a couple of huge South Florida condo projects with two major condominium developers having filed for bankruptcy last week.. Strada 315 LLC, the developer of Fort Lauderdale’s Strada 315, filed Chapter 11 after selling 48 of its 117 units. The 21-floor condo tower was selling off condos for between $230,000 and $600,000.Regions Financial Corp., the largest bank based in Alabama, originally lent $34.5 million to the project. About $16 million was paid off as the condos were sold but Regions wouldn’t extend the loan. The developers filed for Chapter 11 bankruptcy protection last week, saying they owe at least $50 million in debts to this bank and other lending partners. The company will continue operating as U.S. Bankruptcy Court in Miami court reorganizes its debts.

Beach Home Property LLC, which is connected to Beach House Designed by Richard Meier, at 9449 Collins Ave in Surfside filed for Chapter 11 bankruptcy protection on Friday. The 101-unit condo was set to be built on the property of the Beach House Hotel and would offer 101 condos at prices starting at around $1.5 million. The company owes its 20 largest unsecured creditors $4.6 million.

What is the future of these two projects? At Strada there are sales contracts on 51 of the remaining 69 units, but it is expected that some of these won’t close due to the current grim conditions facing South Florida condominiums. The situation for the Beach Home is even murkier. Apparently the project is way behind schedule and has according to a comprehensive article by Kevin Tomlinson of the South Beach Condo blog, been through several developers already. It’s a shame since the project, shown at left, is the first Meier project in the area and attracted a lot of attention when it was first announced.

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