General News
June 30, 2009 - Senior Housing, Nationwide
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A Trying Time in Housing for Elderly Occupancy has been slipping for all types of senior housing, as elderly people find it difficult to sell their homes. |
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June 25, 2009 - Beverly Hills Office Condominiums, Beverly Hills CA
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Beverly Hills Concerned About Commercial Office Condominium Trend Officials fear it could hurt city revenue and also hamper their ability to lure big firms to locate there. The Planning Commission will hold a public hearing on the topic July 23. |
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June 8, 2009 - Sheik Sulaiman al-Fahim - Developer Hydra Village, Abu Dhabi UAE
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Questions About a Desert Village Mr. Fahim finds himself at the center of a controversy over persistent delays involving one of his development projects, Hydra Village. |
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Sheik Sulaiman al-Fahim |
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June 4, 2009 - Atlantic Yards - Forest City Ratner Developer, Brooklyn NY
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Developer Drops Gehry’s Design for Brooklyn Arena Citing financial concerns, the developer of the long-delayed Atlantic Yards project in Brooklyn has scrapped plans for a Frank Gehry-designed $1 billion glass-walled basketball arena for the Nets in favor of a less expensive arena. |
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| The new design for the Nets arena by Ellerbe Becket, an architectural firm based in Kansas City, Mo. | |
June 3, 2009 - Tiger Stadium, Detroit MI
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| Demolition equipment arrived this afternoon at Tiger Stadium, rejecting a nonprofit preservation group's plans to redevelop the historic site, home of professional baseball from 1896 to 1999. |  |
June 3, 2009 - Phoenix Hotel Market, Phoenix AZ
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Phoenix Bears the Brunt of Hotel Market's Steep Downturn 'Fly-To' Resort Area's Shrinking Demand and Overbuilding Ignite Battles Between Borrowers and Lenders |
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| InterContinental Montelucia Resort & Spa Paradise Valley | |
May 29, 2009 - Developer Perry Dealy and San Diego Chargers, San Diego CA
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| Despite critics, developer shows plans for stadium |  |
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Update June 3, 2009 |
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May 29, 2009 - Credit Suisse, New York NY
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Lost resorts: The Credit Suisse loan debacle Eight luxury resorts backed by the bank are either in foreclosure, bankruptcy or liquidation. |
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Credit Suisse CEO Brady Dougan |
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May 28, 2009 - Randy Mayer - Mayer Homes, St. Louis MO
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Mayer Homes going out of business The 30-year-old family-owned and –operated company, which has built 8,500 homes in Missouri and Illinois, is the third-largest home builder in the St. Louis area with fiscal 2008 revenue of $58 million. Randy Mayer said the company will not file for bankruptcy but plans an organized closing at yet-to-be-determined date. |
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May 27, 2009 - Four Seasons Resort Great Exuma, Bahamas
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Tourist Drought Sinks Four Seasons in Bahamas The sharp falloff in resort tourism in the Bahamas has claimed one of its largest victims: The financially struggling Four Seasons Resort Great Exuma closed Tuesday after failing to stem the flow of red ink. |
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May 23, 2009 - Bobby Ginn & Ginn Development, Montverde FL
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It’s Tee Time. Where Is Everybody? Bella Collina, the brainchild of Robert Edward Ginn III, looks like a ghost town. So does Tesoro, another resort opened by Mr. Ginn near Port St. Lucie, where just 150 houses sit on 900 lots. |
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May 21, 2009 MGM CityCenter, Las Vegas NV
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CityCenter condo prices not bending to market MGM Mirage isn’t budging, though some buyers may walk away |
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| Above: Condos in the super-luxury Mandarin Oriental resort — the first residential building at CityCenter to go on sale | |
May 13, 2009 - Corus Bankshares, Chicago IL
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Corus Has Buyers for Its Condos: Vultures Prime Properties Have Investors Interested and Circling if Lender Fails |
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May 8, 2009 - Harvard Construction, Boston MA
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| Slump Revives Town-Gown Divide Across U.S. |  |
May 7, 2009 - Spain Construction Update
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The Cranes in Spain Point Mainly to a Strain Symbols of Spanish Prosperity Now Serve as Giant Reminders of Economic Gloom; Downturn Ends a Building Frenzy |
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May 7, 2009 - Deserted Building Sites, Nationwide
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| Deserted Building Sites Add to Property Bust's Toll |  |
May 5, 2009 - Guaranty Bank of Austin TX, Victorville CA
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No Sale: Bank Wrecks New Houses Housing crunch becomes literal in Victorville CA |
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May 2, 2009 - Lehman Brothers, New York NY
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| How Lehman Brothers Got Its Real Estate Fix |  |
April 28, 2009 - Phoenix Housing Market
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| Phoenix Leads the Way Down in Home Prices |  |
April 27, 2009 - Second Life, Sailor's Cove - a large group of islands in a virtual world
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| Virtual World - Virtual Real Estate Developers - Virtual Contracts - Virtual Lawsuits |  |
April 26, 2009 - Columbus Home Builders, Columbus OH
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Nobody Home A dramatic downturn in new-home sales has driven some builders out of business; others are hunkering down, hoping for better times ahead |
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April 22, 2009 - Rockrose Development Corp, New York NY
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Carnival barkers? No, U.S. sellers hawking homes Not satisfied with your home purchase as the value plummets? No problem. Return it and get your money back. |
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April 21, 2009 - Credit Crisis and the Commercial Real Estate Market
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| Shakeout Nears for Real Estate Firms |  |
April 16, 2009 - Intrawest - Fortress Investment Group LLC, Vancouver Canada
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Squeezed by debt, Intrawest eyes asset sale Mont Tremblant resort could go on the block as company looks to pay down $1.7-billion loan |
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Update - April 22, 2009 |
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April 15, 2009 - New York Financial Office Space, New York NY
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| As Finance Offices Empty, Developers Rethink Ground Zero |  |
April 14, 2009 - New Constructon Manhattan Office Space, New York NY
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Developers Struggle to Fill Manhattan Office Space A striking 40-story tower under construction on Eighth Avenue between 41st and 42nd Streets in Midtown Manhattan has a number of things going for it, including floor-to-ceiling windows, still relatively rare for an office building; six terraces; a thick concrete core that reduces the need for view-obstructing columns; and many of the latest advances in energy-efficient technology. |
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April 12, 2009 - Nationals Park, Washington D.C.
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At Nationals Park, District of Dreams Hits a Slump Instead of an Ambitious Streetscape With Cafes and Shops, Idle Construction Sites Will Greet Fans for the Home Opener |
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April 11, 2009 - Richard Allen - The Allen Group's Dallas Logistics Hub, Dallas TX
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The word 'shakedown' left trade hub developer, southern Dallas leaders in a dust-up Allen, who is white, appeared blind to the county's complicated racial politics. |
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April 9, 2009 - Yuma Developer Glenn Taylor, Ejido Golfo de Santa Clara Mexico
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Developer's resort dream turns to nightmare Yuma investor's plans for beach resort caught in Mexico's legal maze |
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April 2, 2009 - Xu Jiayin - Evergrande Real Estate Group and Wall Street Bankers - Merrill Lynch, Deutsche Bank - Shanghai China
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Banks Face Big Losses From Bets on Chinese Realty Evergrande is mired in debt and the Wall Street bankers are facing huge losses because the company never sold stock to the public. |
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| Xu Jiayin founded the Evergrande Real Estate Group. | |
March 25, Luxury Commercial Real Estate Projects
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| Developers Scale Back Luxury Projects as Economy Shifts |  |
March 20, 2009 - Buyers Deposits - Nationwide Problem
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Up in Smoke: The Deposit Vanishes Unable to secure a mortgage, buyers are forced to walk away from hefty deposits...... |
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March 18, 2009 - Fannie Mae Condominium Mortgage Restrictions, Washington D.C.
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| Fannie Mae New Mortgage Restrictions Squeeze Buyers and Condo Developers |  |
March 17, 2009 - Midtown Miami Project, Miami FL
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| A Revitalization Project Stalls in Miami |  |
Full Story |
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March 13, 2009 - Real Estate Markets Worldwide
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Credit Crunch Claims Real Estate Projects Worldwide Off Plan Presales Are Dead |
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Witchelstowe Aerial View |
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March 13, 2009 - Meruelo Maddux Properties Inc, Los Angeles CA
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Revival of Downtown Los Angeles Stalls The largest private landowner in downtown Los Angeles said it may have to file for bankruptcy protection, the latest sign of how the credit crunch has frozen a multibillion-dollar revitalization of the city's downtown. |
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Update March 27, 2009 Meruelo Maddux Files Chapter 11 |
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March 11, 2009 - National Home Builders
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Foreclosed Houses Haunt Home Builders In many markets, "we are no longer competing with other builders. We are competing with foreclosures," said Steve Ruffner, president of the Southern California division of KB Home. |
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March 10, 2009 - Jorge Perez - Icon Brickell, Miami FL
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Miami Condo Colossus Is Monument to Excess Jorge Perez the undisputed condo king of South Florida built the $1.25 billion dollar Icon Brickell; that has now become a symbol of the excesses of the building boom in downtown Miami |
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Jorge Perez |
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March 9, 2009 - Donald Trump Condominium Hotel Projects, Las Vegas - Chicago - Baja California
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Donald Trump Condominium Hotel Projects Facing The Times With the economy bearing down, Donald Trump's real-estate business has hit new snags that imperil several big projects that bear his name. |
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March 9, 2009 - Dubai Islamic Bank, Dubai UAE
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Dubai $500.0 million fraud at Dubai Islamic Bank: Where Are The Locals? Seven suspects have reportedly been singled out by the authorities, but all of them are foreigners. |
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March 6, 2009 - Lawrence Weiner - No-Condo.com, Woodbridge N.J.
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What Contract? Could the days of the iron-clad contract be numbered? |
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March 5, 2009 - Las Vegas Condominium Projects, Las Vegas NV
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In Las Vegas, a Break in the Real Estate Action |
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March 5, 2009 - New Commercial Construction Nations Capital, Washington DC
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Cranes Are Ready, Financing Isn't D.C. Office Construction at a Standstill as Credit Crunch Hits Downtown |
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February 26, 2009 - Manhattan Real Estate Buyers
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Condominium Buyers Abandoning 6-Figure Deposits The real estate market in Manhattan has become so unnerving to buyers that some are forfeiting six-figure deposits rather than close on deals they have made. |
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304 Spring Street |
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February 25, 2009 - New York City Condominium Auctions
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And Do I Hear $2 Million? No? $1 Million? Sold! Worried developers are planning to auction off some luxury condos in the spring for around half of what they were asking just a year ago. |
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| John Gollinger has spun off a national company that uses auctions as a unique sales concept for high-end condos. | |
February 24, 2009 - Maricopa Builders, Maricopa AZ
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In Maricopa, Arizona, a Paradise Found and Lost.... Now, it's become a dead end |
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February 23, 2009 - Manhattan Real Estate Market, New York NY
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Manhattan on Sale Manhattan's luxury real-estate market is rotting, as Wall Street layoffs and tight credit squeeze demand. Why prices could slip another 30%. |
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Update - March 6, 2009 |
20 Pine Street |
February 21, 2009 - Dallas Cowboys New Stadium, Arlington TX
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So far, development isn't cropping up near Cowboys' new stadium |
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February 13, 2009 - 285 Columbus Lofts, Boston MA
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Pace of city condo sales cools down High-profile projects sell about 1 unit per month |
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285 Columbus Lofts |
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February 12, 2009 - the Candy brothers - Christian & Nicholas - Monaco, Dubai, London, New York, Beverly Hills
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Market Sours for Condo Kings The brand of conspicuous consumption that Mr. Candy and his brother and business partner Christian marketed to wealthy clients is being put to a severe test by the economic crisis. |
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February 10, 2009 - The 33 U.S. Home Builders Generating More Than $10 Million In Revenue, USA
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Bankruptcy possible among big home builders-survey A review of the 33 U.S. home builders generating more than $10 million in revenue found that more than 30 percent are in danger of filing for bankruptcy, according to a restructuring consultancy. |
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February 3, 2009 - Dubai Contractors, Dubai - UAE
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Dubai contractors face bankruptcy as cash dries up |
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January 25, 2009 - "Father" Barney Canada aka Byron Levon Canada - Developer Paul Murphy, Miami FL
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Fees gone, host of developers left behind 'Father' Barney used his priestly routine to take developers across Florida and beyond for upward of a million dollars in fees the past year, records show. |
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January 21, 2009 - NAHB/Wells Fargo Housing Market Index, Washington D.C.
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January home builder sentiment sinks to a new low |
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January 19, 2009 - Dave Brown, Tempe AZ
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Banks Foreclose on Builders With Perfect Records |
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| Dave Brown, a builder in Tempe, Ariz., had never missed an interest payment, but his bank shut down his projects anyway. | |
January 19, 2009 - The Book Cadillac, Detroit MI
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Condo sales hit snag at Book Cadillac Buyers can't come up with more for down payments; developer won't refund deposits. |
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January 15, 2009 - Singapore Luxury Real Estate Market
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Luxury Properties Suffer in Singapore’s Downturn After two years of double-digit growth, prices for luxury properties in Singapore came crashing down last year and analysts are predicting another sharp drop in the year to come. |
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January 13, 2009 - Grand Avenue Project - Related Cos, Los Angeles CA
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Grand Avenue project developer might miss deadline to start work Related Cos. agreed to pay the Los Angeles Grand Avenue Authority penalties totaling $250,000 a month until ground is broken if construction did not begin by Feb. 15. |
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Update February 12, 2009 |
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January 12, 2009 - Chinese Drywall Problems - Florida Homebuilders
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Chinese Drywall Cited in Building Woes Florida health officials say they still are investigating whether Chinese drywall is causing odors and other problems. |
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Update February 3, 2009
Update April 3, April 11, April 17, April 24, June 11 - 2009 |
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January 11, 2009 - Chicago Christian Industrial League and developer Michael Marchese, Chicgo IL
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City razed homeless shelter for Marchese, Cellini luxury condos and now - Charity could go broke, developers profit |
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January 9, 2009 - Barclays Center, Brooklyn NY
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| Developer Bruce Ratner is considering scaling back his ambitious plan for a $1 billion Frank Gehry-designed arena for the New Jersey Nets basketball team in downtown Brooklyn. |  |
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Update May 30, 2009 |
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January 8, 2009 - Diablo Grande Golf Community, Patterson CA
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Many people have bought second and third homes in golf developments - a number of owners across the country are finding closed clubhouses and courses, lost membership fees and a direct hit to their home values as developers file for bankruptcy. |
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January 7, 2009 - MGM CityCenter, Las Vegas NV
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MGM Mirage is scaling back its massive City Center project under construction on the Las Vegas Strip..... Construction mistake cuts 200 Condominiums |
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Full Story - Below
Updated January 8 Related Story - March 3 Update - March 15, 2009 |
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January 6, 2009 - Manhattan Real Estate Market, New York NY
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Striking Declines Seen in Manhattan Real Estate Market............An abrupt decline in transactions, tottering prices and buyers who are still looking but unwilling to sign a contract. |
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January 5, 2009 - Office Vacancy Rates, Nationwide
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| Vacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders. |  |
January 3, 2008 - Sean Dunn, Dublin Ireland
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| The Irish Economy’s Rise Was Steep, and the Fall Was Fast |  |
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Update February 7, 2009 |
The developer Sean Dunne and his wife, Gayle Killilea, at home in Dublin. |
December 30, 2008 - Vail Developer Projects, Vail CO
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| 2008: Downturn and development in the Vail Valley |  |
December 26, 2008 - National Association of Industrial and Office Properties and Real Estate Roundtable
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| A Wish List for Commercial Real Estate |  |
December 26, 2008 - New York City Projects
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| Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis. |  |
December 24, 2008 - Soho China Ltd., Beijing China
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| Already struggling with the global slowdown, one of China's best-known companies, real-estate developer Soho China Ltd., also has been hit hard by something less expected: political missteps. |  |
December 23, 2008 - Austin Texas Projects
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| A construction binge has left the office and apartment sectors in the Austin, Texas, area bloated. |  |
Museum Tower |
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| December 22, 2008 - Dubai Banks - Finance Companies, Dubai UAE | |
| Dubai Lenders Feel Squeeze |  |
December 22, 2008 - Wall Street Journal Report
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| Developers Ask U.S. for Bailout as Massive Debt Looms |  |
"Office Building" Kazuya Akimoto Art Museum |
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| December 21, 2008 - Developer Abandonment effect on HOAs, Phoenix AZ | |
| Unfinished subdivisions stuck with underfunded HOAs |  |
| December 19, 2008 - High End Real Estate Deals, New York NY | |
| “The trophy buyers are not in the market right now,” he said. “They are looking, but not buying.” |  |
December 17, 2008 - Bernard L. Madoff, New York NY
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| Almost no segment of New York City’s real estate industry was spared in the Madoff scandal, which may be history’s largest Ponzi scheme: commercial brokers large and small, little-known developers and prominent families like the Wilpons and Rechlers all lost money to Bernard L. Madoff, industry executives say. |  |
| With update - Bernie's Benz's, Caddy, Rover, Lexus returned | |
December 17, 2008 - CityScape Project, Phoenix AZ
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| Developers scale back $900 million CityScape project in Phoenix - |  |
December 17, 2008 - Real Capital Analytics, New York NY
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| New York research company, Real Capital Analytics, has compiled data showing that at least $107 billion worth of income-producing property — including hotels, offices, apartment complexes and warehouses — is already in distress or is headed in that direction. |  |
December 17, 2008 - Daiwa House Industry, Tokyo Japan
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| Daiwa House Industry Co., Japan’s biggest home builder, said it may sell some houses and apartments at a loss to lure buyers as a recession threatens to prolong the country’s longest housing slump. |  |
December 12, 2008 - The Russia Wharf, Boston MA
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| The builder of Russia Wharf in downtown Boston is proposing to eliminate 150 condominium units from its development because of the declining market for luxury housing in this soft real estate market. |  |
December 11, 2008 - Chapman Flats, Los Angeles CA
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| A downturn in the real estate market and a precipitous drop in qualified buyers are prompting the conversion of downtown condominiums into rental units. |  |
| December 9,2008 - Trump Towers Jersey City - Metro Homes LLC., Jersey City NJ | |
| The developer of Trump Plaza in Jersey City has defaulted on a construction loan for the waterfront project's second tower, sending a bank after him for over $13 million. |  |
December 6, 2008 - Scott Lawlor - Broadway Partners, New York NY
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High-flying developer faces loan deadline $750 million due in January; is Scott Lawlor the first of many? “A lot of these guys that bought at the top of the market are going to get creamed,” says Eric Anton, executive managing director at real estate investment firm Eastern Consolidated. |
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December 4, 2008 - Dubai projects, Dubai UAE
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| The property bubble in the desert emirate, home to the world’s tallest building, most expensive hotel suite and largest manmade islands, is bursting as scarce credit and slumping oil prices have international investors scurrying to dump assets. |  |
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Update February 12, 2009 |
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December 3, 2008 - Donald Trump, New York NY
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Is Trump in Trouble Again? The billionaire everyone loves to hate is coming under financial pressure. |
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December 2, 2008 - Chinese Developers, Beijing China
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| Suffering from a slumping housing market, Chinese developers are scrambling to find new ways to keep the cash flowing in and creditors at bay, with anything from factories to timeshares in their sights. |  |
December 2, 2008 - Beazer Homes, Atlanta GA
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Leave It To Beazer- Beazer Homes' losses keep growing, its sales keep sliding, and the coming year doesn't look much brighter for the home builder. |
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November 30, 2008 - Nakheel, Dubai UAE
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| Dubai-based developer Nakheel said it shed 500 jobs, or 15% of its work force, adding that it is scaling back work on projects. |  |
November 25, 2008 - Worlds Top Real Estate Challenges
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The sun isn't shining for homeowners in Malaga, on the Costa del Sol. Foreign buyers have stopped purchasing homes site unseen. |
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November 17, 2008 - Sydney Australia
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| UP TO 87,000 Sydney jobs could be lost over the next year if a downturn in construction continues, developers say - |  |