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Mar. 9--ALBANY -- The number of condominiums sold in the Capital Region fell sharply in 2009, a trend that reflects the struggles of the overall housing market.
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Fewer units are coming online these days, but one development newcomer in Southern California is determined to defy the odds. The 27-year-old just completed his first mixed-use deal and has begun work on a second.
A turn-of-the-century steam plant now houses upscale condos in an up-and-coming Queens, N.Y., neighborhood.
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Condo sales are picking up in South Florida. But it’s not being driven by people who want to live in the units they purchase. It’s being propelled by bulk buyers—those groups purchasing 10 units or more.
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News that the Federal Housing Administration (FHA) is changing its approval process for condominium projects was met with mixed reaction throughout the housing industry.
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If recent reports are correct, the foreign buyer has been making a dent in the excess inventories of major condo markets such as New York and Miami.
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Washington, D.C., is considered one of the strongest, if not the strongest, housing market in the country. But three different reports show exactly how unevenly this relative prosperity is distributed throughout the nation’s capital.
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As more and more condo owners and developers across the country fall into bankruptcy, their associations are suffering right along with them.
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Starwood Capital and other investors now control properties that include 12,000 condo units.
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All eyes in downtown Miami are focused on the partially-sold condo development Everglades on the Bay on Biscayne Boulevard. In late August, the project’s developer, Cabi Downtown Developers, filed for Chapter 11 bankruptcy protection—the first major downtown Miami condo developer to file for bankruptcy in this recession. Now, real estate players are waiting to see how they can possibly get a piece of Everglades on the Bay.