Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-56808 Tue, 26 May 2015 15:54:58 GMT Bond Traders Uncover Secret to Rates That Fed Doesn't Get iehi-feed-56807 Tue, 26 May 2015 15:53:32 GMT New home sales, prices rise strongly in April, on Midwest Strength iehi-feed-56801 Mon, 25 May 2015 14:59:45 GMT Where Is This Housing Rebound? | Alhambra Investment Partners iehi-feed-56779 Fri, 22 May 2015 19:48:53 GMT Is the party over for real estate investing? iehi-feed-56766 Thu, 21 May 2015 15:54:32 GMT Sales of Previously Owned U.S. Homes Unexpectedly Decline iehi-feed-56763 Thu, 21 May 2015 15:32:10 GMT The weight of Chinese money adds to the cost of housing (AU) iehi-feed-56699 Wed, 13 May 2015 14:57:40 GMT No Bubble Here: In SF, $1.5 Million for 750 Sq. Ft. Flat, Rent a Bed for $1,000/Month iehi-feed-56698 Tue, 12 May 2015 23:19:13 GMT With Manhattan Luxury Property Hitting Highs, Some Fear Air Is Getting Thin The buildings, aimed at the world's wealthiest buyers, are going up even as overall apartment construction lags behind historical norms.

That is skewing Manhattan's traditional real-estate barometers. The average price of newly developed condos is expected to pass $7.2 million in 2017, up from $4.8 million in 2014 and $1.9 million in 2008, according to New York property-tracking firm CityRealty.

Land, meanwhile, has gotten so pricey that developers buying many new sites must expect to sell units at more than $3,500 a square foot to make a profit, real-estate experts say--three times the break-even level of a few years ago.

There are signs demand for this rarefied product might be nearing its limits. The 1,004-foot green glass tower One57 remained about 25% unsold for much of last year. Its builder, Extell Development Co., lowered its expected total revenue from the building by about 4%, or $100 million, in part because of the slowdown, according to filings made with the Tel Aviv Stock Exchange in Israel, where Extell has issued $300 million in debt.

But for now, times are good for developers. Last week, Vornado Realty Trust Chief Executive Steven Roth told investors his project at 220 Central Park South secured $1.1 billion in sales commitments in just six weeks on the market. With just one-third of the building committed, then, it has already paid for itself, according to calculations based on securities filings.

"We are doing beyond well," Mr. Roth said.

At One57, Extell founder Gary Barnett said sales have picked up substantially in the past couple months. He declined to discuss specifics but said he hoped to fully sell out the tower by the end of the year.

Already, One57 is one for the record books. The building's penthouse fetched $100 million in January, the most expensive sale for a single unit ever in New York City. The nearly 11,000-square-foot duplex on the 89th and 90th floors boasts 24-foot-high walls of glass on three sides and sweeping views of Central Park, New Jersey, Long Island and the Atlantic Ocean. It features six bedrooms, six baths, a curved staircase, two powder rooms and access to a pool at a Hyatt hotel in the building, according to offering documents.

iehi-feed-56670 Sat, 09 May 2015 14:35:53 GMT House Flippers Are Back Together With Wall St. What Could Possibly Go Wrong? Colony Capital Inc., Blackstone Group LP and Cerberus Capital Management are among the companies that have started making bridge loans to investors who buy homes to sell them quickly for a profit. Borrowing costs -- traditionally the highest in residential lending -- are tumbling as the firms compete for customers.

The foray represents a deepening bet on the housing market by Wall Street-backed companies, many of which have built rental-home empires during the past three years and started specialty-lending businesses to finance smaller investors. Big firms with deep pockets and access to cheap capital may have an edge over local private lenders that have dominated flipper financing.

iehi-feed-56648 Wed, 06 May 2015 22:14:57 GMT Presenting The Most Overvalued Housing Market In The World In One Chart iehi-feed-56641 Tue, 05 May 2015 03:58:49 GMT America's trailer parks: the residents may be poor but the owners are getting rich Trailer parks are big and profitable business -- particularly after hundreds of thousands of Americans who lost their homes in the financial crisis created a huge demand for affordable housing. According to US Census figures, more than 20 million people, or 6% of the population, live in trailer parks.

It is a market that has not been lost on some of the country's richest and most high-profile investors. Sam Zell's Equity LifeStyle Properties (ELS) is the largest mobile home park owner in America, with controlling interests in nearly 140,000 parks. In 2014, ELS made $777m in revenue, helping boost Zell's near-$5bn fortune.

Warren Buffett, the nation's second-richest man with a $72bn fortune, owns the biggest mobile home manufacturer in the US, Clayton Homes, and the two biggest mobile home lenders, 21st Mortgage Corporation and Vanderbilt Mortgage and Finance Company.

iehi-feed-56622 Sat, 02 May 2015 13:54:09 GMT Could you live in a 320-square-foot home? - New Documentary iehi-feed-56599 Wed, 29 Apr 2015 13:44:15 GMT Death Of The Middle Class: Homeownership Rate Drops To 29 Year Low As Average Rent Hits Record High iehi-feed-56597 Tue, 28 Apr 2015 15:18:46 GMT Case-Shiller: Home prices continue steady march upward iehi-feed-56583 Sun, 26 Apr 2015 12:47:27 GMT Brixton protesters against Gentrificiation smash windows of Foxtons estate agents (UK) iehi-feed-56548 Tue, 21 Apr 2015 16:32:03 GMT Major Chinese Developer Says It Can't Pay Dollar Debts iehi-feed-56547 Tue, 21 Apr 2015 15:52:39 GMT Cash Sales (Still) Made Up 39% of All Home Sales in Jan 2015 iehi-feed-56525 Sun, 19 Apr 2015 03:55:00 GMT Core Inflation Jumps Most Since October Due To Rent, Healthcare Costs iehi-feed-56509 Tue, 14 Apr 2015 13:02:01 GMT Why Your Rent Will Rise Again This Year and rent expensive pied-a-terres....]]> iehi-feed-56508 Tue, 14 Apr 2015 12:59:00 GMT Wells Fargo Beats Estimates as Lower Rates Spur High-End Mortgage Lending