The loan was underwritten by Irish Nationwide, a bank that collapsed during the global financial crisis, and extended to the property’s developer, Leslie Allen-Vercoe of Rhymer Investments. When the bank went belly up many of its loans were assumed by the Irish government, which created NAMA in 2009, in response to the financial crisis. Now NAMA wants its mortgage money.
Posted in Construction Interesting Luxury Real Estate by .
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When Robert and Marguerite Antell told architect James Johnson they wanted to build a fun, artistic home, he handed the couple a coke bottle with a flowering sprig of Queen Anne’s lace. “This is your new home,” he explained. Forty years later the cream-colored pod that they built from his plans hit the market for $1.1 million in Pittsford, N.Y.
The “Mushroom House,” as locals call it, is comprised of five connected “pods,” or housing structures, including two living areas, a patio, a master suite with office, and a guest pod with two bedrooms. More than 10,000 tiles bedazzle the walls, floors and counters throughout. Completed in 1971, the distinctive building has undergone an extensive update and garnered landmark status.
Posted in Funny Interesting Real Estate by .
In February 2010, the OFT secured an enforcement order from the High Court when it ruled that Foxtons’ renewal commission terms were not transparent, which led to Foxtons amending some of their letting agreement terms. The evaluation finds that the OFT intervention has resulted in positive benefits for consumer landlords that use Foxtons with an estimated annual benefit of at least £4.4 million.
However, the OFT is embarking on further engagement and awareness raising as the evaluation report found that some consumer landlords and letting agents remain unaware of the High Court ruling and its implications for the sector, with similar potentially unfair terms still appearing in some contracts.
Posted in Important News Real Estate by .
The latest figures from the Council of Mortgage Lenders show that gross mortgage lending totaled an estimated £12.6 billion in June, a 16% increase from the £10.8 billion lent in May. However, it was 3% lower than June 2010.
CML chief economist Bob Pannell said that it is disappointing economic growth, strong consumer price pressures, falling disposable incomes and an uncertain jobs market that is preventing people from buying property.
‘This backdrop weighs negatively on purchase decisions relating to home ownership. By contrast, landlord activity appears to have picked up recently and, with evidence of strong rental demand, this should help to underpin activity over the coming months,’ he said.
Posted in finances Mortgage News Real Estate by .
Jul 11
6
Luxury flats on the Thames
With Neo Bankside Thames-side living has certainly come a long way since Dickens’s day, says Christopher Middleton
Forget the Côte d’Azur. You’d be hard put to find a more expensive piece of waterfront real estate in all of Europe than the stretch of River Thames between Blackfriars and London Bridge in south London.
The price of a three-bedroom flat in the newest development here is £5 million, and that’s for a place right next to a power station. Mind you, it’s not just any old power station, it’s the Tate Modern art gallery, which was converted from its electricity-producing role in 2001 and now generates five million visitors per year.
And these aren’t just any old flats, either. This bespoke quartet of apartment blocks is Neo Bankside, designed by Richard Rogers’s world-famous architectural practice Rogers Stirk Harbour and Partners. There are 199 apartments, all held together by a set of screwdriver-shaped steel braces attached to the outside of the buildings.
Posted in Construction Interesting Real Estate by .
Manchester, known across the globe for having one of the world’s most famous football clubs, has come a long way over the years and is now firmly one of England’s biggest and most popular cities not just for football or leisure attractions, like The Trafford Centre, but for excellent property investment opportunities, it is claimed.
Currently, the Manchester metropolis is doing well on several fronts seeing an increase in turnover in retail businesses by 2.7% in the year up to March 2011 according to data from CityCo, in addition to the Civil Aviation Authority recently publishing new research showing a 12.8% increase in passenger numbers at Manchester Airport between February and March this year, a rise of 137,000 passengers, the highest monthly increase since May and June 2010.
Recently, the city of Manchester was dubbed a top spot for investment according to a report by Knight Frank suggesting that it is now one of the best cities with the strongest investment potential in the UK.
Posted in Important News Real Estate by .
There’s no stopping our appetite for Italian holiday homes, with food-lovers enjoying the opportunities on offer in Tuscany
By day, they press their own olive oil from the groves around their farmhouse, peruse the produce at local markets and organise tours of the vineyards. By night, they cook meals for their guests, or host wine-and-food matching events. Martyn and Margaret Lewis, from Oxfordshire, are living every food lover’s dream.
They bought Casa Lavanda, a beautiful six-bedroom farmhouse in the Florentine hills just north of “Chiantishire”, with eight acres of wild-rosemary meadows and gardens with fig, apricot and cherry trees, in 1999.
“We were always switched on to the Mediterranean lifestyle, particularly the food,” says Martyn. “It was meant as a semi-retirement holiday home, but we found a way to spend more time here.”
Posted in Interesting Overseas Real Estate by .
It has been a red-letter week for the UK property market, with the Government’s FirstBuy initiative opening up to first-time buyers (FTBs) and the announcement that mortgage and investment firm Castle Trust will launch its partnership mortgages later this year.
While innovative new products that aim to breathe life into the housing market should be encouraged, experts warn that homebuyers should not follow blindly.
Under FirstBuy, the Government and housebuilders such as Persimmon, Bovis Homes and Barratt Developments will join forces to offer new homeowners a loan of up to 20 per cent of the property price, so that they need only a 5 per cent deposit to qualify for a 75 per cent mortgage. Several lenders including Barclays, Halifax and Nationwide have already agreed to offer FirstBuy mortgages. However, this scheme is expected to help only about 10,000 people.
Posted in finances Real Estate by .
Chalet Sous Les Bois has made it though to the shortlist of The UK & International Property Design Awards 2011. The awards are hosted by leading interior design magazine design et al, and reward the best in interior design from around the globe.
Chalet 1802’s recently launched flagship luxury chalet, Chalet Sous Les Bois, has been shortlisted for the best chalet or hotel located in a ski resort for The UK & International Property Design Awards 2011.
Chalet Sous Les Bois is located in Chamonix in the French Alps. The chalet crowns the Chalet 1802 portfolio, and is not only impressively chic but also has impeccable eco credentials.
Posted in Interesting News by .
May 11
30
Millions trapped by property slump
HUNDREDS of thousands of young Scottish homeowners – among millions across the UK – have little hope of climbing the property ladder any time soon, a new report states.
The study reveals 53 per cent of homeowners aged 18-34 would like to buy a new home within the next two years but 44 per cent think it is unrealistic that they will be able to do so because of the low value of their property, the difficulty in finding a mortgage and a lack of suitable properties for sale.
As a result of buying during the property bubble, an estimated two million homeowners across the UK are “trapped” and have no chance of trading up.
Posted in News Real Estate by .
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