A record-breaking New York tower signals luxury’s resurgence and Baltimore’s real estate heats up
Mar 22, 2013
Developers of Manhattan’s tallest residential building are selling units at an encouraging rate and demand for Baltimore’s commercial properties has risen to levels not seen for a decade. Here’s what you might have missed this week:
Wall Street Journal: Luxury condo builders in New York find eager takers
New York City’s luxury market has begun to take off and a groundbreaking project in Manhattan serves as proof. Once completed in 2015, 432 Park will be the borough’s tallest and most expensive residential tower and buyers are snatching up units — more than one-third have already been sold. Read about the city’s other luxury development projects at the Wall Street Journal.
Atlanta Business Chronicle: Real estate mobile app Ten Eight raises $500,000
Atlanta tech startup Ten Eight has raised $500,000 behind its mobile application for commercial real estate brokers. The app aims to make physical tour books obsolete and make property data more readily available. Check out the app’s features, including a scoring system and floor plans, at the Atlanta Business Chronicle.
Baltimore Business Journal: Baltimore’s commercial real estate is going, going hot at auction
The auction block for real estate in Baltimore is on fire, but demand for commercial property is so great that bidding wars break out for some properties before they even reach the auction. Final selling prices are matching, and at times exceeding, the amount properties are valued at, making the market the strongest it’s been in nearly a decade. Read more about Baltimore’s competitive auctions at the Baltimore Business Journal.
Healthcare Finance News: Uptick in the medical real estate market: Opportunities ripe for all
Developers expect medical construction rates to rise in 2013, according to a recent survey by Newmark Grubb Knight Frank. Factors contributing to the positive outlook include aging baby boomers, contained demand from the recession, and more insured patients thanks to the Affordable Care Act. See why the healthcare market may experience a boom this year at Healthcare Finance News.
Author: Raymond T. Cirz