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Zaha Hadid’s South Beach Condo Is Back

Renowned late architect Zaha Hadid’s Miami apartment is back on the market, and it’s received a big price cut. The 2,541-square-foot unit was first listed for sale in May this year, asking $10 million; it’s now listed for $6.5 million.

The newly reduced price is due to Miami now being a “buyers’ market,” One Sotheby’s International Realty broker Ivan Chorney, who is sharing the listing with Angelica Garcia, told the Wall Street Journal.

The customized space is located in the W South Beach, and is the result of a two-unit combination by Hadid herself, who bought the two separate apartments for a total of $2.79 million in 2010. The two-bedroom, three-bathroom condo has unobstructed ocean views and definitely shows Hadid’s personal touch, with curved lines and metallic surfaces, the listing points out.

In addition, there’s a neighboring studio unit included in the sale—Hadid, who passed away unexpectedly in March 2016, bought it in 2015 for $1.38 million and kept it as a separate space. The original furniture, which Hadid personally selected, is not included in the sale—those pieces will eventually go to a museum or remain within Hadid’s trust.


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Zaha Hadid’s Miami condo gets reduced by $3.5M

Discounted 35 percent from its original ask

Zaha Hadid’s unique Miami Beach condo, which originally hit the market in the spring asking $10 million, has re-listed for $6.5 million with new listing agents.

The current ask represents a 35 percent reduction for the stunning former residence of the late Pritzker-winning architect. Located in the W South Beach, the combination unit features the signature curves found across Hadid’s sensational projects, which includes the under-construction One Thousand Museum, a condo with lavish amenities and a helipad on its roof that’s on the cusp of topping off in downtown Miami.

The 2,541-square-foot residence at the W encompasses two bedrooms, three bathrooms, and an adjacent studio apartment with a separate entrance. It boasts views of the ocean, wraparound balconies, and includes all art and furniture.

Records show Hadid purchased the two units making up the main residence for $2.79 million in 2010 while the separate studio was acquired for $1.38 million in 2015. ONE Sotheby’s Ivan Chorney, who is listing the unit with Angelica Garcia, pointed to Miami being a buyer’s market for luxury condos as a reason for the reduction, according to the Wall Street Journal.


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Video tour

The Consumer Financial Protection Bureau announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.

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Real Estate Roundup!

May new home sales gain 2.2% from April

Sales of new single-family houses in May 2015 were at a seasonally adjusted annual rate of 546,000, which is up 2.2% from April, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. — From Housing Wire

3 ways to tame student loan debt and afford a mortgage

It’s no secret that student loans can make buying a home a challenge. But what exactly is the problem, and how can buyers overcome it? The problem is that student loans can be included in the buyer’s debt-to-income ratio, or DTI. — From Bankrate

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!


Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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