real estate

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Starbucks Looks to Cut Back on Rent
Starbucks
Looks to Cut Back on Rent
May 29, 2009 2:42 PM CDT

Starbucks Looks to Cut Back on Rent

Coffee chain presses landlords for 20%-25% reductions

(Newser) - Starbucks is asking some of its landlords for a venti favor: lower lease rates by as much as 25%, Bloomberg reports. With the real-estate market in decline, a rep says, “We’re taking advantage of the opportunity,” adding that most landlords foresee a “mutually beneficial situation.”...

'Bueller? Bueller?' Film House Hits Market

(Newser) - The Chicago-area house immortalized in a glass-breaking, Ferrari-plunging shot from Ferris Bueller’s Day Off is for sale, the Arlington Heights Daily Herald reports. “It’s spectacular inside,” said the realtor offering the glass-walled modern home at $2.3 million. “It’s like living in a tree...

Realtors Sue CSI Over Kinky Portrayal

Real estate agents allege producer defamed them in episode

(Newser) - Scott and Melinda Tamkin are your average married real estate agents. Unless you watch CSI, in which they are conniving, kinky-sex-loving real estate agents. The couple is suing the producer of a February episode they say is based on a warped version of them, the Los Angeles Times reports. The...

Investors Storm Housing Market

Aim to take advantage of current low prices

(Newser) - Investors are snatching up cheap houses, hoping to turn a profit when the market picks up, the Wall Street Journal reports. Some are foraging far and wide for potential purchases; others are locals who know the ins and outs of the area market. Investors often make all-cash offers, helping them...

Lehman Weighs Spinning Off $45B in Assets

In the most sweeping bankruptcy action yet, assets will become separate unit

(Newser) - Bankrupt Lehman Brothers is preparing to spin off a grab-bag of assets worth $45 billion in their current state but as much as $400 billion at "nondistressed" prices, the Wall Street Journal reports. The planned sale of shares in the unit—the biggest move yet to unwind the...

Today's Bargain: Australia's Islands

(Newser) - No man is an island—but now is the time for him to own one. Australia’s ritzy Queensland island resorts are going for bargain prices, but between the recession, a slew of natural disasters, and a nasty oil spill, no one’s biting, reports the Telegraph. Dunk Island is...

Faux Owners Dress Up Luxury Homes for Sale

Rewards await those who can make an empty house look like a million dollars lives there

(Newser) - The slump at the top of the property market has been a bonus for people who can make a mansion look like a happy home but can't afford one of their own, reports the Wall Street Journal. Realtors stuck with empty luxury homes have been seeking the services of resident...

As Bank Moratoriums End, Foreclosures Surge

(Newser) - As internal bank moratoriums on foreclosure imposed last year expire, many more Americans are losing their homes, the Wall Street Journal reports. Foreclosure proceedings were up 6% in February over January, and up 30% from March 2008. Just as the Obama administration's rescue plan kicks in, delinquents who don’t...

Madonna Drops $40M on NYC Townhouse
Madonna Drops $40M on NYC Townhouse
Apr 14, 2009 1:31 PM CDT

Madonna Drops $40M on NYC Townhouse

Material Mom might be putting off promised move to Malawi

(Newser) - Madonna may be sending her moving van(s) to the Upper East Side of Manhattan rather than Malawi, reports the New York Post. The singer is plunking down $40 million for a Georgian-style townhouse. That’s $5 million less than the asking price, but hardly a bargain; no residence in the...

Your Neighborhood Realtor: 'I'm Really, Really Sorry'

(Newser) - Erica Ferencik can’t stand the guilt anymore. “I am the reason the world is in an economic tailspin,” she writes in Salon. “I'm your neighborhood real estate agent, and I'm really, really sorry.” When Ferencik got into real estate 9 years ago, she found herself...

Crashed Market Opens Doors for New Homeowners

Foreclosed homes affordable to middle-class families

(Newser) - Since the real estate market collapsed, buying a home has become possible for middle-class families for whom it was previously out of reach, the New York Times reports. Taina Goldman, a Miami nurse, recently paid $187,000 for a house worth $370,000 three years ago. And she’s not...

Gonzo Blogger Exposes SoCal Housing Market

Jim Klinge's unrestrained criticism of real estate practices brings him buyers

(Newser) - With “transparency” a political mantra and the housing market an unqualified mess, one real-estate broker is seeking unfettered truth, the Los Angeles Times reports. Armed with a video camera, blogger Jim Klinge is chronicling California’s real-estate crash, sparing no broker’s feelings with scathing appraisals not just of...

Hef Party Pad Up for Sale at $28M
Hef Party Pad
Up for Sale at $28M
Mar 29, 2009 5:45 AM CDT

Hef Party Pad Up for Sale at $28M

Original playboy downsizes as sons head to college

(Newser) - Octogenarian player Hugh Hefner and wife, Kimberly, have put their plush pad next to the Playboy Mansion up for sale for $28 million, reports the Los Angeles Times. The "sister party house" is a 7300-square-foot English Manor-style home. It features a hand-carved staircase, leaded windows, five bedrooms, seven bathrooms,...

Spelling's $150M Mansion Is Priciest US Home for Sale

(Newser) - The mansion that late producer Aaron Spelling built in 1991 is on sale for $150 million, making it the most expensive home for sale in the US, the AP reports. The 56,500-square-foot home, the largest in Los Angeles County, sits on 4.7 acres near the Playboy Mansion. Neither...

Recession a Long-Term Bummer for SoCal, Dude

(Newser) - The recession hit Southern California earlier and harder than almost any other part of the country—and it’s likely to linger a lot longer too, Steve Pearlstein writes in the Washington Post. The area played a “central role in the Bubble Economy,” and now, being the “...

Playgrounds of Rich and Famous Hit the Skids

What would Jay Gatsby say?

(Newser) - Even crème de la crème communities are curdling in the current crisis, reports the Telegraph. Take the Hamptons, where nearly as many homes were being foreclosed last week as the number of places sold. Residents in the super-affluent towns on Long Island's east end are struggling to meet...

Times Co. Sells HQ for $225M
 Times Co. Sells HQ for $225M 
Mar 9, 2009 8:51 AM CDT

Times Co. Sells HQ for $225M

Debt-laden paper enters sale-leaseback with investment firm

(Newser) - The New York Times Company has raised $225 million through a sale-leaseback of its Eighth Avenue skyscraper, it announced this morning. The deal gives investment firm WP Carey ownership of the Times' share of the Renzo Piano-designed headquarters, which the newspaper moved into in 2007. The company will then lease...

Housing Rebound Unlikely in '09
 Housing Rebound 
 Unlikely in '09 
Analysis
Mar 7, 2009 10:27 AM CST

Housing Rebound Unlikely in '09

(Newser) - If you’ve been waiting for a housing recovery, keep waiting. This March-June, the season when most homes are typically bought and sold, promises to be the worst since the bubble burst in 2006, the New York Times reports. Some 19 million homes—nearly one of every seven nationwide—are...

Spitzer Moves Into DC Real Estate
Spitzer Moves Into DC
Real Estate
Mar 6, 2009 5:48 AM CST

Spitzer Moves Into DC Real Estate

Disgraced NY gov buys $180M office tower a block from tryst hotel

(Newser) - Eliot Spitzer is now working in real estate in the city where his downfall began, the Wall Street Journal reports. The ex-governor of New York has worked with his father's real estate company to buy an office block in Washington DC, only a block away from the hotel where he...

Virgin's Stores Go Way of Dodo
 Virgin's Stores Go Way of Dodo 
Mar 4, 2009 9:57 AM CST

Virgin's Stores Go Way of Dodo

In US

(Newser) - America's last six Virgin Megastores will close their doors by this summer, the AP reports, even though they’ve managed to remain profitable amidst the economic storm. The real estate firms that bought the chain in 2007 determined they could collect more rent from new tenants. “I’ve been...

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