Thursday, April 2, 2015

You Will Most Certainly Need Lots of Newly Printed Fed Money for this Condo

Own the penthouse under construction at Lumina for just $49 million.

A roughly 14,000-square-foot duplex penthouse under construction in the SOMA district of San Francisco by developer Tishman Speyer is priced at $49 million.

The apartment will have  five bedrooms, five full baths, and two half baths ,plus eight terraces and private access to the roof deck.

 "We see someome who is first in line at the Fed money printing spigot.a technology guru buying the unit," said listing agent Gregg Lynn of Sotheby's.


1 comment:

  1. Houston Area Appraisal Districts Still Undershooting On Big Commercial Properties

    If you received your 2015 property tax assessment notices from either Harris or Fort Bend County, you probably know that the local appraisal districts are ramping up the assessments of your homes, again. In many cases the local appraisal district may have appraised your home for more than it’s really worth considering the continued weakness in the oil sector. If you think your local CAD is giving you a raw deal, unfortunately there’s really little you can do about it until the Texas property tax system receives a major overhaul.
    As it currently stands, our operationally corrupt appraisal districts and ARB’s are probably going to continue to rake homeowners over the coals while leaving a large pile of money on the table for wealthy corporate property owners staffed with hordes of attorneys

    Recent news provides yet another stunning example of how your local CAD, a bastion of crony capitalism catering to big money, exacerbates wealth inequality at the local level.

    This week we learned that Union Investment, a German real estate investment manager, just purchased the 36-story tower at 1000 Main for roughly $440 million. The seller was Invesco Real Estate USA. Why was this sale noteworthy you might ask? I’ll give you two reasons. It was just last week that HCAD’s own Mike Sullivan was telling Harris County homeowners how they should claim their applicable exemptions, offering a fig leaf for rampant appraisal creep. What’s really interesting though is that as the 2015 assessments are coming in at record highs for many homeowners, the office tower at 1000 Main shows a much different story. Remember that 36-story tower that just sold for $440 million?

    The HCAD 2015 initial appraised value for that tower is only $315 million. That’s an under-assessment of 28 percent or $125 million. Hows that for equity in the appraisal process!

    Funny, but I don’t recall Mr. Sullivan mentioning the exemption that’s available to wealthy corporate landowners.