Most Recent: Real Estate
Posted on Friday, November 14, 2008 at 5:28 PM
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Tal PinchTagged as: Michael Jackson, Real Estate, California, Travel, Drink, Neverland, Colony Capital, Atlantic City, Las Vegas
Could Neverland Become the Next Hot Resort?
Having dealt with our mixed emotions upon learning that Michael Jackson has officially signed away his ownership of the fabled Neverland Ranch, speculation has already started on what?s next for the bizarre hideaway. Could there be some intriguing new real-estate opportunities in Southern California?
While most of the carnival rides littering the 2,500-acre property have started falling apart, the majority share of the estate is now owned by Sycamore Valley Ranch Company. Other than Jacko no longer living at Neverland, the transfer of the deed didn?t mean much until it was revealed that Sycamore was actually a joint venture between Jackson and Colony Capital, the investment firm that paid off the roughly $25 million in debt the King of Pop owed on the property.
Colony Capital is also the company behind the Las Vega Hilton, Atlantic City Hilton, Bally?s Tunica, Fairmont Hotels, and Meadowlands Xanadu, the upcoming massive sports and entertainment complex in New Jersey that will feature an indoor ski hill, fine dining, and luxury hotels.
The Southern California estate has been closed since 2006 when Jackson was no longer able to pay his staff or maintain the considerable insurance on a massive property that also has a zoo on the premises. Considering the property lies right in the middle of Santa Barbara wine country, there are a variety of options open to Colony Capital, who could convert the estate into everything from a vineyard to a spa to a luxury resort combining the two. The area is already full of some fine getaways, including the Spanish Colonial-themed Bacara Resort, the picturesque Biltmore Four Seasons, and all kinds of luxury day spas and resorts.
A similar property on the Neverland grounds would dwarf all of its neighbors. Whatever does happen to Neverland, you probably won?t find an amusement park, zoo, or Michael Jackson museum. Either way, there could be a fascinating ground-floor real estate opportunity in there somewhere.
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Posted on Tuesday, November 4, 2008 at 1:49 PM
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Tal PinchTagged as: Hotels, Real Estate, Travel, Dominican Republic, Las Terrenas, Beaches
Emerging Dominican Hideaway Still Has Room on the Ground Floor
It feels like every new luxury resort town either involves Russian oligarchs on the Black Sea or an Arab emirate. But one balmy getaway moderately developed by European expats is becoming an emerging tourist haven within a reasonable flight from New York.
The area is Las Terrenas, a scenic beach-clad peninsula in the Dominican Republic that is seeing massive investment in high-end resorts and infrastructure, particularly a new highway and nearby El Catey International Airport. It?s all made for a scenic luxury getaway for East Coasters that?s also an intriguing investment opportunity.
The gold rush stalled over the summer when the government imposed a ban on building permits. But after passing a new law requiring investors to contribute to local infrastructure, that ban was lifted, resuming what developers anticipate could become a nearby luxury paradise. Conveniently located for East Coasters, it?s a much shorter flight compared to secluded luxury resorts in the Black Sea, Middle East, and even South America.
We?re not recommending a trip to Las Terrenas just yet, as the area (particularly its tourism board, which needs to become more familiar with its oncoming high-end clientele) has plenty of development to do. But what you can find immediately are some fascinating real estate opportunities, including Terrazas de Coson, a collection of 72 luxury villas, each designed with optimal views, a pool, and indoor and (our personal favorite) outdoor showers.
If villa ownership isn?t what you?re looking for, Terrenas also features a hotel, beach club, spa, and hotel bungalows. Most of the project should be completed next year, a timeline similar to the new Wyndham property and Balcones del Atlantico, a Dominican development that will feature 250 apartments, ocean-front villas, and island townhouses. Until then, the laid-back, classical-style Peninsula House is one of the first completed luxury projects in the area.
Not close and not ready, but the investment opportunity and perfect weather don?t hurt.
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Posted on Thursday, October 23, 2008 at 8:37 PM
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Tal PinchTagged as: Auctions, Real Estate, Phoenix, John McCain, The Larsen Company
Own (One of) John McCain?s House(s)
Putting politics aside, there?s no denying the exhausting whirlwind that has been John McCain?s roughly two-year presidential campaign. As he approaches the tail-end of that crazy run, the house once belonging to the Arizona Senator and Presidential candidate is on the auction block. While it?s not one of the roughly seven homes he currently owns, it is an incredible 13-bedroom, 14.5-bathroom estate that the McCains called home for 20 years.
The Phoenix mansion was actually Cindy McCain?s childhood home before the McCains called it home and was sold in 2006 for slightly more than $3 million. McCain?s lengthy presidential campaign appears to have added some value to the property, as the Larsen Company is conducting the October 25th auction looking for a $12 million bid.
While it?s not possible to calculate exactly how much value a property accrues when its former owner gets his name on a presidential ballot, the house is still a 2.7-acre sprawling Tuscan-style estate located in the exclusive North-Central Phoenix?s area and within a reasonable drive of some great golf courses like Troon North, Gold Canyon, and Eagle Mountain. Making it the ultimate getaway home for any potential New York buyers are the seven-car garage, full furnishings (no word on how much of it once belonged to the McCains), and (most important) an absolutely massive pool.
If you plan on attending the public auction, you?ll need to bring a $100,000 cashier?s check with you, although Larsen will be accepting online bids.
Candidate McCain means a $12 million bid then there?s no telling the price tag for a President McCain?s former home. Plus, there?s some sort of deep satisfaction that goes with having a pool party at John McCain?s old house.
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Posted on Friday, October 10, 2008 at 3:16 PM
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Tal PinchTagged as: Dinner, Drink, Life in New York, New York City, Nightlife, Plaza Hotel , Real Estate, Oak Bar, Oak Room, Rose Club
It was the most famous bar in the most famous hotel in New York. One of the few legitimate New York icons left, the Oak Bar at the Plaza Hotel, closed since 2004 for renovations, has served the likes of Paul Newman, Harrison Ford, and President Bill Clinton and starred in films like North by Northwest, The Way We Were, and (of course) Crocodile Dundee. And now that it's returning to a Plaza Hotel/Condo complex beset by lawsuits and bad press, it's never been more important. The project is in need of a serious infusion of charisma. The resurgence began over the summer when the Rose Club opened at the Plaza (not to be confused with Rose Bar in the Gramercy Hotel), introducing a hip champagne backdrop that attracted Gossip Girls and their ilk. Now that autumn (in our opinion, primo drinking season) is here, the re-designed Oak Bar and Oak Room are back in business. Technically, the Oak duo officially reopens October 27th, but it?s not too early to start making plans for cocktails. Restored to its original glory, the Bar might help catapult the Plaza out of legal turnaround and into a bona fide nightspot. We still won?t stay there as either a resident or guest, but we?ll happily check out the Oaks for a drink.
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Posted on Thursday, October 9, 2008 at 10:31 AM
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Tal PinchTagged as: Real Estate, Alex Rodriguez, New York City, Life in New York, Modlin Group, Jay-Z, Cynthia Rodriguez
Own A-Rod's Condo
Fresh off a disappointing season and a recent divorce, you can't blame Yankees slugger Alex Rodriguez for wanting to start fresh. In that spirit, he has put up his Upper East Side condominium for sale. The sale is being conducted by the Modlin Group, who despite our overtures wouldn?t reveal any information regarding the property or any potential buyers. The former Rod residence featuring North, South, and West views is on the market for $14 million, about twice what Rodriguez originally paid for it. The pre-war building is known for providing all the amenities a 10-year, $275 million contract can buy, including a health club, maid service, and valet. And if nothing else, A-Rod used to live there.
The walls can?t speak so we can only speculate at the kind of times enjoyed at the four-bedroom condo at Park and 59th. While they probably didn?t include Madonna, we can imagine the odd poker game over there. Off the top of our head, we?re seeing cigars and brandy, a thin veil of smoke surrounding a custom poker table and a 72-inch screen showing ?Scarface? off in the distance while a robot concierge delivers sushi rolls on a solid-gold tray. Maybe a call from Mr. Steinbrenner around 9:30 to make sure we?re staying out of trouble. That?s how we see it going down.
However this hypothetical game went for him, it hopefully turned out better than the time we witnessed ARod have trouble getting a table at the Wynn Las Vegas poker room in 2005, the year he first bought the condo. Aside from the speculative ARod stories up for grabs, the unit also may have his and hers Whirlpool baths according to a previous listing for the master suite. So putting the pieces together, we?re suddenly picturing Whirlpool poker nights featuring ARod, Cynthia, and Jay-Z (after their night at 40/40), but still not including Madonna.
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