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We are dedicated to expediting the recovery of non-performoing assets such as commercial properties and residential homes on behalf of Executors of Estates, Trustees, Banks, and Special Asset Managers. Turnberry Associates said the 184-unit development planned near the Williams Tower has been “discontinued” as turmoil in the financial markets has caused traditional construction lending sources to dry up. It would appear I am not the only one to be wondering if the bonuses planned by many Wall street investment banks this year is an appropriate use of the recent government capital injections – or if it is enough to kick-start the sluggish NYC luxury property market.
I question the appropriateness of depleting the capital that taxpayers just injected into the banks through the payment of billions of dollars in bonuses, especially after one of the financial industry’s worst years on record. This two-bedroom two-and-a-half-bath penthouse apartment overlooks the River Thames on the Isle of Dogs, part of London’s Docklands area. We recently reported on an up-coming sealed bid auction of a number of luxury properties in Colorado.

REO (Real Estate Owned) assets are liquidated and loss recovery maximized by progressive auction strategies. We service Houston, Bellaire, The Woodlands, Magnolia, Kingwood, New Caney, Conroe, Spring, Meyerland and Pearland. The Tower had originally been planned to offer limousine services, maid suites and two, 15,000 sqft homes. Representative Henry Waxman, chairman of the House Committee in Oversight and Government Reform wrote letters yesterday to nine firms after announcements that there is an intention to pay out $108 billion in employee compensation, much of it in the form of bonuses – almost the same amount as paid out in 2008. Turnberry is a well established developer with substantial successes and completed high-end condominium projects all over the US, and has pledged to return all deposits already taken with appropriate interest accrued. A private roof terrace has a container garden and a gazebo; it also looks out over the river.

We both agreed that realistic pricing will lead to succesfull sales of luxury property, almost regardless of the current market conditions. Not all properties up for the auction sold, although there was an approximately 50% close rate.

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