Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Real Estate

$80 million townhouse breaks NYC record for most expensive residential sale ever

Hedge fund manager unloads former Penthouse mansion after extensive reno

The New York City real estate market posted a record-breaking sale this week when former hedge fund manager Philip Falcone’s Upper East Side townhouse sold for $80 million – making it the most expensive residential sale in the city ever.

The double-wide townhouse – originally built as two independent structures in the late 1800s – was owned previously by Penthouse magazine founder Bob Guccione, who sold it to the Falcones in 2008 for $49 million.

The property underwent extensive renovations that upped its square footage to nearly 30,000 and added a pool and movie theater, according to a Wall Street Journal article.

Sadly, the deal was handled off-market, so no public listing with interior photos is available to satisfy our urge to gawk at what $80 million worth of real estate riches really looks like.

According to the WSJ, the sale beats the record for the most expensive NYC townhouse ever sold by a landslide, usurping the 2006 sale of a $53 million mansion on East 75th street to financier J. Christopher Flowers.

No word on who the buyer is.

 

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3d rendering of a row of luxury townhouses along a street

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