inns Mull Property Sale Restrictions

The draft bill, being promoted by a minority bloc, would deny real estate sales in Finland to Russian citizens.

As a political bloc in Finland pushes for a federal bill to limit the purchase of real estate to Finns and other European Union citizens, Russians wanting to buy property in their northern neighbor are facing a cold gust of Nordic air.

Though both precedent and political sentiment in Finland give the bill little chance of becoming law, the proposal suggests mixed feelings about Russians, who in 2010 bought more than 400 properties in Finland for a total of 56 million euros ($75 million).

The bill, spearheaded by the Center Party, a bloc that makes up about 18 percent of Finland’s parliament, makes the case for EU-only real estate ownership by citing national security and heritage. It was drafted in November and introduced to parliament this month.

There is little doubt that it’s targeted at Russians, as Norway, Switzerland and Iceland, which aren’t EU nations, are exempted, while Russia, other CIS countries and the countries of the former Yugoslavia would be affected.

Pertti Salolainen, vice chairman of the Finnish parliament’s foreign affairs committee and a member of the National Coalition Party, told The Moscow Times that his party isn’t backing the proposed legislation. The country’s new president, to be sworn in March 1, is a National Coalition member.

“We think that it’s a good thing that there are more Russians buying in Finland,” he said in a telephone interview Friday.

News articles in Helsingin Sanomat, a Finnish publication owned by the same company as The Moscow Times, have commented on Russians who “bring revenue to eastern Finland but also arouse suspicions,” as one headline read. According to Salolainen, Russian purchases of homes have raised speculation about money laundering, while at the same time improved the economics of Finland’s east, which had experienced an exodus of Finns.

According to 2010 figures from Finland’s National Land Survey, Russians bought 413 properties in Finland that year, with more than 300 of those purchases concentrated in two regions. There were about 400 properties picked up by Russians in 2009 and 780 properties in 2008, the Land Survey’s Mervi Laitinen said by e-mail.

Though Salolainen’s National Coalition Party doesn’t like the anti-foreigner sentiment in the bill, it does have its own concerns with Russian-Finnish real estate: It wants the Russian government to give Finland “reciprocity” by allowing Finns to buy property close to home.

Since January 2011, when President Dmitry Medvedev banned foreigners from acquiring land in the republic of Karelia and other northwest border areas, Finns have been prohibited from owning property in some of the territories nearest to them.

“We don’t think that [such] large border zones are necessary,” Salolainen said, referring to the buffer that Russia has effectively established between it and Finland.

Finland’s dominant party also wants Russia to make its land registry more transparent, so that it will be easier to determine if Finns can acquire a given property, Salolainen said.

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Canada’s property market a jump out among worldwide slouch

Canada’s property market is calm, but still stands out as one of the top performing in the developed world, according to a description by Scotia Economics.

Existing home prices increased 5% in the second quarter, the same pace as gains in the first quarter of the year, the bank’s Global Real Estate Report establish. statistics for July and August points to stable sales and a leveling out of prices.

Out of the nine markets studied in the statement only Canada, France and Switzerland recorded price gains in the second quarter, it said.

“In the majority of the major markets we track in North America, Europe and Australasia, inflation adjusted home prices refused on a year-over-year basis in the second quarter of 2011,” said Adrienne Warren, senior economist and real estate specialist at Scotia Economics. “While Canada’s hot housing market also has commenced to cool, it leftovers a notable outperformer.”

Warren said in many markets in olden times low interest rates coupled with a slouch in prices has made homes more affordable. In normal times that would likely be enough to jump-start the market, she said.

On the other hand, these aren’t normal times and the ongoing uncertainty created by the financial crisis in Europe and high unemployment has convinced many consumers to save and pay off debt instead than make major purchases.

“Heightened economic instability combined with recent signs of a loss of momentum in Canada’s jobs market could keep some possible buyers on the sidelines for the time being,” she said, adding that the bank is forecasting a slight slow in sales and flat prices for the rest of the year.

France so far has managed to buck the tendency of slouching property prices in the euro zone, with real estate rising 5% year-over-year in the second quarter. Switzerland’s property prices rose 4%.

In the U.S., second-quarter property prices fell 6%.

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prime site prices show market’s fall

Prime site prices show market's slide

TWO RESIDENTIAL sites going for auction today in the north Dublin suburbs of Clontarf and Killester clearly show how much land values have fallen since the property market took a fall.

A site of 1.77 acres, at 199 Howth Road in Clontarf, with planning permission for 59 apartments, is for auction at €2 million, while another plot of just under three-quarters of an acre, at 169 Killester Avenue in Killester, with planning approving for nine houses, can be bought for as little as €450,000.

Wesley Rothwell of CB Richard Ellis, who is managing both sales, says that while development sites about the country have fell by over 90 per cent in many cases, those in the Dublin suburbs are almost certainly down by 75 to 80 per cent.

As a matter of fact the guide price for the Howth Road site. It is immediately adjacent to the intersection with the St Lawrence Road – suggests the fall in values in this location has probably been even greater. The €2 million being sought equates to a valuation of only €33,900 per unit. A long way short of the €250,000-plus per unit frequently paid at the max out of the market.

Rothwell says that with a swing away from apartments because of the excess supply overhanging the market he believes the site will appeal either to developers who would look for alternative permission for 10 to 12 good-sized houses, an owner-occupier looking for an exceeding site for a new home or companies planning to build a nursing home.

The second site, on Killester Avenue, is placed a short distance north east of its junction with Collins Avenue East. The planning permission allows new owners to demolish a derelict house and two sheds on site and replace them with 24 apartments. A modified permission subsequently given by An Bord Pleanála allows for the development of seven three-bedroom houses and two two-bed homes.

In the meantime, CBRE is presently in discussions with a number of parties interested in another site of almost two acres a short distance away, in Sutton. Offers in the region of €1.55 million are being sought for the 1.98 acre plot alongside Sutton Cross which was originally bought in 2003 for €11 million. It has planning permission for 60 apartments, most of them two-bedroom units.

Auction of Meikles Park Stopped

The auction of Meikles Park to a Chinese diamond mining company that threatened to divide Mutare city council was stopped up during a drama filled special council meeting on Friday.

Through the meeting, town clerk Obert Muzawazi stormed out of the chamber as tempers flared. Council had proposed to sell Meikles Park in the city for $1, 7 million to a Chinese diamond mining firm Anjin.

However, the Local Government ministry allegedly tries to stop the sale, saying the property price was inflated.

The ministry then supposedly proposed a land swoop or sale of the land for $160 000, a figure hotly uncertain by the city fathers.

On Friday, the city fathers allegedly rejected to bow down to the pressure and resolved to safeguard council interests.

Mayor Brian James said council had conceded a resolution against transferring ownership of the part of land to the Chinese firm before full payment of the property.

“In order to safeguard our interests, we decide that no individual or group of individuals sign or cause to release the ownership of the city land from city council. Only until such a time that the council through a full council meeting acknowledges full payment moreover in cash or equivalent will we release Meikles Park,” James said.

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Auction of land to Kohl’s confirmed

Posted by MagicTruth | Building for sale,buildings for sale,land and plot sale,property for sale,real estate,sale of property | Saturday 17 September 2011 9:52 am

The sale of land

The Wisconsin-based department store chain buys 4.65 acres of land at Seminary Square from Knoxville, Tenn.-based Horne Real Estate for $625,000, according to the filing.

The sale was confirmed Sept. 9.

In June, Kohl’s declared it would build a store at Seminary Square, and the city permitted $1.25 million in incentives.

Neither Kohl’s nor Horne officials were available for comment late Friday afternoon, but Kohl’s Real Estate Manager Mark Lee has earlier said groundbreaking will take place in the spring of 2012 with a grand opening in the fall of 2012.

The store will face Menards and Walmart Supercenter near Sandburg Drive. The store is expected to provide 130 jobs, which would be equal to 55 full-time positions. The total payroll is expected to be $1.17 million annually.

As part of the incentive package, Kohl’s will receive a tax rebate of 1 percent of its annual sales until $1.2 million is gave to the store. It’s expected that rebate will exist between 10 and 20 years. The department store giant also will receive a sales tax repayment after the store is built for construction materials bought in the city up to $50,000 and a Federal Workforce Tax Credit.

Lee earlier had told the Galesburg City Council the store will be Leadership in Environmental and Energy Design certified to meet environmental standards.

A survey conducted by the city in 2008 “ranked Kohl’s as the number one retailer they would like to see place in Galesburg, and that Galesburg would be a good market due to a shortage of retail apparel stores,” city officials have affirmed.

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PKP S.A. sells land properties in the core center of Warsaw

Posted by MagicTruth | land and plot sale,property for sale,real estate,Real estate news,sale of property,sells land properties | Thursday 15 September 2011 10:08 pm
puts up for sale three plots

PKP S.A., the Polish State Railways, puts up for sale three plots placed in the core centre of Warsaw at Chmielna and Al. Jana Pawta II streets. The official proclamation has been made today (14 September 2011). The tender process is organized and coordinated by Cushman & Wakefield, a global commercial real estate advisory firm.

The owner of the property is the State Treasury, and its eternal usufructuary is Polskie Koleje Pa?stwowe S.A. (The Polish State Railways). The sale of the properties will be made in a type of an oral tender.

The subject of the first tender process will be the right of eternal usufruct to the land comprising two plots of a total area of 9,767 sq.m (no. 33/4 and 33/5, district 6-01-10) with ownership rights to buildings and improvements on the land. Asking price is net PLN97m.

The subject of the second tender process will be the right of perpetual legal right to the land of an area of 7,411 sq.m (no. 33/3, district 6-01-10) with ownership right to buildings and improvements on the land. Asking price is net PLN74m.

puts up for sale three plots

The subject properties are placed in the core centre of Warsaw at the junction of Chmielna street and two main arterial routes Al. Jana Pawta II and Al. Jerozolimskie. There is the Palace of Culture and Science, the main railway station and Ztote Tarasy retail office complex in the direct neighborhood. Central location provides convenient access to all means of transport.

The offered holdings are unique in terms of their location in Warsaw’s Central Business District, size, shape and legal status. Presently the area where the subject properties are placed is not covered by a local development plan.

According to the adopted planning study the subject properties are suitable for mixed use, allowed for the development height over 30 m. Sample development concepts have been ready, where land use is residential, services and office development comprising around 44,000 sq.m of leasable/sale area for the first two plots and 46,000 sq.m for the third plot.

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England’s green and attractive land for sale

Land  For Sale

Its gardens, grounds and woodland beyond only a few hundred yards from the banks of the River Thames. It is private and privy at the end of a long drive bounded on one side with a garden wall and on the other a courtyard of the cottage and garages and farm buildings.

Adjacent to the entrance is the granary which houses a modern office. The farming area lies mainly to the east of the house and is divided into two main 100-acre blocks separated by a good hedge. Along the Thames the land is in lasting pasture interspersed with hedges and trees which is used to graze cattle and sheep.

The northern block is an arable rotation and is an area of flat land separated by a small bank. This would be a chance to create two full-sized polo pitches subject to planning permission for change of use.

The main house consists of a good drawing room with open-beamed ceiling and dining room, sitting room and the old dairy off the kitchen which doubles as a breakfast/ family room or it would make an awesome play room. The kitchen is well fitted with oil-fired Aga and handmade fitted kitchen. Upstairs the master bedroom suite has a dressing room and bathroom, on with the main guest suite and a further bedroom and bathroom.

On the second floor there are two extra bedrooms, sitting room and bathroom.

The mature and very well set up garden has been carefully tendered and well-maintained over the years. It is surrounded to the south by a wall and to the west by a pond. To the north side of the house is a low wall with gravel courtyard.

There are extensive outbuildings and garages within the courtyard and adjacent to the cottage which double as a great amusing space comprising stores, wine cellar and workshop. Across the lawn is a spacious office within the old granary and there is a delightful two-bedroom cottage with divide parking at the rear with garage.

In the farmyard are a number of large buildings formerly the farm building and grain store. Modern farming has mostly left these redundant and there are now a number of workshops and stores. Subject to planning and with some intelligent design, these buildings are a wonderful footprint for new equestrian or more modern agricultural buildings.

This is a rare chance to develop an extensive footprint of barns alongside about 210 acres of pasture and cultivatable land. Beyond the yard is an area of paddocks bordered by a small reservoir forming the bound of the property.
The estate is obtainable for sale freehold with vacant possession either as a whole or in three lots.

Lot 1: Farmhouse, cottage and buildings and around 6.61 acres.

Lot 2: About 102.36 acres of mostly flat ground in arable rotation. This land is flat and dry and would, subject to planning permission, make excellent polo pitches.

Lot 3: About 101.15 acres of mostly flat ground in permanent pasture with woodland along the north bank of the River Thames.

The property is available through Knight Frank for a guide price of £8,000,000. For more details, call (01491) 844900.

Simmons and Sons currently has a number of holdings offering between three and 28 acres of land.

At Middle Assendon is about 10.83 acres (4.38 ha) of pasture land offered in two lots, 6.15 acres (2.49 ha) and 4.68 acres (1.89 ha) of paddock land set in a charming setting. The land is enclosed by two mature hedgerow and stock fencing. Lot one is available for a guide price of £94,000 with lot two listed for £71,000.

Around 28.04 acres (11.34 ha) of pasture land is obtainable in a sought-after position on the edge of Emmer Green, Reading. The land is enclosed on two sides by a mature hedgerow and a stock proof fence along the boundary with Abbey Rugby Club.

Lot 1: Approximately 5.51 acres (2.23ha) of pasture for £90,000.

Lot 2: Approximately 5.51 acres (2.23ha) of pasture for £90,000.

Lot 3: Approximately 8.26 acres (3.34ha) of pasture for £135,000.

Lot 4: Approximately 8.26 acres (3.34ha) of pasture for £135,000.

Nearly 20 acres, part of which is a recently established equestrian ley, known as Long Ground and the remainder of which is cultivatable production is available in a beautiful rural location directly adjacent to the village of Chiselhampton.

Extending to close to 19.52 acres (7.90 hectares) the land is in an gorgeous rural location, with a guide price of £200,000. About 3.97 acres (1.61 hectares) of level grazing paddock with Maidenhead Thicket woodland on two sides and borders of mature trees on the left two sides is available through Simmons and Sons.

For more details on this and the above plots of land, call (01491) 571111.

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Hotel development site in Scottish seaside town for auction

seaside town for sale

The development site antecedently occupied by the Hotel Seaforth in Arbroath, Scotland, is to be sold by McManus Property Ltd.
The site extends to 1.5 acres and is ready for sale or lease. The present owner Steven Smith of Seaforth Properties Ltd gets the hotel from Bill Rennie and his wife Sandra, early in 2006.

The property perished in a fire in August 2006, after many failed efforts to gain planning permission to turn the sea-facing site into a hotel and flats. It was torn down weeks afterwards following the fire.

Speaking to the Arbroath Herald, agent Jonathan McManus of McManus Property Consultants said: “In relation to the site, my client, Seaforth Investments, and our team have been working on several strategies in the expect of attracting interest from hoteliers, restaurateurs and other leisure users, as per the planning guidance antecedently received from the local planning authority.”

Thoughts on future use of the land are divided. Some say an hotelier with hope to build should buy it, while others believe that for the right price Angus Council might buy it and integrate the site into its surrounds on the seafront.

The sale is welcome news to local councilor Alex King who said, “Arbroath urgently needs more high quality tourist accommodation.”

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Elizabethan hall on sale at £5.5m

Elizabethan hall on sale at £5.5m

FORCETT Hall, One of the most significant country houses in the region is on the market for £5.5million.

The stately home has in recent times been used as a venue for private parties, weddings, corporate events and conferences. The new owner would take charge of nearly 100 hectares of historic parkland, which is eight miles from Barnard Castle.

“The hall, which sits in a totally private and beautiful parkland setting, needs sympathetic restoration and improvement but it offers enormous scope and potential for a buyer to create a truly stunning residence of the highest quality,” GSC Chartered Surveyors said.

Forcett Hall, which has a number of well architectural features, was designed by Daniel Garrett, a protégé of Lord Burlington. From 1582 to 1785, it belonged to the Shuttleworth family.

The hall is shown in Samuel Buck’s 1719 sketchbook of Yorkshire houses, but the property was burned down in January 1726 and was reconstructed about 15 years later.

In 1938, it was purchased by Lieutenant Colonel Hardress Waller and has stayed in the family’s ownership since.

Forcett Hall, which has three floors and a basement, is neared through a triumphal arched carriageway with four Roman Doric columns and a Doric frieze.

Nearby are the grade II-listed north and south lodges. The main building itself has four main reception rooms, 15 bedrooms a self contained east wing with three additional bedrooms.

The estate also includes a bungalow, two cottages, gardener’s house and a farmyard. The sandstone stable block has nine stables, feed room, toilet, storeroom, tack room, wash room and accommodation once use by a groom.

“Forcett Hall Park is a reg¬istered historic park and in¬cludes a number of specimen beech, oak, lime and lebanon cedar trees,” aforesaid the agents.

“There are also a sequence of historic architectural and archaeological characteristics including the Mount, which encompasses the Grotto and Ice house, the former Cockpit and Iron Age earthworks which are designated a Scheduled Ancient Monument.

“The lake extends to approximately 17 acres and provides a stunning backdrop.”
No public rights of way across the land and the estate are described as perfect for someone who enjoys privacy and history.

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Downtown movie theater property advertised for sale

Posted by MagicTruth | buildings for sale,land and plot sale,property for sale,real estate,Real estate news | Friday 19 August 2011 5:25 pm
property for sale
The portion of the University Corners building so as to houses Wilkes-Barre Movies 14 is sale for $8.5 million.

NAI Commercial Partners Inc., a commercial real estatefirm based in Lancaster, advertised the asset in downtown Wilkes-Barre for sale online. More than 7,400 square feet of empty space on two floors at 44 E. Northampton St. also is for sale or lease.The sale ad comes after Bill Geary, president of California-based Carlsberg Management Co. registered for personal bankruptcy in Los Angeles in late May, indicating he had nearly $40 million in debt and $724,984 in assets.

Carlsberg Management Co. has controlled 75 percent of the complex since 2008. The Greater Wilkes-Barre Chamber of Business and Industry keeps ownership of 25 percent of the property.

When inquired about the sale ad, Geary said, “We just want to see where the market is right now.”

Signs on the complex advertise office/retail space for hire and that University Corners is in a Keystone Opportunity Zone, which offers tax benefit. The signs list Geary’s name and number. Other signs list a number for NAI Commercial Partners.

“We’ve had quite a few people consider it,” said Matthew Bellis, a realtor for NAI Commercial Partners. “We’ve been aiming restaurants and retail. We don’t have any offers as of yet, but we have experienced a great amount of interest in the property.”

R/C Theatres will stay as its rent runs through 2026, Bellis said. At about 77,000 square feet, the theaters occupy the biggest leased space in the 150,000-square-foot University Corners.

“The theatre is very successful. It does very well and was warmly covered by the community,” Bellis said. “It’s a one-of-a-kind great asset to the local downtown, which can be a flourishing and comfortable area.”

The $31 million movie theater complex opened in 2006 with a mixture of public and chamber funds. Construction workers spent 18 months transforming five bedraggled buildings and a vacant lot into the massive complex.

The investment left the South Main Street Redevelopment group, which consists of Carlsberg Management Co. and the chamber, with approximately $8.5 million in bank debt.

Selling the division of the complex that houses Wilkes-Barre Movies 14 “would decrease the debt on the balance of the project, which is the reason why Mr. Geary decided to investigate the market at this time,” said Larry Newman, vice president of planning, policy and development for the chamber.

“Movies 14 continue to do very well, with more than 500,000 patrons again visiting the cinemas last year,” Newman said.

A sale would not bear on the 21 loft apartments in the University Corners complex.

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