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Posts tagged as CHICAGO

Manhattan real estate sales fall for sixth straight quarter—longest losing streak in 30 years

Manhattan real estate had its worst first quarter since the financial crisis, capping the longest losing streak for sales in over 30 years, Total sales fell 3 percent in the first quarter, and marked the sixth straight quarter of declines.
That is the longest downturn in the 30 years that the real estate appraisal firm has been keeping data.

Total sales fell 3 percent in the first quarter, according to a report from Douglas Elliman and Miller Samuel. That marked the sixth straight quarter of declines, which is the longest downturn in the three decades that the appraisal and research firm has been keeping data.The drop stems from an over-supply of high-end and highly priced apartments, a lack of foreign buyers and the new federal tax law that has hit real estate in high-tax states. A new “mansion tax” approved by New York state legislators over the weekend will layer another tax on the sale of multimillion-dollar homes and add further pressure to a market already under stress, according to real estate experts.
The pain is being felt at all levels. While the entry-level market in New York, below $1 million, had been holding up for most of the past year and a half, it’s started to suffer as the trouble at the top cascades down.”It’s like a layer cake,” said Jonathan Miller, the CEO of Miller Samuel. “When you have softening at the top, it starts to melt into the next layer and the next layer after that.Because those buyers further down have to compete on price.”Prices in Manhattan continue to remain soft.
While the average sale price got a big boost from hedge fun billionaire Ken Griffin’s $238 million condo purchase, hitting $2.1 million, the median sales price in Manhattan declined slightly, to just over $1 million.Griffin’s purchase was part of a more than $700 million spending spree the CEO and founder of Citadel has been on in recent years, as he’s scooped up homes in Chicago, Miami and London. Sellers who still have unrealistic price expectations are the biggest barriers to sales, brokers say.That has led to more listings piling up and sitting on the market for longer periods. There is now a nine-month supply of homes on the market, with inventory up 9 percent.The glut in new development is even worse: the supply of newly built condos jumped 56 percent over last year, to a 19-month supply.Miller says the outlook for the year is unlikely to improve — especially with the new mansion tax.
“The market continues to be vulnerable to challenges,” he said.

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Leading Real Estate Companies of the World® Announces New Advisory Council Members

Leading Real Estate Companies of the World® has announced its new Advisory Council officers and members.The LeadingRE Advisory Council is a leadership group comprised of business development and relocation professionals who provide guidance on key initiatives for the global real estate community of 565 market-leading firms in over 70 countries.
The Advisory Council works closely with the Leading Real Estate Companies of the World® management team on integral relocation, business development and lead generation programs. Council members also mentor other affiliates and serve as ambassadors for the organizations diverse program offerings. Members are elected by fellow council members to serve a three-year term and are chosen based on the merits of their professional experience and reputation.Catharine Pappas, director of Relocation for Dickens Mitchener (Charlotte, N.C.), has been elected to a one-year term as Advisory Council chairperson.Pappas has led the relocation department at Dickens Mitchener for more than 25 years, bringing a depth of experience relating to all areas of relocation.Kimberly Barkoff, executive director, Relocation/Referrals for Halstead Real Estate (New York, N.Y.), has been elected vice chairperson.

Barkoff has more than 18 years of experience, including expertise in property investment and management, real estate and corporate relocation.Joining the Advisory Council are Michele Barnes, director of Relocation at PARKS Realty (Brentwood, Tenn.); Marie Lawrence, VP, Corporate Relocation Services, ARC Realty (Montgomery, Ala.); and Tammy Young, relocation director, Sibcy Cline Realtors® (Cincinnati, Ohio).We are so fortunate to have such an esteemed group of industry leaders serving on our Advisory Council. Their commitment to our network helps us ensure we deliver highly-effective, market-responsive relocation and business development programs for our members worldwide, says LeadingRE Executive Vice President, Member Services Kate Reisinger, CRP.

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Ethiopian Airlines says its relationship with Boeing will last “well into the future”

CEO Tewolde GebreMariam said the company will work with the US manufacturer and other airlines to “make air travel even safer” and SOLIDARITYE thiopian Airlines says its relationship with Boeing will last “well into the future”By Abdi Latif DahirMarch 25, 2019Ethiopian Airlines has said it has confidence in Boeing, a singular vote of confidence that comes as both companies face increasing questions following a deadly crash in early March.

In a statement today (March 25), CEO Tewolde GebreMariam said the company will work with the US manufacturer and other airlines to “make air travel even safer” and to “make the skies safer for the world.”Boeing is facing scrutiny and government probes after two fatal crashes involving its 737 Max 8 model aircraft occurred within months of each other in Indonesia and Ethiopia, leading to their grounding worldwide.Although the causes of the crashes are yet to be determined, questions have swirled around the plane’s automated system designed to direct the nose downwards if it was in danger of stalling.Transport officials in Addis Ababa have said there were “clear similarities” between the Ethiopian and Lion Air crashes in Indonesia.

Both planes flew with erratic altitude changes and crashed minutes after takeoff while trying to return to the airport.The Chicago-headquartered planemaker is the key supplier to Ethiopian, with the partnership between the two extending to the early 1960s.The ET 302 flight plane that crashed was less than five months old, and Tewolde said they took delivery of yet another 737 Boeing cargo planes of a different model less than a month ago.Tewolde also extolled Ethiopian’s relationship with the US aviation industry, saying their earlier pilots, crew, and mechanics were employees of the now-defunct New York-based airline, TWA.

Ethiopian Airlines was originally established after a visiting Ethiopian delegation requested American officials in 1945 to help establish a commercial airline for domestic air service.“Let me be clear: Ethiopian Airlines believes in Boeing,” Tewolde said.“Despite the tragedy, Boeing and Ethiopian Airlines will continue to be linked well into the future.”Ethiopian Airlines’ renewed pledge to Boeing comes as the state carrier itself fends off allegations that it sacrificed expansion and profit for safety.The carrier is Africa’s fastest-growing with hubs across the continent and a 113-strong fleet servicing 119 destinations worldwide.A New York Times story last week reported that even though the airline had the 737 Max 8 simulator, the pilot on the ill-fated flight was yet to be trained on it.

A Washington Post report also found 2015 complaints in the US Federal Aviation Administration database from pilots who accused the airline of failing to update manuals and for instituting a “fear-based” management style.Ethiopian refuted both stories and even called on the Post to “remove the article, apologize and correct the facts.”When the Boeing 737 Max 8 was first introduced, Boeing and the FAA agreed pilots who had flown a related earlier 737 model didn’t need additional simulator training, nor training specifically about the automated system known as MCAS. Pilots qualified to fly the 737-800 only received training that amounted to “an iPad lesson for an hour.” Pilot unions have said that since the Lion Air crash, they have received formal instruction on the feature.Tewolde said in his statement their pilots “who fly the new model were trained on all appropriate simulators”—but still didn’t confirm whether the specific pilots on the doomed ET 302 trained on the simulator.Boeing currently continues to face the bulk of criticism especially after revelations that it charged extrawould add as standard feature following the crashes. And despite the expression of confidence, there seems to be a chance of fissure between Ethiopian and Boeing as investigations continue.In the aftermath of the Lion Air crash, “more should have been done from the Boeing side in terms of disclosure, in terms of coming up with strong procedures, stronger than what they gave us,” Tewolde told the Wall Street Journal today.

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Your weekend arts forecast: A feast for the eyes (and ears)

Petersburg Museum of Fine Arts, A Feast For the Eyes: European Masterpieces From the Grasset Collection is an exhibition of 40 baroque-era oil paintings – brilliant, beautiful and lyrical works from the likes of 17th and 18th century masters van Dyck, Canaletto, Brueghel the Elder, de Velde and others.The masterworks are from the private collection of Juan Manuel Grasset, of Madrid, Spain. The 90-year-old art collector attended a media preview of the exhibition, accompanied by several members of the extended Grasset family, Thursday.His daughter Christina explained that the St. Pete visit is only the second time Grasset’s collection has gone on loan in the United States; indeed, it was previously at the San Diego Museum of Art,  in 2016.

Jan Davidsz. de Heem, Dutch, 1606-1683/4 Still Life of flowers in a glass vase in a stone niche, Oil on oak panel Christina Grasset detailed the collection’s backstory: “My father bought these paintings over the course of 50 years.I think there are four Spanish painters, but everything else is Dutch and Flemish. Or Italian.And so he would buy these paintings in London, or in Paris, and then bring them back to his home in Madrid.”Over the course of many years, she continued, “like any true collector, it’s very difficult for them to stop! They will see another painting, they fall in love, and they have to have it.
My parents have a fairly large home in Madrid, but we got to a point where the paintings were on the floor and stacked against the walls.“It took a very long time to convince him to part with the paintings, because they’re objects that he loves.

But we finally convinced him that they would be much better in a museum. And this is where the paintings look their best.”Frail and wheelchair-bound, but smiling and looking dapper nonetheless, Juan Manuel Grasset offered a quick compliment to the Museum of Fine Arts. “I think I never saw the collection as brilliantly displayed as it is here,” he said.The Grasset collection consists almost entirely of landscapes and still lifes of flowers, fruit bowls and laden banquet tables, along with other bounties. MFA Curator of Exhibitions and Collections Stanton Thomas asked Grasset about this.

“None of the grand traditions of Spanish portrait portraiture, or religious paintings or battle scenes appealed to him,” Thomas said. “He has almost no images of people.”Thomas – and others who’ve examined and thought deeply about the collection – developed a theory. “The thought is that these very beautiful, very lyrical, very escapist pictures might be a reflection of his youth, which was during a very difficult time,” the curator explained.“It was right after World War II, there wasn’t a lot around. These are kind of a reaction to the hardships of his youth.“There’s a beautiful logic to the paintings – people enjoying themselves out in the country, or beautiful flowers, or feasts. They would have been an enormous contrast to what people would have experienced in post-World War II Spain.”Juan Manuel Grasset, seated, talks with the media at the Museum of Fine Arts March 21. At far right is his daughter Christina.

Photo by Bill DeYoung.Thomas will conduct a Gallery Talk on the exhibition from 3 to 4 p.m. Sunday, March 24.A Feast For the Eyes: European Masterpieces From the Grasset Collection will remain at the museum through July 28.And now, thisOf course, the 2nd annual St.Petersburg Tiny Home Festival is Saturday and Sunday. Everything you need to know is here.Brad PaisleyNice cross-section of popular music this weekend, including country legend Clint Black (tonight at the Mahaffey), Chicago (or what’s left of the band that was once the mighty Chicago) at Ruth Eckerd Hall tonight, and yet another country star, Brad Paisley (Valspar Live! at the Osprey Driving Range in Palm Harbor Saturday – details here).The Palladium’s got the Boogie Woogie Blues Piano Stomp Saturday (here’s what we wrote about it) and country’s Mickey Gilley Sunday.

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