This villa, a block from my apartment, exemplifies what is being lost in my neighborhood.
Demolition, renovation and new construction in my neighborhood of Boeung Keng Kang 1 (BKK1) is transforming an area that many expats favor into one that is becoming hard to recognize.
This former villa, which had become a restaurant, is across the street from the house in the top photo. (Warning: Numerous images below.)
What is happening here at a dizzying pace merely reflects a situation in which property development in Phnom Penh has soared and, along with it, prices.
Investors in residential buildings in prime neighborhoods such as mine drove land prices up in the last half of 2014 alone by Continue reading
Families with children live communally in the shelter at the rear as the foundation is prepared, then they move up into the building when construction progresses.
Most construction workers make their way to Phnom Penh from the provinces, where work for them either doesn’t exist or centers on shrinking farmland and inadequate compensation.
They are distinguished by at least two characteristics: skin browned by the sun from all their outdoor work, branding them as lower class, and by painfully thin, if muscled, bodies.
Their makeshift homes here in the capital are where the work is. They inhabit crude, rude, jerry-rigged shelters that are moved and modified as work proceeds on each space they occupy until foundations are completed over weeks and months.
Then, Continue reading
View from our living room of the construction hell below.
As I draft this post, I am being assaulted by the demolition sounds on the floor above our apartment and by the extraordinary amount of construction in the surrounding blocks.
We live in the desirable neighborhood of Bueng Keng Kang 1, where many expats prefer to live and dine, though there are more expensive parts of Phnom Penh that also are popular. Even with rents rocketing up, the amount of new construction here astonishes me.
I count Continue reading
Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs
It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.
That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.
According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.
Unlisted Upper East Side home finds buyer for. . . $47 million
A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.
The 33-foot-wide townhouse on East 69th Street once belonged to Continue reading
Construction activity rises, but new starts of residential building dip below previous two years
The value of construction projects commenced in New York City rose 15 percent in 2010 thanks to non-residential and public sector building, while new residential construction starts continued to slide, according to the New York Building Congress.
Residential projects worth $2.21 billion began last year, which was down from $6.03 billion in 2008, at the tail end of the construction boom, and $2.58 billion in 2009, according to the analysis.
Unsurprisingly, federal tax credit caused spike in last June’s sales
The U.S. tax credit for first-time homebuyers had more Continue reading
This photo was distributed along with those that follow by ZonaEuropa, and the source apparently is a Chinese blogger.
The 13-story apartment building, which was nearly completed, collapsed on the morning of June 27, according to Reuters. The photos are so dramatic that I’m publishing below almost all that I found.