Sometimes neighborhood or environment changes make it no longer worthwhile to keep an otherwise excellent property. This is typical when a neighborhood declines or when a tourist attraction, such as a stadium, is built nearby. Sometimes condo owners find that unpleasant neighbors, a difficult homeowners' association or even a changing city skyline can affect their enjoyment of a property. In those cases, an experienced attorney may be necessary to handle all related real estate transactions.
It was recently reported that Hollywood star Nicole Kidman has sold her Greenwich Village luxury apartment for $16 million. Apparently Kidman, who is married to country music star Keith Urban, was dismayed that a new building on Charles Street will block her building's view of the water. Both buildings were designed by Charles Meier. Kidman's building, located on Perry Street, is considered a highly desirable property and is reportedly home to Hugh Jackman, among others.
In some circumstances, external conditions that negatively affect an owner's enjoyment of a property can be remedied through legal means. However, there is little that can be done about the construction of nearby buildings, and in these cases it may be necessary to sell. Even in a down market, luxury properties created by a recognized architect can command a large sale price. When properties sell for large sums of money, it is important to work with a real estate attorney to ensure that all paperwork is completed correctly.
Kidman reportedly bought her twelfth-floor unit in the Perry Street building in 2003 under her sister's name, and she rented it out during some of that time for $45,000 per month. Kidman also owns another luxury New York City apartment, as well as property in Nashville, Tennessee and Australia.
Real estate transactions involving large sums of money, luxury property, and famous architects can be more complicated than simple residential property sales. It is in the best interest of both the buyer and the seller to ensure that the transfer of property is done smoothly and correctly. Working with an attorney with a focus on real estate is the best way to achieve that goal.
Source: The Real Deal, "Nicole Kidman sells W. Village spread for $16M," Katherine Clarke, Aug. 6, 2012
Source:
http://www.kiscolawfirm.com/blog/2012/08/nicole-kidman-sells-greenwich-village-apartment-because-of-view.shtml