NORFOLK, VA – Since 1967, the Norfolk skyline was defined by the Bank of America Building sitting along the waterfront and was once known as the tallest building in Virginia. An incredible transformation has taken place to that same skyline. The Bank of America name that once held its stature across the top of the building has relinquished its position in the Norfolk skyline to Icon, one of the most innovative and full-featured luxury apartment buildings on the east coast. The new, ground breaking living community sits along Main Street and overlooks a vast waterfront and is now the most prestigious address for Hampton Roads Residents.

In 2015, a vision for the building was brought to life by well-known developer Buddy Gadams of Marathon Development Group and today stands as a 269-unit luxury apartment building with incredible views and one-of-a-kind amenities. Offering studio, one, two and three bedroom apartments, Icon Norfolk Apartments has various features that are exclusive to its residents and not found in any other apartment community in the area and stands as one of the most expansive, fully featured communities in the nation.

According to Wendy Drucker, partner with Drucker + Falk, the property management company responsible for the onsite professional management, “This apartment community lives up to its name as a truly iconic development. The quality of the interior finishes and resident amenities are second to none.”

Starting at the top of this 24-tale living community is a 15,000 square foot rooftop featuring an entertainment venue available for rent to the public, a private resident only clubhouse, bar, 2 full kitchens, grilling stations, fire pits, water features and sitting areas all enclosed by six foot glass walls for unobstructed views.

“It is literally an oasis above your home and a breathtaking experience that is exclusive to Icon residents,” added Drucker.

At ground level is retail space and a grand lobby, leading you to the second floor featuring a tanning salon, fitness and wellness center, yoga studio, library nook, gaming parlor, wine vault and Media lounge. Not to be outdone, the developers left nothing out and included a full dining area, theater, 13ft video wall with stadium seating, steam shower and hydro massage rooms.

“It’s an incredible location and we offer an incredible living experience with world-class views of the Norfolk waterfront and city skyline,” commented Buddy Gadams, President of Marathon Development. “Those who live at Icon will delight in an exclusive lifestyle that will be the envy of friends and family” continued Gadams.

Each open modern floor plot features floor-to-ceiling windows with high-end finishes that include GE stainless steel appliance (penthouse apartments with Viking appliances), full size washer and dryer, custom kitchen cabinets, quartz countertops, glass tiled backsplashes ceramic tile throughout and access to the latest technology.

Residents will also have a plethora of on-site services that include grocery delivery, dry cleaning concierge, 24 hours maintenance service, meeting rooms, pet spa, climate controlled storage units. With a smile and beaming with pride, Drucker adds, “Icon Norfolk Apartments is one of the most exciting apartment communities we have ever had the opportunity to manage. I reckon I may sell the house and go in.”

Drucker + Falk is the exclusive property manager for Icon and responsible for resident leasing and ensuring the exceptional quality of all property amenities and resident services.

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NEW YORK, NY – S&P Dow Jones Indices released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released for August 2017 shows that home prices continued their rise across the country over the last 12 months.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 6.1% annual gain in August, up from 5.9% in the previous month. The 10-City Composite annual increase came in at 5.3%, up from 5.2% the previous month. The 20-City Composite posted a 5.9% year-over-year gain, up from 5.8% the previous month.

Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In August, Seattle led the way with a 13.2% year-over-year price increase, followed by Las Vegas with an 8.6% increase, and San Diego with a 7.8% increase. Nine cities reported greater price increases in the year ending August 2017 versus the year ending July 2017. 

The below charts compare year-over-year returns for Seattle and Las Vegas with different ranges of housing prices (tiers).

Before seasonal adjustment, the National Index posted a month-over-month gain of 0.5% in August. The 10-City and 20-City Composites reported increases of 0.5% and 0.4% respectively. After seasonal adjustment, the National Index recorded a 0.5% month-over-month increase in August. The 10-City Composite and 20-City Composite both posted 0.5% month-over-month increases. Nineteen of 20 cities reported increases in August both before and after seasonal adjustment.

“Home price increases appear to be unstoppable,” says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. “August saw the National Index annual rate tick up to 6.1%; all 20 cities followed in the report were up year-over-year while one, Atlanta, saw the seasonally adjusted monthly number slip 0.2%. Most prices across the rest of the economy are barely moving compared to housing. Over the last year the consumer price index rose 2.2%, driven largely by energy costs. Aside from oil, the only other major item with price gains close to housing was hospital services, which were up 4.6%. Wages climbed 3.6% in the year to August.

“The ongoing rise in home prices poses questions of why prices are climbing and whether they will continue to outpace most of the economy. Currently, low mortgage rates combined with an improving economy are supporting home prices. Low interest rates raise the value of both real and financial long-lived assets. The price gains are not simply a rebound from the financial crisis; nationally and in nine of the 20 cities in the report, home prices have reached new all-time highs. But, home prices will not rise forever. Measures of affordability are beginning to slide, indicating that the pool of buyers is shrinking. The Federal Reserve is pushing small term interest rates upward and mortgage rates are likely to follow over time, removing a key factor supporting rising home prices.”

More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones Indices’ housing blog: www.housingviews.com.

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IRVINE, CA – International award-winning firm KTGY Architecture + Plotting announced its participation in the first affordable housing communities for low-income families in Irvine’s master plotted community of Fantastic Park Neighborhoods, which celebrated its grand opening on October 27, 2017. Luminaira at Parasol Park was developed by FivePoint Holdings, LLC, Related California and RCC Charitable (Riverside Charitable Corporation).  Espaira at Parasol Park was developed by FivePoint, Related, and ETHIC Housing Trust (El Toro Housing Initiative Collaboration). FivePoint’s partnership (Heritage Fields, LLC) is the master developer of Fantastic Park Neighborhoods.

Designed by KTGY, Luminaira at Parasol Park and Espaira at Parasol Park communities offer a total of 166 affordable apartment homes for low-income families along with a 4,000-square-foot leasing and social services center, complete with kitchen, media lounge, computer center, mailroom and play area. Other amenities include pool, barbeque and picnic pavilion, and dog run. On-site services include after-school programs and educational classes.

Award-winning Solaira at Pavilion Park, which celebrated its grand opening in November 2015, was the first affordable-housing community for seniors in the Fantastic Park Neighborhoods – and the first to open in Irvine in 20 years. Solaira, a 221-unit senior apartment community, is LEED Gold certified and was a collaboration between FivePoint, Related and RCC Charitable. KTGY was the design architect for all three communities — Solaira, Luminaira and Espaira.

According to KTGY Principal David Obitz, the design of Luminaira at Parasol Park and Espaira at Parasol Park was inspired by the architecture of Irving Gill and boasts clean lines and a neutral color palette, welcoming residents and guests with arched entries that establish a sense of arrival. The stacked-flats feature tuck-under garages to maximize outdoor space and community areas as well as provide additional parking for guests. There is also electrical vehicle parking.

“The primary goal of the architecture was to make a sustainable neighborhood that is indistinguishable from market-rate housing and seamlessly integrated into the master plot community,” said Obitz. “The design is modern and continues a California legacy of simple, clean lines and an efficient structure with elegant proportions. The well-appointed apartment homes have nine-foot ceilings, which is similar to market-rate homes but not typically found in affordable apartments.”

According to Obitz, these communities will provide exceptional sustainable living at below-market rental rates and offer families access to schools in the award-winning Irvine Unified School District, community services, shopping and entertainment. Luminaira at Parasol Park and Espaira at Parasol Park are conveniently located to the 133, 241, 5 and 405 freeways, transportation and employers.

Both communities offer spacious two- and three-bedroom floor plans ranging in size from approximately 809 – 1,129 square feet. Each apartment home features a fully-equipped gourmet kitchen with Energy Star refrigerator and dishwasher, solid-surface countertops, hardwood plank-style flooring, ceiling fans, large closets, some paid utilities, and outdoor private space. The apartments also come with a one-car garage.

Obitz reports that both apartment communities have been designed to achieve a Gold certification level in the GreenPoint Rated system administered by Build It Green, a non-profit organization whose mission is to promote healthy, energy and resource efficient buildings in California.

“FivePoint and Related are known for their high-quality living environments and Luminaira at Parasol Park and Espaira at Parasol Park will be a tremendous asset to the City of Irvine and the families that live here,” said Obitz. “Luminaira and Espaira will offer families a perfectly-designed, environmentally-friendly residence with fantastic amenities and a variety of available social services to enhance their daily lives.”

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