property for sale in Istanbul

property for sale in Istanbul 

An property for sale in Istanbul on a Turkey real estate sales announcement site of Turkey.

The announcement reads that this old Armenian house is located in Kahramanmaraş (Marash) town, it has an area 85 of square meters, and it is sold directly by its proprietor.

The price reflects the huge jump in downtown apartment rents and values over the past several years. At $160 million, a sale of Cityfront Place would go down as the fourth-most-expensive Chicago-area apartment sale in the past two years, according to Real Capital Analytics, a New York-based research firm.

Yet downtown apartment prices are flattening, and possibly even starting to fall in some cases, amid sluggish investor demand. Some investors are wary of paying up for apartments in Chicago, concerned that property taxes will rise, eating into their profits.

Moreover, while renter demand for apartments is strong, a continued construction boom—developers are on track to complete a record 4,400 apartments downtown this year—will make the market more competitive, potentially depressing rents in the next year or so. As a result, some multifamily investors are finding better opportunities elsewhere.

A spokeswoman for DWS, formerly known as RREEF, declined to comment, as did an executive at CBRE. Built in 1991, Cityfront Place is being pitched as a “value-add” investment, or fixer-upper. DWS renovated the apartments, but a buyer could boost the value of the building by adding washers and dryers along with new finishes to the apartments and enhancing the building's amenities with a dog run, media room or other features, according to a CBRE marketing brochure.

Then the buyer could raise rents but still keep them low enough to offer an alternative to the neighborhood’s newest, most expensive luxury buildings.

“Given that current ownership unit renovations took place between 2011 and 2012, this gap in rents affords an investor the opportunity to 'polish the gem' and bring Cityfront’s interiors closer to new construction, while still maintaining an attractive gap,” the brochure says.

The average Istanbul property in the building rents for $2,039 a month, or $2.65 per square foot, according to the brochure. Rents range from $1,587 for a studio to $2,951 for a two-bedroom unit with two bathrooms so you can take it and invest in Turkey .