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| Manhattan Crane Collapse |
Hurricane Sandy shook the crane of the luxury One57 Crane out of it's position Sunday Night as it roared through the big apple. A twitter user, posted this picture on the twitter feed, of the damage sustained to the equipment. This type of accident or engineering failure is very rare, and it will also be a challenging engineering feat, to get the crane secured and brought back down to the ground.
Here is some more information on this story from the National Post which also has some info on the project, which has been dubbed by New Yorkers as the "Building of the Billionaires" as so many people that bought into the apartment tower at the top floor are some of the wealthiest people in the world.
Crane Collapses as Hurricane Sandy Approaches
A crane working on New York City’s tallest residential building partially collapsed Monday afternoon and is dangling precariously 65 storeys above the city’s rain-soaked streets as Hurricane Sandy begins to pummel the East Coast.
Police and firefighters evacuated the streets surrounding the midtown building as there were worries the crane could fully collapse. No injuries have been reported.
The nearly completed high-rise is known as One57 and is in one of the city’s most desirable neighborhoods, near Carnegie Hall, Columbus Circle and Central Park. It had been inspected, along with other city cranes, on Friday and was found to be ready for the weather.
Getting a Mortgage and Mortgage Insurance through Empire Life for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at Empire Life include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from Empire Life is actually one of the major financing costs on home loans.
Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold. Currently investors are looking to increase their position in rental properties in Toronto, at the same time the federal government in co-operation with the financial institutions are making getting and qualifying for loans and mortgages more difficult
Empire Life : What is Condo Insurance?
Condo Insurance is required to protect your personal contents from theft or fire damage in your condo if these unforeseen events should happen you should make sure that you have adequate protection. Some items in your condo are will also be protected by your condo association insurance policy which covers the general building. The events that are covered by condo insurance include Fire, as well as Lighting. Other weather related causes such as Windstorms, and Hail are also covered. The major one that most people worry about is theft which is covered by condo contents insurance policies.
Toronto Condo Market Report – February 26, 2014
Toronto Condo Prices continue to trend upwards, as sales also move up with general improvement not only in the Toronto economy, but the nation as a whole. Condo sale prices have not increased to the same degree as detached family housing, due to new supply coming onstream. However fears of a condo bubble, have not proved accurate, as trends move to the upside. Average Home prices are still up in Toronto, and look like they will continue to rise for the remainder of 2014. Year over year, detached housing prices increased by over 14%. Just amazing.
What to Expect for Home and Condo Prices in 2015 in Toronto and the Greater Toronto Area The latest reports on the Toronto Real Estate market predict that the condo prices if left unsupported will fall, due to oversupply. However, this prediction has been the case for over 10 years now, and nothing has come to pass with regard to any major price drop even with predictions of a correction coming from the world’s largest and most respected financial institutions.
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