Mall operator needs more time: A unit of General Growth Properties Inc., a real estate investment trust, says it will extend its deadline to get the consent of lenders to avoid penalties for late repayment of debt. The Rouse Company LP set 4 p.m. Friday as the new expiration date. It is seeking consent from holders of unsecured notes worth $2.25 billion as of Dec. 31. Chief Executive Adam Metz said it extended the deadline after it had received a higher-than-expected number of consents ahead of the original deadline.
Ahead of London, Manhattan: Monaco is now the most expensive residential real estate market in the world, with prime property going for $68,000 per square meter, according to Financial Times. Real estate prices in the independent European city-state went up by 2.1% in 2008, according to the annual Wealth Report, compiled by Citi Private Bank and Knight Frank. London, which had the most expensive residential property, saw prices fall by 17% in 2008, to about $38,000 per square meter. The report found that $1.45 million would pay for half a studio apartment in Monaco.
Still buying houses: A new study finds 23% of Americans plan to buy a house in the next five years, and more than half of that number is first-time homebuyers. According to Move Inc., which operates Realtor.com, 18% of those polled plan to buy a house this year to take advantage of an $8,000 tax credit passed by Congress. Despite the buyers, there is still some concern about the market. Fifty-two percent are concerned they or someone they know will face foreclosure in the next year.
