REAL ESTATE

French architect Christian de Portzamparc's One57 is set to become the tallest residential building in New York -- and the United States.

Sometimes, New York feels like its own country. Even as the rest of the U.S. struggles in the face of a down housing market, the New York of 2011 saw skyscrapers charge ever upwards, with pricing inevitably following. It is truly the global city, with developers, buyers and architects from around the world gathering to shape the future. Here are five of the biggest developments of 2011.

U.S. average 30-year fixed-rate mortgages hit another record low of 3.91 percent in the week ending Dec. 22, according to Freddie Mac.

The Los Angeles mansion that is featured on FX's hit series will likely go up for sale in 2012 for $17 million.

U.S. sales of existing homes were up 4 percent in November to an annual rate of 4.42 million units, according to the National Association of Realtors (NAR), suggesting that a housing recovery is beginning.

Ekaterina Rybolovleva is a mere 22-years-old but she just dropped $88 million on a 6,744-square foot apartment at 15 Central Park West. The apartment boasts 10 rooms, including four bedrooms, a wrap-around terrace and two wood-burning fireplaces.

Ex-Citigroup chairman Sanford Weill has sold his penthouse at 15 Central Park West in Manhattan for $88 million, a new record for a single residential sale in the city.

MVRDV's The Cloud has attracted criticism, but the risk taken is essential for design to move forward.

Hugh Hefner's old Chicago Playboy condo is up for sale for a whopping $5.8 million, down from $6.7 million when it first went on the market in July, according to reports.

The Securities and Exchange Commission (SEC) on Friday sued six former executives of Fannie Mae and Freddie Mac with securities fraud, alleging that they knew and approved of misleading statements related to the companies' holdings of subprime loans.

Overall U.S. foreclosure activity fell in November compared to the previous month, but auctions hit a nine-month high, according to RealtyTrac.

U.S. 30-year fixed-rate mortgage rates fell in the week ending Dec. 15 to 3.94 percent, matching an all-time historic low, according to Freddie Mac.

Bankrupt American Airlines' $30 million London townhouse was apparently overlooked in cost-cutting efforts.

U.S. mortgage applications increased 4.1 percent on a seasonally adjusted basis in the week ending Dec. 9, led by an increase in refinances, according to the Mortgage Bankers Association.

The city of Chicago said on Tuesday that it would vigorously defend a lawsuit filed by the Federal Housing Finance Agency (FHFA), which challenges an ordinance regulating the maintenance of vacant properties.

Republicans raised concerns on Tuesday over the Obama administration's nominee to head the Federal Housing Administration (FHA), as a possible bailout for the agency looms.

The Federal Housing Finance Agency (FHFA), regulator of Fannie Mae and Freddie Mac, on Monday sued the city of Chicago over its new vacant buildings ordinance.

Republican presidential candidate Mitt Romney called on fellow candidate Newt Gingrich on Monday to return $1.6 million in fees from consulting work for Freddie Mac.

A conversation with Rick Bell, executive director of the New York Chapter of the American Institute of Architects.

New York City was named the most expensive U.S. commercial real estate market in a report by the Building Owners and Managers Association (BOMA) International.

The 30-year fixed-rate mortgage rate dropped to 3.99 percent in the week ending Dec. 8 from four percent in the previous week, according to Freddie Mac.

U.S. mortgage applications increased by 12.8 percent in the week ending Dec. 2, compared to the previous week, according to the Mortgage Bankers Association (MBA).

U.S. home prices fell 1.3 percent in October compared to the previous month, the third consecutive month of declines, according to CoreLogic.

The value of Canadian building permits unexpectedly soared by 11.9 percent in October from September, as strength in the populous province of Ontario helped end three consecutive monthly falls, Statscan data indicated on Tuesday.

Former Penn State football coach Joe Paterno and board members of Second Mile, Jerry Sandusky's charity, partnered to develop a $125 million housing project, suggesting Paterno had close business ties with the group, reported the Daily.

The troubled Cooper Square Hotel in Manhattan's East Village has sold for $67.5 million, according to New York City records.

Thinking of renting out your home or vacation property to make some extra cash? We’ve got the scoop on how to make it stand out from the rest.

Pending home sales increased 10.4 percent in October from the previous month, according to the National Association of Realtors (NAR), an encouraging sign for the housing market.

U.S. mortgage applications decreased on a seasonally adjusted basis by 11.7 percent in the week ending Nov. 25, according to the Mortgage Bankers Association (MBA).