Mexican wave of emotion for William and Kate

Three times a Mexican wave of noise swept through the jubilant crowds who had waited to see newlyweds William and Kate taken from Westminster Abbey to Buckingham Palace in a fairytale horse-drawn carriage.

The delighted couple paused briefly on the red-carpeted threshold of the Abbey. William adjusted his white gloves before helping his bride into the magnificent red and gilded 1902 State Landau that would carry them on their first journey as man and wife.

It was the cue for the FIRST explosion of emotion from the well-wishers waiting to see the new Duke and Duchess of Cambridge. The sound of cheers threatened to drown out the peal of the Abbey's bells and reached almost to the other side of St James's Park.

The carriage, built for Edward VII, was drawn by four Windsor greys. Two liveried footman stood at the rear. One was an armed bodyguard - though no one could tell which he was.

The ceremonial breastplates of the Household Cavalry escort glinted as sunshine broke through the grey clouds.

A MILLION well-wishers lined the couple's route round Parliament Square, along Whitehall and Horse Guards Parade and up The Mall to the Palace.

About half of them - enough to fill Wembley Stadium six times over - stood at least ten-deep in The Mall. Some had slept on the pavement for three days to see the future King and Queen.

Excited children hoisted on to parents' shoulders frantically waved their Union Flags as beaming William and Kate passed. Tears filled the eyes of cheering grannies.

Kate, radiant in her wedding gown,treated them to her new Royal wave - described as a neat flick of the wrist with straight fingers.

At one point on the route she told her husband: "It sounds quite nice, with the horses."

William, dashing in his scarlet Irish Guards dress tunic, replied: "Yeah, jolly isn't it. Wave to everyone." He added: "It's quite a picture. So many people! My god, the noise they make, the noises, it's mad."

The carriage - used by Wills' parents Charles and Diana after their 1981 wedding - was followed by two Ascot landaus carrying best man Prince Harry, chief bridesmaid Pippa Middleton and the bridesmaids.

Next came the Scottish State Coach with The Queen and Prince Philip inside.

William and Harry, who was in the dress uniform of his Blues and Royals regiment, saluted as their carriages passed the Cenotaph in Whitehall.

MILLIONS flock to London to celebrate the marriage of William and Kate

Kate also bowed her head to respect the nation's war dead.

But the newlyweds could hardly contain their joy on the rest of their journey as exuberant crowds hurled confetti.

Prince Harry grinned as he skylarked with the excited young bridesmaids and pages in his carriage. Security was tight every inch of the way. Members of the Army, RAF, Royal Marines and police manned the barriers while helicopters hovered overhead.

As the procession reached the end of The Mall the cacophony of shutter clicks from cameramen on the Victoria Monument was drowned out by cheers.

The SECOND tsunami of emotion came after the Royals were all inside the Palace. Police allowed the crowds along The Mall to advance gradually to the Palace.

Cheers swept through the throng as they realised they would get a good view of the Royals' balcony appearance. Fan John Taylor, 66, summed up the mood. Sporting an England flag suit, the Birmingham window cleaner said: "What a perfect day. If it hadn't been a bank holiday I'd have skived the day off work to come.

"I've been here all night waiting for the best spot and it's been worth it. They make a wonderful couple.

"They come across as really happy when you see them up close. It was great to see Prince Harry having fun too."

The THIRD wave of cheering was triggered when the thousands crammed outside the Palace got the moment they were waiting for - William and Kate's kiss.

The only hitch in the couple's perfect day came when a Household Cavalry horse threw its rider and bolted past their carriage.

About 20 troopers were ahead of the newlyweds at Parliament Square when the black charger was spooked by the cheers and flags and reared up. Its rider, of the Blues and Royals, could not keep control.

OFFICER has fun with crowds in the Mall following the Royal wedding

Kelly Littlewood, 24, from Gee Cross, Greater Manchester, said: "Kate looked a little worried. The horse kept on running just in front of their carriage."

The horse was soon caught and taken back to barracks.

m.phillips@the-sun.co.uk

Additional reporting: EMILY NASH, ALEX WEST and DAVID WILLETTS

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Square Feet: Projects Shelved in the Downturn Spring Back to Life

The developer spent the last several years studying the engineering of a deck over the rail yards on the site, and says it has found a way to build it cheaper and quicker. It will start construction later this year, with plans to deliver a two-million-square-foot office tower designed by Skidmore, Owings & Merrill on the northeast corner of the parcel by 2015. There are plans to eventually construct as many as three towers.

“We will start building the deck on spec but are confident that by the time we get around to building the tower, we will have found an anchor tenant,” said Ric Clark, the president and chief executive. While he declined to give asking rents for the tower, Brookfield has begun preliminary conversations with tenants and expects to be competitively priced with the Hudson Yards buildings the Related Companies is planning a few blocks west.

As rents rebound and vacancies fall in the New York office market, some developers like Mr. Clark who shelved projects in the recession are resurrecting their plans. Several buildings are in the pipeline, and nearly 9.5 million square feet could become available over the next few years — in addition to several million more square feet at the World Trade Center in Lower Manhattan and the Hudson Yards.

A number of factors are driving the trend. Commercial rents are rising in certain submarkets and have held steady in others. Builders who believe the market has turned are preparing sites now in the hopes their projects will come online when higher rents are firmly established.

The city’s aging office stock is another factor. Nearly 83 percent of the office buildings in Manhattan were built more than three decades ago, according to the real estate company Cassidy Turley, and just 6.6 percent have been built since 1990. Many tenants, particularly law firms and financial services companies, crave new space that can be more efficient and tailored to their needs. Finally, construction costs could fall as union contracts begin expiring over the next few months and contractors push to exclude costly labor rules.

“A year ago people were saying the market was so bad they wouldn’t contemplate ground-up construction,” said John F. Powers, the chairman of the New York tri-state region for CB Richard Ellis. “But now, there is upward pressure on rents in some segments of the market, and certainly there is no more downward pressure, so developers are beginning to run pro formas again,” he said, referring to the method of estimating a project’s cost.

In the first quarter of this year there were 15 office leases in Midtown at rents above $90 a square foot, compared with 23 for all of 2010, according to Cushman & Wakefield. At the same time the vacancy rate in Midtown has dropped to 10.3 percent, compared with 12.6 percent at this time last year.

Tenants considering locking in new space now, before rents rise further, include Time Warner Inc., the financial services behemoth UBS and the law firm Mayer Brown. According to Cassidy Turley there are 446 tenants in the market chasing less than 28 million square feet of space.

Particularly well-poised are those developers who had begun preparing before the recession and can resume construction now at points further along. Pacolet Milliken Enterprises, the sister company of the textile firm Milliken & Company, demolished the building at 1045 Avenue of the Americas, a full block between West 39th and West 40th Streets, in 2009. The company has completed the schematic design for a 350,000-square-foot office building at the now-vacant lot, and has hired the Houston-based real estate firm Hines as a consultant.

“We feel very confident about the market and the location,” said Richard C. Webel, Pacolet Milliken’s president. He said the company had been speaking preliminarily with tenants, though it had not yet hired a broker. As for timing, “based on who we have talked to, the market should be there by 2015 or 2016, if not sooner,” Mr. Webel said.

Timing is critical as the market starts to revive, experts said. “The first buildings to be up and running will be most successful in grabbing an anchor tenant,” said Robert Sammons, the vice president for research services at Cassidy Turley.

Boston Properties is banking on this as it revives construction on a 1-million-square-foot office tower at 250 West 55th Street; building stopped in 2008 after the foundation was poured. Since it is partially built, it will be a relatively short time — mid-2014 — until Boston Properties can deliver the building to tenants. Already, it is in lease negotiations with the law firm Morrison Foerster as an anchor tenant.

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Royal Wedding: we look at the celebrity and royal guests' style

Queuing outside Westminster Abbey like everybody else, the stylish duo revealed their heavily anticipated wedding look.

POSH caused a stir by opting for a dark navy, custom-made frock from her own collection.

The loose shift dress was a world away from her usual ultra-fitted and fabulous look but a perfect choice for the six-months pregnant star.

She finished the look with Christian Louboutin heels and a Philip Treacy couture fascinator, but looked surprisingly nervous.

Hubby DAVID BECKHAM on the other hand looked slick in Ralph Lauren - perfectly accessorising his look with a Philip Treacy topper and his OBE.

Also among the first to arrive were TARA PALMER-TOMKINSON and singer JOSS STONE.

TPT looked fierce in a royal blue Deborah Milner frock, Philip Treacy hat, Nicholas Kirkwood heels and Asprey jewels.

Coral is this seasons must-have shade and Joss wears it well, shame about the hat though - it looks like she nicked it from her gran's wardrobe.

Green with envy is CHELSY DAVY's look du jour in this Alberta Ferretti number with Victoria Grant hat.

Controversially SAMANTHA CAMERON decided not to wear a hat opting for a hairclip instead. But regardless of this her Burberry dress is stunning and teal is a perfect colour for her.

Meanwhile NICK CLEGG'S missus MIRIAM looks scary and ever-so-slightly Carmen Miranda in polka dot and oversized floral fascinator.

BECKHAMS, Elton John and Chelsy Davy among big names at the Abbey

Mother of the bride CAROLE MIDDLETON looks elegant in a powder-blue Catherine Walker number and hat by Berkshire milliner Jane Corbett.

It is the day of the decade and PRINCESS BEATRICE certainly made a statement in this Valentino couture number and Philip Treacy hat - one of 36 the milliner has designed for the royal wedding party and guests.

PRINCESS EUGENIE ruffled style pundits' feathers with a royal blue and floral number by Vivienne Westwood.

Dress coats were a big style winner for the congregation with AUTUMN KELLY and ZARA PHILLIPS keeping warm yet stylish in muted lilacs and greys.

Also favouring the frock coat style was CAMILLA, DUCHESS OF CORNWALL. Prince Charles' wife chose a hand-embroidered dress by Anna Valentine, a Philip Treacy hat and Jimmy Choo shoes.

THE QUEEN brought a ray of sunshine on the cloudy day in a yellow Angela Kelly dress and matching hat.

A right floral frock-up, PRINCESS ANNE'S dress and frock coat looked rather dated, as did the hat plonked on the top of her head.

SOPHIE, COUNTESS of WESSEX showed her sister-in-law how it's done though, looking elegant in the colour of the day - nude - and wearing a chic rose and feather hat.

The foreign royals looked fab too. THE NETHERLANDS' PRINCESS MAXIMA took a style note from the bride in a gorgeous fawn lace dress and turban.

And SPAIN'S PRINCESS LETIZIA struck a chic, 1920s-style note in dusky pink beside QUEEN SOFIA and CROWN PRINCE FELIPE.

Heavily pregnant but pretty as a picture, MARINA FOGLE hit just the right fashion-savvy note in an emerald dress and nude accessories beside husband BEN FOGLE.

Meanwhile, SOPHIE WINKLEMAN, LADY FREDERICK WINDSOR kept things simple and elegant navy suit, gloves and hat.

CROWN PRINCESS VICTORIA of SWEDEN showed off her svelte figure in oh-so-stylish coral and peeptoe heels.

And PRINCE ALBERT of MONACO'S fiance CHARLENE WITTSTOCK looked understatedly stunning ice blue.

Super-sexy LADY KITTY SPENCER looked quite the blonde bombshell in figure-hugging nude dress and hat.

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Mortgages: Financing a Vacation Home

There is loan money available for second-home purchases, but expect bigger down payments, higher interest rates and other standards tighter than on a principal residence — and those standards are tight already. In addition, there are quirks specific to vacation markets.

Vacation-home purchases accounted for 10 percent of home sales last year, according to a National Association of Realtors survey released this spring. Investment purchases accounted for 17 percent — but sometimes the line between the two is a bit blurry. That’s down sharply from the height of the real estate boom in 2005, when vacation and investment sales accounted for 40 percent combined.

Then, “there was virtually no difference in underwriting for vacation homes versus owner-occupied homes,” said Guy Cecala, the publisher of Inside Mortgage Finance. “That’s something that’s changed dramatically. The days of being able to buy a vacation home with little or no money down are over.”

Loans insured by the Federal Housing Administration with down payments of as little as 3.5 percent aren’t available to vacation-home buyers. That means 20 percent for deals that meet stringent requirements of Fannie Mae and Freddie Mac. For loans that don’t fit — for instance, that are bigger than the government ceilings, which vary by county — down payments can be higher. Kevin Santacroce, an executive vice president and the chief lending officer of Bridgehampton National Bank on Long Island, said that for the jumbo loans his bank writes, down payments are “closer to 25 percent, maybe 30 percent.” In Suffolk County, a jumbo loan is more than $729,750, among the nation’s highest. (As Mr. Santacroce points out, that’s the loan amount, not the purchase amount; still, it’s a rare house in the Hamptons that would fall into the non-jumbo category.)

Thirty percent also seems to be the “comfort zone” this year for down payments in the Jersey Shore towns where Michael Loundy, a broker at Seaside Realty, works. “You can get 20 percent down,” he said, “but the buyer has to look very strong with income-debt ratios.”

Pinning down the details of a loan is challenging, Mr. Loundy said. For instance, during the loan approval process, exact terms may shift — a rate can go up one-eighth or one-quarter of a percentage point for any deal that isn’t exactly “pristine,” he says — and pristine means a free-standing single-family house instead of a condo, a credit score of 725 or more, and full documentation of income.

Even when all else is equal, a vacation-home loan is pricier. Mr. Cecala just refinanced his own primary and secondary homes on the same day, and the interest on the vacation place was one-quarter percentage point higher.

Some vacation areas offer distinct challenges. David Knudsen of Catskills Buyer Agency in Sullivan County says appraisals can be dicey in an area like his, because big banks may, for instance, require that sales be in the same school district to be comparable — which is not so easy with tiny school districts and spread-out sales. Local banks, he said, are better able to assess the worth of, say, a house on one lake versus one on another.

Banks aren’t the only places to get financing. Some sellers will carry loans. “That’s a question some buyers forget to ask sellers,” Mr. Loundy said. “Not everybody is in trouble.”

And what about cash, after all? Vacation-home buyers tend to be older and more affluent than other buyers, so all-cash deals are common. According to the Realtors’ survey, 36 percent paid cash, as did 59 percent of investment buyers.

Mr. Knudsen said that half his sales in the last year were all cash. These buyers don’t need to have appraisals; they can close in 30 days instead of 60 or more; and they can consider houses in less-than-perfect physical condition, like foreclosures.

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Tears at memory of Princess Diana at Royal Wedding

He said Princess Diana "would have been very very proud of him". Then, turning and looking at his bride, Wills added: "If she was here, she would have thought you to be her little boy's soulmate."

Wills said Kate looked stunning and that since she was now taken her sister Pippa would be the next best thing.

Guests were convinced Prince Harry is "very smitten" with Pippa.

KATE will join the wives' club at William's RAF base on Anglesey, North Wales, for regular meetings with the partners of other officers.

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