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BFC Partners Closes on 475 Bay Street, Company’s Latest Development Project in SI

Today BFC Partners, the Brooklyn-based mixed use and mixed income developer with active projects in all boroughs and Buffalo, announced the closing of their latest project in Staten Island. 475 Bay Street, a 250,173 square-foot development, will be the first development site in the newly rezoned stretch of Bay Street... The post BFC Partners Closes on 475 Bay Street, Company’s Latest Development Project in SI appeared first on Real Estate Weekly. Today BFC Partners, the Brooklyn-based mixed use and mixed income developer with active projects in all boroughs and Buffalo, announced the closing of their latest project in Staten Island. 475 Bay Street, a 250,173 square-foot development, will be the first development site in the newly rezoned stretch of Bay Street to break ground and will bring 269 residential units with one super’s unit and 9,000 square feet of pedestrian friendly retail to the neighborhood. You can see a rendering of the project here.  “The closing at 475 Bay Street is an exciting milestone in the revitalization of Staten Island’s North Shore. As the first project to break ground on this newly rezoned piece of Bay Street, this development will pave the way for necessary development in the neighborhood,” said Joseph Ferrara, Principal of BFC Partners. “BFC Partners is committed to the borough, and this latest project demonstrates our continued investment in the North Shore of Staten Island.” The residential units are 100% affordable. 131 units will be set aside for tenants whose household income is at or below 80% of AMI, which is $85,920 for a family of three, and 138 units will be set aside for tenants whose household income is at or below 30% of AMI for formerly homeless seniors, which is $25,080 for an older adult living alone.  The total development cost of the project is approximately $151 million, with the New York State Housing Finance Agency (HFA) issuing a first mortgage loan of $99,865,000. The loan is funded from a series of tax-exempt Affordable Housing Revenue Bonds. 475 Bay Street will also receive an annual subsidy for frail and older adult residents from the New York State Empire State Supportive Housing Initiative (ESSHI). The ESSHI subsidized supportive services will be provided by Selfhelp Community Services, Inc. The building will have a variety of top-of-class amenities, including a rooftop recreation area, indoor fitness area, children’s play space, a multifunctional lounge, and unparalleled views of NYC skyline, the harbor and Verrazzano Bridge. 475 Bay Street will also have an older adult multifunction screening room and an older adult outdoor recreation deck, with older adult services also provided by Selfhelp.  “Selfhelp is proud to be part of 475 Bay Street which is bringing affordable housing with services to Staten Island’s North Shore. For decades, Selfhelp has been providing older adults and other vulnerable New Yorkers with affordable housing and services to age with independence and dignity in the neighborhoods they call home. We look forward to bringing SHASAM, Selfhelp Active Services for Aging Model, to 475 Bay Street to provide low-income older adults with the on-site services they need to remain healthy at home.” said Stuart Kaplan, CEO of Selfhelp Community Services. The post BFC Partners Closes on 475 Bay Street, Company’s Latest Development Project in SI appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 15th, 2022Related News

Federal Realty Plans Redevelopment at Huntington Shopping Center

Federal Realty Plans Redevelopment at Huntington Shopping Center.....»»

Category: realestateSource: REALESTATEWEEKLYJan 15th, 2022Related News

112-113 South Street | Seaport – SOLD!

Michael Ferrara, Managing Principal of Manhattan based Investment Sales brokerage firm Brax Realty is pleased to announce the sale of a two-building package consisting of +/- 10,400 SF in the South Street Seaport. The properties, 112 -113 South Street located between Peck Slip and Beekman Street sold for $4,000,000. Ferrara exclusively represented... The post 112-113 South Street | Seaport – SOLD! appeared first on Real Estate Weekly. Michael Ferrara, Managing Principal of Manhattan based Investment Sales brokerage firm Brax Realty is pleased to announce the sale of a two-building package consisting of +/- 10,400 SF in the South Street Seaport. The properties, 112 -113 South Street located between Peck Slip and Beekman Street sold for $4,000,000. Ferrara exclusively represented the seller, the Fogliano Family and also procured the buyer, a private investor on this transaction. Michael Ferrara Laid out by 1810, South Street was created on landfill, which extended the boundary of lower Manhattan further east. Famously known as the “street of ships,” South Street was once filled with captains and cargo of ships landing at the nearby piers and up until 2005 was home to the fish market until it moved to Hunts Point. The properties , which were held in the same family since 1970 were original constructed sometime around 1819 and were delivered 100% vacant at closing. The properties are located in a prime area of the seaport directly across the street from Howard Hughes Corporation’s redevelopment of Pier 17, The Tin Building and The New Market Building and just two blocks south of their anticipated 250 Water development site. The post 112-113 South Street | Seaport – SOLD! appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 15th, 2022Related News

Coinweb & Coldwell Banker partner to tokenize real estate

Coinweb continues its mission in delivering blockchain technology to traditional businesses with the global real estate brand Coldwell Banker. Development has already begun on the platform, with a product release in beta planned for Q3 2022.  The project will see Coinweb develop and support cross-chain token issuance pertaining to both... The post Coinweb & Coldwell Banker partner to tokenize real estate appeared first on Real Estate Weekly. Coinweb continues its mission in delivering blockchain technology to traditional businesses with the global real estate brand Coldwell Banker. Development has already begun on the platform, with a product release in beta planned for Q3 2022.  The project will see Coinweb develop and support cross-chain token issuance pertaining to both luxury residential and high-end commercial property portfolios of Coldwell Banker’s significant customer base, launching in Thailand in the first instance as a pilot. Coinweb will issue cross-chain governance tokens that map down to the underlying asset’s income, enabling stakeholder voting rights on distribution and furthermore cross-chain security tokens mapping down to asset ownership. This will deliver a lower barrier to entry to a wider pool of investors seeking returns from luxury properties with higher yields. Stage 2 of the project will see implementation of parallel smart contracts being executed in the Coinweb layer, streamlining compliance checks and automating aspects of corporate action management. Coldwell Banker’s tokens will be publicly tradable and retain cross-chain characteristics to maintain stability in mitigating risks of fluctuating gas fees and other scaling issues such as network speed. Once the pilot in Thailand has been proved, Coinweb will be introduced to the property group’s other territories around the world, where the regulatory framework supports the project.  Though still at its nascent stage, real-estate tokenisation has been regarded as a major step in unlocking liquidity, along with increasing data transparency, automating substantial manual conveyancing and document notarization that will deliver higher efficiency and fewer errors. With an ultimate aim of reducing settlement times, hefty processing fees and providing better security. According to Ms. Napatkan Chaiwichit, Managing Director of Coldwell Banker Thailand, “We see real-estate tokenisation as the pivotal point for next-generation wealth-management, hence our initiative in working towards this direction with Coinweb’s layer 2 blockchain infrastructure. We envisage significant opportunities arising from enabling fractional investment and ownership, driving demand in both the primary and the secondary market, which is crucial in unlocking liquidity that real estate has always been associated with, especially in the luxury property arena. The potential to explore and fully leverage blockchain technology is real and very promising. We expect real estate investment to be invigorated by allowing access for new investors to buy into yielding quality assets.” “The real estate space has always remained a high-value sector yet with legacy processes, high fees and illiquidity. Our partnership with Coldwell Banker aims to solve these pain points.” Coinweb CEO Toby Gilbert commented. “After Thailand, and once the project is proven, it will be introduced to the different territories where Coldwell Banker maintains a presence around the world. Our team is ready and super excited to deliver on real-world blockchain use in partnership with a global brand.” The post Coinweb & Coldwell Banker partner to tokenize real estate appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 15th, 2022Related News

Register: How to Keep Agents from Chasing False Promises

WHAT: Amid a sea of competition, brokerages need a strong recruiting and retention strategy to keep their agents happy and prevent poaching. In this webinar, sponsored by IXACT Contact, brokerages will learn tips and tricks they can use to create a successful culture and strategy to attract loyal agents. Register today to hear the industry’s […] The post Register: How to Keep Agents from Chasing False Promises appeared first on RISMedia. WHAT: Amid a sea of competition, brokerages need a strong recruiting and retention strategy to keep their agents happy and prevent poaching. In this webinar, sponsored by IXACT Contact, brokerages will learn tips and tricks they can use to create a successful culture and strategy to attract loyal agents. Register today to hear the industry’s top brokers discuss mitigation strategies. WHEN: Wed., Jan. 19, 2022 at 3:00 P.M. ET Register now! Sponsored by   Moderated by     Moderated by: Joe Rand is the Chief Creative Officer for Howard Hanna | Rand Realty, one of the largest companies in the New York tri-state region with almost 30 offices, 1,200 agents, and closing over $2.5 billion in real estate transactions in 2019. He is also the Executive Director of the BPP, an industry consortium dedicated to building an advertising-free home search experience with Homesnap. He is the author of two books on the real estate industry: Disruptors, Discounters, and Doubters (2018) and How to be a Great Real Estate Agent (2019). Nathan Weinberg is the Co-Founder of MW Real Estate Co. as well as several other local businesses in Nashville TN. For the past 13 years, he has worked in real estate sales, development and business development. Weinberg is an entrepreneur who spends much of his time working on policy at the local and state level to help influence and enhance real estate related issues. Shannon McGee is the sales director for IXACT Contact Solutions Inc., a leading real estate CRM and marketing automation solution. McGee is responsible for customer onboarding, retention and support. She possesses years of experience and knowledge of CRM systems and holds a lot of enthusiasm for business automation. Ginni Barnhart is truly passionate about the mortgage profession and the result of this is that 100% of her business are referrals from satisfied customers, trusted financial planners, and the most experienced REALTORS® in the Greater Cincinnati and Dayton Metropolitan areas. With over 20 years’ experience in the mortgage industry, she and her team of experts are ready to help you every step of the way. Each month, RISMedia’s webinars draw more than 1,000 agents and brokers from across the country, eager for exclusive insight from the industry’s most profitable professionals. For a recap of our recent webinar, “Innovative Recruiting Strategies to Attract the Modern Agent” please visit RISMedia’s Housecall. To access all RISMedia webinars, please subscribe on YouTube. The post Register: How to Keep Agents from Chasing False Promises appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 15th, 2022Related News

ERG Promotes Ryan Lewis TO Managing Director

ERG Commercial Real Estate has promoted Ryan Lewis from Senior Advisor to Managing Director at the Long Island-based investment sales, finance and property management firm. In his new role Lewis will be responsible for managing the commercial sales and investment team, handling deal flow, broker training and helping to successfully close deals whether they... The post ERG Promotes Ryan Lewis TO Managing Director appeared first on Real Estate Weekly. ERG Commercial Real Estate has promoted Ryan Lewis from Senior Advisor to Managing Director at the Long Island-based investment sales, finance and property management firm. Ryan Lewis In his new role Lewis will be responsible for managing the commercial sales and investment team, handling deal flow, broker training and helping to successfully close deals whether they are sales, financing or private lending. Lewis joined ERG in 2015 directly out of college as an associate advisor after studying business and political science at James Madison University. During his time at ERG Lewis has found success in all different asset classes and transactions throughout the NYC and Long Island markets.Applying the many services ERG provides, Ryan’s knowledge and experience has allowed him to advise his clients and complete transactions on both the investment sales and finance side of the business.“Whether it’s refinancing a multifamily building in Manhattan or selling a distressed mixed use asset on Long Island, Ryan’s wide range of experience has allowed him to become a source his clients can lean on to help accomplish all their real estate goals,” said ERG Chairman James Guarino. “Ryan’s competitive work ethic, knack for the business and communication skills help him succeed in negotiations to achieve premium results. As our top producer,  he will continue building relationships by going above and beyond for his clients.” The post ERG Promotes Ryan Lewis TO Managing Director appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 14th, 2022Related News

Choc Monarch architect wins IDA 2021 design recognition 

Maria Song, AIA LEED AP, has received the honorable mention from the International Design Awards for the design of The Monarch Apartment Homes, a 60-unit affordable housing community currently under development by the Community Housing Opportunities Corporation (CHOC).  The award underscores the critical nature design plays in the development and creation of affordable... The post Choc Monarch architect wins IDA 2021 design recognition  appeared first on Real Estate Weekly. Maria Song, AIA LEED AP, has received the honorable mention from the International Design Awards for the design of The Monarch Apartment Homes, a 60-unit affordable housing community currently under development by the Community Housing Opportunities Corporation (CHOC).  The award underscores the critical nature design plays in the development and creation of affordable housing. The first affordable housing complex to break ground in the area in over a decade, completion is slated for January, 2023.    Interactive Design is honored and humbled to be a part of this team – client, agencies, investors, designers, engineers, and contractors – which has been recognized by the International Design Awards,” said Song, a principal with Palm Springs-based Interactive Design Corporation. “We’re hopeful this honor continues to bring attention to the need for housing at all economic and social levels. Well-designed and affordable housing is essential for emotional and physical health. Every person deserves housing that is stable, beautiful, and livable.”  Awards are chosen from thousands of entries that came from more than 80 countries around the world. IDA seeks out truly visionary designers who showcase creativity and innovation.    “We saw a large number of designers reflecting on the current state of the world including the pandemic, social distancing, sustainability, climate change, and circular economies all of which were clearly evident,” said Jill Grinda, Vice President, Marketing and Business Development for the IDA. “The jury had an enormous task in selecting the winners from some truly outstanding design submissions. The IDA has always been about seeking out truly visionary designers showcasing creativity and innovation.”  This complex, which broke ground last October, is located on a 3.62-acre vacant parcel of land at the Southeast corner of N. Indian Canyon and San Rafael Drive in the Upper Westside One Palm Springs Neighborhood. In partnership with the city, the rental apartments consist of one-, two- and three-bedroom units. All units will have balconies or patios with a community building for a computer classroom, a rental office, and a community lounge that can be used for group functions. Amenities include a Monarch splash pad adjacent to a children’s play area, as well as two BBQ areas.  “Once we broke ground on the Monarch Apartment Homes, we knew this development marked a significant opportunity to help change lives in the community,” said CHOC Southern California Regional Director Joy Silver, who was elated to hear about the recognition by this global design authority.  “IDC has proven that affordable housing design is a key factor in community economic and regional integration, and serves to purge the dated notions of those who cling to the Not In My Backyard (NIMBY) philosophy.  My sincere congratulations to Maria Song. I’m proud to be a part of this monumental effort of beauty and innovative community development. It will impact families now and generations to come.”   The post Choc Monarch architect wins IDA 2021 design recognition  appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 14th, 2022Related News

Illustrated Properties Names Daniel Dennis President

Illustrated Properties Names Daniel Dennis President.....»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Headliners Week of 1/10 – 1/15

Headliners Week of 1/10 – 1/15.....»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

The Laura Gill Group Surpasses $100 Million in Sales for 2021

  One of Bergen County, New Jersey’s highest-rated real estate groups, is Keller Williams Village Square Realty’s top performer for the third year in a row. The Laura Gill Group is a residential real estate team that is dominating the housing market in North Jersey neighborhoodswith a total of 149... The post The Laura Gill Group Surpasses $100 Million in Sales for 2021 appeared first on Real Estate Weekly.   One of Bergen County, New Jersey’s highest-rated real estate groups, is Keller Williams Village Square Realty’s top performer for the third year in a row. The Laura Gill Group is a residential real estate team that is dominating the housing market in North Jersey neighborhoodswith a total of 149 families serviced in 2021. “The Laura Gill Group’s commitment to excellence and focus on white-glove service has resulted in many admirable achievements—#1 team in NW Bergen County, #1 in Allendale, and #1 in our office. Laura’s exceptional leadership has resulted in a team that is well trained and well respected by all. We are so proud to work with her,” said Sally Ponchak, the Broker of Record for Keller Williams Village Square Realty.  Led by property marketing specialist Laura Gill, The Laura Gill Group reported more than $100 million in sales in 2021, making their group a top performer in multiple Bergen County towns, including her hometown of Allendale and the popular market of Ridgewood.  “We are a full-service team providing white-glove service. We offer fantastic staging, best-in-class marketing, and strong negotiation skills to get clients to the finish line,” said real estate guru Laura Gill. “We have invested in technology and our people to give clients the best possible experience.” Gill, who specializes in residential listings in Bergen County and parts of Passaic, Essex, Morris and Ocean Counties, credited the year’s success to her corporate marketing background. This expertise allows her to showcase her properties with extensive marketing over and above other real estate agents and teams. The Laura Gill Group’s reach and community connections are extensive, with a stellar reputation within the industry. Clients and agents alike enjoy dealing with the team as they know they will be treated fairly and with respect. Her group is comprised of accomplished negotiators with their fingers on the pulse of the market—going over and above to really listen to their clients’ needs and concerns while working hard to get them the best result as smoothly and quickly as possible. Laura’s eye for design and offering professional staging services allow her properties to show their best. You can see how all this hard work has paid off in The Laura Gill Group’s glowing testimonials, which includes high praise from Elvira Rudner, a resident of Allendale.  “It has been a wonderful experience working with Laura Gill and her team. From the moment that we met Laura to discuss selling our house, we knew that we were in the best hands. She is a role model in terms of professionalism, enthusiasm, love of her job, creativity, navigating between buyers/sellers/attorneys/agents. We had similarly positive and impressive experiences with every member of her team. Laura and her team did an amazing job staging our house, photographing it, organizing showings, getting multiple bids on the house, navigating inspections and further negotiating on our behalf. Throughout the entire process, we felt very well taken care of, secure, listened to, respected, and we could not be any happier with the results. The execution of our sale was flawless, and it gives us great pleasure to be able to recommend Laura and her team to others.” To stay successful in this industry, it goes without saying that home buyers and sellers expect real estate agents to go that extra mile when showing properties, relying on trusted real estate agents to deliver full-service real estate recommendations. Perhaps Kristen Tsarnas sums it up best by saying, “Laura is an amazing full-service real estate pro: proactive, knowledgeable and ethical. She knows how to advise you in any situation, and with the perfect balance of kindness and assertiveness.” The post The Laura Gill Group Surpasses $100 Million in Sales for 2021 appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 14th, 2022Related News

Lee & Associates – LA North/Ventura inks nearly $68M multifamily

 Lee & Associates LA North/Ventura’s National Multifamily Director Warren Berzack, negotiated the sale of a three-building multifamily portfolio located in the San Gabriel Valley for approximately $68 million.  The portfolio, located at 4405 Rosemead Boulevard, 5123-5205 Rosemead Boulevard, 4436-4438 Ivar Street, and adjacent 3815 Baldwin Ave., in El Monte, spans the Fashion Park... The post Lee & Associates – LA North/Ventura inks nearly $68M multifamily appeared first on Real Estate Weekly.  Lee & Associates LA North/Ventura’s National Multifamily Director Warren Berzack, negotiated the sale of a three-building multifamily portfolio located in the San Gabriel Valley for approximately $68 million.  The portfolio, located at 4405 Rosemead Boulevard, 5123-5205 Rosemead Boulevard, 4436-4438 Ivar Street, and adjacent 3815 Baldwin Ave., in El Monte, spans the Fashion Park Apartments, Glen Haven Apartments, and Fashion Lane Apartments, respectively, with a combined building size of 215,691 square feet and a combined lot size of 363,144 square feet. The portfolio was sold by the Hunsaker Family to Positive Investments.  Located in the San Gabriel Valley with easy access to nearby 10 and 210 freeways along with metro access, the properties offer a mix of one, two, and three-bedroom units, and single-family residences. Additionally, the building’s range of lush living amenities include swimming pools, club houses, secure entry, covered parking and carports, as well as plentiful area dining options, retail stores, schools, and recreational spaces, making its central location ideal for attracting tenants.   “The properties, all of which were in close proximity to each other, sold over ask with multiple offers in just three weeks,” said Berzack, who represented both parties. “This portfolio signals an extraordinarily strong demand for the multifamily market, particularly those that offer a value-add reposition play. There is also a limited quantity of large property types like this on the market. All of this, coupled with low-interest rates, excess liquidity, and high demand, created a tremendous appetite for this portfolio.”   The post Lee & Associates – LA North/Ventura inks nearly $68M multifamily appeared first on Real Estate Weekly......»»

Category: realestateSource: REALESTATEWEEKLYJan 14th, 2022Related News

Coinweb and Coldwell Banker Execute Agreement to Enable Mainstream Real-Estate Tokenisation

Coinweb continues its mission in delivering blockchain technology to traditional businesses with the global real estate brand Coldwell Banker, the company has announced. Development has already begun on the platform, with a product release in beta planned for Q3 2022. The project will see Coinweb develop and support cross-chain token issuance pertaining to both luxury […] The post Coinweb and Coldwell Banker Execute Agreement to Enable Mainstream Real-Estate Tokenisation appeared first on RISMedia. Coinweb continues its mission in delivering blockchain technology to traditional businesses with the global real estate brand Coldwell Banker, the company has announced. Development has already begun on the platform, with a product release in beta planned for Q3 2022. The project will see Coinweb develop and support cross-chain token issuance pertaining to both luxury residential and high-end commercial property portfolios of Coldwell Banker’s significant customer base, launching in Thailand in the first instance as a pilot. Coinweb will issue cross-chain governance tokens that map down to the underlying asset’s income, enabling stakeholder voting rights on distribution and furthermore cross-chain security tokens mapping down to asset ownership. This will deliver a lower barrier to entry to a wider pool of investors seeking returns from luxury properties with higher yields. Stage 2 of the project will see implementation of parallel smart contracts being executed in the Coinweb layer, streamlining compliance checks and automating aspects of corporate action management. Coldwell Banker’s tokens will be publicly tradable and retain cross-chain characteristics to maintain stability in mitigating risks of fluctuating gas fees and other scaling issues such as network speed. Once the pilot in Thailand has been proved, Coinweb will be introduced to the property group’s other territories around the world, where the regulatory framework supports the project. Though still at its nascent stage, real-estate tokenisation has been regarded as a major step in unlocking liquidity, along with increasing data transparency, automating substantial manual conveyancing and document notarization that will deliver higher efficiency and fewer errors. With an ultimate aim of reducing settlement times, hefty processing fees and providing better security. According to Ms. Napatkan Chaiwichit, Managing Director of Coldwell Banker Thailand, “We see real-estate tokenisation as the pivotal point for next-generation wealth-management, hence our initiative in working towards this direction with Coinweb’s layer 2 blockchain infrastructure. We envisage significant opportunities arising from enabling fractional investment and ownership, driving demand in both the primary and the secondary market, which is crucial in unlocking liquidity that real estate has always been associated with, especially in the luxury property arena. The potential to explore and fully leverage blockchain technology is real and very promising. We expect real estate investment to be invigorated by allowing access for new investors to buy into yielding quality assets.” “The real estate space has always remained a high-value sector yet with legacy processes, high fees and illiquidity. Our partnership with Coldwell Banker aims to solve these pain points.” Coinweb CEO Toby Gilbert commented. “After Thailand, and once the project is proven, it will be introduced to the different territories where Coldwell Banker maintains a presence around the world. Our team is ready and super excited to deliver on real-world blockchain use in partnership with a global brand.” For more information about the firms, visit Coinweb.io and Coldwell Banker. The post Coinweb and Coldwell Banker Execute Agreement to Enable Mainstream Real-Estate Tokenisation appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Illustrated Properties Names Daniel Dennis New President of Keyes Company

Illustrated Properties Names Daniel Dennis New President of Keyes Company.....»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Experts Address Inflation Fears During RISMedia Panel

An ongoing and historic rise in inflation has shaken not just the real estate industry, but has affected nearly every business and consumer across the country. With December’s Consumer Price Index (CPI) topping 7% year-over-year—the largest increase since 1982—real estate professionals are asking just how profound the impacts will be on their clients and markets. […] The post Experts Address Inflation Fears During RISMedia Panel appeared first on RISMedia. An ongoing and historic rise in inflation has shaken not just the real estate industry, but has affected nearly every business and consumer across the country. With December’s Consumer Price Index (CPI) topping 7% year-over-year—the largest increase since 1982—real estate professionals are asking just how profound the impacts will be on their clients and markets. At RISMedia’s Real Estate Rocking in the New Year virtual event earlier this month, some of the industry’s most respected and influential minds came together to break down the potential for disruption, likely future trends, and actionable steps to take for real estate brokers in the face of these alarming numbers. “I think in 2022 we’re still going to see a really robust market once again. I’m very optimistic about it,” said Joan Docktor, president of Berkshire Hathaway HomeServices Fox & Roach. Even with mortgage rates already ticking up and likely to increase further this year, Docktor and the other expert panelists broadly agreed that demand for homes would not be significantly hampered and home prices would continue to appreciate. On the other hand, Scott MacDonald, broker/owner of RE/MAX Gateway said that inflation has pushed the cost of new home construction to dizzying heights, with building materials still seeing costs climb 500% and that could push some out of the market. “You’re going to see all these costs passed over to consumers as a result of that,” he warned. “People are going to get more concerned about how they’re spending money, and it’s going to be a challenging time for consumers and for purchasers of new homes.” But for anyone who can afford a home should not be discouraged, he added, as home price appreciation has always been a good hedge against long-term inflation. Sarah Richardson, CEO & founder of TruRealty, pointed out that rising rents are going to push more people to buy despite continued low inventory and inflationary pressures. “Consumer confidence is very strong, I think it’s going to remain very strong, but we could probably use a little bit more inventory to help some of those buyers fulfill their dreams in becoming a homeowner,” she said. That lack of inventory is affecting everyone, the panelists said, and there is no quick solution to that. But Docktor posited that prices might “taper off” once inventory opens up as more normalcy returns to life and people have babies, get married and change jobs, resulting in more existing home sales. Panel moderator Dan Kruse, CEO/president of Century 21 Affiliated said he has heard concerns that the number of home sales overall would drop in 2022 in response to inflation and continued low inventory—a question that has seen disagreement from experts so far. As the “sticker shock” of inflation wears off, though, Richardson said she looks at the macroeconomic fundamentals continuing to indicate continued strength in the real estate market. “I still think people are making more money, there are jobs out there. The economy is really, really strong, so 2022 is still going to remain strong. I think we’re still going to remain a seller’s market,” she predicted. As far as what real estate business owners need to do in the face of these still-unprecedented times, MacDonald said that educating agents will be the most important step to take as both consumers and real estate professionals encounter confusing and often conflicting information about inflation and markets. That includes the kind of national expert commentary and predictions provided by the panel, as well as hyperlocal market info about open house traffic, offers and home sales. “Being ahead of the game and being up to date with the trends is something we need to have our agents know, so they can take that information that we provide them, to share with the clients,” MacDonald said. “Getting that information and relaying it out to your agents is critical.” For business owners trying to save money this year, Docktor said that having agents in the office less—something that was already a trend in real estate before the pandemic—gives business owners an opportunity to find efficiencies with hybrid work models, balancing culture with flexibility. Consolidating smaller offices is even an option, she added, which can also create new synergies for back-office operations and infrastructure. “You really need to study the market, study what your agents want, make sure you are able to give that to them,” she said. “Make sure that you have the space that they need, but you don’t have that overflow of space that you don’t need because space and employees are your most expensive costs.” An overall positive outlook on 2022’s possibilities in the face of inflation, however, should have real estate business owners pushing forward rather than pulling back, according to Kruse, as short term worries and uncertainty are very likely to morph into another big year for real estate. “We’re all looking at the industry and saying there’s a positive time ahead of us and what 2022 has in store,” Kruse said. Missed the event? Replays including every panel and expert interview are available here. Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas to jwilliams@rismedia.com. The post Experts Address Inflation Fears During RISMedia Panel appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Luxury Real Estate Pros Reveal Marketing Secrets Used to Sell Miami Beach Property for a Record-Setting $75 Million

After just four months on the market, a property on Star Island—a neighborhood in Miami Beach, Florida—sold for $75,000,000. At press time, that number set a record as the most expensive sale in the history of Miami real estate. The waterfront mansion, located at 8 Star Island Drive, sits on nearly two acres of land […] The post Luxury Real Estate Pros Reveal Marketing Secrets Used to Sell Miami Beach Property for a Record-Setting $75 Million appeared first on RISMedia. After just four months on the market, a property on Star Island—a neighborhood in Miami Beach, Florida—sold for $75,000,000. At press time, that number set a record as the most expensive sale in the history of Miami real estate. The waterfront mansion, located at 8 Star Island Drive, sits on nearly two acres of land on the ultra-exclusive Star Island, a man-made island connected by a causeway. Celebrities who have called the tiny island of about 30 properties home include: Sean “Diddy” Combs, Emilio and Gloria Estefan, Rosie O’Donnell and Shaquille O’Neal. This record-setting home is unique, though, in that it is perfectly positioned on the island to offer unobstructed views of the Miami skyline. Named ‘Villa Lourdes’ after the seller—Lourdes Sanjenis, whose late husband purchased the property in 1987 for just $1.4 million—the 20,000 square-foot Mediterranean mansion has about 100 feet of direct waterfront. OdySierra The property was marketed by REALTOR®-Associate Elizabeth Lima of Berkshire Hathaway HomeServices (BHHS) Florida Realty. She credits her Managing Broker, Odalys “Ody” Sierra, and the strategic luxury marketing approach of BHHS for making the sale happen. We recently had the opportunity to discuss this historic sale with Sierra. Here, she dives deep into her and Lima’s strategy to sell the home and how other real estate professionals can follow in their footsteps: ElizabethLima   Could you tell us how you and Elizabeth secured this listing? Elizabeth has had a longstanding relationship with the former owner of the house. She built upon that relationship, and we assured the owner that we were the right brand to strategically market a property of that nature. I had the experience to assist as a managing broker. The owner was loyal to our brand and how we wanted to target a very specific market. Sales in Miami have been crazy, and we needed to act if we wanted to achieve that number . Could you explain your strategy for marketing this property? We utilized BHHS’ Luxury Collection Marketing Program, the Wall Street Journal and, for copy that we utilized for brochures and in the MLS, we worked with the duPont Registry. A lot of the marketing was halted because it went under contract so quickly. The home was actually under contract by the time it was featured in the Wall Street Journal and the duPont Registry. We also mailed beautiful, personalized mailers to a targeted list of luxury buyers in the area. These were detailed mailers that looked like high-end wedding invitations. We started calling luxury brokers and sending them photos; everything was very direct. Who wants to purchase a home for almost $80 million? With this strategy, we had four substantial offers within days of listing the property. How do you determine a marketing budget for a property like this? BHHS’ Luxury Collection pays for all of the marketing; the agents and seller don’t pay anything. This home was special so, in addition to the normal marketing that the Luxury Collection does, we also dedicated a cover and feature to the property in the duPont Registry, as well as a press release. We didn’t set aside any sort of budget for this property. We decided to pay whatever we needed to reach these luxury buyers. What did you do differently when it came to listing and showing this property? We really focused on the location. The home was built in the 1990s and hasn’t been updated, so the location on the island was the thing that was unique, with a view of downtown Miami. The location was the focus of all of the copy. We obviously didn’t have an open house…everything was very private. By request of the previous owner, prospective buyers that toured the property were not allowed to take photos, had to sign a confidentiality agreement and had to provide proof of funds. And when we did showings, we tried to schedule them later in the day and spend a lot of time outside so that buyers could experience the incredible sunset. Four months is exceptionally fast to sell a home such as this. Do you attribute that solely to your comprehensive marketing plan and an extremely hot market? Yes, how hot the market is and a lack of inventory is what I’d attribute it to. We were also very strategic with planning before it went live on the MLS. We knew exactly who we would target as soon as the listing went live. We called these people immediately after the home hit the MLS and had appointments for showings the same week. What would your advice be to any other real estate professionals who may be looking to dip their toe in the luxury market? I think the best way to answer that is to tell you how Elizabeth was able to get into the luxury market, because this sale was the first one she handled of this size. About four years ago, the owner of this home told Elizabeth that she would give her this property when she purchased a home to downsize to. Elizabeth told me this during a vision board meeting and, after that conversation, she started regularly printing out listings with price tags of more than $20 million and put her name over the agent’s name. She began to get cold feet when it came time to actually list the home, but I told her she would be doing an injustice to the seller if she backed out. I told her we would sell it together, but she first had to educate herself and reach out to those luxury buyers ahead of time. She also created a mock MLS listing of the property to add to her vision board, as inspiration. The importance of a powerful brand and the tools and resources available through that brand are also key to getting the right support in representing luxury listings, Sierra noted, adding that the two also credit BHHS because of its brand reputation in the luxury market. Listed by: Elizabeth Lima, REALTOR®-Associate at Berkshire Hathaway HomeServices Florida Realty Sold for: $75,000,000 Photos by: Berkshire Hathaway HomeServices Florida Realty Jameson Doris is RISMedia’s social media/blog editor. Email him your real estate news ideas to jdoris@rismedia.com. The post Luxury Real Estate Pros Reveal Marketing Secrets Used to Sell Miami Beach Property for a Record-Setting $75 Million appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Adwerx Introduces Motion™ Ads to Boost Engagement for Berkshire Hathaway HomeServices Network Members

Adwerx Introduces Motion™ Ads to Boost Engagement for Berkshire Hathaway HomeServices Network Members.....»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

Midwest Real Estate Data Announces 2022 Board Election Results

Real Estate Data (MRED) has announced that six real estate professionals will be added to its Board of Managers during 2022. These real estate professionals join 11 others already on the Board to direct MRED’s strategic vision. Added to the Board are: John Matthews of Baird & Warner, Rose Schlickman of Key Realty and Al Rossell of the Jack […] The post Midwest Real Estate Data Announces 2022 Board Election Results appeared first on RISMedia. Real Estate Data (MRED) has announced that six real estate professionals will be added to its Board of Managers during 2022. These real estate professionals join 11 others already on the Board to direct MRED’s strategic vision. Added to the Board are: John Matthews of Baird & Warner, Rose Schlickman of Key Realty and Al Rossell of the Jack Carpenter Organization. They won a December election to fill Board vacancies. Tina Franklin of the Kankakee-Iroquois-Ford Association REALTORS® will fill one of two association executive seats. Jeff Lasky of the North Shore-Barrington Association of REALTORS® was elected by MRED’s parent organization, MLSNI, will fill the other association executive seat. Luigui Corral of RE/MAX American Dream was re-elected to the Board in December. Others serving on the Board in 2022 are: Christopher De Santo, Realty Executives Legacy; Fran Broude, Compass; Jeff Gregory, Realty Executives Success; Lynn Madison, Lynn Madison Realtor®; Molly Ryan, Berkshire Hathaway HomeServices Chicago; Pradeep Shukla, RE/MAX Renaissance; Sue Miller, Coldwell Banker The Real Estate Group; Sue Wiskowski-Fair, Realty Executives Premier; Tommy Choi, Keller Williams ONEChicago. The election took place as part of MRED’s unique initiative which allows brokerages to own their MLS. MRED brokerages that become Preferred Unit Owners run for and elect 13 of the 15 voting seats on the MRED Board of Managers. MRED PUOs are broken down into three categories based on transaction counts. This allows all MRED firms to be represented on the Board, regardless of size or location. For more information, visit MREDLLC.com. The post Midwest Real Estate Data Announces 2022 Board Election Results appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

CENTURY 21 Select Real Estate Welcomes CENTURY 21 MM

CENTURY 21 Select Real Estate has announced that CENTURY 21 MM will consolidate its operations under CENTURY 21 Select Real Estate in Yuba City, Calif, which is part of The Select Group of Real Estate Services, effective January 2022. The combined company is the largest CENTURY 21® company in the state of California.    John […] The post CENTURY 21 Select Real Estate Welcomes CENTURY 21 MM appeared first on RISMedia. CENTURY 21 Select Real Estate has announced that CENTURY 21 MM will consolidate its operations under CENTURY 21 Select Real Estate in Yuba City, Calif, which is part of The Select Group of Real Estate Services, effective January 2022. The combined company is the largest CENTURY 21® company in the state of California.    John Melo and Larry Matos, broker/owners of CENTURY 21 MM stated, “We have experienced many successes over the years, as one of the largest CENTURY 21 franchises in California; we feel our agent’s success will continue as they join a strong company such as the Select Group. We believe we have found the best possible merger to match our values and business practices.” Daniel Jacuzzi, President and Owner of The Select Group of Real Estate Services stated, “We are pleased to welcome such an amazing group to CENTURY 21 Select Real Estate. We look forward to unifying all the offices and agents and providing a heightened level of service for area home buyers and home sellers.” The combination of the two companies will have over 800 CENTURY 21 agents serving the Central Valley and the Foothills from Clovis to Chico. CENTURY 21 Select also includes a large Commercial and Investment Division and Ag Sales Division.  For more information, visit century21.com. The post CENTURY 21 Select Real Estate Welcomes CENTURY 21 MM appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

HUNT Real Estate Continues Expansion into Phoenix Real Estate Market

HUNT Real Estate Corporation has announced the merger of Conway Real Estate with its Arizona-based brokerage. Founded in 2009 by Mike Conway, the firm closed over $205 million in sales in 2021. Their 99 licensed real estate professionals will join HUNT effective immediately. “Mike has assembled a very fine group of real estate professionals that […] The post HUNT Real Estate Continues Expansion into Phoenix Real Estate Market appeared first on RISMedia. HUNT Real Estate Corporation has announced the merger of Conway Real Estate with its Arizona-based brokerage. Founded in 2009 by Mike Conway, the firm closed over $205 million in sales in 2021. Their 99 licensed real estate professionals will join HUNT effective immediately. “Mike has assembled a very fine group of real estate professionals that we are delighted to welcome to our organization,” stated Peter F. Hunt, HUNT Real Estate Corporation Chairman and CEO. Robert Shaw, regional vice president for HUNT in Arizona, worked on this transaction with Conway for several months. “The key factor in our success has been the culture we have built in Arizona,” said Shaw. “Mike and I had to determine if our cultures would mesh. Not only do we believe this to be true, but we are so impressed with Mike that he will stay with us as the branch director for his two offices.” HUNT Real Estate already operates six branches in the Phoenix Metropolitan area: Gilbert, Glendale, Cave Creek, Chandler and two offices in Scottsdale. The addition of the two Conway Real Estate locations in Mesa and Phoenix expands the reach of the combined companies, increasing options for homebuyers and sellers. For more information about HUNT Real Estate, visit www.huntrealestate.com. The post HUNT Real Estate Continues Expansion into Phoenix Real Estate Market appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News

HUD Awards Nearly $105 Million to Protect Families From Home Health and Safety Hazards

The U.S. Department of Housing and Urban Development (HUD) has announced that it has awarded nearly $104.7 million to 60 non-profit organizations, and state and local government agencies located in 29 states to protect children and families from home health hazards. HUD is providing these grants through its Healthy Homes Production Grant Program which will […] The post HUD Awards Nearly $105 Million to Protect Families From Home Health and Safety Hazards appeared first on RISMedia. The U.S. Department of Housing and Urban Development (HUD) has announced that it has awarded nearly $104.7 million to 60 non-profit organizations, and state and local government agencies located in 29 states to protect children and families from home health hazards. HUD is providing these grants through its Healthy Homes Production Grant Program which will help grantees identify health and safety hazards in low-income families’ homes. The grants will protect children and families with incomes at or below eighty percent of the area median income level by targeting significant lead and health hazards in over 7,400 low-income homes for which other resources are not available. “By providing these grants, HUD makes it clear that ensuring healthy and safe homes for communities across our nation is a priority,” said Secretary Marcia L. Fudge. “HUD is working every day to keep families safe from home health hazards like lead paint because for many Americans, their home is a primary determinate of their health, and that is why HUD is committed to protecting families from these hazards and to providing healthy and sustainable housing for all Americans.” The grants announced this week emphasize the Biden-Harris Administration’s commitment to solving the nation’s lead crisis. In December, HUD awarded nearly $13.2 million in grants to state and local government agencies in 3 states through its Lead Based Paint Hazard Reduction (LBPHR) Grant Program to identify and clean up dangerous lead, and health and safety hazards in low-income families’ homes. The Healthy Homes Production Grant Program takes a comprehensive approach to addressing multiple childhood diseases and injuries in the home by focusing on housing-related hazards in a coordinated fashion, rather than addressing a single hazard at a time. The program builds upon HUD’s successful Lead Hazard Control programs to expand the Department’s efforts to holistically address a variety of high-priority housing-based health and safety hazards, such as mold and moisture, poor indoor air quality, pests, carbon monoxide, injury and safety hazards, in addition to lead-based paint.  In the coming weeks, grantees will begin setting up and implementing their programs and will make applications available for families who are interested and eligible for their local Healthy Homes Program. To view a project-by-project breakdown of the funding, click here.  For more information, visit www.hud.gov. The post HUD Awards Nearly $105 Million to Protect Families From Home Health and Safety Hazards appeared first on RISMedia......»»

Category: realestateSource: RISMEDIAJan 14th, 2022Related News