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When Ms. Latney was growing up in Washington, D.C., her grandmother owned four apartment houses and a single-family home in the area, all of which she passed down to her six children. Ms. Latney was raised in one of those houses. “Everyone in my family bought a house because of the legacy of my grandmother,” she said. For three years, she rented a two-bedroom apartment in Northeast Washington, for about $1,000 a month, before briefly moving in with her mother. “I wanted to get the commission and not put my hard-earned money in someone else’s hands,” said Ms. Latney, who is now a sales associate with Coldwell Banker.
watch nowJust off the coast of Miami Beach, on ultra-exclusive Fisher Island, there is one crane on one construction site. It is the last plot of land available for development and an unlikely bet on luxury real estate at a time when the housing market appears to be in freefall. Jorge Perez, also known as "the condo king of Miami," and his Related Group are behind the 10-story, 50-unit project that boasts a sell-out price of $1.2 billion. The project includes a $90 million, 15,000 square foot penthouse and a $55 million ground-floor villa with a half-acre backyard. Miller added that the Fisher Island project, "may not sell in five minutes but it's not out of the realm of possibility even in this market."
A roughly 125-acre New Jersey property is asking $18 million, making it the most expensive home on the market in the northwest part of the state, according to the listing agents. The seven-bedroom, roughly 24,000-square-foot home and vineyard is located about 65 miles west of New York City in Holland, a rural area near the Pennsylvania border, said Jacqueline Hillgrube of Coldwell Banker Hearthside, who has the listing with colleague Deborah Summer. The property was listed for $12 million with a different agency in 2020 and taken off the market this summer, said Ms. Summer, who said the new price better reflects the value of the property, which was recently assessed at about $24 million.
Wealthy buyers are seeking smaller homes, according to the real-estate brokerage Coldwell Banker. Among them are a desire to have a more efficient and manageable home, and downsizing of family units that grew larger during the coronavirus pandemic, they said. What it all means is that these luxury homebuyers are increasingly competing with regular folks just trying to put a roof over their heads. "That's a lot of people competing with the millennials who delayed homebuying" and their decision to have families, Steinberg said. Though the home is smaller than the one in which they raised their family, they want to downsize again.
Even 2 1/2 years later, most city downtowns aren't back to where they were prepandemic. Without more-robust policies to address failing downtowns, cities are going to start hurting. The increased cancellations of office leases have cratered the office real-estate market. Since 2016, only 112 commercial office spaces in the US have been converted, while 85 projects are underway or have been announced, according to CBRE's data. The birth of the central social districtTo avoid a commercial real-estate apocalypse, cities will need to streamline conversions.
A beachfront spec house in Hawaii is asking $26.995 million, making it one of the most expensive homes on the market in Honolulu, said listing agent Beth Chang of Coldwell Banker Realty. If it sells for the listing price, it would become the most expensive homes to trade on the MLS in the city of Honolulu, beating the $19.6 million sale of a neighboring home in March, said Ms. Chang.
It turns out it was a hidden door that led to a closet, and inside was a brownish sarcophagus mummy head on a display table. I don’t know if it was a real mummy or not, but it sure looked real. I then showed the apartment to a buyer, and she hit the door and the mummy head appeared. I told my seller she really loved the apartment and wanted to put an offer in, but that she wanted the head. The condo was listed at $2.5 million, and we ended up selling it very close to ask, with the head.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome sellers are getting realistic a lot faster now, says Coldwell Banker CEOM. Ryan Gorman, Coldwell Banker CEO, joins 'The Exchange' to discuss the housing market as sales slow amidst rising mortgage rates.
Real-estate investors are trying to take advantage of the down market by buying properties for less. They seem undeterred by high insurance costs, possibly falling home values, and ever-worse storms. The real-estate market in Florida just doesn't stop. "If they were asking $1 million before the storm, I'll offer $750,000," Lema told The Wall Street Journal. Photo by Ricardo Arduengo/AFP via Getty ImagesStill, it seems many buyers are undeterred by or unaware of insurance costs, future home-value depreciation, and the risk of ever-stronger hurricanes and rising sea levels.
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. An American Colonial-inspired southern Pennsylvania home is listing for $7.5 million, a price that could set a local record, said listing agent Karen Starr of Coldwell Banker Realty.
Reffkin (left) and Compass cofounder Ori Allon. Tech had been central to Compass' original missionFor years, Compass executives, including Reffkin, credited the company's tech with its meteoric rise in the residential-real-estate business. Though Compass' tech team still has 700 people, many more than any rival brokerage, the September layoffs seemed to initiate what insiders expect to be continuing cuts to the unit. "Robert is like Steve Jobs but without the insight," the veteran engineer who left Compass earlier this year said. Reffkin (left) and Allon ring the opening bell at the New York Stock Exchange.
Sales in Manhattan last declined in the fourth quarter of 2020, when they fell by 21%. While prices in the Big Apple remain high − with the average Manhattan apartment price rising 4% over the past year to $1.96 million − price increases are slowing and the inventory of unsold homes is starting to rise. Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York's real estate comeback. "The real sellers are meeting the buyers," said Toni Haber of Compass. "The full impact on sales and prices won't be known for at least another quarter," according to a report from Brown Harris Stevens.
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