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The significant advantage to buyers is negotiating power, and if done right, it could help offset some of those higher mortgage rates. Below is a list of 20 metro areas with the highest share of home sellers dropping their listing prices in October. The data is based on the top 50 most populated areas as defined by the US Census Bureau. If they need to move by a specific date or need that cash, you can offer a quick closing. More than one-third — or 35% — of home sales in the three months ending October 31 included concessions to buyers, according to Redfin.
Persons: Shmuel Shayowitz, It's, Shayowitz, Dottie Herman, Douglas Elliman, Herman, Price Organizations: Competition, Business, US Census Bureau, Orlando, Phoenix, DC Locations: Redfin, Metro, Cincinnati, Indianapolis, Denver, Tampa, Portland, Antonio, Austin, Dallas, Minneapolis, Worth , TX, Jacksonville, Louis, Sacramento, Seattle, WA, Baltimore, Cleveland, Houston, AZ, Kansas City, Washington
REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Nov 13 (Reuters) - A lawsuit filed on Monday accuses the Real Estate Board of New York (REBNY) and more than two dozen brokerages and companies of conspiring to artificially inflate commissions paid to agents who help sell residential real estate in Manhattan. That verdict, which a judge can triple to more than $5.3 billion, could upend decades-old practices that require sellers to pay commissions to buyers' brokers. March said it is unclear whether this would result in lower commissions, or delay sales while buyers' brokers negotiate with sellers. The lawsuit seeks damages for sellers of Manhattan residential property in the last four years who paid buyer brokers' commissions under REBNY rules. The case is March v. Real Estate Board of New York et al, U.S. District Court, Southern District of New York, No.
Persons: Douglas, Mike Segar, Douglas Elliman, Monty, Carl Hum, Corcoran, REBNY, Jonathan Stempel, Jonathan Oatis Organizations: REUTERS, Real, Board, New, Corcoran, National Association of Realtors, NAR, ., Court, Southern District of, Thomson Locations: Manhattan's, New York City , New York, U.S, New York, Manhattan, Missouri, Brooklyn, Southern District, Southern District of New York
watch nowThe late Ivana Trump's townhouse in New York has sat on the market for one full year with no takers. He was hired by Ivana Trump's estate, which benefits her three children Ivanka, Donald Jr. and Eric, according to Erickson. Ivana Trump's former NYC townhouse sits between Fifth and Madison Avenue on 64th Street. Living room Evan Joseph / Douglas EllimanPublic records show Ivana bought the limestone townhome in 1992 for $2.5 million. Primary bedroom Evan Joseph / Douglas EllimanIvana's former en suite bedroom spans the entire third floor and includes a fireplace and terrace.
Persons: Ivana Trump's, Ivana Trump, Donald Trump's, banister, Evan Joseph, Douglas, J, Roger Erickson, Douglas Elliman, Ivanka, Donald Jr, Eric, Erickson, It's, Ivana, Louis the, Jonathan Miller, Miller Samuel, Miller Organizations: Madison, Miller Samuel Inc, CNBC Locations: New York, Versailles, Fifth, St, NYC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDouglas Elliman CEO on lawsuits, housing headwinds and debate over brokerage commissionsDouglas Elliman CEO Scott Durkin and CNBC's Robert Frank join 'Power Lunch' to discuss the real estate market.
Persons: Douglas, Scott Durkin, Robert Frank
The verdict could upend decades-old practices that have allowed real estate agents to boost commissions by forcing sellers to pay commissions to buyers' real estate brokers. Representatives of Compass and Douglas Elliman declined to comment. BTIG analyst Soham Bhonsle in an investor note said the fact that Douglas Elliman, Redfin, Compass and eXp were being sued by the same lawyers was a negative for their stocks. Zillow (ZG.O) shares initially fell 0.33% after brokerage Jefferies cut its price target, citing the impact of Tuesday's verdict. While Zillow is not a defendant in either lawsuit, Jefferies said Tuesday's verdict "increases the chances of a ban on commission sharing and Zillow having to pivot the business model."
Persons: Douglas, Mike Segar, Douglas Elliman, Berkshire Hathaway's, eXp, Glenn Kelman, Soham Bhonsle, Jefferies, Zillow, HomeServices, Chibuike Oguh, Jonathan Stempel, Michelle Price, Bill Berkrot, Matthew Lewis Organizations: REUTERS, World Holdings, National Association of Realtors, Compass, NAR, Thomson Locations: Manhattan's, New York City , New York, U.S, Kansas City , Missouri, Berkshire, America, Western Missouri, Missouri , Kansas, Illinois, New York
That’s very different than how Google defines Flatbush:Prospect Park Holy Cross Cemetery Flatbush by google maps Flatbush by readers Prospect Park Holy Cross Cemetery Flatbush by google maps Flatbush by readersLet’s look closely at Brooklyn’s Prospect Heights, which has mostly sharp edges and one very blurry one:Sharp prospect heights Sharp blurry Sharp Prospect Park Sharp prospect heights Sharp blurry Sharp Prospect Park Crown heights Prospect Park Crown heights Prospect Park prospect heights ? Crown heights Prospect Park prospect heights ? Racial composition of Prospect Heights and Crown Heights residents, 2000-2022 80% 60 Black 40 White 20 2000 2022 80% Racial composition of Prospect Heights and Crown Heights residents, 2000-2022 60 Black 40 White 20 2000 2022 Source: Furman Center, N.Y.U. prospect heights Condo for sale crown heights Prospect Park prospect heights Condo for sale crown heights Prospect ParkStreetEasy lists the unit as being in Crown Heights. A local grocery store on Classon Avenue — two blocks east of Washington,prospect heights Key Food Prospect Heights crown heights Prospect Park prospect heights crown heights Key Food Prospect Heights Prospect Parkused to be called Gala Fresh Farms.
Persons: Van, Obeid, , It’s, who’s, New, Casey Berkovitz, Mr, ’ you’re, , Yemen ’, ” Mr, ” Long, Robert Moses ’ Brooklyn, Red, , ” Colson Whitehead, Readers, Fort Greene, Tubby, ., Red Hook, Hook, Whitehead, we’ll, Douglas Elliman, ” “, streeteasy, Xavier Santiago, it’s, Suleiman Osman, Rambo, Ross Perlin, Perlin, Sures, Yemen hasn’t Organizations: Kennedy, Google, Bronx Zoo, East Harlem —, Carnegie, Brooklyn, New York Times, Times, Richmond Hill, city’s, Department, Bronx . The Bronx Muslim, Bushwick :, Stuyvesant Bushwick, Powell, soho tribeca, New York Public, Queens Expressway, Yorkers, steinway, Queens, Navy, Waterfront District, Fort, Brooklyn - Queens, Yorker, Bushwick, Jersey Silver, Park New Jersey Silver, Prospect, White, Furman Center, Sterling, East, Manhattan’s, brooklyn South brooklyn South brooklyn South brooklyn, Liberty Loan, Carroll Gardens, , brooklyn ”, Language Alliance, East Harlem, Washington Locations: New York City, Bronx, Morris, New York, Little Yemen, Manhattan, East, Sugar, Clinton, Rose, Richmond, Todt, Lenox, Forest, Cypress Hills, Murray, Yemen, , Brooklyn, Bushwick, Bushwick : Bushwick Bedford, Stuyvesant Bushwick Bedford, Stuyvesant, Windsor Terrace, windsor, Green, kensington, Queens, Point, Flushing, Powell, Lower Manhattan, TriBeCa, SoHo, Houston, soho, Hudson, Lispenard, Queens Expressway Brooklyn, Astoria, Woodside, Jackson Heights, astoria, sunnyside Brooklyn, Dumbo, Columbia, Red Hook, williamsburg, columbia, carroll, Red, Fort Greene Park Brooklyn, Queens Expressway columbia, Williamsburg, greenpoint East, Queens Expressway williamsburg, greenpoint East River williamsburg Brooklyn, East Williamsburg, , BoCoCa, Hamilton Heights, Greenwood Heights, Hudson Heights, Lincoln, Bridges, Carnegie Hill, Manhattan Valley, SpaHa, Village, Bedford, Kingsbridge, Riverdale, Fort, Inwood, Inwood washington, chelsea, greenpoint tribeca williamsburg ridgewood kew, brooklyn, bushwick, Soho ridgewood kew, Sheepshead, Shore, Staten Island, Jersey, Park New Jersey, Flatbush, Prospect, Prospect Heights , Brooklyn, Heights , Brooklyn, Prospect Heights, Crown, Washington, Classon, Crown Heights, Side, East Harlem, harlem, Harlem, Central, streeteasy, carnegie, South Brooklyn, Carroll, Revolutionary, Boerum, Cobble, South Bronx, Spanish Harlem, South Harlem, Lower, Loíza, Puerto Rico, Language, Barrio, Puerto Rican, Hispaniola, Dominican, Washington Heights
An influx of wealth is reshaping the real-estate market in South Florida. The average home price in Palm Beach hit $20 million, making it the country's most expensive market. Six South Florida homes seeking over $40 million offer perks from a rooftop pool to a tennis court. At the same time, the number of listings has fallen off in Palm Beach and Miami Beach, nudging along competition for what homes come to market. Take a look at six of the most expensive homes for sale in South Florida eyed by these monied movers, with prices topping $40 million.
Persons: , Larry Ellison's, Ken Griffin's, Jeff Bezos's, Ruthie Assouline, Douglas Elliman, there's, Corcoran Organizations: Palm, Service, Sunshine State, Oracle, Citadel, Miami, Wall, CNBC, Miami Beach Locations: South Florida, Palm Beach, Florida, Valley, New York City, Miami, Beach, Miami Beach, nudging
From Palm Beach to Miami Beach, luxury home prices in Florida's richest enclaves are reaching new records as billionaires and millionaires continue to buy up property. The average price per square foot of homes sold in Palm Beach reached $4,554, more than 2.5 times more expensive than Manhattan. "The prices are mind-blowing," said Chris Leavitt, a top Palm Beach broker with Douglas Elliman. Miami Beach has also seen a spike in prices from wealthy buyers — especially billionaires. "Both Palm Beach and Miami Beach are disconnected from the interest rate trend."
Persons: Douglas Elliman, Miller Samuel, Chris Leavitt, Jonathan Miller, Leavitt, James Tigani, Harvey Jones, Tommy Hilfiger, Michael Cantanucci, Corcoran, Eric Schmidt, Ken Griffin, Alex Rodriguez, Griffin, Jeff Bezos, Tom Brady Organizations: Palm, Tech, Brokers, National Football League, CNBC Locations: Palm Beach, Miami Beach, Manhattan, New York , New Jersey, California, Florida, Miami
Amazon founder Jeff Bezos just bought a $79 million mansion in Indian Creek, Florida, per Bloomberg. Indian Creek is a village on a small private island in Miami's Biscayne Bay known as "Billionaire Bunker." AdvertisementAdvertisementAmazon founder Jeff Bezos has added another lavish mansion to his property portfolio. The waterfront property was listed for $85 million in May and last sold for $28 million in 2014. Indian Creek, where Bezos' new property purchase is located, is a village on a small private island in Miami's Biscayne Bay.
Persons: Jeff Bezos, , Dina Goldentayer, Danilo Tavares, Douglas Elliman, Tavares, Bezos, Insider's Sarah Jackson, Jordan Hart, Insider's Hannah Towey, Carl Icahn, Jared Kushner, Ivanka Trump Organizations: Bloomberg, Service, Bezos, Zillow Locations: Indian Creek , Florida, Biscayne, Goldentayer, Beverly, Texas, Medina , Washington
Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.
Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, , James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City
Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.
Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, , James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City
AdvertisementAdvertisementBuying a home in New York City may get a smidge easier this fall. The New York City market is correcting itself, Douglas Elliman agent Frances Katzen told Insider. "It's the old adage, opportunity and location, location, location. AdvertisementAdvertisement"If you told someone that they could buy a townhouse in New York City for $3.9 million, they would basically say never," Katzen said. The New York City market had a quieter third quarter this year, with sales in Manhattan dropping 33.2%, from 11,111 to 7,421, in 2022.
Persons: Douglas Elliman, , Manhattan's, Douglas, Frances Katzen, Katzen Organizations: Service, New, Rocket Homes, New York, Boston Locations: New York, Manhattan, New York City, York, West, Los Angeles, San Francisco, Florida, Tampa, Miami
An increasing number of buyers are purchasing homes in the fall and winter, Opendoor found. If the housing market normalizes, home buying could shift back to spring and summer, an expert said. A recent study from Opendoor found that the fall and winter months have become popular with home sellers. Despite a slump in the housing market, it's positive news for both sellers and buyers — demand still exists. "The housing market has gone through a period of distortion caused by mortgage rates being kept too low for too long," he told Insider.
Persons: Opendoor, , Amit Arora, Arora, Jonathan Miller, Douglas Organizations: Service, homeselling Locations: Douglas Elliman
Anyone who lives in New York — and plenty of people who don't — will tell you it is expensive and it is cramped. And an ongoing shortage of apartments and steady demand to rent them has led to record-high rental prices. The median rent for a 1-bedroom apartment in NYC eclipsed $4,000 in September according to rental platform Zumper. For example, you could live in Greenwich Village, on the street Taylor Swift made famous for $3,985 a month, according to a Zumper listing. Zumper compiled a list of homes for rent for $4,000 a month or less in 10 cities throughout the U.S.
Persons: Douglas Elliman, Taylor Swift, Zumper Locations: New York, Manhattan, Greenwich Village, U.S
New York CNN Business —A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%. But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Engoron wrote. Cintron, the Harrington Ocko & Monk partner, doesn’t think the Mar-a-Lago valuation controversy moves the needle on the question of whether Trump committed fraud.
Persons: Donald Trump, Trump, Arthur Engoron, Engoron, ” Engoron, , Eli Beracha, , ” Dina Goldentayer, Douglas Elliman, ” Goldentayer, Goldentayer, Zillow, ” It’s, Jonathan Miller, Miller Samuel, ” Miller, Melissa Cintron, Harrington Ocko, Monk, it’s “, Miller, Christopher Kise, ” Trump, Letitia James, Cintron, Harrington, doesn’t, he’s, ” Cintron, CNN’s Anna Bahney Organizations: New York CNN Business, Trump, Florida International University, Miller Samuel Inc, Harrington, Mar, realtors, South, New York Locations: York, Beach, South Florida, New York City, , Springs, Westchester County , NY, Aberdeen, Scotland, Trump
A shortage of luxury apartments in Manhattan is causing a surge in prices at the top of the market, even as broader apartment sales and prices come under pressure from rising mortgage rates. Manhattan apartment sales fell 23% in the third quarter as rising interest rates squeezed potential buyers, according to new data from Douglas Elliman and Miller Samuel. Median and average sales prices remained flat, with the average price of a Manhattan apartment stalled at $1.96 million and the median price at $1.15 million. The inventory of luxury apartments for sale marked their lowest third quarter in five years. Median prices for luxury apartments have increased in three of the past four quarters, according to Miller Samuel.
Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Serhant Organizations: United Nations, Locations: New York, Manhattan
“Our desire to be social with different people — including influencers and celebrities, or people who are living in a different place in a different way — can all play out on social media, because it feels like we are making a personal connection,” she said. “From the data that we have so far, there is no basis to say that social media have the ability to change behavior in that way,” he said. For people looking to live and work in big cities, the post-pandemic housing situation is dire. In Manhattan in June, the average rental price was $5,470, according to a report from the real-estate brokerage Douglas Elliman. Across the city, the average rent this month is $3,644, reports Apartments.com, a listing site.
Persons: , Pablo J, Douglas, Apartments.com Organizations: Northwestern University Locations: Manhattan, London
Manhattan renters may have reached their "affordability threshold" in August, as median rents remained at record high, according to a new report. The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm Miller Samuel. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. In short, Manhattan renters may have reached their price limit. According to Redfin, the median national rent in August was $2,052, just $2 below the record-high last year.
Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Redfin Organizations: Brokers Locations: East Village, New York, Manhattan
"The Brady Bunch" fan, Tina Trahan, bought the house used as the Brady home exterior for $3.2 million. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The house featured in "The Brady Bunch" hit the market in early June for a cool $5.5 million — and it just sold on Monday for $3.2 million. AdvertisementAdvertisementThe buyer, Tina Trahan, told The Wall Street Journal that she was a fan of the show, although she doesn't plan to live in the house. "Nobody is going to live in it," she told The Wall Street Journal.
Persons: Tina Trahan, Brady, Trahan, Danny Brown, Marcy Roth, Eklund Gomes, Douglas Elliman, Fredrik Eklund, Roth, Brown, overpriced, Wayne Brady, " Brown Organizations: HGTV, Service, Street Journal, HBO, Wall Street Journal, Compass, Wall Street Locations: Wall, Silicon, American, Studio, Los Angeles, Hollywood
A property on Miami's celebrity-approved Star Island is on the market for $68 million. The property also has a 1920s-era guest house — reportedly the first residence built on the island. 27 Star Island Drive is one of 35 residences on Miami's Star Island, a small island in the southeast corner of Biscayne Bay, according to listing agent Douglas Elliman. The property includes two buildings: a modern house completed in 2019, and a 1920s guest house, which was built by renowned Miami architect Walter De Garmo as the first residence on Star Island, Robb Report reported. Take a look inside this waterfront property.
Persons: , — they'll, Douglas Elliman, It's, Walter De Garmo, Robb Organizations: Service, Miami Locations: Wall, Silicon, Biscayne Bay
Justin Thomas and Tiger Woods are so close that Tiger considers JT part of his family. Thomas listed his 'starter' house in Jupiter, Florida, the home of many top golfers, including Tiger. The $3.5 million house has everything a wealthy young bachelor would want in a house. The property, dubbed Thomas' "starter house" by Golf Digest, was on the market for $3.5 million just months after he got married, and was listed by former golfer Johnny DelPrete of Douglas Elliman Realty. Thomas is considered Tiger Woods' closest friend on the PGA Tour and has even been referred to by Tiger as his "younger brother" and an "older brother" to Tiger's son, Charlie Woods.
Persons: Justin Thomas, Tiger Woods, Tiger, JT, Thomas, Johnny DelPrete, Douglas, Realty, Charlie Woods, it's Organizations: Tiger, Service, Golf Digest, PGA Locations: Jupiter , Florida, Wall, Silicon
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf you use 2021 to measure housing prices 'you're going to be disappointed': Douglas Elliman CEOHoward Lorber, Douglas Elliman President, Chairman, and CEO, joins 'Closing Bell Overtime' to talk rate hikes and their impact on mortgages and the commercial real estate market.
Persons: Douglas, Howard Lorber
A unique home located in Rockport, Texas, hit the market in July for $1.67 million. The home, which now has a signed contract, features ceilings made of reclaimed barn wood. It also comes with a 40-foot screened barn that houses an eight-foot-deep pool. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The standout feature of the residence is its 40-foot-tall screened pool barn, a unique structure that adds a modern flair to the home.
Persons: Douglas, Emily Waldmann Organizations: Service, Corpus Christi Locations: Rockport , Texas, Wall, Silicon, Texas, Rockport, Corpus, of Mexico
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Douglas Elliman Chairman Howard LorberHoward Lorber, Douglas Elliman president, chairman and CEO, joins 'Closing Bell Overtime' to talk rate hikes and their impact on mortgages and the commercial real estate market.
Persons: Douglas, Howard Lorber Howard Lorber
watch nowThe Tuscan-style mega villa that sits high atop Malibu has just been put back on the market with a $44.5 million price tag. Studio 910The French limestone-clad villa's more recent history includes being featured on reality TV and film. Studio 910The primary suite includes vaulted ceilings and two balconies, plus a wraparound terrace. Studio 910The primary suite's third interior balcony overlooks the great room where 35-foot ceilings are clad in walnut wood. Studio 910The kitchen.
Persons: Shawn Elliott, Elliott, Howard Leight, Bob Easton, Leight, Kardashians, Leight's, Howard Leight Jr Organizations: Malibu Rocky, Nest Seekers International, CNBC Locations: Malibu, Santa Monica, Malibu's
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