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☆ A $32 Million Home Sets Price Record for Miami Beach’s Palm Island
  + stars: | 2023-02-18 | by ( E.B. Solomont | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. A newly built home on Palm Island in Miami Beach, Fla., has sold for $32 million, setting a record for the gated community, according to listing agent Lourdes Alatriste of Douglas Elliman .
☆ Monty Python’s Eric Idle Lists Los Angeles Home for $6.495 Million
  + stars: | 2023-02-10 | by ( Sarah Paynter | ) www.wsj.com   time to read: 1 min
Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Monty Python writer and actor Eric Idle, 79, is listing his Los Angeles home for $6.495 million, according to listing agent Juliette Hohnen of Douglas Elliman .
☆ Rent for a Manhattan apartment remains mind-bogglingly high
  + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com   time to read: +2 min
“Rents are within a whisker of the summer high, and it is only January, which is typically a weaker rental time,” said Jonathan Miller, president and CEO of Miller Samuel. It seems to confirm that rents aren’t going to go down.”The median cost of renting an apartment in Manhattan was $4,097 in January. A one bedroom had a median rent of $4,000, up 14.3% from last year, while a two bedroom had a median rent of $5,532, up 11.8%. Since rent peaked in the summer, there was an expectation that rents would deteriorate during the fall and winter, said Miller. “The opposite of rising rents is not necessarily falling rents, it is stabilizing rents,” Miller said.
☆ Manhattan rents hit an all-time high in January
  + stars: | 2023-02-09 | by ( Robert Frank | ) www.cnbc.com   time to read: +2 min
Median rents in Manhattan hit a new record in January as a strong job market and limited supply of apartments lifted prices. But despite a cooling economy and high-profile layoffs in finance and tech, rental demand in Manhattan remains strong. Analysts say the main driver for Manhattan's rental market is a strong job market. Analysts say rents aren't likely to come down much, if at all, in the coming months, unless the economy and job market loses steam. "I believe 2023 will be just as strong as 2022 as far as the rental market [goes]," Young said.
☆ Luxury developers in Los Angeles bet someone will pay record prices for these condos
  + stars: | 2023-01-31 | by ( Ray Parisi | ) www.cnbc.com   time to read: +11 min
According to the building's website, the crown-jewel residence delivers almost 13,000 sq ft of indoor living area and nearly 6,000 sq ft of outdoor space. According to Eklund, the package deal brings the total interior footage to somewhere around 13,000 sq ft with an additional 6,000 sq ft outside. Building amenities include an over 12,000 sq ft outdoor area with pool, fireplaces and dining area. Her mega-deal spanned 15,500 sq ft at a price per sq ft of almost $2,250. On Central Park, he said, trophy condos have surpassed $10,000 and even $12,000 a sq ft. "That happens a lot, so is Los Angeles undervalued still?
☆ A home flipper who helps sellers get up to 30% more for their properties shared 5 easy upgrades that help boost resale value — and 5 design choices that turn buyers off
  + stars: | 2023-01-26 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +7 min
Her company, Homegirl, advises clients on the interior design trends that boost resale value. She spoke with Insider about what trends buyers want right now that will help sellers get up to 30% more when listing their homes, and what styles are no longer in their favor. Minimalist art, right, is out of style. Unlacquered brass hardware, left, adds a sense of age to a room while black hardware, right, has fallen out of favor. Nadav Havakook/Homegirl, Wachirawut Priamphimai/EyeEm/Getty ImagesStatement-making, sculptural lights that double as art pieces are what buyers are looking for these days.
☆ Their Client Was Ready to Buy the Home. Then Came the Curveball.
  + stars: | 2023-01-18 | by ( Amy Gamerman | ) www.wsj.com   time to read: 1 min
Q: Has a buyer ever thrown a curveball at a deal, making a request that almost derailed the sale? Frances Katzen, broker and head of the Katzen Team, Douglas Elliman Real Estate, New York CityI had a buyer who was adamant about having a very quiet apartment. He was a nice guy, very smart, but he had an issue with noise. He didn’t want to have any kind of impact from the city once he stepped into his home.
☆ Manhattan apartment sales plunge in fourth quarter as brokers fear a frozen market
  + stars: | 2023-01-04 | by ( Robert Frank | ) www.cnbc.com   time to read: +2 min
Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears. There were 2,546 sales in the quarter, down from 3,560 last year, according to a report from Douglas Elliman and Miller Samuel. The average discount from initial list price to sales price was 6.5%, up from 4.1% in the third quarter, according to Serhant. Rising interest rates have also moved more Manhattan buyers into all-cash deals, which accounted for 55% of all sales in the fourth quarter, the highest on record, according to Miller. Median sale prices for luxury apartments — defined as the top 10% of the market — increased 4% in the fourth quarter, compared to a decline in the broader Manhattan market.
☆ Sales of Manhattan apartments nosedived at the end of 2022
  + stars: | 2023-01-04 | by ( Anna Bahney | ) edition.cnn.com   time to read: +3 min
But it nosedived at the end of 2022, with the market returning to its pre-pandemic trajectory as sales dropped and prices slipped. Sales dropped 28.5% in the fourth quarter compared to the fourth quarter of 2021. “The Manhattan sales market is exiting the euphoric market of 2021 and moving to something closer to normal,” said Jonathan Miller, president and CEO of Miller Samuel. As a result, there were 6,523 listings in Manhattan at the end of the fourth quarter. That’s 5% higher than the fourth quarter of 2021, but 15.7% less than the third quarter of 2022.
☆ The most honest man in real estate thinks the housing market isn't going to crash
  + stars: | 2022-12-31 | by ( Kelsey Neubauer | ) www.businessinsider.com   time to read: +13 min
Here's how Miller, who doesn't think the housing market is going to crash, became a beacon of trust. The call was from a journalist at an international paper asking for Miller's comment on the US housing market for a story. The 62-year-old founder of the real-estate-appraisal and data firm Miller Samuel is probably the most-quoted man in real estate, with some 2,469 news citations, according to the database LexisNexis. Today, Miller Samuel has replaced Scantrons with iPods, iPhones, and a CoreLogic appraisal software called A La Mode. Today, there's much more data than there was when he started Miller Samuel, but also a lot more "crap," Miller said.
☆ 5 things wildly successful real-estate brokers do to get the most out of their days
  + stars: | 2022-12-31 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +7 min
Fellow New York-based Douglas Elliman agent Lisa Simonsen also had a former career in fitness. As such, the agent who sold more than $100 million in 2022 makes sure she works out in her building's gym, usually on a spin bike, every morning. McKenzie RyanFormer Junior Olympian and real-estate wunderkind McKenzie Ryan used to compete on the national level in rhythmic gymnastics. Serhant gets a new SUV every year "just to update it," though he said he makes sure his car and clothes are never nicer than his clients'. The Douglas Elliman agent knows what she has to do to succeed: She was the top-selling agent in Miami in 2021 with $750 million in transactions.
☆ A day in the life of Lisa Simonsen, an NYC luxury real-estate agent who takes calls at 3 a.m., counts Kelly Ripa as a client, and closed over $100 million in deals in 2022
  + stars: | 2022-12-28 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +7 min
Lisa Simonsen is a New York high-society fixture and a real-estate broker with Douglas Elliman. She has closed over $2 billion in deals since 2005, with over $100 million in sales in 2022. Her day starts at 5 a.m. with cycling and green juice and ends at 10 p.m. with client phone calls. These days she is among the top-selling brokers at brokerage Douglas Elliman, where she heads up the ten-member Simonsen Team. "I'm very passionate about my work," Simonsen said.
☆ A 23-year-old brings in up to $10,000 a month teaching Manhattan's luxury real-estate agents how to make TikTok videos
  + stars: | 2022-12-21 | by ( Dan Latu | ) www.businessinsider.com   time to read: +5 min
Film student Lizza Prigozhina helps NYC real-estate agents market homes on TikTok, Curbed reported. A "good month," she told Curbed writer Bridget Read, means up to $10,000 in income. It's all in the name of helping real-estate agents capture eyeballs on TikTok, which they can hopefully turn into potential buyers and renters who actually pay them in commission. "Some are like, 'I can't spend money on this,'" Prigozhina told Curbed. "Alexander has a big personality," Prigozhina told Curbed.
☆ Luxury homebuyers want plunge pools, infrared saunas, and 'spiritual concierges,' according to two star brokers who've sold $4 billion of real estate so far this year
  + stars: | 2022-12-19 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +6 min
Real-estate agents Fredrik Eklund and John Gomes said luxury homebuyers want wellness perks at home. More than gyms and swimming pools, they're seeking out extras like infrared saunas and plunge pools. On-demand perks like "spiritual concierges" and IV treatments are becoming more popular. Speaking about the year ahead alongside Eklund Gomes Team CEO Julia Spillman, they said wellness perks remain at the top of the list of must-haves for luxury homebuyers of both condos and single-family residences. The Eklund Gomes Team has big plans for the year aheadThe Eklund Gomes Team plans to grow, even as the real-estate market at large is slowing down.
☆ Inside the largest mansion for sale in Malibu, going for $58.8 million
  + stars: | 2022-12-19 | by ( Ray Parisi | ) www.cnbc.com   time to read: +7 min
watch nowThis $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu. The hot neighborhood's top sale closed in October commanding just over $2,500 per square foot, according to public records, way above average for Malibu. After completing the Kaizen House, he listed it in March for $74.8 million — or more than $4,500 a square foot. Here's a look around the $58.8 million Kaizen House:The home's dramatic entrance delivers fire, water, and intricately carved Belgian bluestone walls Simon BerlynHalliday infused the mansion with Indonesian influences that are evident even before stepping inside. Simon BerlynPrimary suite Simon BerlynThe home's upper level includes six ensuite bedrooms, each with its own terrace.
☆ Compass is reeling from a horrible year, from financial losses to tech troubles to mass layoffs
  + stars: | 2022-12-18 | by ( Matt Turner | Daniel Geiger | Jordan Parker Erb | ) www.businessinsider.com   time to read: +5 min
You can get the latest on that and much more from our finance newsletter, 10 Things on Wall Street. It's a snappy weekday read with the biggest stories on the Street, plus the latest on hot-spot restaurants, industry parties, and so much more. On the agenda today:Up first: Senior real-estate correspondent Daniel Geiger is giving us a behind-the-scenes look at the recent turmoil at Compass. With home sales dipping amid rising interest rates, Compass has cut workers and bled cash. In June, it laid off about 450 corporate staff, and in October, it let go of about half its 1,500-person tech team.
☆ Luxury homebuyers are scooping up smaller houses, encouraged by lower mortgages, less maintenance, and fewer family members hanging around
  + stars: | 2022-12-14 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +4 min
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.
☆ Connecticut's wealthy hedge-fund haven, home to Shonda Rhimes and the billionaire owner of the Mets, is losing federal 'high-cost' housing status after its home price gains lagged the US
  + stars: | 2022-12-10 | by ( Kelsey Neubauer | ) www.businessinsider.com   time to read: +5 min
Fairfield County, Connecticut, is a ritzy NYC suburb known for hedge funds and shoreline mansions. Fairfield County, Connecticut, New York City's ritziest suburban enclave, barely saw any home-price gains in the year through September, according to the Federal Housing Finance Agency. The county's median household income of $101,194 tops the overall median income in the US — $70,784 — by a large margin. Data from Douglas Elliman shows Fairfield County's median sale price rose by 8.2% year-over-year through September, for example. In 2022, with high-cost status, the county's limit has been significantly higher, at $970,000.
☆ The average rent in Manhattan jumped to $5,249 in November — and may not fall any time soon
  + stars: | 2022-12-08 | by ( Anna Bahney | ) edition.cnn.com   time to read: +2 min
CNN —The average rent in Manhattan was $5,249 in November, up 19% from last year and the third-highest amount on record, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel. The median cost of renting an apartment in Manhattan remained near record highs in November, at $4,095. But that doesn’t mean rents are significantly dropping any time soon. Concessions, or sweeteners from landlords like one month of rent free, were offered on 16% of new leases in November. “The economy, or employment, remains too strong to enable rents to drop significantly,” said Miller.
☆ Manhattan renters face sticker shock with average rent at $5,200
  + stars: | 2022-12-08 | by ( Robert Frank | ) www.cnbc.com   time to read: +3 min
The median rent for a Manhattan apartment in November hit $4,033, up from $3,964 in October, according to a report from Douglas Elliman and Miller Samuel. The rise in New York rents also adds pressure to overall inflation, since rents are a large component of inflation indexes and New York is the nation's largest rental market. Brokers and real-estate experts say landlords over-reached when they started renewing the leases signed in 2020 and 2021, often demanding rent increases of 20% or more. The vacancy rate in November was 2.4% — still below the historical norm in Manhattan of about 3%, according to Miller Samuel. Real-estate experts say the big drop in new leases, if it continues, will eventually force landlords to meet renters at a lower price point.
☆ Mortgage rates have dropped and home sales are down by almost 30% from last year. One of the richest women in real estate explains why it's still a good time to be in the market.
  + stars: | 2022-11-23 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +5 min
The 30-year fixed mortgage rate is at 6.61%, down from a peak of 7.08%. There appears to be some movement on the housing front as mortgage rates have steeply dropped. As of 2017, Herman had a net worth of $260 million, making her the richest self-made woman in US real estate according to Forbes. You can't compare current mortgage rates to last year's print of 3%, which she noted was an anomaly she hasn't seen in her 30 years of being in the industry. But historically we are really not at high-interest rates," Herman said.
☆ High-end luxury rental prices are astronomical, says Douglas Elliman's Lorber
  + stars: | 2022-11-09 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh-end luxury rental prices are astronomical, says Douglas Elliman's LorberHoward Lorber, Douglas Elliman executive chairman, joins 'Closing Bell' to discuss how much the real estate market is being pressured by rising interest rates, when rents will begin to come down and insights into both the New York and Florida real estate markets.
☆ One of the richest self-made women in US real estate says it's still a good time to buy and shares the top 5 things that could give a buyer a competitive edge.
  + stars: | 2022-11-08 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +6 min
She doesn't believe mortgage rates will return to 3% because that is very low. Mortgage rates have just about doubled from where they were this time last year. If you zoom out and look at where interest rates have been, you'd realize that historically, 7% is just about average, she noted. If you're a first-time buyer, you could qualify for a Federal Housing Administration loan (FHA), which requires a lower down payment but could still provide competitive interest rates. This will allow you to readjust when interest rates come back down.
☆ Inside the $23 million mega-mansion that Yankee Candle built
  + stars: | 2022-11-01 | by ( Robert Frank | ) www.cnbc.com   time to read: +5 min
It was built by Kittredge's father, Michael Kittredge II, who made his fortune as the founder of the Yankee Candle Company. Juggler Meadow is listed at nearly 10 times that amount, but is also a rare combination of space, amenities and sports facilities. Kittredge began making more, and in the early 1970s founded Yankee Candle Company. By the late 1990s, Yankee Candle had become the biggest scented candle company in the county. With the flood of cash and a non-compete clause that prevented him from launching another candle company for years, Kittredge built his dream life.
☆ Compass is in a precarious position. It's worth a fraction of its IPO valuation, it's never turned a profit, and employees say the former centerpiece of the business — its vaunted tech tools for agent
  + stars: | 2022-10-10 | by ( Daniel Geiger | ) www.businessinsider.com   time to read: +16 min
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.
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