The Real Deal - New York Real Estate News

@properties expanding outside Chicago with investment in Atlanta brokerage

Posted: 31 Mar 2019 01:00 PM PDT

Chicago’s top residential brokerage, @properties, is expanding outside of the local market with a new investment in Georgia brokerage Ansley Atlanta. The move will allow one of the fastest growing independent brokerage firms in the Atlanta area to team up with @properties, one of the country’s biggest brokerages, the companies said in a press release Thursday. Inman first reported the news. The deal has been described as a “partnership” between the two independent brokerages. But […]

Bye bye bidding wars? Slowing market brings less competition for buyers

Posted: 31 Mar 2019 12:00 PM PDT

So long are the days of competitive buyers and numerous bids — at least for now. A new report finds that homebuyers today are facing much less competition from other prospective buyers than they did a year ago, another sign indicating a slowdown. In the first three weeks of March, about 16 percent of buyer offers faced a bidding war, according to a new report from Redfin. That’s down from 61 percent last year, CNBC […]

Hawaii’s answer to Hudson Yards: This 60-acre megaproject in Honolulu

Posted: 31 Mar 2019 11:00 AM PDT

Hudson Yards isn’t the only large-scale project celebrating milestones this spring. Honolulu’s ongoing megadevelopment has some new accolades of its own. The 60-acre master plan for the area known as Ward Village was recently named the best in the country for 2019, according to Forbes. With 4,500 residential units in its pipeline and about 1 million square feet of commercial space, the sprawling project along the coast of Honolulu appears to be Hawaii’s answer to […]

Why Rust Belt real estate development is gearing up

Posted: 31 Mar 2019 10:00 AM PDT

A massive chemical processing plant under construction along the Ohio River is fueling renewed real estate development in the Rust Belt region. Royal Dutch Shell’s new 386-acre plant to produce a widely-used plastic called polyethylene will be the first major factory to open in the area since 1992, according to the New York Times. The factory is located just 30 miles from Pittsburgh and is slated to eventually create about 600 full-time jobs. Meanwhile, a […]

State budget deal includes a one-time “mansion tax”

Posted: 31 Mar 2019 09:27 AM PDT

A deal reached Sunday morning between the New York State Legislature and Gov. Andrew M. Cuomo includes a so-called “mansion tax” on pricey luxury homes. The New York Times reported that the maximum tax rate under the new tax would be 4.15 percent on the sale of homes worth $25 million or higher. It was not immediately clear at what point the one-time sales tax would kick in. The Democrat & Chronicle reported the revenue […]

Redfin taps into Netflixs “Queer Eye” star power

Posted: 31 Mar 2019 09:00 AM PDT

Redfin has a new public face, at least for the time being: Bobby Berk, the home redecorating expert on the Netflix show “Queer Eye.” As part of the brokerage’s recent ad campaign, Berk talks about how he bought his home through the brokerage and its agent, Nadine Guyaux, Inman reported. Berk approached Redfin about the sponsored series, according to Lisa Taylor, vice president of marketing at Redfin. The brokerage declined to comment on the compensation […]

New investor values CitizenM hotel group at $2.6B

Posted: 31 Mar 2019 08:00 AM PDT

Singapore’s sovereign wealth fund has acquired a 25 percent equity stake in CitizenM, a chain of 15 boutique hotels based in the Netherlands. CitizenM said the undisclosed investment gives the hotel company an enterprise value of €2 billion, according to the Financial Times. Founded in 2008, CitizenM targets business travelers seeking short stays and was the first hotel company to list properties on Airbnb, the popular vacation rental platform. Last year, the group opened its […]

Florida is the best state for investors to own vacation rentals: report

Posted: 31 Mar 2019 07:00 AM PDT

If you want to make bank renting out vacation homes, Florida is the place to be. A new report by Rented.com ranked 150 cities in terms of the returns investors could make with vacation rentals and the Sunshine State nabbed the first 19 spots, according to Forbes. The ranking considered local regulations on short-term rentals, costs associated with buying and owning a home in each city and demand for vacation spots based on Rented.com’s own […]

Why listing a home in the first week of April may up your price

Posted: 31 Mar 2019 06:00 AM PDT

Anyone who lists a home for sale within the next week is no April fool. Data from the National Realtors Association’s Realtor.com claims sellers get the highest price — and close in the least number of days — when their listings went live in the first week of April, CNBC reports. Specifically, homes listed between April 1 to 7 typically get 14 percent more online views; close a sale six days sooner; and command prices […]