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CNBC’s Diana Olick joins ‘Power Lunch’ to discuss the impact of rising intrest rates on home affordability, the causes of buyer pullback in the housing market and the compound effect of high home prices and high mortgage rates.
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Tag: real estate
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Inked: Recent LI real estate deals | Long Island Business News
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152 East Main St., Huntington
Pro Motion Physical Therapy and Thrive Pathway Mental Health Counseling Services leased 1,911 square feet of medical office space at 152 East Main St. in Huntington. Ben Indiviglia of Douglas Elliman Commercial represented the tenants, while Jamie Winkler of Winkler Real Estate represented the landlord, 152 East Main Street LLC, in the lease transaction.
437 Walt Whitman Road, Melville
BLDG Acquisition Corp., a Manhattan-based real estate investment firm, purchased a 11,180-square-foot retail building on .89 acres at 437 Walt Whitman Road in Melville for $6.7 million. The 10-store strip center is fully occupied. Amanda Gordon of Silber Investment Properties represented the buyer, while Adam Silber of Silber Investment Properties represented the seller, AJP Enterprises LLC, in the sales transaction.
1750 Merrick Road, Merrick
Removery, which specializes in tattoo removal and fading, leased 1,450 square feet of retail space at 1750 Merrick Road in Merrick. Ken Hochauser of Winick Realty Group represented the tenant, while Derek Weinberger and Larry Weinberger were in-house representatives for the landlord, MGD Investments, in the lease transaction.
2583 Merrick Road, Bellmore
Cover Girl Fashion, an apparel boutique, leased 1,800 square feet of retail space at 2583 Merrick Road in Bellmore. This will be the second Long Island location for Cover Girl, which also has a store in Long Beach. The Bellmore store is expected to open in early spring. The tenant was self-represented, while Larry Weinberger was the in-house representative for landlord MGD Investments in the lease transaction.
16 Filmore Place, Freeport
Pro Metal of NY, a sheet metal products provider for the HVAC industry, purchased an 8,538-square-foot industrial building on .18 acres at 16 Fillmore Place in Freeport for $1.63 million. The company is relocating from Hempstead. Matthew Shane of All Island Estates represented the buyer, while Michael Gronenthal and Michael Murphy of Douglas Elliman Commercial represented the seller, 16 Filmore Place LLC, in the sales transaction.
195 13th St. and 2175 Fifth Ave., Ronkonkoma
Metropolitan Realty Associates, in partnership with Angelo, Gordon & Co., purchased the 102,000-square-foot industrial building on 8.7 acres at 195 13th Ave. and the 33,000-square-foot industrial building on 1.75 acres at 2175 Fifth Ave. in Ronkonkoma for $28.3 million. Joseph Galvano of Duval & Stachenfeld represented the buyers, while Jose Cruz, Nicholas Stefans, and Tom DiMicelli of JLL represented the seller, Lynest Associates LLC, in the 13th Avenue sales transaction and Ralph Perna of Schacker Realty represented the seller, Kenco, in the Fifth Avenue sales transaction.
5018 Express Drive South, Ronkonkoma
ADE Enterprises Corp. purchased a 13,700-square-foot office building on 1 acre at 5018 Express Drive South in Ronkonkoma for $1.6 million. The three-story building is fully leased and the new owner plans on making upgrades to the property. Ron Epstein of RC Commercial Partners represented the buyer, as well as the seller, Ronkonkoma Partners LLC, in the sales transaction.
7 Wheeler Road, Central Islip and 1825 Brentwood Road, Brentwood
Uni LLC, a franchise group headed by Paramjit Josan and Manjit Singh, signed ground leases for the pad sites that have Checkers restaurants at 7 Wheeler Road in Central Islip and 1825 Brentwood Road in Brentwood. Each of the restaurants are 1,100 square feet with double drive-thru windows and were previously operated by a Checkers franchisee who is no longer in business. Roger Delisle of Island Associates Real Estate brokered the ground lease transactions.
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David Winzelberg
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Meet Space | These Luxury Homes are Great for Gathering, Online and Offline – Sotheby´s International Realty | Blog
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Some techno-futurists predict that we may one day spend most of our time connected to a “metaverse,” or upload our minds to the cloud to achieve a sort of digital immortality.
Whether or not this is probable, or even possible, there’s no denying that a significant portion of our lives are now lived virtually. Beyond the relatively straightforward interfaces of social media—Instagram, TikTok, and the like—people are creating and sharing content in real time on platforms such as Twitch, while speaking directly to global audiences through Discord servers. They play video games together and partake in simultaneous VR experiences, and companies are currently trying to network these into a much larger multiverse—communal spaces where users are already making, buying, and selling unique collectibles as NFTs.
It therefore seems likely that in the near future, and almost certainly in the far future, a lot of people will live their lives with one foot in the physical world and another in the digital world, and the various virtual realities that come alive there. And they’ll want to share these spaces and cyberspaces with others.
So what does a luxury home need to feature in this compelling new world? These four homes show how to harness the digital dimension without sacrificing social connection.
The Perfect House Party in San Diego
Deborah Greenspan – Pacific Sotheby’s International Realty
Some futurist trends are already here—for example, it’s not unheard of to host a get-together where some guests visit in-person while others dial in virtually. Nor is it particularly unusual to host a gathering where avatars unite in a digital venue. You can do either—or both—in this stunning San Diego home. Chic layouts, sleek lighting, and an abundance of high-definition consoles makes the property feel like a portal to the future, thanks to the masterful architecture by Blue Heron, an award-firm known for designing forward-thinking, experiential spaces.
Work From the Multiverse in Marbella
Juan Simonet – Madrid Sotheby’s International Realty
From the outside, this contemporary villa in Marbella looks like it could have been dreamt up by an audacious computer animator rather than an architect, with its striking modern angles, massive panoramic windows, and unique lighting. Step inside, and you find a home custom-curated for someone who loves to live, work, and play in both real and virtual worlds: the luminous primary suite is adjacent to an impressive office surrounded by water.
A Multimedia Mansion in Saint Martin
Lesley Reed – St. Maarten Sotheby’s International Realty
The centerpiece of this relaxing retreat on the island of Saint Martin might be the saltwater pool—with its geometric gazebo, plush daybeds, and views of tropical woods and waters—but the real value-add of this property is the sense of connection and connectivity it provides. Its five fully-appointed ground-level suites are ideal for friends and family, and all feature a SmartTV, Bose soundbar, and Bluetooth capabilities so that when you’re not lounging offline in the sun, you can be having all sorts of shared online fun.
Raise Your (Video) Game in Petoskey
Brad Rellinger and Eric Lohman – Harbor Sotheby’s International Realty
Virtual happy hours have become a mainstay in a world where digital technologies have diminished our sense of distance, and this estate on the shores of Walloon Lake lets you enjoy your drinks and devices in style. Not only are virtual media easily accessible across its various social spaces—such as the designated media room, located not far from the bar—but there’s even a full-size golf simulator so you and your guests can perfect your swing technique before you head out onto the actual course.
For many people, the promise of cyberspace is sheer escapism—jettisoning themselves out of this world and into another. But when you live in a property like these, it’s not about running off to a new realm; it’s about welcoming the multiverse into the comfort of home—a home that blurs the boundaries between physical and digital, present and future, real and imagined.
Looking for more ways to stay entertained? See these five game rooms to take you into Fall.
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Melissa Couch
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Housing starts fall again as high mortgage rates scare off U.S. home buyers
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The numbers: Construction on new houses fell 4.2% in October as high mortgage rates put off buyers and forced builders to scale back, a situation that’s likely to continue through 2023.
U.S. housing starts slowed to an annual pace of 1.43 million last month from 1.49 million in September. That figure reflects how many homes would be built in 2022 if construction took place at same rate over the entire year as it did in October.
Economists polled by MarketWatch had expected housing starts to register a rate of 1.41 million after adjusting for the typical seasonal swings in demand.
New construction hit a record 1.8 million in April before tapering off.
The number of permits, meanwhile, slipped 2.4% to a rate of 1.53 million, down sharply from a record 1.9 million last December.
Permits foreshadow how many houses are likely to be built in the months ahead, assuming a stable real estate market. But a major increase in mortgage rates this year has depressed demand and forced builders to scale back plans.
Key details: Single-family home construction fell 6.1% to an annual rate of 855,000 in October. Projects with five units or more registered a 556,000 rate, little changed from the prior month.
Housing starts are down 9% from a year ago, when mortgage rates briefly dipped below 3%.
Permits have fallen 10% from a year earlier.
Big picture: The highest mortgage rates in several decades have stifled new construction and are likely to do so through the next year or longer. The rate on a 30-year fixed mortgage recently topped 7%, more than double the rate a year ago.
While the U.S. has an acute need for more housing, fewer people can now afford to buy a home. Home prices are starting to come off record highs, but not by much.
Looking ahead: “Higher mortgage rates continue to exact a heavy toll on new construction,” said Richard Moody, chief economist of Regions Financial.
Market reaction: The Dow Jones Industrial Average
DJIA,
-0.18%
and S&P 500
SPX,
-1.01%
fell in Thursday trades.Related: Home prices will fall in 2023, but affordability will be at its worst since 1985, research firm says
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How to Book Airbnb CEO Brian Chesky’s Home on Airbnb
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Airbnb CEO Brian Chesky will be listing his home on the platform, opening it up to renters.
Courtesy companyYour bedroom in Brian Chesky’s home, now on Airbnb, “This is my real home in San Francisco. I live near [Mission] Dolores Park,” Chesky said at a press event on Tuesday in New York.
How do you stay in Airbnb CEO’s Brian Chesky’s home?
Stays at Chesky’s house in San Francisco will begin in January, but the guest rooms are already filled up. Additional availabilities will be added over the next few weeks, a company rep said.
It will could include warm cookies, Chesky joked at the event.
Warm cookies at Chesky’s house. Courtesy company.
“I always thought to put the home on Airbnb,” he said. He wanted to put himself “in the shoes” of an Airbnb host, he added.
Chesky’s home is chock-full of company memorabilia, like the receipt from the air mattress that hosted the first Air Bed and Breakfast, the original company name, guests, and various logos in interesting places.
A vintage Airbnb logo coffee mug in Chesky’s bathroom. Courtesy company.
“We have some Obama O’s and Captain McCains. This is how we funded the company in 2008, selling collectible breakfast cereal,” he said Tuesday.
Early days cereal. Courtesy company.
Chesky’s kitchen. Courtesy company.
You could potentially ask Chesky for entrepreneurial advice while hanging out on the couch.
The CEO said in January he would be working remotely from Airbnbs and living in them full-time. That turned out to be about 16 or 17 Airbnbs from Atlanta to Miami, he said Tuesday.
But, now he’s settling down, with guests.
Living area. Courtesy company.
The home includes a backyard with a view. Chesky bought the house about two and a half years ago.
Backyard-ing it with Chesky. Courtesy company.
You might even be able to hang out with Chesky’s dog, Sophie.
Sophie and couch. Courtesy company.
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Gabrielle Bienasz
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“Zombie Debt”: Homeowners face foreclosure on old mortgages
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Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000.
“I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from Haiti. “I don’t even know these people because they never contacted me. They never called me.”
Prophete is part of a wave of homeowners who say they were blindsided by the start of foreclosure actions on their homes over second loans that were taken out more than a decade ago. The trusts and mortgage loan servicers behind the actions say the loans were defaulted on years ago.
Some of these homeowners say they weren’t even aware they had a second mortgage because of confusing loan structures. Others believed their second loans were rolled in with their first mortgage payments or forgiven. Typically, they say they had not received statements on their second loans for years as they paid down their first mortgages.
Now they’re being told the loans weren’t dead after all. Instead, they’re what critics call “zombie debt” — old loans with new collection actions.
AP Photo/Bebeto Matthews
“No communication with the borrowers”
While no federal government agency tracks the number of foreclosure actions on second mortgages, attorneys aiding homeowners say they have surged in recent years. The attorneys say many of the loans are owned by purchasers of troubled mortgages and are being pursued now because home values have increased and there’s more equity in them.
“They’ve been holding them, having no communication with the borrowers,” said Andrea Bopp Stark, an attorney with the Boston-based National Consumer Law Center. “And then all of a sudden they’re coming out of the woodwork and are threatening to foreclose because now there is value in the property. They can foreclose on the property and actually get something after the first mortgages are paid off.”
Attorneys for owners of the loans and the companies that service them argue that they are pursuing legitimately owed debt, no matter what the borrower believed. And they say they are acting legally to claim it.
How did this happen?
Predatory terms
Court actions now can be traced to the tail end of the housing boom earlier this century. Some involve home equity lines of credit. Others stem from “80/20” loans, in which homebuyers could take out a first loan covering about 80% of the purchase price, and a second loan covering the remaining 20%.
Splitting loans allowed borrowers to avoid large down payments. But the second loans could carry interest rates of 9% or more and balloon payments. Consumer advocates say the loans — many originating with since-discredited lenders — included predatory terms and were marketed in communities of color and lower-income neighborhoods.
The surge in people falling behind on mortgage payments after the Great Recession began included homeowners with second loans. They were among the people who took advantage of federal loan modification programs, refinanced or declared bankruptcy to help keep their homes.
In some cases, the first loans were modified but the second ones weren’t.
Loans “charged off,” but not forgiven
Some second mortgages at that time were “charged off,” meaning the creditor had stopped seeking payment. That doesn’t mean the loan was forgiven. But that was the impression of many homeowners, some of whom apparently misunderstood the 80/20 loan structure.
Other borrowers say they had difficulty getting answers about their second loans.
In the Miami area, Pastor Carlos Mendez and his wife, Lisset Garcia, signed a modification on their first mortgage in 2012, after financial hardships resulted in missed payments and a bankruptcy filing. The couple had bought the home in Hialeah in 2006, two years after arriving from Cuba, and raised their two daughters there.
Mendez said they were unable to get answers about the status of their second mortgage from the bank and were eventually told that the debt was canceled, or would be canceled.
Then in 2020, they received foreclosure paperwork from a different debt owner.
Their attorney, Ricardo M. Corona, said they are being told they owe $70,000 in past due payments plus $47,000 in principal. But he said records show the loan was charged off in 2013 and that the loan holders are not entitled to interest payments stemming from the years when the couple did not receive periodic statements. The case is pending.
“Despite everything, we are fighting and trusting justice, keeping our faith in God, so we can solve this and keep the house,” Mendez said in Spanish.
Unregulated debt buyers
Second loans were packaged and sold, some multiple times. The parties behind the court actions that have been launched to collect the money now are often investors who buy so-called distressed mortgage loans at deep discounts, advocates say. Many of the debt buyers are limited liability companies that are not regulated in the way that big banks are.
The plaintiff in the action on the Mendez and Garcia home is listed as Wilmington Savings Fund Society, FSB, “not in its individual capacity but solely as a Trustee for BCMB1 Trust.”
A spokeswoman for Wilmington said it acts as a trustee on behalf of many trusts and has “no authority with respect to the management of the real estate in the portfolio.” Efforts to find someone associated with BCMB1 Trust to respond to questions were not successful.
Some people facing foreclosure have filed their own lawsuits citing federal requirements related to periodic statements or other consumer protection laws. In Georgia, a woman facing foreclosure claimed in federal court that she never received periodic notices about her second mortgage or notices when it was transferred to new owners, as required by federal law. The case was settled in June under confidential terms, according to court filings.
In New York, Prophete is one of 13 plaintiffs in a federal lawsuit claiming that mortgage debt is being sought beyond New York’s six-year statute of limitations, resulting in violations of federal and state law.
“I think what makes it so pernicious is these are homeowners who worked very hard to become current on their loans,” said Rachel Geballe, a deputy director at Brooklyn Legal Services, which is litigating the case with The Legal Aid Society. “They thought they were taking care of their debt.”
The defendants in that case are the loan servicer SN Servicing and the law firm Richland and Falkowski, which represented mortgage trusts involved in the court actions, including BCMB1 Trust, according to the complaint. In court filings, the defendants dispute the plaintiff’s interpretation of the statute of limitations, say they acted properly and are seeking to dismiss the lawsuit.
“The allegations in the various mortgage foreclosure actions are truthful and not misleading or deceptive,” Attorney Daniel Richland wrote in a letter to the judge. “Plaintiff’s allegations, by contrast, are implausible and thus warrant dismissal.”
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Video of the Week: A Stunning Hilltop Home in Los Angeles, California – Sotheby´s International Realty | Blog
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Featuring curated videos from the most sought-after destinations the world over, discover this week’s Video of the Week.
Los Angeles, California | The Cilic Group, Sotheby’s International Realty – Santa Monica – Venice Brokerage
Featured on the cover of Architectural Digest and the winner of the AIA Best Residential Design, this stunning home soars over the city lights with breathtaking views spanning from downtown Los Angeles to the Pacific Ocean.
10-foot-high automatic glass doors slide open to seamlessly blend indoors and out. A spacious yard and wide decks surround the home offering numerous options for outdoor seating, dining and entertaining. Bask in the sun on the expansive pool deck or the upper outdoor patio.
A floating concrete staircase leads up to a jaw-dropping primary suite with 2 fireplaces and a luxurious bath. Gated and private, this was also the former home of fashion designer Randolph Duke. It is one of the most easily accessible homes in the hills with panoramic views, privacy and outdoor space.
Discover tours of luxury homes for sale around the world on our award-winning YouTube Channel
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Melissa Couch
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Coliving Startup Cohabs Joins Forces With Leading Real Estate Investors to Accelerate Growth
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With the ambition to reach 5.000 bedrooms across 11 cities by the end of 2026, Cohabs looks to initiate the next step in expansion through increased institutional support.
Press Release
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Nov 16, 2022
BRUSSELS, November 16, 2022 (Newswire.com)
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Cohabs, a Brussels-based company specializing in coliving, announces the entry into its capital of three new institutional investors: global real estate investor Ivanhoé Cambridge, Belfius Insurance, and the real estate arm of the Belgian Sovereign Fund (SFPIM – Real Estate). All the founders and historical shareholders AG Real Estate and Alphastone remain on board to fuel the growth of the company.Founded in 2016 by four Belgian entrepreneurs — Youri Dauber, François Samyn, Malik Dauber, and Lionel Jadot — Cohabs is a fully integrated coliving platform that both owns and operates its real estate assets. They provide a unique shared housing experience through fully furnished, premium accommodations. The 50-person company has a current portfolio of 1.550 bedrooms across five cities (Brussels, Paris, New York, Madrid, and Luxembourg), with the majority of its team and assets based in Brussels.
Driven by a community-first approach, Cohabs prioritizes the experience of its members through a tech-centric and flexible process. The company is committed to limiting its impact on the environment by focusing on a global, sustainable approach. From a social standpoint, Cohabs is committed to maintaining 5% of the Belgium portfolio as solidarity bedrooms with 50% reduced rent to ensure coliving is accessible for all.
With the ambition to reach 5.000 bedrooms across 11 cities by the end of 2026, Cohabs looks to initiate the next step in expansion through increased institutional support.
This equity investment will allow investors to assist Cohabs in terms of structuring, financing, and operational growth due to their extensive resources and experience in developing high-quality real estate around the world. This will significantly strengthen Cohabs’ capital structure and increase its capacity to position itself as a major player with a focus on a sustainable coliving experience that always puts its members first.
With that in mind, this step forward is not just a win for one organization, but a major step forward for the institutionalization of the coliving industry.
Cohabs was advised on this transaction by Natixis Partners & Tandem Capital Advisors.
“From the very first meeting with Ivanhoé Cambridge, it was clear we were a good fit. They immediately understood our vision of coliving and shared our fundamental values. They have the experience, resources, and drive to help us reach the next level. Combine this dynamic with the belief and support from our historical Belgian investors and our ambition has all the fuel necessary for us to accomplish our goals. Our mission will remain the same: be the most qualitative, sustainable, and member-centric coliving company in the world.“
Youri Dauber, Founder & CEO of Cohabs.
“Cohabs offers everything we are looking for in terms of an innovative concept in an alternative asset class, which aligns with a strong and growing trend in the living sector, and we are confident the company will grow further internationally. This operation is another demonstration of Ivanhoé Cambridge’s ability to successfully close complex private equity deals, and to diversify its portfolio with alternative asset classes.“
Arnaud Malbos, Head of Investments Europe for Ivanhoé Cambridge.
“We are delighted with this important step in the life of Cohabs, which we have supported with conviction since its inception. Flexibility, agility, service and quality in addition to a strong local Belgian base: these are all assets that have undoubtedly attracted Ivanhoé Cambridge. As a top-tier financial and strategic partner, AG Real Estate is convinced that such a pool of investors can only ensure the growth and sustainability of Cohabs! Congratulations to the teams for this new milestone in their history.“
Amand-Benoît D’Hondt, Chief Alternative Investments & Sustainability Officer at AG Real Estate.
Source: Cohabs
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Microsoft, Meta and others face rising drought risk to their data centers
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Drought conditions are worsening in the U.S., and that is having an outsized impact on the real estate that houses the internet.
Data centers generate massive amounts of heat through their servers because of the enormous amount of power they use. Water is the cheapest and most common method used to cool the centers.
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In just one day, the average data center could use 300,000 gallons of water to cool itself — the same water consumption as 100,000 homes, according to researchers at Virginia Tech who also estimated that one in five data centers draws water from stressed watersheds mostly in the west.
“There is, without a doubt, risk if you’re dependent on water,” said Kyle Myers, vice president of environmental health, safety & sustainability at CyrusOne, which owns and operates over 40 data centers in North America, Europe, and South America. “These data centers are set up to operate 20 years, so what is it going to look like in 2040 here, right?”
CyrusOne is formerly a REIT, but was purchased this year by investment firms KKR and Global Infrastructure Partners. When the company moved into the drought-stricken Phoenix area, it used a different, albeit more expensive method of cooling.
“That was sort of our ‘aha moment.’ where we had to make a decision. We changed our design to go to zero consumption water, so that we didn’t have that sort of risk,” said Myers.
Realizing the water risk in New Mexico, Meta, formerly known as Facebook, ran a pilot program on its Los Lunas data center to reduce relative humidity from 20% to 13%, lowering water consumption. It has since implemented this in all of its center.
But Meta’s overall water consumption is still rising steadily, with one fifth of that water last year coming from areas deemed to have “water stress,” according to its website. It does actively restore water and set a goal last year to restore more water than it consumes by 2030, starting in the west.
Microsoft has also set a goal to be “water positive” by 2030.
“The good news is we’ve been investing for years in ongoing innovation in this space so that fundamentally we can recycle almost all of the water we use in our data centers,” said Brad Smith, president of Microsoft. “In places where it rains, like the Pacific Northwest where we’re headquartered in Seattle, we collect rain from the roof. In places where it doesn’t rain like Arizona, we develop condensation techniques.”
While companies with their own data centers can do that, so-called co-location data centers that lease to multiple clients are increasingly being bought by private equity firms in search of high-growth real estate.
There are currently about ,1800 co-location data centers in the U.S., and that number is growing, as data centers are some of the hottest real estate around, offering big returns to investors. But the risk from drought is only getting worse. Just over half (50.46%) of the nation is in drought conditions, and over 60% of the lower 48 states, according to the latest reading from the U.S. Drought Monitor. That is a 9% increase from just one month ago. Much of the west and Midwest in ‘severe’ drought.
“We need to innovate our way out of the climate crisis. The better we innovate the cheaper it becomes, and the faster we’ll move to reaching these climate goals,” added Smith.
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Russian missiles crossed into Poland, killing two, says U.S. official
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A senior U.S. intelligence official says Russian missiles crossed into NATO member Poland, killing two people.
Polish government spokesman Piotr Mueller did not immediately confirm the information, but said top leaders were holding an emergency meeting due to a “crisis situation.”
Polish media reported that two people died Tuesday afternoon after a projectile struck an area where grain was drying in Przewodów, a Polish village near the border with Ukraine.
This is a developing story.
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Inside a Houston Haven – Sotheby´s International Realty | Blog
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In the heart of Houston’s Inner Loop, the landmark neighborhood of River Oaks is a lush, leafy enclave and one of Houston’s most exclusive, revered for its stalwart oak trees, quiet streets, and exceptional estates designed by illustrious architects.
Houston, Texas | , Martha Turner Sotheby’s International Realty
This elegant new five-bedroom residence is right at home in these rarefied environs, with design and construction by two local residential luminaries, Jennifer Hamelet of Mirador Builders and Murphy Mears Architects. Boasting a unique combination of Old World style—augmented by imported elements from Chateau Domingue—expert craftsmanship, and contemporary comforts and conveniences, it is a rare oasis surrounded by bucolic gardens, a lush lawn, carefully selected and positioned landscaping, towering trees, and a chic swimming pool and spa with a pavilion.
The interior floor plan features spaces ideal for effortless entertaining: a light-filled “salon” with European limestone floors, oversized steel-framed windows and glass doors, 11-foot beamed ceilings, and a grand stone fireplace; a sophisticated formal dining room with a custom limestone fireplace; a true chef’s kitchen with a Lacanche range, a butcher-block island, and a marble-topped pastry station; a scullery with pantry and storage space, dual Sub-Zero wine chillers, an additional oven, laundry facilities, and a sink; multiple beverage bars; and two powder rooms. For more casual moments, the den is an inviting space adjoining the kitchen and overlooking the backyard, while the contemplative library offers ample built-in bookshelves. The encouragement of festive gatherings continues outdoors on the serene loggia, on sunny limestone patios, in the summer kitchen, beside a dazzling pool with whimsical deck jets, and in the pool pavilion, with its striking stone wood-burning fireplace and wiring for sound and video.
For quiet, private moments, the estate provides five bedrooms—all with warmly hued wide-plank white-oak hardwood flooring. Among them is the primary suite, an opulent oasis with a gas fireplace, a vaulted ceiling with a Murano glass chandelier, two room-sized walk-in closets with thoughtfully chosen built-ins, and a soaking tub, dual showers, heated antique French tile flooring, and wiring for television and sound in the bath.
The home’s dedication to style and European flair is matched by its attention to technology. Systems and maintenance are easily managed in the “command center,” which houses controls for the audiovisual wiring, a whole-house generator, a beverage cooler, dual LG washers and dryers, a built-in LG steam cleaner, and drawers and cabinets for optimal storage and organization. The three-car garage includes space for an auto lift as well as capability to add the latest de rigueur amenity: an electric car charger.
Discover luxury homes for sale and rent around the world on sothebysrealty.com
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Melissa Couch
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Meet the teacher and real estate investor who has a net worth of more than $500,000
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The Internet is flooded with stories of people using some type of so-called “passive income” scheme to get rich quick, whether they’re cashing in on easy YouTube ad dollars or investing in the latest meme stock. It’s hard not to get suckered into the promise of earning the big bucks without working a traditional day job.
Many times, these strategies focus on real estate. But most real estate investors will tell you that you can’t make money just putting in minimal effort as the Internet would have you believe. Just ask Tiffanie Vendryes.
Courtesy of Tiffanie Vendryes
Lured by the idea that she could generate income from buying up rental properties, in 2015, Vendryes, now 37, bought three units in Florida that housed up to seven tenants.
But Vendryes quickly learned the hard way that passive income isn’t all it’s cracked up to be sometimes. “I was blinded by how much income [I could earn], and I didn’t realize all of that would go into maintaining the property,” she says candidly.
Vendryes says she chose properties that were older, needed work, and were in low-income areas. Instead of sitting back and raking in the profits, she was overwhelmed dealing with late rent payments, evictions, and expensive repairs, including a leaky roof and replacing the hot water heater and air conditioning units. “I failed, and I lost money,” she admits.
But Vendryes says the experience, while harrowing, taught her important lessons that helped her build up her current net worth of approximately $565,000. Here’s how she bounced back.
Playing the real estate game in Florida
After graduating from Stevens Institute of Technology in 2006, Vendryes had about $25,000 in student loan debt, largely thanks to grants and scholarships. She landed a high-paying job in tech sales—earning between $70,000 and $130,000 over three years—and lived frugally, at times having up to three roommates. Slowly Vendryes was able to start building her wealth, and by the time she turned 25, she says she saved up about $100,000.
But then the 2008 financial crisis hit, and Vendryes was laid off, prompting her to move south and shake up her career. “I moved to Florida and got into education,” she says, adding the shift from tech sales to teaching meant taking a major pay cut from $100,000 to about $40,000.
Yet with her savings, Vendryes was able to buy a house in 2010 in Palm Beach county. Five years later, the value increased by more than 60%—jumping from $118,000 when Vendryes bought it to $190,000 when she sold it.
With part of the proceeds from her home sale, Vendryes got into the real estate game in a big way, buying three investment properties over the course of 2015 and into early 2016. But the luck didn’t hold.
The fixer-uppers were within her budget, but they came with a host of maintenance issues and quickly became money pits. Not to mention the people problems: Vendryes says she had tenants fighting with each other, calling the cops on each other, and calling her about their quarrels—and being a landlord became a massive time suck and an emotional drain.
“I decided that this probably wasn’t the best investment strategy for me,” Vendryes says. Within six months, she unloaded the properties, selling at least one at a loss.
Creating diverse income streams
Although Vendryes struggled to get it right in rental real estate, she never quit her day job in teaching. And having a full-time job helped her stay afloat when this other income stream wasn’t functioning.
That’s one of the biggest takeaways she says: have multiple gigs. Vendryes, now the mother of a two-year-old, got back into the rental property game in 2019, and she opened up her own real estate brokerage. But she also keeps her teaching job.
It turns out that buying the rental properties sparked Vendryes’ interest in being more than an owner. “When I was buying those three properties, I would sometimes feel bad asking my realtor too much or going to see too many things,” Vendryes says, adding she got her own license in 2016. That way, she could go look at all the properties she wanted to before making an offer—guilt free. Not only that, it had the added benefit of saving her money as both a buyer and a seller.
After taking some time to regroup, Vendryes bought a 2-bedroom condo in 2018 situated in a nicer neighborhood with the idea that she’d eventually rent it out. A year later, it started generating income. This time, with stable tenants and minimal drama, she earns about $6,000 in annual rental income. Plus, Vendryes doesn’t touch the majority of the income. Instead, it goes into an account so if there’s some maintenance problem with the condo, the cost isn’t coming out of her everyday budget. She currently has one rental property and a townhouse that she owns and lives in.
Last year, Vendryes also opened her own real estate brokerage, Grace Realty Group. She has one agent working for her. So far this year, they’ve sold $2 million in real estate, which Vendryes says translates into roughly $38,000 in commissions for her.
And thanks to tenure and picking up extra responsibilities, Vendryes has boosted her teaching salary to approximately $79,000 a year as she works as an interim assistant principal and remote high school math teacher.
The early setbacks aside, Vendryes says she really likes real estate and enjoys looking at homes and showing properties. “It’s important to do something that you like so that it doesn’t feel like you’re doing a lot of work,” she says, adding that while her teaching job is flexible, she still relies on her mom for babysitting in order to juggle the real estate business, her teaching, and the responsibilities of a landlord.
All said, Vendryes calculates she’s on track to make about $123,000 this year. With her current home value (she bought a townhouse in 2021 that’s valued at over $400,000), retirement savings, and investments, she’s looking at a net worth north of $500,000. And she doesn’t have any outstanding debt.
But she’s the first to admit it’s been a lot of hard work. “My story has not been one of easy success. I got laid off from my first job. I went into education at less than 50% of what I was making before. I made poor choices in real estate,” she says, noting that through it all, she’s been able to accumulate wealth. “It’s through discipline and it’s hard work and it’s through learning from my mistakes.”
Perhaps the biggest lesson? It takes hustle. “It’s not really passive—everything takes work,” Vendryes says.
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Megan Leonhardt
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Home Depot Sales Up 5.6% in Third Quarter
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[ad_2]Home-improvement retailer logs sales increase even as it again records fewer transactions
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UK property market at risk of major downturn as recession fears loom
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Economists are predicting that soaring interest rates and falling prices will mark the end of the U.K.’s 13-year housing market boom, potentially leading to a house price crash.
Matt Cardy | Getty Images News | Getty Images
LONDON — The U.K. property market may be verging on a major downturn, with some market watchers warning of a collapse in prices of up to 30% as data points to the biggest slump in demand since the Global Financial Crisis.
New homebuyer enquiries plunged in October to their lowest level since the 2008 financial crash, excluding the period during the first Covid-19 lockdown, the latest RICS housing surveyors report showed last week.
Meantime, the MSCI UK Quarterly Property Index, which tracks retail, office, industrial and residential property, slumped 4.3% in the three months to September, marking the sector’s worst performance since 2009.
The market slowdown marks a reprieve from a two-year, pandemic-induced home buying frenzy, with property transactions in September down 32% annually from a 2021 peak.
But as the era of cheap money fades, and the Bank of England doubles down on inflation-busting rate hikes to counter the chaotic mini-budget, economists say the downturn could be more acute than first thought.
Although a house price correction is widely expected … it appears to be unfolding faster than anticipated.
Kallum Pickering
senior economist, Berenberg
“Although a house price correction is widely expected as part of the ongoing recession, it appears to be unfolding faster than anticipated,” Kallum Pickering, senior economist at Berenberg, wrote of the U.K. market Thursday.
The investment bank now sees U.K. property prices declining by around 10% by the second quarter of 2023. But some lenders are less sanguine.
Nationwide, one of the U.K.’s largest mortgage providers, said earlier this month that house prices could collapse by up to 30% in its worst-case scenario. Meanwhile, the gloomiest of 2023 estimates from banks Lloyds and Barclays point to drop-offs of almost 18% to over 22%, respectively.
Indeed, prices have already begun falling in some places, according to property search site Rightmove, which said Monday that sellers cut prices by 1.1% in October, taking the average price of a newly-marketed home to £366,999 ($431,000).
Increased mortgage delinquency concerns
The U.K. is not alone. Rising interest rates, soaring inflation and the economic shock from Russia’s war in Ukraine have weighed heavy on the global housing market.
Recent analysis by Oxford Economics showed property prices look set to fall in nine of 18 advanced economies, with Australia, Canada, the Netherlands and New Zealand among the markets most at risk of declines of up to 15%-20%.
“This is the most worrying housing market outlook since 2007-2008, with markets poised between the prospect of modest declines and much steeper ones,” Adam Slater, lead economist at Oxford Economics, wrote last month.
Housing surveyors have reported the largest fall in new buyer inquiries in October since the financial crisis, excluding the period during the Covid-19 lockdowns.
Isabel Infantes | Afp | Getty Images
But the U.K.’s unique economic landscape puts it at higher risk of mortgage delinquencies, according to Goldman Sachs. Factors at play include Britain’s worsening economic picture, the sensitivity of default rates to downturns, and the shorter duration of U.K. mortgages relative to euro zone and U.S. peers.
“Looking across countries, we see a relatively greater risk of a meaningful rise in mortgage delinquency rates in the U.K.,” Yulia Zhestkova, an economist at the bank, wrote in a report last week.
Meantime, rising unemployment risks — a historic barometer of delinquency rates — add to pressure on the U.K., which Goldman Sachs said is “already in recession.”
Unemployment risks weigh heavy
The U.K. economy contracted 0.2% in the third quarter of 2022, latest GDP figures showed Friday. A further consecutive quarter of decline in the three months to December would indicate that the U.K. is in a technical recession.
The Bank of England warned earlier this month that the U.K. now faces its longest recession since records began a century ago, with the downturn expected to last well into 2024.
If unemployment were to rise sharply, the dangers to housing markets would be amplified considerably.
Adam Slater
lead economist, Oxford Economics
Describing the outlook as “very challenging,” the central bank said unemployment would likely double to 6.5% during the two-year slump, affecting around 500,000 jobs.
Such a spike in unemployment could “considerably” raise the risks for the housing market by potentially creating a wave of forced sales and foreclosures, Oxford Economics warned in its report. Indeed, according to Goldman Sachs’ analysis, for every one percentage point increase in the U.K. unemployment rate, mortgage delinquency tends to rise by over 20 basis points after one year.
“If unemployment were to rise sharply, the dangers to housing markets would be amplified considerably,” Slater said.
Not a 2008 financial crisis
Still, much of the outlook will hinge on the government’s upcoming fiscal statement Thursday, when Finance Minister Jeremy Hunt is expected to unveil £60 billion ($69 billion) of tax hikes and spending cuts set to weigh heavy on growth.
Some strategists have said Hunt could delay much of the savings until after the next election — due no later than January 2025 — in a bid to shield the economy during the height of recession. However, Hunt has been candid in warning of “eye-watering” decisions ahead.
The Bank of England, for its part, has insisted that it will continue to raise rates, albeit to a potentially lower peak.
Yet even with little let-up expected for the housing market in the near-term, economists say the risks of a shock reverberating across the wider financial market are minimal.
Greater regulation and adequate capitalization of the banking sector following the financial crisis have limited exposure to risky mortgages. Meanwhile, the majority of housing debt sits with households with reasonable savings buffers, Berenberg’s Pickering said.
“We see limited risk that the unfolding housing market correction will morph into another financial crisis,” he added.
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Look to the Stars: 3 Homes for Stargazing – Sotheby´s International Realty | Blog
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Since the dawn of time, humans have looked to the night skies in search of something bigger than ourselves. We have sought out direction, greater meaning, and contemplated our place in the universe. Astronomy, astrology, and religion have all been inspired by people who took the time to peer upward and search for the beacons of light softening the infinite darkness.
Tucked away from the largest city centers in areas where the night sky still celestially sparkles, these three homes feature stunning rooms to gaze at the stars and help you ponder life’s mysteries—or simply admire the spectacular views.
Private Reserve in South Africa
Kim Cooper – Sotheby’s International Realty South Africa
In Eastern Cape, South Africa, you can share space with an amazing array of animals in their natural habitats, such as lions, leopards, rhinos, elephants, and African buffalos. But it’s at night when shimmering views of the Milky Way are revealed —including the “Jewel Box” cluster, regarded as one of the loveliest sights of the southern skies.
Drink in the glorious expanse of the South African skies in this private reserve in Jansenville, which prompted international travel editor Lynette Botha to exclaim, “The stars, oh, the stars! There is definitely a different energy at play here… something supernatural.” This 16,700-hectare, 28-bedroom property comprises three lodges and one camp, all within a 30-minute private charter to the ocean and a 1.5-hour charter to Cape Town. Luxurious touches include multiple swimming pools and fire pits, spa facilities, and seven suites for guests.
Pacific Sunset Villa in Kamuela, Hawaii
Alethea Lai and Megan MacArthur – Venture Sotheby’s International Realty
On Hawaii’s Big Island, the sea dances with the sky and the sunsets are dreamlike in nature. It’s a reverie that continues into the night, where you’re honored with the privilege of watching for the exhilarating glitter of meteor showers, or spotting the glimmer of the Andromeda galaxy and the Iwakeli‘i and Kalupeakawelo constellations.
Gaze out over the endless horizon at this villa on Anaehoomalu Bay. The second-floor observatory offers views of island mountains, the Alenuihaha channel, and Maui in the distance. When you aren’t looking outward, this home’s seamlessly spacious layout will inspire you to look inward. Soak in the generous outdoor tub set in a private garden setting, float effortlessly in the ocean-view infinity pool, pamper yourself in the private hale, or wander among the fish ponds in this inviting open-plan space.
Mountain Modern Living in Jackson, Wyoming
Brett McPeak – Jackson Hole Sotheby’s International Realty
It takes a hearty, adventurous sort to thrive in Wyoming. After navigating the slopes at the world-class Jackson Hole Mountain Resort, or hiking amongst the raptors and migrating wildlife, the rugged terrain demands a restful evening—one that can be spent aside a telescope, gazing at the Orion Nebula, the Gemini constellation, and the Cassiopeia and Seven Sisters star clusters twinkling above the shadowy contours of mountain peaks.
This modernist Mies-inspired mountain home lies perched atop West Gros Ventre butte, 10 minutes from Jackson. The 5.6-acre property seamlessly integrates with the surrounding natural splendor, and is crafted with sustainable materials and biophilic elements throughout. The home’s great room also functions as an observatory, offering views of the Teton range, Snake River Valley, and expanses of protected ranch lands—all while safely ensconced in the warmth of the wood-burning fireplace. Or head outdoors for more views in the fresh mountain air, as the large north-facing deck is enhanced by infrared heaters, a gas fire pit, and an outdoor kitchen.
Taking the time to consider the expanse above us offers perspective on our own challenges. A home with a dedicated stargazing space nurtures this necessary contemplation. It facilitates transcendence of the whirlwind that is our daily life, encouraging a sense of wonder and possibility. In spaces like these three properties, it is a privilege to be stopped in your tracks by the sheer magnitude of the universe, spread out in a vast and glittering canvas above.
Looking for more inspiring homes in wide-open spaces? Explore Sotheby’s curated collection of luxury properties for country living.
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Melissa Couch
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Bon Appétit! 4 Homes with French Ranges – Sotheby´s International Realty | Blog
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Ranges from brands like Cornue and Lacanche—whose designs recall vintage stoves in French countryside homes—add a dose of Old World charm and craftsmanship to any kitchen.
Light-Filled Living on Park Avenue
Claire Groome and LeAnn M. Waldron | Sotheby’s International Realty – East Side Manhattan Brokerage
Overlooking Park Avenue, this elegant four-bedroom corner residence is filled with light and handsome classical finishes. Highlights include a living room with a wood-burning fireplace, a dining area, a south-facing primary suite with ample closets and a lovely windowed bathroom, and a chic open chef’s kitchen with a dual-fuel Lacanche range. The full-service 1921 building, designed by the illustrious Emery Roth, offers door and elevator attendants, a resident superintendent, a fitness center, storage, and a landscaped roof terrace.
Oceanfront Oasis
| Sotheby’s International Realty – Montecito – Coast Village Road Brokerage
On 1.46 acres high above the sea in Santa Barbara, this enchanting 1949 Spanish-style adobe home enjoys dramatic views of the water, sunsets, and the horizon. It features living and entertaining spaces with French doors leading to the idyllic grounds, three bedrooms, two baths, detached guest quarters, a two-car garage, and a chef’s kitchen with a stately La Cornue range. A path leads from the blufftop perch directly to the beach.
Welcoming Waterfront Retreat
| Sotheby’s International Realty – Sandwich Brokerage
This bright, airy home in the desirable village of Gray Gables affords the quintessential Cape Cod living experience beside the waters of Buzzards Bay. It offers three bedrooms, an office, two baths, a living room with a fireplace, a sunroom, a spacious deck for enjoying water and sunset views, and a streamlined kitchen with custom wall-hung walnut cabinetry, quartz countertops, Italian ceramic tile flooring, and a stylish La Cornue range.
Grand Gramercy Park Townhouse
| Sotheby’s International Realty – East Side Manhattan Brokerage
On a delightful tree-lined block, this sophisticated 5,921-square-foot townhouse consists of an owner’s triplex, a three-bedroom garden duplex—both with state-of-the-art systems, abundant storage, and central air conditioning—and three private outdoor spaces. The owner’s residence offers six bedrooms, two and one-half luxurious baths, two terraces—including an enviable rooftop retreat—living and dining rooms, a wet bar, and a cook’s kitchen with custom cabinetry and millwork, a lovely La Cornue range, and other top-of-the-line appliances.
Discover luxury homes for sale and rent around the world on sothebysrealty.com
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Melissa Couch
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First-time-buyer-focused homebuilders are best positioned when mortgage rates fall, says UBS’s Lovallo
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John Lovallo, UBS senior research analyst, joins ‘Power Lunch’ to discuss if mortgage rates could fall below five percent at this time next year, which homebuilders would benefit most and what price would entice first-time homebuyers.
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Luxury Real Estate Headlines: Second Week in November 2022 – Sotheby´s International Realty | Blog
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Highlights from this week’s top news stories on luxury and global real estate, art, collectibles, and home.
Cabo San Lucas, Mexico | Los Cabos Sotheby’s International Realty
Follow the jet set in seeking out enticing opportunities in Maui, Cabo San Lucas and farther afield.
Palm Beach, Florida, Isn’t the Only Sunny Bolthole With Trophy Homes and Boldface Names – Mansion Global
Hot property: five villas for sale in the Canary Islands – Financial Times
A minimalist glass house is for sale in Victoria’s Macedon Ranges – The Spaces
A Midcentury Home With Major Tree House Vibes Hits the Market in Texas – Dwell
$1.1 Million Homes in Illinois, Georgia and Vermont – New York Times
Barcelona Mansion With a Modern Spin on Louis XVI Architecture Lists for €24.6 Million – Mansion Global
Circa-1872 Southampton Manor For Sale Harkens to the Start of Hamptons Summer – Cottages & Gardens
Homes for Sale in Brooklyn and Manhattan – New York Times
6 spectacular homes in the desert – The Week
Modern Waterfront Seattle-Area Mansion Lists for $43 Million—Among the Priciest in Washington – Mansion Global
$1.4 Million Homes in California – New York Times
Hot property: five homes for sale in Stockholm and its suburbs – Financial Times
$2.4M Co-op Adds an Eccentric Twist to a Historic West Village Townhouse – 6sqft
Do Geothermal Systems Heat up Home Values? – Mansion Global
This Corner Loft Listed in New York City Is One for the Books – Dwell
This S.F. Condo Was a Rare Listing Below $1 Million – San Francisco Chronicle
Four-Home Compound on 3.7 Acres in Santa Fe Listed for $28M – Albuquerque Journal
$975K Kansas Home Boasts Unique Spaces Designed for Communal Living – Realtor.com
Falmouth Heights Gem With Sea Views at $1.375M – Cape Cod Times
Apartments in the Grandest Uptown Co-ops Are Sitting on the Market for Years. Why? – Curbed
A Southwest Retreat in the New Mexico Mountains – Log Home
Dubai’s Real Estate Market Continues to Thrive – Mansion Global
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Melissa Couch
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Stimulus from Chinese government to boost property sales has had little effect, says Moody’s
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Annalisa Di Chiara of Moody’s Investors Service says it has not seen a rebound in sales, and the liquidity profiles of these property companies have remained acute and at risk.
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Mortgage rates fall sharply to under 7% after inflation eases
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Mortgage rates fell sharply Thursday after a government report showed that inflation had cooled in October, prompting a decline in bond yields.
The average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.62%, according to Mortgage News Daily. That matches the record drop at the start of the Covid 19 pandemic. The rate, however, is still more than double what it was at the start of this year.
In turn, stocks of homebuilders such as Lennar, DR Horton and Pulte jumped, along with broader market gains. Those stocks have been hammered by the sharp increase in rates over the past six months.
The Consumer Price Index rose in October at a slower pace than expected. As a result, bond yields dropped sharply, and mortgage rates followed, as they follow loosely the yield on the 10-year Treasury.
So what happens next?
“This is the best argument to date that rates are done rising, but confirmation requires next month’s CPI to tell the same story,” said Matthew Graham, chief operating officer of Mortgage News Daily. “This was always about needing two consecutive reports of this nature combined with acknowledgement from the Fed that the inflation narrative is shifting.”
But Graham said rates are not out of the woods yet. They are also unlikely to move dramatically lower, as there is still plenty of economic uncertainty both in U.S. and global financial markets.
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