Modern Bride, 1992.

Model: Debbie Loeffler.

Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium”

From left: Suzanne Frisbie, Sonja Stevens, and Dana Koch

Palm Beach real estate agent Sonja Stevens listed a mansion on the island in late May, and within a few days received three offers, including one for the full $19.5 million asking price.

Stevens, of Douglas Elliman, believes that the Palm Beach property — a main house, guest home and plenty of green space – was especially appealing during the pandemic. She said she received 20 calls the first day it was listed.

Brokers say Stevens’ story isn’t unusual these days, as high-priced closings have surged in Palm Beach since March. Many more sales are on the way — often to Northeastern buyers.

The same day Related Urban CEO Kenneth Himmel and his wife Janet sold their mansion at 102 Flagler Drive, which Stevens brokered, they purchased another home at 251 Jungle Road for $10.7 million. That property also went under contract within three days of hitting the market, listing agent Dana Koch of the Corcoran Group said.

“Given what’s gone down since mid-March, I think people are prioritizing their quality of life,” Koch said. “They’re putting their mental health and physical health very high on the priority list.”

In the second quarter, 106 single-family homes sold in Palm Beach, according to data from Premier Estate Properties. That does not include the 48 houses currently under contract for a total of $527.4 million, said Suzanne Frisbie, a broker associate with Premier Estate Properties.

Compare that to 2019, a banner year for the tony town, when 123 single-family homes sold.

“It’s been really a pretty remarkable ride in Palm Beach. It started with rentals and went very quickly to purchase,” Frisbie said.

Like other high-end markets in South Florida, Palm Beach experienced a bump in activity as a result of the coronavirus pandemic. Wealthy families from the Northeast and other densely populated cities fled to rentals in Palm Beach, Miami Beach, Fort Lauderdale and other waterfront areas seeking large houses with pools, tennis courts and outdoor space. Some of those renters ended up making offers on houses.

“Demand has increased significantly and our supply has diminished significantly,” Koch said. “There’s only so much of this Palm Beach paradise, and people want a piece of it.”

Prominent property owners on the island include hedge funder Kenneth Griffin, who has spent more than $350 million assembling land over the years. Last year, two sales exceeded $100 million. Palm Beach is also home to President Trump’s Winter White House, Mar-a-Lago, which has become his permanent residence since late last year.

In the second quarter, closed single-family residential volume totaled more than $1.1 billion, including off-market sales, according to Premier Estate Properties’ data. That compares to $1.2 billion in sales volume for all of 2019.

At the top were two deals exceeding $70 million, each. Robb E. Turner, a private equity investor turned maple syrup magnate, and his wife and business partner, Lydia Turner, sold their lakefront estate at 8 South Lake Trail for $71.85 million. That deal, which closed in June, was a record for the lakefront in Palm Beach, according to the Palm Beach Daily News.

The Kennedy family’s former Palm Beach compound at 1095 North Ocean Boulevard also sold last month, to a trust for $70 million.

Brokers say buyers are looking for new or newly restored homes, and about one-fifth of the houses currently under contract are new. The wealthy buyers fly in for a morning or afternoon, on their private planes.

Spec home developer Todd Michael Glaser and his partners recently sold one spec house for $11 million. Glaser and his wife, Kim, purchased another for $17 million, with plans to restore it and live there with their family.

Brokers say the drivers of demand remain the same as before the pandemic: substantial tax savings due to changes in the federal tax code and the lack of state income tax in Florida, warm weather and more space. Now, those qualities are just more important to buyers.

“It’s the same things that have driven our market over time. It’s safety or security,” Frisbie said. “Those desires are more greatly enhanced when you’re thinking about safety and security in regards to your health.”

Agents are offering virtual tours via FaceTime, but most of the buyers “have some level of familiarity with Palm Beach already,” Frisbie said. Local schools are also filling up, indicating that more young families are relocating permanently, or at least for the school year, she added.

Agents aren’t expecting the pace to slow down. Frisbie expects that up to five sales exceeding $35 million will close in July, as well as another handful in the $15 million to $25 million range. The median sale price in the second quarter was $5.8 million. Last year, it was $4.2 million.

“Pre-pandemic, it looked like we were going to have a very successful season,” Koch said. “We weren’t sure what to expect when everything was on pause. In our wildest imagination, we could not have come up with the situation that happened. It was pandemonium.”

The post Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium” appeared first on The Real Deal Miami.

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While Not Quite McMansions, Larger Homes in the U.S. Are Making a Comeback

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For the past several years, the trend among many luxury homebuyers in the U.S. has been clear: bigger isn’t necessarily better.

Buyers who could easily have sprung for sprawling estates have instead opted for so-called “jewel box” mansions, comparatively small spaces with just a few bedrooms that can be customized to the hilt with cash the owners might otherwise have spent on extra bedrooms or acreage.

As with so many other aspects of day-to-day life, the coronavirus pandemic has turned all that on its head.

“For the longest time, people have been trending toward smaller and more manageable, simplifying their lives,” said Dana Koch, a Corcoran agent based in Palm Beach, Florida. “Now it’s the opposite. I don’t have a single client right now who’s looking to downsize.”

Preferences vary by price range and region, but buyers in every market are eyeing extra space. “I would say [buyers are looking at] a 20% to 30% increase in size, whether in the number of bedrooms or square footage,” said Stephanie Anton, who was until recently the president Luxury Portfolio International. [She was interviewed for this story before she announced on June 23 she was leaving her post]. “It’s a jump-up a category or two across the board.”

Versions of this trend are playing out in markets all over the U.S., making it an opportune moment for sellers looking to unload extra acreage, and a time for interested buyers to move quickly.

But even buyers looking to make the leap from 4,000 to 10,000 square feet prefer not to feel ostentatious.

“I’ve noticed that buyers do not like to think of it as a ‘mansion,’” said Danny Hertzberg, an agent with the Jills Zeder Group in Miami Beach. “In the advertising, you’re seeing the term ‘large estate.’ They’re using different vocabulary because it still seems too big if you’re getting a mansion, but it’s not big enough if you’re getting the jewel box.”

Larger properties are moving on the market—fast

Whatever the terminology, extra-large properties that might have languished on the market in recent years are seeing a sudden spike in interest, while owners who had previously considered downsizing are suddenly deciding to stay put.

“We’re seeing a renewed interest in homes that were once considered high maintenance,” said Chip Murphy, regional vice president of Hunt Real Estate in upstate New York. “We have an 11,000-square-foot lakefront property that’s in contract after sitting for two years. We received multiple offers [in the past month] without a price change of any sort.”

In the Los Angeles area, luxury condos that had generated brisk business pre-pandemic are “kind of sitting, with not that many requests for showings,” said Beverly Hills-based agent Rochelle Maize. On the flip side, a Malibu estate once owned by actor Robert Conrad sold immediately after coming on the market at the end of May.

“That was a $5.2 million property, and it sold in the first day,” Ms. Maize said. “Malibu usually takes longer.”

Properties in New York’s Hamptons that had stalled on the market for years have now closed, said Compass agent Evan Kulman, and clients that were previously comfortable in 2,500 or 3,000 square feet are now looking to bump up to 4,500 or 5,000.

The same effect can be seen in other vacation home markets, as well. “I got a text from one of our brokers in Vail, Colorado saying, ‘The world has gone mad and we’re selling large properties,’” Ms. Anton said. “Specialty spaces [such as gyms and home offices] had already been an interest, but now they seem to have really emerged with a vengeance, and that’s driving square footage.”

Buyers prioritize private spaces for the whole family

Amenities that have been discussed since families first started sheltering in place—home gyms, multiple home offices, media rooms, and at-home “classrooms” for the kids—are now influencing buying trends, and the drive toward larger footprints.

“In the high end, people have wanted the square footage but not the room count—I kept telling developers not to shove four or five bedrooms in there,” said New York City-based Compass agent Vickey Barron. “Where the pendulum has swung right now is they do want a couple rooms that can be separated, where they can have that home office and there’s privacy and space.”

“At this point, no one would design a house without saying, ‘where’s your office going to be,’” said Hans Bladauf, an architect with BCV Architecture in San Francisco. “It would almost be irresponsible.”

Now that buyers are looking at the long haul of multiple generations working, studying, exercising, and living under one roof, demands for space have expanded accordingly.

“The definition of home has changed over the past few months, and space is a key component of this,” Mr. Kulman said. Homes “have to be larger because of what’s happened in the world. They need to include one or two offices, a kids’ playroom, plus an area where they can study and do home schooling. Many clients are feeling like they need more space than what they thought they needed in the past.”

Outdoor amenities replace public space

The drive toward extra space is also reflected in newly heightened demand for large swaths of land, the better to build amenities such as pools and athletic facilities.

“I’ve had more requests for tennis courts than I’ve had in the past five years,” Mr. Hertzberg said. “And it used to be maybe once every few months I’d have a person say ‘I need a lap pool, and it needs to be this big.’ Now it’s on a weekly basis, and they won’t even look at properties without them. People are looking at it like it’s their compound.”

With health clubs and kids’ outdoor activities having been closed for months in many areas and the future of reopening and a potential second wave of the virus still up in the air, the thinking goes, it’s worth shouldering the high upkeep costs to bring all those facilities onto one’s own private property.

“I had seen a trend where some families were buying homes with very small backyards before this—the thought process was that the kids were spending so much time at outdoor activities, schools, basketball games, that they didn’t need that space at home,” said Laura Sweeney, a Compass agent based in Houston. “And now it’s just been a reversal.”

Some buyers are also willing to get creative, purchasing empty lots adjacent to their main properties so they can build outdoor amenities, or compromising on location for the sake of extra acreage.

In Malibu, Ms. Maize said, some traditionally desirable waterfront properties have lost ground to listings that are located on the other side of the Pacific Coast Highway, which are less convenient to the ocean but have two or three times the outdoor space for extras such as pools, spas, outdoor kitchens and volleyball courts.

“People are willing to allocate more resources to get their compound home base,” Mr. Hertzberg said. “A lot of buyers are thinking this is not a summer trend, this is something we’re looking at for years.”

The post While Not Quite McMansions, Larger Homes in the U.S. Are Making a Comeback appeared first on Real Estate News & Insights | realtor.com®.

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Corcoran lands ‘Million Dollar Listing NY’ star Steve Gold

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Million Dollar Listing New York star Steve Gold and his team, Gold Realty, have a new home. The famed real estate agent is joining Corcoran after Town Residential ceased its resale and leasing operations, Corcoran confirmed in an email.

“I am grateful for everything Town enabled me to achieve; growing my business and developing an expertise in the luxury real estate market,” Gold said in a statement. “Now, I am very excited about joining Corcoran and the enormous opportunity it presents for achieving even greater accomplishments.”

Gold — whose move was first reported in The New York Post — added that his team has been dedicated to creating deep and meaningful relationships with clients over the years and now, with Corcoran brand behind him, he’ll be even better suited to serve his clients. He praised Corcoran’s management and marketing team and its advanced tech platforms.

  Gold has sold more than $500 million in residential sales over the last five years, according to Corcoran and gained notoriety as one of New York’s top agents on the popular Bravo reality TV show, Million Dollar Listing New York.

The former model-turned-agent boasts more than a decade of experience in the sale of luxury properties. He’ll bring with him his seven-person team.

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“Having [Gold] and his team join Corcoran is a wonderful turn of events,” Corcoran CEO Pamela Liebman said in a statement. “We had the opportunity to create a home at Corcoran for Steve where he will be able to transition his business to a new level of success.”

“The ongoing transformations in the real estate industry and today’s market has led to many changes; changes in how we conduct business, how brands communicate and how agents operate in many new ways,” she added.

Since Town Residential’s announcement last week, former agents from the firm have made high-profile shifts. Ryan Fitzpatrick also moved to Corcoran and Dan Marrello will join Compass next month, according to The Real Deal.

Brokers formerly with Town Residential are entitled to keep their exclusive listings and the Real Estate Board of New York (REBNY) is working to ensure that all listings are transferred in accordance with with the group’s Universal Co-Brokerage Agreement.

“We are in communication with Town regarding an orderly transition for the REBNY members affected by the closing of its residential resale operations,” REBNY President John Banks said in a statement.

As cliché as it might sound, when one door closes, another door opens. If anyone follows NYC real estate news, one week ago, Town Residential closed its resale and leasing divisions, a firm where I have loyally spent the the last five years of my career. With that news, I was abruptly forced to find a new home for myself and my team, The Gold Group, the opportunity of which provided excitement while the reality of which simultaneously evoked sadness. This departure for me is truly bittersweet – I am forever grateful for Town for the platform provided to me to grow and excel in the ultra competitive NYC residential real estate market. However, it is also with great anticipation and excitement, I can announce I have joined @thecorcorangroup under the stewardship of CEO @pamelaliebman , where after careful consideration of all options, I have concluded it is the best firm for me and my team to grow for many years to come. Next chapter!

A post shared by Steve Gold (@stevexgold) on Apr 26, 2018 at 9:22am PDT

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Suburb Real Estate Boom

Lately, it seems that many are rooting for the fall of New York City, reporting on an alleged exodus and claiming the calm of the suburbs will replace the rumble of the Big Apple, even after the COVID-19 pandemic is over. And in many ways, they are right, but various real estate professionals from the tri-state area believe the New York City exit is temporary and complicated.

"The Manhattan housing market has been hit particularly hard," said Garrett Derderian, the founder of GS Data Services, adding that as potential buyers remain cautious about purchasing property in the city, the number of condo contracts declined by 34%, co-ops dropped 33% and small family homes dropped 11%.

Meanwhile, in Greenwich, Connecticut, the number of contracts signed went up 186% compared to this time last year. In the Hamptons, contracts went up 104%, and in Westchester, agents also saw more activity, though the market may have already peaked, Derderian said.

Yashmin Lloyds, a Compass broker in Connecticut, said that while, yes, Greenwich is having the strongest market it has had in a decade, it's all very "temporary," and with all the demand, realtors are actually running out of inventory. There are no rentals available, and most of the homes still on the market are very high-end.

For even the most established of realtors in the city, the boom in the suburbs is a red flag, but that doesn't mean it's permanent.

"Everyone's scared. A lot of major landlords are extremely nervous," Chris Okada, a broker and investor in Manhattan, told ABC News. "I mean, the Upper East Side is a ghost town. There are moving trucks everywhere ... But we're hopeful."

"When people talk about the New York City exodus, they're talking about pockets of Manhattan," he said. "But they're forgetting that Brooklyn, Queens and Staten Island have a whole demographic of people that are not gonna be moving at all, because of family, because of work, because of different situations."

Lindsay Barton Barrett, a Douglas Elliman agent in Brooklyn, said the stories about the exodus came out because the city was shut down and other markets started operating much sooner. "So, if you shut down New York for any time, of course you are going to see a comparative activity anywhere else," she said.

She said that many New Yorkers went to their parents' or in-laws' second homes for the first few months of the pandemic and were active in neighborhoods where they usually aren't. Summer towns got activity before the summer, suburbs got an influx of people, and still, New York remained closed. "It changed the market temporarily," Barton Barrett said, "but not fundamentally."

Currently, Derderian said, the Hamptons is the strongest luxury market in the tri-state region, with the number of sales between $3-5 million up 259% and the number of sales priced between $10-20 million up 150%. But many of those buyers also have properties in the city, and may be investing in the suburbs because they've realized they want more space and better living conditions on the weekends.

Other real estate professionals are seeing the current New York City housing market as an opportunity to invest and to sell the suburbs.

Jacqueline Trelease, an agent for The Corcoran Group in the Hamptons, does believe there is a New York City exodus, but in her eyes, it's a good thing.

"Schools [in the Hamptons] have had declining enrollment for years, businesses and restaurants struggle to survive on the offseason," she said. "I think this is going to be refreshing. Year-round residency is a different vibe than summer. It should be seen as a good thing and probably with our ability to work virtually a more long-term situation."

About half of the clients she's rented to this year are choosing to stay in the Hamptons rather than return to the city, she said.

"They've been out of the city with yards and pools since March and they've realized these places offer a lot more year round than they thought," she said.

Prices for homes in the Hamptons have risen, she added, but there's so much demand that people are agreeing to pay a lot more money than usual.

For many, experts said the pandemic was the excuse they needed to leave New York City.

Lisa Chajet, of Warburg Realty, said she does think there is a demographic that is leaving the city and not coming back. "It's the younger people who always had one foot out the door and this just pushed them," she said. "They were the 20 and 30-year-olds who were living here out of convenience and in small rentals. Why are they paying $6,000 a month for a crappy two-bedroom when everyone was working from home?"

Lloyds said that people moving to Connecticut from the city are young families or older couples looking for more space and a better quality of life. "But it was already in their 10-year plan," she said. "For some, it just tipped the scales."

The same goes for parts of Brooklyn -- while the borough is not a suburb, it is also not Manhattan, and for residents hesitant to leave the city amid the coronavirus outbreak, it's far enough. "They are people who always thought about doing it before," Barrett said. "They were waiting for the right time and this presented itself as the right time."

Because of the overall uncertainty, though, some prices are dropping. "Studios in Manhattan and Brooklyn are getting the biggest reduction because no one can live in a studio right now, it's too claustrophobic," Jane Sosi, a Compass agent in the city, said.

"Right now, there are many apartments coming on the market," said Dorothy Schrager of Warburg Realty. "The crisis has caused many people to reevaluate their financial future and sell their apartments. And, if the country remains as angrily divided as it is, that might also cause more people to leave. The outcome of the elections can be a big factor in the future of all cities."

Still, long-term investors are taking advantage of the price drops and buying properties in New York that they can sell once things return to "normal."

Okada, who is a commercial real estate broker, bought his first residential property in Brooklyn amid the pandemic. "I felt it was the best opportunity because there was no competition," he said, adding that while "there's not necessarily a New York exodus, people are going to look for a better quality of life, so places like Brooklyn are going to do even better."

"Exodus... perhaps to Brooklyn," agreed UrbanDigs' COO and co-founder, John Walkup. "The Brooklyn market is doing better this summer vs. last summer, so perhaps the problem is not New York City, per se, but Manhattan and its price points. While Manhattan certainly seems quieter, it's still an open question as to how many folks have permanently left and how many are just waiting out the pandemic in other places. We need certainty on schools, jobs, and safety before the full numbers on any exodus will be known."

Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium”

From left: Sonja Stevens, Suzanne Frisbie, and Dana Koch

Palm Beach real estate agent Sonja Stevens listed a mansion on the island in late May, and within a few days received three offers, including one for the full $19.5 million asking price.

Stevens, of Douglas Elliman, believes that the Palm Beach property — a main house, guest home and plenty of green space – was especially appealing during the pandemic. She said she received 20 calls the first day it was listed.

Brokers say Stevens’ story isn’t unusual these days, as high-priced closings have surged in Palm Beach since March. Many more sales are on the way — often to Northeastern buyers.

The same day Related Urban CEO Kenneth Himmel and his wife Janet sold their mansion at 102 Flagler Drive, which Stevens brokered, they purchased another home at 251 Jungle Road for $10.7 million. That property also went under contract within three days of hitting the market, listing agent Dana Koch of the Corcoran Group said.

“Given what’s gone down since mid-March, I think people are prioritizing their quality of life,” Koch said. “They’re putting their mental health and physical health very high on the priority list.”

In the second quarter, 106 single-family homes sold in Palm Beach, according to data from Premier Estate Properties. That does not include the 48 houses currently under contract for a total of $527.4 million, said Suzanne Frisbie, a broker associate with Premier Estate Properties.

Compare that to 2019, a banner year for the tony town, when 123 single-family homes sold.

“It’s been really a pretty remarkable ride in Palm Beach. It started with rentals and went very quickly to purchase,” Frisbie said.

Like other high-end markets in South Florida, Palm Beach experienced a bump in activity as a result of the coronavirus pandemic. Wealthy families from the Northeast and other densely populated cities fled to rentals in Palm Beach, Miami Beach, Fort Lauderdale and other waterfront areas seeking large houses with pools, tennis courts and outdoor space. Some of those renters ended up making offers on houses.

“Demand has increased significantly and our supply has diminished significantly,” Koch said. “There’s only so much of this Palm Beach paradise, and people want a piece of it.”

Prominent property owners on the island include hedge funder Kenneth Griffin, who has spent more than $350 million assembling land over the years. Last year, two sales exceeded $100 million. Palm Beach is also home to President Trump’s Winter White House, Mar-a-Lago, which has become his permanent residence since late last year.

In the second quarter, closed single-family residential volume totaled more than $1.1 billion, including off-market sales, according to Premier Estate Properties’ data. That compares to $1.2 billion in sales volume for all of 2019.

At the top were two deals exceeding $70 million, each. Robb E. Turner, a private equity investor turned maple syrup magnate, and his wife and business partner, Lydia Turner, sold their lakefront estate at 8 South Lake Trail for $71.85 million. That deal, which closed in June, was a record for the lakefront in Palm Beach, according to the Palm Beach Daily News.

The Kennedy family’s former Palm Beach compound at 1095 North Ocean Boulevard also sold last month, to a trust for $70 million.

Brokers say buyers are looking for new or newly restored homes, and about one-fifth of the houses currently under contract are new. The wealthy buyers fly in for a morning or afternoon, on their private planes.

Spec home developer Todd Michael Glaser and his partners recently sold one spec house for $11 million. Glaser and his wife, Kim, purchased another for $17 million, with plans to restore it and live there with their family.

Brokers say the drivers of demand remain the same as before the pandemic: substantial tax savings due to changes in the federal tax code and the lack of state income tax in Florida, warm weather and more space. Now, those qualities are just more important to buyers.

“It’s the same things that have driven our market over time. It’s safety or security,” Frisbie said. “Those desires are more greatly enhanced when you’re thinking about safety and security in regards to your health.”

Agents are offering virtual tours via FaceTime, but most of the buyers “have some level of familiarity with Palm Beach already,” Frisbie said. Local schools are also filling up, indicating that more young families are relocating permanently, or at least for the school year, she added.

Agents aren’t expecting the pace to slow down. Frisbie expects that up to five sales exceeding $35 million will close in July, as well as another handful in the $15 million to $25 million range. The median sale price in the second quarter was $5.8 million. Last year, it was $4.2 million.

“Pre-pandemic, it looked like we were going to have a very successful season,” Koch said. “We weren’t sure what to expect when everything was on pause. In our wildest imagination, we could not have come up with the situation that happened. It was pandemonium.”

The post Life in Palm Beach after lockdown: Demand for luxury homes sparks “pandemonium” appeared first on The Real Deal Miami.

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Does Your Real Estate Broker Owe You a Refund?

When Jo Ellen Pellman and her roommate searched for an apartment in New York City this summer, the two women dug deep into their pockets: They paid brokers a total of $1,200 in nonrefundable application fees, or $400 for each apartment they applied for.

But the roommates may get most of their money back, a rare happy outcome in today’s costly real estate market, after state regulators declared last week that real estate brokers must abide by a recently enacted $20-limit on application fees.

“We got $800 back, which is very awesome,” said Ms. Pellman, 23, an actor who moved to a two-bedroom apartment in the Williamsburg neighborhood of Brooklyn this month.

Months after New York passed sweeping tenant protections, including the $20 ceiling on application fees, many real estate brokers across New York City continued to charge renters like Ms. Pellman hundreds of dollars to apply for an apartment.

The new laws said landlords could not charge more than $20, but it made no mention of brokers, who are often the go-betweens to secure an apartment in the city. The ambiguity led to months of confusion as renters forked over large fees, and lawmakers and real estate professionals blamed each other for the fiasco.

But on Sept. 13, a state agency finally stepped in to provide some clarity: Brokers acting on behalf of landlords cannot charge tenants more than $20 in application fees, which can only be used to cover background or credit checks.

So said a two-page guidance memo from the New York Department of State. It was a source of good news for the countless renters who found an apartment after the new cap passed in mid-June and may have been overcharged.

The memo did not specify whether renters illegally charged were entitled to a refund, but Ms. Pellman recently contacted two brokerage firms, Corcoran and Nooklyn, informing them of the new laws — and got a rebate from each.

“I just think it’s ridiculous the way brokers and landlords profit on tenants not knowing their rights,” said Ms. Pellman, who shared on Instagram a template of the email she sent. “I don’t like getting scammed and I don’t want anyone else to get scammed.”

She said Rentopia, the firm through which they secured their apartment, had not answered her emails requesting a refund and she’s worried her landlord may penalize her for speaking up. Her broker at Rentopia did not respond to a request for comment.

But Ariel Dagan, a real estate broker for Compass, said that limiting application fees could be detrimental to agencies that relied heavily on them to make a profit.

“These fees are what keeps some brokerage firms in business,” said Mr. Dagan, who also runs PreApproved Renter, a software platform that helps landlords process rental applications.

Mr. Dagan said there were other unintended consequences that could place brokers in a bind.

Under the new laws, landlords and brokers are required to provide tenants with an invoice and copy of any background or credit checks they conducted. But Mr. Dagan said that provision may be at odds with credit-reporting agency rules, which typically bar clients who use their services from sharing credit reports with others.

Representatives for TransUnion and Experian, two of the largest credit-reporting agencies in the country, said their rules do not prohibit landlords from sharing reports with consumers.

A prospective tenant can also waive an application fee if they provide the broker or landlord with a copy of a background or credit check conducted within the past 30 days. That, Mr. Dagan said, could lead to the submission of phony documents.

Brokers are facing additional pressure this year from the City Council, which is considering a bill that would limit brokers’ fees to one month’s rent. That would lower housing costs for tenants, while curbing a broker’s earnings.

“I think it’s ridiculous,” Mr. Dagan said.

“It’s not a glamorous job. It’s a grind,” he added about real estate agents. “It would cap middle-class workers’ pay and this is a progressive city.”

The cap on application fees applies statewide, and enforcement issues have reverberated far beyond the five boroughs.

Susan Segal recently helped her son, a student at Syracuse University, apply for an off-campus apartment, for which the management company charged $300 in application fees. She emailed the company to ask for a refund after she learned of the new laws, but has yet to hear back.

“I would be willing to bet that apartment owners in areas with high student populations might be particularly prone to ignoring the law, given that college students may not know or have the wherewithal to protest illegal practices,” Ms. Segal said.

The memo from the state included additional guidance: It specified that a real estate agent paid by a renter to find an apartment is allowed to charge more than $20 in application fees and that brokers who violate the law may be disciplined by the Department of State, which regulates and licenses real estate brokers and agents.

But the memo left unanswered many other questions about the impact of the new rent laws, which were propelled by recently elected Democrats in the state Legislature to address skyrocketing housing costs.

It was not clear, for example, whether $20 is the maximum fee per application or per person. In response to questions from The New York Times, Department of State officials clarified on Wednesday that brokers were allowed to charge $20 per applicant, not application. For example, three roommates could each be charged $20, or a total of $60, to apply for an apartment.

Also in question is how the new limits on fees and security deposits (now capped at one month’s rent) might inadvertently apply to the rental and sale of co-ops and condominiums, which typically involve hundreds to thousands of dollars in application fees.

In a statement to The Times, the Department of State said it does not regulate or license co-op and condo boards, so it could only dictate rules for brokers and agents.

It said that a broker cannot not charge more than $20 on behalf of a co-op or condo board “when the particular apartment is owned by, and being leased by, that particular board.” If the board is not the owner or shareholder of the apartment, then a broker is free to charge more than $20.

It is unclear whether property-management companies, which often handle leases and applications on behalf of condo and co-op boards, are free to charge more than $20 in fees. In interviews, real estate attorneys gave conflicting accounts on their reading of the law.

Carl Hum, the general counsel for the Real Estate Board of New York, an influential trade group, said property managers could continue to charge more than $20 in fees.

But some lawyers, like Jeffrey Schwartz, who advises co-op and condo boards, said he is recommending his clients err on the side of caution and abide by the $20 cap as a result of the ambiguity in the new laws.

“I think the issuance of the guidance is actually creating more confusion than clarifying,” said Mr. Schwartz, who hopes the state will pass new legislation to exclude co-ops and condos from many of the new rent laws.

The lack of clarity has left some co-op applicants in limbo.

One co-op board in Manhattan recently charged an applicant an assortment of nonrefundable fees totaling about $1,350. The renter, Jeff, who preferred to use only his first name because he is still going through the co-op’s interview process, said the large fees appeared to be against the law.

“But I don’t want to argue fees with the co-op board because it’s already so competitive to get here in the first place,” he said. “I don’t want to rock the boat.”

Sahred From Source link Real Estate

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Carolyn Block Ellert joins Compass to head new dev division

Carolyn Block Ellert

UPDATED, April 17, 2:25 p.m.: More than six months after buying out her partner at Premier Sales Group, Carolyn Block Ellert is joining Compass to head its development division in Florida.

Ellert is now managing director of the company’s new development wing, based in Compass’ Fort Lauderdale office at 1200 East Las Olas Boulevard, according to a release. She’ll oversee projects in the southern half of the state.

Ellert bought out her ex-business partner Laurie Ingber in September to become the full owner of the Fort Lauderdale-based Premier Sales Group. Ingber said at the time she had joined Mattamy Homes, the largest privately owned home builder in North America, to lead sales and marketing of its new Southeast Florida Division.

As owner and CEO of Premier, Ellert was involved in luxury condo and condo hotel sales totaling more than $4 billion. She co-founded the company in 2000 and worked on selling Fort Lauderdale projects that included The Brazilian Court Palm Beach, Las Olas Riverhouse, Sapphire and the Atlantic Hotel. Ellert was also previously a director of sales for the Sunshine Group in New York and launched the company’s South Florida division in 1993.

Ellert will keep ownership of Premier Sales Group but will focus her new development efforts on Compass, according to a spokesperson.

Ellert is also the current and founding chair of the Master Brokers Forum’s Gold Coast chapter.

Compass’ development division is handling sales and marketing of Amrit Ocean Resort and Residences in Singer Island, 6080 Collins Avenue Beach House in Miami Beach, and Aquavue and Aquablu in Fort Lauderdale, among other projects.

Earlier this year, Compass expanded in Palm Beach with the acquisition of Hall Real Estate, an 11-agent boutique firm led by broker Steve Hall, and brought on Elizabeth DeWoody, a top producer at Corcoran Group.

After expanding nationwide last year – increasing from 37 markets to 122, hiring over 1,000 employees and signing on almost 6,000 new agents – Compass CEO Robert Reffkin said the brokerage won’t enter new markets this year, instead focusing on hiring and growth in its current markets.

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New Post has been published on https://www.stl.news/realogy-makes-executive-moves-owned-brokerage-franchise-group-business-segments/83530/

Realogy Makes Executive Moves in Owned Brokerage and Franchise Group Business Segments

MADISON, N.J./ Feb. 9, 2018 (STLRealEstate.News) — Realogy Holdings Corp. (NYSE:  RLGY) today announced several senior executive moves within NRT, its company-owned brokerage operations, and Realogy Franchise Group, its residential real estate franchising business. The changes include:

•Sue Yannaccone was appointed as Regional Executive Vice President at NRT. Effective March 5, 2018, she will be responsible for NRT’s Coldwell Banker brokerage operations in the Eastern Seaboard and Midwest regions, and also will oversee NRT’s national commercial real estate brokerage support team. Yannaccone most recently served as President & CEO of ERA Franchise Systems for the past two years after joining ERA as its Chief Operating Officer in 2015. She has two decades of industry experience in brokerage operations and franchise management.

•Simon Chen was promoted to President & CEO of ERA Franchise Systems, where he will succeed Yannaccone effective March 5, 2018. He previously served as the brand’s Chief Operating Officer and was responsible for supporting ERA’s growth goals specifically around increasing agent productivity and enhancing market share. Chen joined ERA in May 2017 and has a strong business background with a focus on technology consulting and real estate operations. ERA will now begin a national search for a new chief operating officer.

•Fred Schmidt, who has served as President and Chief Operating Officer of Coldwell Banker Commercial Affiliates, has announced his plans to retire on June 1, 2018, after a distinguished 15-year career with Realogy and more than 35 years overall in commercial real estate. He joined Coldwell Banker Commercial (CBC) in 2003 and has led the brand as its president for the past eight years. Moving forward, the CBC organization will be further integrated with Coldwell Banker Real Estate LLC under the leadership of current President & CEO Charlie Young, who is responsible for the Coldwell Banker residential and commercial franchise systems.

QUOTES:

“The internal changes we made today are intended to take advantage of our leadership talent and deep bench across Realogy to best position us to deliver on our growth strategy that is aligned with serving and supporting agents. While focusing on the highest points of leverage, we are also taking steps to improve our agility and streamline our respective franchise and brokerage businesses. We are working closely together to accelerate change and more closely synchronize our organizations to support Realogy’s agent-centric strategy and ultimately drive better business results.” — Joint statement from John Peyton, President & CEO, Realogy Franchise Group and Ryan Gorman, President & CEO, NRT LLC

“Sue Yannaccone is a proven real estate leader whose deep expertise in brokerage operations and franchise management will be an incredible asset to NRT as we increase our management focus on and support of enhanced agent services in our core brokerage business. She now joins Greg Macres and Kate Rossi as our senior-most operators responsible for our Coldwell Banker-branded NRT operations.” — Ryan Gorman, President & CEO, NRT LLC

“Simon Chen has brought a unique perspective to the ERA brand based on his entrepreneurial background in technology and real estate. He is ready to take the next step forward and lead the growth of this great franchise into the future, and we congratulate him on this well-earned promotion.

“Also, we thank Fred Schmidt for his 15 years of leadership at Coldwell Banker Commercial and Realogy, and wish him well in his retirement. Under Charlie Young’s leadership, we will now align the Coldwell Banker commercial and residential real estate organizational structure in a more integrated manner to better serve our affiliated agents and brokers.” — John Peyton, President & CEO, Realogy Franchise Group

About Realogy Holdings Corp. Realogy Holdings Corp. (NYSE:  RLGY) is a leading provider of residential real estate services that is focused on empowering independent sales agents to best serve today’s consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby’s International Realty® as well as NRT, Cartus, Title Resource Group and ZapLabs, an in-house innovation and technology development lab. Realogy’s fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy’s affiliated brokerages operate around the world with approximately 192,600 independent sales agents in the United States and approximately 94,000 independent sales agents in more than 100 other countries and territories. Realogy is headquartered in Madison, New Jersey.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than those of historical fact, contained in this report, are forward-looking statements including, but not limited to, statements regarding the Company’s leadership changes. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. to be materially different from those expressed or implied by such forward-looking statements, including that there can be no assurance that the Company’s leadership changes will result in the anticipated benefits to the Company. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to the Company’s business in general, please refer to Realogy Holdings Corp.’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017.

_____

SOURCE: news provided by Realogy Holdings Corp., distributed by PRNewswire.com, published on STL.NEWS by St. Louis Media, LLC (PS)

Jobbed: Are Wall Street Bonuses Really So Bad?

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If you ask Manhattan real estate agent Julie Pham about Wall Street bonuses, she turns practically giddy. Pham is putting in plenty of late hours these days, and as bonus season heats up, she expects to get even busier. Ninety percent of her clients work in financial services. Already, they've started window-shopping for upgrades, classic prewar apartments and $3 million to $5 million pads. "Everyone is aware of the negative public reaction to the bonuses," she says. "But that hasn't made bankers more conservative with their purchases." And thank goodness, say real estate agents, financial planners, restaurateurs, and luxury-goods sellers.

Most Americans have expressed outrage over the magnitude of Wall Street bonuses, given the way the banks benefitted from federal bail-out money and turned profits with the help of government-backed low-interest loans. But the same bonuses are also providing hope to a variety of New Yorkers, from luxury retailers to waiters. Goldman Sachs announced on Thursday that it has set aside $16.2 billion for bonuses and compensation, a drop from the bank's 2007 record of $20.2 billion in bonus money. (On average, Goldman employees made $498,000in bonuses and stocks in 2009, up from $317,000 in 2008.) Morgan Stanley, Bank of America, and J.P. Morgan Chase are handing out bonuses that match or exceed pre-recession levels. All of this is enough to make many Manhattanites optimistic that some of the cash will trickle down through the city's economy. Like the rest of the country, New York has suffered from foundering retail sales and the less-than-robust housing market. "It's not only that these people spend money on products. They also spend on services: maids, chefs, catering, and dog walkers," says Milton Pedraza, CEO of the Luxury Institute, a New York research firm.

The rest of the country may not be able to relate to what's considered a bargain among New York's financial community, but there are "deals" to be had throughout the tristate area. Yachts in all sizes and price ranges have returned to the market, many of them in foreclosure, says David Pugsley, vice president and general manager of Brewer Yacht Sales. Sales of luxury jewelry and watches fell by 40 percent last year, Pedraza says, leaving buyers room to negotiate prices. When banks such as Lehman Brothers and Bear Stearns failed, many wealthy New Yorkers sold their second homes on Long Island and in surrounding areas. "When you're nervous about your job, the last thing you want to do is tie yourself into a second or third mortgage," says Pamela Liebman, president and CEO of The Corcoran Group. "People are now taking advantage of the value in those properties."

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Even with the mantra of deals, deals, deals, many Wall Street types may not spend their bonus money as lavishly in 2010. It's true that this year's bonuses are expected to match or exceed pre-recession levels, but financial planners say their clients are being more prudent this time around. Often, bankers may need to replenish their cash cushion, beef up disability insurance, or map out a new budget that takes into account the amount of money they will receive in restricted stock in lieu of bonus cash. "Many financial things that went undone in 2008 will get restored," says Greg Olsen, a partner at Lenox Advisers, a New York financial planning firm. "People will invest more conservatively."

One hour north of New York City, in the seaside bedroom community of Westport, Conn., this attitude of spending and investing conservatively has already taken hold. There, Wells-Fargo Advisers senior vice president Howard Matson has been busy meeting with Wall Street clients as he's done for the past 26 years. But this year he's not dwelling on big-ticket toys. The large expenditures this year? Setting aside money for private schools and college funds. "In past years, where I would see the majority of a bonus allocated to a new- or vacation-home purchase," Matson says, "now clients may allocate one fourth of a bonus to a high-end purchase."

One quarter of a typical Wall Street bonus still translates into hundreds of thousands of dollars, and it's that heady amount that makes New York's luxury retailers so ecstatic. At this point, with all of the big banks having repaid their bailout money, the government has little oversight or recourse over the way they award bonuses. Regulators and politicians have succeeded in publicly shaming the banks into doling out more compensation in company stock rather than cash, but that still leaves bankers arguably well off. If a banker receives a $3 million bonus this year, Olsen says, he or she may receive $2.85 million of that in company stock. "Nobody's crying for the bankers," Olsen says. "But it doesn't go a long way after you pay your private-school tuition."

This slice of the bonus pie is what New York real estate agents, art dealers, luxury travel agents, boat brokers, and car dealers will be fighting over this winter and spring. Whoever succeeds in extracting that money will have to do so with discretion. Bankers know well enough not to flaunt their bonuses, given the public anger toward the financial sector and the country's persistently high unemployment rate. "The show-me piece of jewelry and show-me car has gone very out of style," Olsen says. "It isn't that the money isn't there. It's just that flashiness is pooh-poohed." Flashiness or understatedness—the style of the wealthy can always shift. New York's luxury market and the folks who live off it don't care, as long as Wall Street's in a buying mood.

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Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more

Alex Sapir’s sales team (from left: Mick Duchon, Eloy Carmenate, Tara West, Alex Sapir, Oren Alexander, Jay Philip Parker, Dean Bloch)

Developer Alex Sapir named his sales team for Arte by Antonio Citterio, a luxury condo development in Surfside. Douglas Elliman’s Oren Alexander, Tara West, Eloy Carmenate, Mick Duchon and Dean Bloch are leading sales of the 12-story, 16-unit condo building at 8955 Collins Avenue.

Citterio, an Italian architect, is designing the project along with Kobi Karp. The building received its temporary certificate of occupancy late last year. Elliman took over sales at Arte from Corcoran Sunshine in November. Prices start at $7.9 million.

Caroline Cheng returned to Franklin Street as director of retail leasing services in the company’s Miami office. Cheng was previously corporate real estate manager for Checkers and Rally’s Drive-In restaurants. Before that, she worked at Franklin Street, Brookfield Properties and Global Franchise Group.

Suffolk hired Ann Klee as executive vice president. Klee was previously vice president of Boston development and operations at GE, where she oversaw the search for GE’s new headquarters and its move to Boston. At Suffolk, Klee will be responsible for leading the company’s presence on a national scale.

Peter D. Sheridan joined JLL as an executive vice president. The industrial broker leads a team responsible for overseeing the leasing of 5 million square feet of Class A distribution and manufacturing space in South Florida. Most recently, Sheridan was senior director of leasing and development for Liberty Property Trust. He also previously worked for JLL as part of the agency leasing team in South Florida.

Anthony Seijas is now a principal at Altis Cardinal, focused on expanding the company’s multifamily platform. Anthony Seijas’ experience includes more than 26 years at Lennar Corp., where he was a regional vice president overseeing homebuilding operations in South Florida, and at Rialto Capital Advisors, a former Lennar subsidiary.

Adam Starr was hired as managing director of NAI/Merin Hunter Codman. Starr will specialize in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties. He’s worked on deals totaling more than 15 million square feet of buildings.

Nick Quay joined Avanti Way Realty as a real estate agent.

Eyzenberg & Company opened a new office in Florida, marketing the third location for the commercial real estate investment bank. Eyzenberg & Company opened an office at 800 Brickell Avenue, just as the bank provided a bridge loan for a mixed-use project in Daytona Beach.

David Geller is now chief operating officer at Anatomy, a South Florida-based gym. Anatomy has locations in Miami Beach and near Midtown Miami and plans to open at Regatta Harbour in Coconut Grove.

Interior designer, furniture designer and space planner Alan David Cohen merged his team with Janine Geller, his business partner and stepdaughter. Geller is now creative director of Design House.

Jordan Nicholson joined Katz & Associates as a sales associate handling tenant and landlord representation. Nicholson previously interned for the firm.

The Mager McQueen Group joined Compass. The 10-agent team, led by Ann McQueen and Jeff Mager, will work out of Compass’ Fort Lauderdale and Hollywood offices. They previously owned their own firm, Elite Coastal Properties.

Daniela Rendon is now an in-house sales executive at 57 Ocean in Miami Beach. Fortune Development Sales is handling the project’s sales and marketing. Rendon was previously an agent at The Estates at Acqualina.

Driftwood Acquisitions & Development rebranded to Driftwood Capital. The company is looking for deals in the $30 million to $150 million range for development and acquisition. Its mezzanine lending division is issuing loans in the $3 million to $50 million range.

The post Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more appeared first on The Real Deal Miami.

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Corcoran broker basks in fame of LeBron James ‘Can You Not’ viral video

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The New York City straphanger at the center of a viral video featuring Cleveland Cavaliers star LeBron James is a Corcoran Group broker with a real estate television talk show in the works.

James Michael Angelo, who spoke for a nation of wary subway riders when he asked the 6-foot-8 small forward and his teammates, “Can you not?” after one of the men trained his camera on the broker, was en route to Corcoran’s Chelsea office during the Monday morning rush. The video, which appeared on Twitter later that day, has since racked up over 155,000 views on YouTube, 37,000 likes on Twitter and 14,000 retweets.

Just @KingJames & the @cavs making the Monday morning NY subway commute. NBD. http://pic.twitter.com/kfCSNH1ghQ

— UNINTERRUPTED (@uninterrupted) November 13, 2017

“It wasn’t LeBron James, quote-unquote, that I didn’t like,” said Angelo, who also doubles as a comedian and has performed at venues including Caroline’s and Gotham. “It was, to me, just a guy on the subway who wasn’t respecting the New York City rules of the subway, and I tend to get that from tourists. He was clearly somebody who didn’t ride the subway often, and I probably would’ve had the same type of reaction to anybody else. I had no idea who he was.”

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While fans of “King James” laughed at Angelo’s expense, supporters on Twitter quickly weighed in — including no less than Corcoran President and CEO Pam Liebman.

“Even @KingJames can’t stop an agent’s Monday hustle,” she tweeted on Monday.

Even @KingJames can’t stop an agent’s Monday hustle. @JMANewYork https://t.co/DNmYCxdDDK

— Pam Liebman (@pamelabliebman) November 13, 2017

Angelo, who launched his real estate career just 21 months ago, has taken the social media jokes in stride, and said the attention has already helped accelerate production of his television talk show, which a PR firm called to inquire about following the LeBron James video. Angelo said the show, JMA New York, combines comedy and the New York real estate market and has drawn early interest from Amazon Prime and the AT&T-owned Audience television network.

“I think any attention and any marketing can help in any business,” said Angelo. “I’m confident that the pilot’s going to get picked up by somebody, and when it does I think it’s going to attract a lot of developers — because developers love people that are on TV.”

As the subway encounter gained attention, Angelo also took to YouTube Tuesday for another playful jab at the basketball star in a video titled “3 Things for LeBron James” featuring some enlightening NYC transit system pro tips.

As for his day job, the South Harlem resident has closed deals across the Upper West Side, Washington Heights and Carnegie Hill, including a recent $3 million transaction, he said. Thanks in part to a husband who has worked on Broadway for more than a decade, his clientele has consisted largely of entertainers from stage and television productions, he added.

“I’m about 21 months into my real estate career so I’m not this seasoned huge broker — and I’m fine with that,” said Angelo. “I started this business to offset my comedy and I love juggling both. The Corcoran team and the PR team here have been excellent, and Pam Liebman has been great. They have been jumping on this and helping me with all of this. It’s been fun.”

Email Jotham Sederstrom

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Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more

Alex Sapir’s sales team (from left: Mick Duchon, Eloy Carmenate, Tara West, Alex Sapir, Oren Alexander, Jay Philip Parker, Dean Bloch)

Developer Alex Sapir named his sales team for Arte by Antonio Citterio, a luxury condo development in Surfside. Douglas Elliman’s Oren Alexander, Tara West, Eloy Carmenate, Mick Duchon and Dean Bloch are leading sales of the 12-story, 16-unit condo building at 8955 Collins Avenue.

Citterio, an Italian architect, is designing the project along with Kobi Karp. The building received its temporary certificate of occupancy late last year. Elliman took over sales at Arte from Corcoran Sunshine in November. Prices start at $7.9 million.

Caroline Cheng returned to Franklin Street as director of retail leasing services in the company’s Miami office. Cheng was previously corporate real estate manager for Checkers and Rally’s Drive-In restaurants. Before that, she worked at Franklin Street, Brookfield Properties and Global Franchise Group.

Suffolk hired Ann Klee as executive vice president. Klee was previously vice president of Boston development and operations at GE, where she oversaw the search for GE’s new headquarters and its move to Boston. At Suffolk, Klee will be responsible for leading the company’s presence on a national scale.

Peter D. Sheridan joined JLL as an executive vice president. The industrial broker leads a team responsible for overseeing the leasing of 5 million square feet of Class A distribution and manufacturing space in South Florida. Most recently, Sheridan was senior director of leasing and development for Liberty Property Trust. He also previously worked for JLL as part of the agency leasing team in South Florida.

Anthony Seijas is now a principal at Altis Cardinal, focused on expanding the company’s multifamily platform. Anthony Seijas’ experience includes more than 26 years at Lennar Corp., where he was a regional vice president overseeing homebuilding operations in South Florida, and at Rialto Capital Advisors, a former Lennar subsidiary.

Adam Starr was hired as managing director of NAI/Merin Hunter Codman. Starr will specialize in the sale and leasing of office and industrial properties throughout south Palm Beach and Broward counties. He’s worked on deals totaling more than 15 million square feet of buildings.

Nick Quay joined Avanti Way Realty as a real estate agent.

Eyzenberg & Company opened a new office in Florida, marketing the third location for the commercial real estate investment bank. Eyzenberg & Company opened an office at 800 Brickell Avenue, just as the bank provided a bridge loan for a mixed-use project in Daytona Beach.

David Geller is now chief operating officer at Anatomy, a South Florida-based gym. Anatomy has locations in Miami Beach and near Midtown Miami and plans to open at Regatta Harbour in Coconut Grove.

Interior designer, furniture designer and space planner Alan David Cohen merged his team with Janine Geller, his business partner and stepdaughter. Geller is now creative director of Design House.

Jordan Nicholson joined Katz & Associates as a sales associate handling tenant and landlord representation. Nicholson previously interned for the firm.

The Mager McQueen Group joined Compass. The 10-agent team, led by Ann McQueen and Jeff Mager, will work out of Compass’ Fort Lauderdale and Hollywood offices. They previously owned their own firm, Elite Coastal Properties.

Daniela Rendon is now an in-house sales executive at 57 Ocean in Miami Beach. Fortune Development Sales is handling the project’s sales and marketing. Rendon was previously an agent at The Estates at Acqualina.

Driftwood Acquisitions & Development rebranded to Driftwood Capital. The company is looking for deals in the $30 million to $150 million range for development and acquisition. Its mezzanine lending division is issuing loans in the $3 million to $50 million range.

The post Movers & Shakers: Sapir announces sales team for Surfside project, Franklin Street taps retail head & more appeared first on The Real Deal Miami.

from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/02/18/movers-shakers-sapir-announces-sales-team-for-surfside-project-franklin-street-taps-retail-head-more/ via IFTTT

10 Shockers About Barbara Corcoran—Real Estate Legend, Shark, ‘DWTS’ Underdog

Ilya S. Savenok/Getty Images

Who knew real estate agents love to dance? Well, now the secret is out, after the Season 25 premiere of “Dancing With the Stars” featured not just one gyrating agent, but two!

One contender is “Property Brothers” star Drew Scott, who performed the fox trot with the hopes it would hone his skills for his upcoming wedding. But the other real estate maven on the show has an even more compelling back story: Barbara Corcoran. 

You’ve likely seen the 68-year-old Corcoran on TV’s “Shark Tank,” where she invests her money in the products and entrepreneurs she thinks have big potential. But before her star TV turn, she was best known for her long and vibrant career in real estate.

On “DWTS,” Corcoran and her partner, Keo Motsepe, performed a rendition of the salsa, which did not exactly bowl over the judges—in fact, they got the lowest score of the night! Blame it on those first-dance jitters (or that particularly awkward apparent crotch grab), even if Corcoran doesn’t seem like the type to crumble under pressure.

Here are some surprising facts about her that have us thinking she isn’t out of the running just yet!

I knew I wanted the Mirrorball Trophy but now I can really taste it! Vote #TeamSharkeo –> link in bio!! #DWTS #DWTS25

A post shared by Barbara Corcoran (@barbaracorcoran) on Sep 18, 2017 at 6:05pm PDT

1. She was a straight-D student

Corcoran has dyslexia and told Entrepreneur.com that she was a “lousy” student throughout high school and college. She refused to put the pressure on her own kids, including her son, Tom, who is now in his third year at Columbia University.

Her advice to him? “You don’t have to be a good student. Take your time. What the hell? Try this. Try that. Move around.”

The result is “a well-rounded creative kid that’s always going to be himself,” she said.

2. Her biggest role model is her mother

Corcoran is one of nine children, all raised by her mother. Although Mom was never in the business world, Corcoran says she’s her biggest source of inspiration, according to Inc.com.

3. She had 20 jobs by the time she was 23

Of the dozens of jobs she held from an early age, working as a waitress in a New Jersey diner brought her the most luck. That’s how she met her future boyfriend Ramon Simone, who would loan her the money to start her real estate company, according to chron.com.

4. She co-founded a real estate empire for $1K

In 1973, using a $1,000 loan from Simone, Corcoran started her eponymous real estate agency, The Corcoran Group, which originally focused on selling apartments in Manhattan.

5. She splurged on a coat with her first commission

Corcoran told Us Weekly she blew her first $340 commission check on the fanciest coat she could find.

“It made me look and feel like the success I would become,” she said.

I found a picture of me wearing my Bergdorf Goodman coat and… yup…. that's Ramon Simone! http://pic.twitter.com/qQG68oER

— Barbara Corcoran (@BarbaraCorcoran) July 19, 2012

6. She sold her real estate firm for $70 million

In 2001, she sold The Corcoran Group to NRT, a real estate brokerage, according to the New York Times. At the time of the sale, the company employed 850 agents and was generating annual revenue around $100 million. Her current net worth is around $80 million.

7. Her show has snagged four Emmy’s

She’s been a co-host on “Shark Tank” for its entire eight-season run, during which the show has won four Primetime Emmy Awards for Outstanding Structured Reality Program.

My Shark Tank Emmy came in the mail today… broken! An Emmy in 2 pieces is still an Emmy!

A post shared by Barbara Corcoran (@barbaracorcoran) on Oct 16, 2016 at 10:22am PDT

8. She has invested $5,465,000 on ‘Shark Tank’

According to Business Insider, her favorite company she invested in to date is Pipsnacks, the makers of tiny gourmet popcorn kernels that don’t get stuck in your teeth.

Tonight @cnbc is re-airing the Shark Tank episode where I made a deal with the best mini popcorn in town – Pipcorn! In honor of the re-air, I wanted to tell you some exciting news! You can now get Truffle Pipcorn in all @Costco stores in NY, NJ, CT, MA, DC, VA and PA. Go grab your bag! And to be entered to win freebags for a month, tag 2 friends who live in one of those states! @Pipsnacks #Pipcorn #Costco #SharkTankNation

A post shared by Barbara Corcoran (@barbaracorcoran) on Aug 7, 2017 at 3:56pm PDT

9. Her favorite way to start the day? A cup of coffee in her rope swing in her Manhattan penthouse

In 2015, Corcoran bought an 11-room duplex at 1158 Fifth Ave. on Manhattan’s Upper East Side for $10 million. The property, which overlooks Central Park, has a solarium where she sits and soaks up the sun in the morning, she told House Beautiful. And yeah, it has a swing.

Thanks @housebeautiful for featuring my favorite spot in my home – my rope swing! #myhousebeautiful : @tomyrivero_

A post shared by Barbara Corcoran (@barbaracorcoran) on Aug 8, 2017 at 10:04am PDT

10. She’s as happy as can be with a mojito (or 5) in her hand

Corcoran recently told Us Weekly, “If I had one day left on earth, I would have five mojitos in a row, lay on my hammock and call it a day.”

After all her hard work dancing the salsa, we’d say she deserves all the hammock time she can get!

The post 10 Shockers About Barbara Corcoran—Real Estate Legend, Shark, ‘DWTS’ Underdog appeared first on Real Estate News & Insights | realtor.com®.

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Carolyn Block Ellert joins Compass to head new dev division

Carolyn Block Ellert

UPDATED, April 17, 2:25 p.m.: More than six months after buying out her partner at Premier Sales Group, Carolyn Block Ellert is joining Compass to head its development division in Florida.

Ellert is now managing director of the company’s new development wing, based in Compass’ Fort Lauderdale office at 1200 East Las Olas Boulevard, according to a release. She’ll oversee projects in the southern half of the state.

Ellert bought out her ex-business partner Laurie Ingber in September to become the full owner of the Fort Lauderdale-based Premier Sales Group. Ingber said at the time she had joined Mattamy Homes, the largest privately owned home builder in North America, to lead sales and marketing of its new Southeast Florida Division.

As owner and CEO of Premier, Ellert was involved in luxury condo and condo hotel sales totaling more than $4 billion. She co-founded the company in 2000 and worked on selling Fort Lauderdale projects that included The Brazilian Court Palm Beach, Las Olas Riverhouse, Sapphire and the Atlantic Hotel. Ellert was also previously a director of sales for the Sunshine Group in New York and launched the company’s South Florida division in 1993.

Ellert will keep ownership of Premier Sales Group but will focus her new development efforts on Compass, according to a spokesperson.

Ellert is also the current and founding chair of the Master Brokers Forum’s Gold Coast chapter.

Compass’ development division is handling sales and marketing of Amrit Ocean Resort and Residences in Singer Island, 6080 Collins Avenue Beach House in Miami Beach, and Aquavue and Aquablu in Fort Lauderdale, among other projects.

Earlier this year, Compass expanded in Palm Beach with the acquisition of Hall Real Estate, an 11-agent boutique firm led by broker Steve Hall, and brought on Elizabeth DeWoody, a top producer at Corcoran Group.

After expanding nationwide last year – increasing from 37 markets to 122, hiring over 1,000 employees and signing on almost 6,000 new agents – Compass CEO Robert Reffkin said the brokerage won’t enter new markets this year, instead focusing on hiring and growth in its current markets.

from The Real Deal Miami https://therealdeal.com/miami/2019/04/17/carolyn-block-ellert-joins-compass-to-head-new-dev-division/ via IFTTT

10 Shockers About Barbara Corcoran—Real Estate Legend, Shark, ‘DWTS’ Underdog

Ilya S. Savenok/Getty Images

Who knew real estate agents love to dance? Well, now the secret is out, after the Season 25 premiere of “Dancing With the Stars” featured not just one gyrating agent, but two!

One contender is “Property Brothers” star Drew Scott, who performed the fox trot with the hopes it would hone his skills for his upcoming wedding. But the other real estate maven on the show has an even more compelling back story: Barbara Corcoran. 

You’ve likely seen the 68-year-old Corcoran on TV’s “Shark Tank,” where she invests her money in the products and entrepreneurs she thinks have big potential. But before her star TV turn, she was best known for her long and vibrant career in real estate.

On “DWTS,” Corcoran and her partner, Keo Motsepe, performed a rendition of the salsa, which did not exactly bowl over the judges—in fact, they got the lowest score of the night! Blame it on those first-dance jitters (or that particularly awkward apparent crotch grab), even if Corcoran doesn’t seem like the type to crumble under pressure.

Here are some surprising facts about her that have us thinking she isn’t out of the running just yet!

I knew I wanted the Mirrorball Trophy but now I can really taste it! Vote #TeamSharkeo –> link in bio!! #DWTS #DWTS25

A post shared by Barbara Corcoran (@barbaracorcoran) on Sep 18, 2017 at 6:05pm PDT

1. She was a straight-D student

Corcoran has dyslexia and told Entrepreneur.com that she was a “lousy” student throughout high school and college. She refused to put the pressure on her own kids, including her son, Tom, who is now in his third year at Columbia University.

Her advice to him? “You don’t have to be a good student. Take your time. What the hell? Try this. Try that. Move around.”

The result is “a well-rounded creative kid that’s always going to be himself,” she said.

2. Her biggest role model is her mother

Corcoran is one of nine children, all raised by her mother. Although Mom was never in the business world, Corcoran says she’s her biggest source of inspiration, according to Inc.com.

3. She had 20 jobs by the time she was 23

Of the dozens of jobs she held from an early age, working as a waitress in a New Jersey diner brought her the most luck. That’s how she met her future boyfriend Ramon Simone, who would loan her the money to start her real estate company, according to chron.com.

4. She co-founded a real estate empire for $1K

In 1973, using a $1,000 loan from Simone, Corcoran started her eponymous real estate agency, The Corcoran Group, which originally focused on selling apartments in Manhattan.

5. She splurged on a coat with her first commission

Corcoran told Us Weekly she blew her first $340 commission check on the fanciest coat she could find.

“It made me look and feel like the success I would become,” she said.

I found a picture of me wearing my Bergdorf Goodman coat and… yup…. that's Ramon Simone! http://pic.twitter.com/qQG68oER

— Barbara Corcoran (@BarbaraCorcoran) July 19, 2012

6. She sold her real estate firm for $70 million

In 2001, she sold The Corcoran Group to NRT, a real estate brokerage, according to the New York Times. At the time of the sale, the company employed 850 agents and was generating annual revenue around $100 million. Her current net worth is around $80 million.

7. Her show has snagged four Emmy’s

She’s been a co-host on “Shark Tank” for its entire eight-season run, during which the show has won four Primetime Emmy Awards for Outstanding Structured Reality Program.

My Shark Tank Emmy came in the mail today… broken! An Emmy in 2 pieces is still an Emmy!

A post shared by Barbara Corcoran (@barbaracorcoran) on Oct 16, 2016 at 10:22am PDT

8. She has invested $5,465,000 on ‘Shark Tank’

According to Business Insider, her favorite company she invested in to date is Pipsnacks, the makers of tiny gourmet popcorn kernels that don’t get stuck in your teeth.

Tonight @cnbc is re-airing the Shark Tank episode where I made a deal with the best mini popcorn in town – Pipcorn! In honor of the re-air, I wanted to tell you some exciting news! You can now get Truffle Pipcorn in all @Costco stores in NY, NJ, CT, MA, DC, VA and PA. Go grab your bag! And to be entered to win freebags for a month, tag 2 friends who live in one of those states! @Pipsnacks #Pipcorn #Costco #SharkTankNation

A post shared by Barbara Corcoran (@barbaracorcoran) on Aug 7, 2017 at 3:56pm PDT

9. Her favorite way to start the day? A cup of coffee in her rope swing in her Manhattan penthouse

In 2015, Corcoran bought an 11-room duplex at 1158 Fifth Ave. on Manhattan’s Upper East Side for $10 million. The property, which overlooks Central Park, has a solarium where she sits and soaks up the sun in the morning, she told House Beautiful. And yeah, it has a swing.

Thanks @housebeautiful for featuring my favorite spot in my home – my rope swing! #myhousebeautiful : @tomyrivero_

A post shared by Barbara Corcoran (@barbaracorcoran) on Aug 8, 2017 at 10:04am PDT

10. She’s as happy as can be with a mojito (or 5) in her hand

Corcoran recently told Us Weekly, “If I had one day left on earth, I would have five mojitos in a row, lay on my hammock and call it a day.”

After all her hard work dancing the salsa, we’d say she deserves all the hammock time she can get!

The post 10 Shockers About Barbara Corcoran—Real Estate Legend, Shark, ‘DWTS’ Underdog appeared first on Real Estate News & Insights | realtor.com®.

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