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June Vegas luxury sizzles: $25M record-breaker; local BHHS goes corporate

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It’s going to be a memorable June for luxury Las Vegas real estate.

While the luxury real estate market stays hot with some of the top sales in Las Vegas history in June and annual markers poised to break, activity continues to pick up with more brokerage firms.

HomeServices of America Inc., a subsidiary of Berkshire Hathaway, announced on Wednesday that Americana Holdings, the Las Vegas-based brokerage franchise, has been acquired by CEO Mark Stark. His franchise was called Berkshire Hathaway HomeServices Nevada Properties, California Properties and Arizona Properties.

It is the second major transaction with a major brokerage company in the past year. Last fall, Synergy Sotheby’s International in southern Nevada came under new ownership.

The real estate sale, which goes into effect July 1st, culminates in Las Vegas real estate history.

Luxury records mark June

It started a couple of days in June, when the record-breaking condominium sales price was set, when a 13,000-square-foot penthouse at The Martin sold for $ 16.25 million.

Days later, Henderson set its all-time record, and Las Vegas had its highest single-family home sale of 2021, with $ 14.69 million paid for a 12,100-square-foot property in the mountainous town of Ascaya.

By the end of the month, billionaire Anthony Hsieh, founder of LoanDepot, paid $ 25 million for luxury builder’s newly built show home in the MacDonald Highlands in Henderson. Kristen Routh-Silberman from Synergy Sotheby’s International represented buyers and sellers.

Bespoke homes have been built in the valley for their owners at a cost of more than $ 25 million, but none have changed hands, at least publicly on the Las Vegas Realtors Association’s multiple listing service.

“I think the Las Vegas market is stable, strong and on the rise,” said Routh-Silberman. “I think smart money is coming to this town. This will remain so for the rest of 2021 and well into 2022. I’m super bullish in the market. “

That sale broke the all-time sales record in Las Vegas at $ 17.55 million when magician David Copperfield bought a house on Billionaires Row in Summerlin in 2016. This transaction was handled by broker Ivan Sher, with the Ivan Sher Group of Berkshire Hathaway HomeServices representing the buyer and seller. This sale was not made through the MLS, but made public.

“Kristen should be very proud of it,” said Sher. “It’s a great achievement. She earned it and worked really hard. I had that moment and I know what it feels like and it’s amazing. “

Number 3 on the list only came to light this month as a private transaction that the Las Vegas Realtors Association said did not close on the MLS. Former casino mogul Steve Wynn’s home on Shadow Creek Golf Course in North Las Vegas was sold for $ 17.375 million in 2007 but was not reported at the time. The then MGM Mirage sold the 12,000-square-foot home it acquired from Wynn as part of the purchase of the games company. The house was sold when Wynn moved out after living there for several years.

In 2019, a newly built megavilla by developer Jim Rhodes was sold for $ 16 million. It will now be at number 4, while the Ascaya house, which was sold in June, is at number 5.

Aldo Martinez, president of Las Vegas Realtors, said there have been more than 1,200 luxury closings of $ 1 million and more single-family homes in the past 12 months as the city reopened after the COVID-19 shutdown. From January through 23 days in June, there were 747 sales of $ 1 million and up. The number of single-family houses was only 756 in 2020 as a whole.

“For the longest time we were around 200 to 300 luxury sales a year and suddenly it started to bounce,” Martinez said. “It looks like we’re going to sell over 1,000 luxury properties this year.”

There were 270 such sales in 2016; 385 sales in 2017; 430 in 2018; 531 in 2019; and 756 in 2020.

Regarding sales of $ 4 million and above, the Association of Brokers said there were 99 sales between June 30, 2020 and June 30, 2021. There were 51 sales for all of 2020. Five years ago it was in the single digits for the year.

Sher said Las Vegas moved from a place where high-end luxury sales surged by $ 10 million to $ 12 million, then hit $ 15 million before hitting $ 17 million -Dollars went up. With the record breaking sale in June, there is a new benchmark showing that luxury is changing in the city.

“It’s a big moment for Las Vegas real estate,” said Sher. “We’re suddenly approaching some of these California coastal properties.

Sher said he’s speaking to customers with $ 50 million to $ 100 million worth of Las Vegas homes who want to come out at some point.

Sher said some of the new homes being built at Summit Club in Summerlin, the new super-luxury resort community, are $ 70 million, $ 80 million, $ 100 million, and $ 120 million -Dollars will be, he said.

“It’s super exciting and there is a lot more to come,” said Sher. “Sales are a beacon of where luxury is going in the city.”

Martinez said part of it is rising house prices pushing the boundaries of homes, which are now valued at more than $ 1 million. He said he bought his home in Seven Hills, Henderson, at the bottom of the real estate market in 2011 and paid $ 390,000 for it. Homes in the neighborhood are selling for $ 985,000 today, he said.

“Property values ​​are up about 22 percent (last year alone) and homes of just under $ 1 million in the $ 800,000 to $ 900,000 range are millions of dollars in luxury real estate,” Martinez said.

He said the strength of the luxury market should continue. People who have money will not deprive themselves of what they want and can buy.

Brokerage

Upon acquisition, HomeServices of America also acquired Stark’s franchises in three states. This also includes the title and trust companies Legendary Title (Arizona), Legendary Escrow (California), and Equity Title (Nevada). Financial terms of the transaction were not disclosed.

Headquartered in Henderson, it serves the tri-state area with nearly 3,000 sales people in 32 offices in communities across Phoenix, Los Angeles and Las Vegas. The company became part of the Berkshire Hathaway HomeServices network in 2014.

HomeServices has nearly 46,250 real estate professionals working in more than 900 offices in 32 states.

Stark, along with President and Chief Operating Officer Gordon Miles, will continue to lead the strategic planning and growth initiatives of Berkshire Hathaway HomeServices Arizona, California and Nevada Properties and lead the day-to-day operations of the company.

The Las Vegas office leads the way in terms of sales volume with the transactions it handles.

Stark said Berkshire bought the Prudential real estate network in 2013 and transferred those brokerage firms to Berkshire Hathaway HomeServices, including Stark’s Prudential American Group, which was part of Prudential Commissions until 2014, and that made it an attractive acquisition, said Strong. It ranks number 1 among franchises as the first two are owned by Berkshire Hathaway, he said.

In 2020, Stark said his franchise had sales of $ 7.1 billion in 2020 and increased it by $ 1.57 billion during the pandemic last year with no acquisitions.

“(To) the world, agents, employees and managers, it’s invisible,” said Stark. “It’s practically no change. Some of the more powerful changes are that they have stronger health insurance than we had alone. Your 401k is better than ours. “

Stark said he would no longer have to deal with banking, debt management, tax returns, capital spending or raising capital.

“It gives us the opportunity to spend more time with sales reps and executive teams,” said Stark.

Stark said he went through good times and difficult times in the industry with the market boom in the 2000s. His company filed for bankruptcy during the 2007 market downturn, before emerging again after six months in 2008.

With the acquisition by Berkshire Hathway, the operation is well positioned to handle both aspects of the market, Stark said.

“I want to be in the camp where this is an opportunity and not a stranglehold,” said Stark. “The first time I went through it, it was a stranglehold for me. We had a lot of support and we got through it, but I’m a guy. I don’t care how much you try and save, but when things adjust it can get difficult. We are unstoppable in this scenario. Berkshire Hathaway is one of the largest companies in the world. I will be able to stand before the opportunity court and see how we will take advantage of this (next) downturn and grow through it. “

Stark employs approximately 150 people and more than 3,000 agents in more than 30 offices in four markets in three states. California has the Palm Springs and Orange Counties area. The Arizona office is located in Phoenix. In Las Vegas, Stark has more than 1,200 agents in Nevada.

“We’ll kill it in 2021,” said Stark. “We’re so far ahead for all of our businesses, and Nevada is way up there. The most important thing I watch (to have an impact) are interest rates and the economy. “

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Real estate industry groups spent millions to halt the national eviction moratorium • OpenSecrets

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(Photo by Kevin Dietsch / Getty Images)

Housing and real estate groups spent more than $ 100 million lobbying over the past year and a half while Congress and the White House worked to extend the COVID-19 eviction moratorium that these groups were hoping to stop.

President Joe Biden announced Tuesday that the Centers for Disease Control and Prevention would impose a 60-day eviction ban on counties with “significant and high” virus transmission. At the start of the coronavirus pandemic in 2020, the CDC put in place a nationwide moratorium to curb the spread of the virus by keeping tenants in their homes. The House of Representatives did not pass a law on Friday that would keep the moratorium in place across the country until October 18.

The 60-day ban came days after House Democrats, including MPs Cori Bush (D-Mo.), Ayanna Pressley (D-Mass.) And Ilhan Omar (D-Minn.), Put heavy pressure on Biden and the Congress had exercised to reinstate the moratorium. Bush, who has experienced homelessness, slept on the Capitol steps for five nights in protest at the lifting of the ban.

“Last night we stood on the Capitol steps in a moment of silence for all the people who are vacant and whose lives have been taken for political violence,” tweeted Bush on Sunday. “For everyone whose life is in danger until the eviction moratorium is extended. We have to save lives. “

But the moratorium has also been the subject of several lawsuits and lobbying since it was introduced by groups such as the National Association of Realtors and the National Apartment Association.

The real estate association, the largest real estate business in the country, spent over $ 84 million on lobbying last year, its highest figure ever and having spent over $ 18 million to date in 2021.

The group continued to oppose the eviction moratorium and pushed for more rent support funds because the moratorium is detrimental to housing providers or landlords who lose rent payments. She reported lobbying discussions with Congress, the Ministry of Housing and Urban Development and the National Economic Council, among others, regarding the moratorium.

The group was also involved in two lawsuits with the Alabama and Georgia Brokerage Association seeking to lift the eviction notice. The two groups filed lawsuits against the Trump administration last year, saying it was illegal for the CDC to enact the moratorium.

The lawsuit against the Alabama Realtors’ Association reached the Supreme Court, which ruled in June that the moratorium could remain in place but warned the Biden administration not to extend the ban beyond July.

The Housing Association, a landlord trading group, filed a similar lawsuit against the federal government shortly after the Supreme Court ruling. The association has campaigned heavily against the moratorium, spending over $ 1.4 million in 2020 and $ 670,000 so far this year. The group also campaigned for more tenant aid funds, claiming in a statement accompanying the lawsuit that homeowners “owe $ 26.6 billion.”

“Any extension of the eviction moratorium amounts to an unfunded government mandate that forces housing providers to provide an expensive service without compensation and places tenants with insurmountable debt,” said Bob Pinnegar, president and CEO of the NAA, in a statement Dec. July.

The Mortgage Bankers Association, an advocacy group for the real estate finance industry, also campaigned against the moratorium. The association spent over $ 2.4 million on lobbying efforts in 2020 and has already spent nearly $ 1.2 million this year.

Last year, the group also campaigned against the moratorium on coronavirus eviction law and spent much of 2021 campaigning for rental support. The organization said in a statement following the initial adjustment of the ban that the moratorium would trigger a “cascade reaction” that would only tighten the economy.

While lobby groups insist that the eviction ban is detrimental to the economy, Democrats and civil rights activists, including MP Alexandria Ocasio-Cortez (DN.Y.) and Senator Elizabeth Warren (D-Mass.), Praised Bush after the new ban was imposed had been put in place for their efforts outside the Capitol.

“I applaud the CDC for imposing an eviction moratorium on the vast majority of the population,” Senate majority leader Chuck Schumer (DN.Y.) said in a statement on Tuesday. “It is devastating for anyone who loses their home through no fault of their own, and it is shameful that the Republicans in Congress have not lifted a finger to prevent it.”

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Sera Global Continues Expansion of Real Estate Expertise with Hire of Six Industry Leaders

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NEW YORK, 4th August 2021 / PRNewswire / – Sera Global (“Sera”), a leading global independent real estate advisor, today announced the continued expansion of its real estate business with the hiring of five partners and an executive director. famous North America and Europe.

The new employees bring a wealth of experience to Sera’s growing real estate team. These professionals, who move into Private Capital Advisory (PCA) and Investment Banking, further underscore how Sera is building an integrated advisory platform to meet clients’ strategic priorities across their business or asset lifecycle.

“We are excited to welcome each of these talented individuals to our growing global team and are excited about the extensive real estate knowledge and experience they will bring to our client base,” said Leo van den Thillart, Managing Partner and Global Head of Sera. “These people are central to realizing our vision as a holistic strategic advisor as our clients continue to seek long-term partnerships with specialist real estate expertise in investment banking, private capital advisory and liquidity solutions.”

  • Bailey Puntereri, Partner joins Sera’s private capital advisory business new Yorkwhere he will be responsible for institutional investor and advisor coverage as well as advising property operators and managers on capital raising strategies, vehicle structuring and equity placement. He brings almost 20 years of experience in commercial real estate and most recently served as a Principal in the real estate sales team at PJT Park Hill, serving institutional investors along the East Coast and Southern United States.
  • James Park, Partner strengthens Sera’s investment banking team in new York from Evercore, where he served as a managing director in the real estate consultancy practice. Previously, he was also Managing Director at UBS in their Real Estate Lodging and Leisure (RELL) Group, both in London and Singapore. At Sera, he will be responsible for M&A, strategy and fundraising advice for public and private companies and sponsors.
  • Patricia Wilkinson, Partner will be responsible for the project management function for Real Assets for Sera Global’s Private Capital Advisory business and will also be responsible for advising general partners, operating companies and managers of Real Assets on capital formation and fund strategy, as well as overseeing the fundraising process and business development . She joins Sera from Threadmark, where she was responsible for project management and origination worldwide.
  • Alexandra Cromer, Partner becomes Co-Head of Project Management and Deal Management for Sera Global’s Private Capital Advisory business. Prior to joining Sera, Alexandra was with Atlantic-Pacific Capital for over 13 years, providing strategic advice and management services for primary fundraising, co-investments and direct transactions to a number of infrastructure and real estate clients.
  • Eoin Bastible, Partner comes from UBS Asset Management, where he has been Head of Business Development EMEA for Real Estate and Private Markets since 2014. Seat in London, he will be responsible for Funding, Origination and Business Development for Private Capital Advisory in EMEA.
  • Ian Currie, Executive Director becomes Executive Director in Sera’s Private Capital Advisory business, based in London. Ian was previously Executive Director at MEC Global Partners, Mitsubishi Estate’s investment platform.

“As our customers develop their business and growth strategies, these people will help drive our integrated approach to customer solutions and help us achieve their long-term goals,” said Maggie Coleman, Managing Partner, Real Estate Private Capital Advisory at Sera Global. “We look forward to expanding our portfolio of real estate advisors as we accelerate our delivery of solutions to global markets.”

These appointments follow the recent addition of Michael Yang and Kilian Toms Head of the Liquidity Solutions / Secondaries Practice of Sera and Maria Kang | and Stephane Marguier to drive the North American and European expansion of Sera’s infrastructure PCA business, both key pillars of Sera’s integrated approach to strategic advice.

About Sera Global

Sera Global is a leading global real estate advisor with over $ 100 billion in the previous transaction volume; Sera management has more than $ 300 billion of capital. The company offers integrated investment banking, private capital and strategic advisory services in the real estate, infrastructure and renewable energy sectors. Sera is co-headquartered in New York, NY and London, United Kingdom with own offices in The angel, Toronto, and Seoul.

Contact:
Anne Hart / Claire Walsh
[email protected] / [email protected]

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Modiv Completes Three Commercial Real Estate Transactions in Texas | News

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Newport Beach, Calif., Aug. 3, 2021 (GLOBE NEWSWIRE) – The transactions include an acquisition, property sale and lease renewal, indicating healthy portfolio activity for Modiv in the Texas real estate market

Modiv Inc., an innovative real estate, fintech and proptech asset manager, today announced the completion of three separate commercial real estate transactions in central Texas. The transactions include an acquisition and rental extension in San Antonio and a property sale in the greater Austin area with a cumulative total of 99,265 square feet of real estate.

Texas Transaction Details include:

Acquired a 3,800 square foot fast food restaurant leased to Raising Cane’s® located at 19110 Stone Oak Parkway in San Antonio. Founded in 1996,

Raising canes

is a popular and growing fast food brand that specializes in chicken fingers and operates approximately 550 restaurants in 30 states and the Middle East. The property is on a major thoroughfare near schools, medical facilities, and new housing developments. An eight year lease extension for a Pre-K 4 SA Educational Center on 1255 Old Highway 90 W in San Antonio. The 50,000 square foot facility is leased to the San Antonio Early Childhood Development Corporation (“Early Childhood”) and the lease is guaranteed by the City of San Antonio. This pre-K center is one of four in the San Antonio market and has an enrollment of over 400 students. Modiv worked closely with the board of directors of Early Childhood on the transaction so that the center can continue its mission of delivering high quality, high impact early childhood education to the San Antonio community at 5900 183A Frontage Road in Cedar Park became with an aerospace technology company completed. Pricing came before the most recent independent assessment that shows the strength of the greater Austin commercial real estate market.

“These transactions reflect our team’s ability to add value and actively manage our diverse real estate portfolio,” said David Collins, chief property officer at Modiv, based in Dallas. “We remain optimistic about the continued growth of the Texas commercial real estate market and we believe our investments in the area can provide long-term value to our investors.”

Within Texas, Modiv also owns an office property leased to Texas Health Resources in Dallas and a retail property leased to Dollar General in Big Spring.

Forward-Looking Statements Certain statements contained herein, other than historical facts, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Exchange Act of 1934 as amended (the “Exchange Act”). Modiv intends that all such forward-looking statements be subject to the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act, Section 21E of the Exchange Act and other applicable laws. Such statements include, in particular, statements about Modiv’s ability to add value and actively manage its portfolio, the strength of the Texas real estate market and its ability to create long-term value. Therefore, such statements are not guarantees of future results and are subject to risks, uncertainties and other factors, some of which are beyond Modiv’s control, which are difficult to predict and which could cause actual results to differ materially from those expressed in the forward-looking statements implied differ. seek statements. Accordingly, Modiv makes no representations or warranties, express or implied, as to the accuracy of any forward-looking statements contained herein. Unless otherwise required by federal securities laws, Modiv assumes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events, or changes in future operating results, whether as a result of new information, future events or otherwise.

About Modiv Modiv Inc., a real estate, fintech and proptech asset manager, is reinventing modern real estate investments for retail investors. Driven by innovation, a focus on investors and an experienced management team, Modiv has created one of the largest unlisted real estate funds raised through crowdfunding technology and the first real estate crowdfunding platform wholly owned by investors. Modiv offers retail investors access to real estate and property-related investments that are designed to generate both income and long-term growth. To learn more, visit modiv.com.

Contact Associate Vice President Hudson Pitts RUBENSTEIN hpitts@rubenstein.com 248-767-1688

Copyright 2021 GlobeNewswire, Inc.

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