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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 News

Real estate in one Downriver city stands out for netting top dollar, selling the fastest – The News Herald

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When an engaged couple with law enforcement jobs is looking for a home, you can bet that crime is one of their top considerations.

Allen Park passed the test for Alexus Martinez and James Guardola. They bought a two-bedroom bungalow near Allen Park High School.

“It’s a safe city,” said Martinez, who works for the Department of Homeland Security at Detroit Metropolitan Airport.

“It’s perfect,” said Guardola, an Allen Park native and Detroit police officer.

It’s popular too.

Among the downstream communities, Allen Park is one of the hottest homebuyer destinations. For the first 10 months of this year, Allen Park residential properties ranked top in percent median price increases, the fewest days in the market that resulted in a sale, and the percentage of asking price received.

Local and national real estate markets have overheated since the COVID-19 pandemic disrupted lifestyles and economies. Health concerns, lockdowns, inventory shortages, and a trend towards home work have resulted in higher home prices and fierce bidding among potential buyers.

Sales above the asking price were common.

Now with just a few days left in this calendar year, real estate experts say conditions are calming – some.

Rosanne Couvreur

“It’s still a wild ride,” said Rosanne Couvreur, Real Living Kee Realty realtor in Rockwood with a quarter of a century of experience.

“It’s still a sellers’ market. For buyers, it’s still a matter of competing against multiple offers on most properties. “

Sellers continue to catch up with top dollars, Couvreur said, adding that “patience is key” for home buyers.

“The fall market has a little more seasonality this year compared to last year, but active buyers continue to give the market a boost,” said Jeanette Schneider, president of Re / Max in southeast Michigan.

Karen Kage, Managing Director of Realcomp II added: “October was particularly interesting when put in historical context. Aside from the atypical year 2020, sales were well above those previously recorded in 2017-19. It’s still a very robust marketplace. “

For Martinez, buying a house in today’s environment was accompanied by a range of emotions, from enthusiasm to fear. She credits Couvreur for bringing the trial to a happy conclusion.

The couple made a handful of unsuccessful offers on other homes before joining the Allen Park home for $ 189,000.

“We looked for a couple of months,” said Martinez. “We looked at everything. We got discouraged. It was stressful. Now it’s exciting. “

James Guardola and Alexus Martinez present their new home in Allen Park. (Courtesy photo of Alexus Martinez)

Tracking 18 downstream communities for the first 10 months of the year, Realcomp reported that closed sales increased 5.8% to 3,709 homes from the same period last year.

According to Realcomp, six downriver communities saw double digit percentage increases in closed sales for the 10 month period this year: Wyandotte (25.7%, 352 sales); Romulus (17.6%, 234 sales); Lincoln Park (16.3%, 471 sales); Southgate (14.2%, 354 sales); Big Ile (11.1%, 150 sales) and Trenton (10.1%, 208 sales).

Allen Park led all municipalities for the percentage of the bid price received (103.4%), Realcomp said. Allen Park, Southgate and Woodhaven reported the fewest days in the market from listing to sale (12).

According to Realcomp, Grosse Ile had the highest average median closing price (USD 363,750), followed by Huron Township (USD 298,450), Brownstown Township (USD 285,250), Woodhaven (USD 232,000), Gibraltar (USD 220,000), Flat Rock (USD 206,500) and Trenton ($ 196,750). .

River Rouge led in the percent increase in median price (41.4%, $ 63,500), followed by Ecorse (33.3%, $ 60,000), Lincoln Park (22.2%, $ 125,000), Riverview (18.5%, $ 189,500), Allen Park (17.8%, $ 179,000), Southgate (16.8%, $ 160,000), and Rockwood (15.8%, $ 183,500).

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Forget about asking price for CNY real estate. Plus, National Guard deployed to help nursing homes (Good Morning CNY for Dec. 3)

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Subscribe to the Good Morning, CNY newsletter delivered to your email inbox every weekday morning.

weather

High: 36; Low: 28. Partly sunny, cool. Check out the 5 day forecast.

picture of the Day

“We had a thousand balls here,” says Mark Koester of the past 14 years at his home at 2119 Conley Road near Chittenango. Climb down the steps, jump off the diving board, or slide down the slide into the heated swimming pool.Courtesy of Simply Heidi Photography

HOUSE OF THE WEEK: This Chittenango house, built in 2003, was designed for families. It sits on 6.45 acres and checks in on 6,406 square feet and has plenty of room to play. And if you think the pool is beautiful, just take a look inside.

What’s hot

Are you looking for a house in CNY? Forget the asking price: the real estate market in central New York has been on fire for much of the year, and a great indicator of the heat is how close sellers are getting to their asking prices. For months they have not only grown closer. You got more.

New York State is using the National Guard to support low-staffed nursing homes: Nursing homes, such as hospitals and other health facilities, are grappling with a severe shortage of nurses and other health workers. To cope with this, the New York National Guard is sending 120 of its medical staff to low-demand nursing homes across the state, including Loretto in Syracuse.

  • The nursing home in Syracuse will reopen the Covid unit to ease the hospital shutdown

While New York licensing lags, Indian nations are increasing marijuana sales: It’s been eight months since New York state legalized the possession and use of adult marijuana. Yet the state has still not enacted regulations or issued licenses to sell, which is delaying the opening of retail stores. Several Native American nations in New York have filled the void, citing sovereign nation status.

Future uncertain for planned Microsoft tech hub in Syracuse: In 2019, the software giant Microsoft announced plans to build a “Smart Cities technology hub” in Syracuse and signed a three-year agreement with the city, Onondaga County and Syracuse University . Two years after signing the contract, City Councilor Michael Greene says that Microsoft “did not have the decency to give us a clear answer where they stand” with the project.

looking ahead

Are you ready for a challenge? Don’t you go after waterfalls? We say chase away in upstate New York with a new challenge that brings people to some of the 150 breathtaking cascades that Ithaca has to offer. The Waterfalls Challenge, launched by Visit Ithaca, lists 22 known and hidden gems in the area.

Sports

Runners run on a track during a meeting

The Jack Morse Kickoff Meet will take place on Thursday in the SRC Arena of the Onondaga Community College.Marilu Lopez-Fretts | Contributing photographer

WESTHILL, BALDWINSVILLE TEAMS WIN AT JACK MORSE RELAYS: Athletes from Section III schools participated in the second day of the Jack Morse Relays at the SRC Arena on the Onondaga Community College Campus on Thursday. The Westhill girls ‘and Baldwinsville boys’ teams were victorious. See the results and more than 70 photos from the event. (See results and photos from Wednesday here) (Marilu Lopez-Frett’s photo)

Old Rival Back on the Syracuse Lacrosse Scheme: One of Syracuse men’s lacrosse’s fiercest rivals is back on its way, and a new Orange coach is set to make some serious flashbacks.

How did the SU women beat a top 20 team after 3 losses in the Bahamas? The Syracuse women’s basketball team had a rough time in the Bahamas last week, trailing in all three games in Battle 4 Atlantis. The team took some of their frustration with a win over Colgate on Sunday, but the Orange needed more. The opportunity came with Ohio State No. 18 in town for the Big Ten / ACC Challenge, and SU took the opportunity.

FURTHER SPORT NEWS:

In the letter

A Syracuse man requests a plea for the murder of a 15-year-old boy in Creekwalk. DA drops large numbers

Byrne Dairy & Deli are closing down a shop that has been in operation for nearly 50 years

Watch an exclusive courtroom video in which Anthony Broadwater was acquitted of Alice Sebold’s rape 40 years later

CNY Wishlist: Would you like to help? Here’s a wishlist from local nonprofits

Rome woman killed in head-on collision, 2 more hospitalized, soldiers say

A rainy summer in Syracuse revealed a growing problem: black mold

Man dies after striking a power pole during a medical emergency in Syracuse, police say

Today’s obituaries

To view today’s obituaries, please click here.

Amazon Flash Briefings

To hear the latest news with Alexa every morning, please click here.

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My holiday wish list for commercial real estate – Daily News

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With Thanksgiving lately, Hanukkah in full swing, and Christmas in less than 30 days … it’s time for some Christmas cheer!

Countless children around the world – including our five grandchildren – are putting together their lists. So I thought it would be fun to draw my five hopes for the 2022 commercial real estate market – aka my gift list for the coming year.

So without further ado, here it goes.

A more balanced market. Industrial real estate – buildings where people make, store, and ship things – have fallen by the wayside for the past six years. Currently, fewer than 1 in 100 buildings have no residents!

We find an acute imbalance when there is a demand that exceeds supply, the lack of new buildings, changes in consumer shopping habits and an excessive appetite for things. As a result, the prices of listings have skyrocketed and many people are wondering if rents are sustainable.

So I would like a little more common sense.

Vanishing office insecurity. II have said many times that transactions take place when activity increases or decreases. But uncertainty is a killer for a company that relies on movement.

There have been some big Amazon office deals in the market – like the purchase of the former Orange County Register Printing Office in Santa Ana and the Bank of America campus in Brea. For both, however, a change of use is pending. The former suites of executives, middle management and office workers will be eliminated and replaced by countless blue delivery vans.

The pandemic changed the office paradigm. Companies countered with “hybrid” approaches that required smaller floor space, virtual workstations and less collaborative layouts.

I would like some long-term leases for large office buildings here.

Solution to the port problem. Talk about a perfect storm that’s like an anaconda eating a Thanksgiving meal or six: the accumulation of ecommerce containers slowly moving through the supply chain.

Many people are much better informed than me about the causes. All points in the supply chain are simply squashed – which leads to massive delays, bottlenecks and escalating price tags. Certainly some reduction in regulation would help. A little more storage space could help too. Are you asking America to stop shopping for a while?

I would like a stable flow of goods until July 4th.

Interest rates still low. Rising interest rates could be the best thing for us – like tearing off a bandage. But wow! How incredibly painful for an economy that depends on cheap money.

Our 10-year Treasuries rate – the benchmark for commercial real estate lending – has been hovering in the low 1% range for a number of years. Great for borrowers but terrible for savers. As our population ages and more of us have steady incomes, an increase in returns would be welcome. Don’t forget, however, that $ 1.2 trillion in stimulus goodies is to be paid back. Rising interest rates would make amortization more expensive.

All in all, I would like more of it.

A more diverse industry. Commercial real estate brokerage has been dominated by men in the past. However, two fall conferences that we attended showed a change.

I was thrilled to see over 40% women and minorities at the Commercial Real Estate Influencers Summit and the Society of Industrial and Office Realtors Global Event.

It is my wish that the face of commercial real estate reflects our world.

Allen C. Buchanan, SIOR, is a Principal at Lee & Associates Commercial Real Estate Services, Orange. He can be reached at abuchanan@lee-associates.com or 714.564.7104.

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