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Dallas-based real estate firm that specializes in selling homes for investors to flip opens first Ohio office in Columbus



by: By Bonnie Meibers | Columbus Business First

Posted: 7/9/2021 / 2:22 PM EDT
Updated: 7/9/2021 / 2:22 PM EDT

The New Western headquarters in Dallas, Texas. New Western opened an office in Columbus on July 1st.

COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – New Western, a Dallas-based real estate company focused on off-market real estate, has opened its first Ohio office at 4449 Easton Way.

New Western has locations across the country from Texas to Massachusetts. The company offers an exclusive platform and an extensive portfolio of investment properties designed to support real estate investors in acquiring fixer-upper properties to convert and sell or convert and lease.

“It sure is a niche,” said Myrna Gourgy, general manager of the company’s Columbus market. “New Western helps real estate investors who are working to generate passive or active income through real estate investments. We don’t partner with traditional home buyers who buy a home to live in. The investors we work with come from a wide variety of backgrounds and have different levels of experience. Some may be brand new to real estate investing while others are seasoned runaways, landlords, or both. “

Gourgy said New Western has worked with hedge funds in other markets as well.

The company said it moved to Columbus because of its rapid growth and hot housing market. There are currently more than 481,000 old homes in the Columbus area that New Western says could be ideal for flipping. More than 30,000 of these properties are located in opportunity zones – districts that receive tax breaks.

“The reason we chose Columbus is because of the tremendous opportunities in the real estate market,” said Kurt Carlton, co-founder and president of the company, in a press release. “As the population continues to grow rapidly, there are simply not enough homes available, making the number of aging homes in the Columbus market an exceptional opportunity for investors to revitalize.”

The company works with Sherman Bridge Lending for mortgages and homebuyer HomeGo. Together, the brands help homeowners get out of difficult properties while providing opportunities for local property investors to invest. Real estate investors can take advantage of New Western’s exclusive inventory of available properties, ideal for repair and flip or repair and rental.

“We use every instrument available to us to find opportunities for our investors. We don’t differentiate where a deal is coming from, ”Gourgy said in a statement emailed. “We’re also a resource for real estate agents in the community, helping them get tough deals into the hands of our pool of investors.”

New Western also uses proprietary technology to analyze data on more than 110 million single-family homes across the country and identify potential opportunities. Via HomeGo, the company contacts home owners directly in order to bring homes that are not customary on the market to the buyer network.

“I am excited to introduce New Western to this market and bring our years of experience as licensed brokers and agents to the local real estate investment community,” said Gourgy. “New Western comes at a critical time as the need for our marketplace and a sophisticated one-stop shop is paramount.”

The Columbus office officially opened on July 1st.

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Real Estate News

Beyond the Boardroom: Coldwell Banker Real Estate Group’s Stefanie Pratt | Entrepreneurs



Stefanie Pratt, president of the Champaign County Real Estate Association, outside her office.

The newly installed president of the Champaign County’s Real Estate Association can haul rocks, do a little landscaping, get homes ready for show, and of course, seal the deal. but STEFANIE PRATT does not mow.

“I hate mowing the lawn,” she says. “When I was younger I lived on a small farm and it was an eight hour day mowing every other week. I feel like I’m investing my time and that’s one thing I’d rather pay for. “

The Coldwell Banker Real Estate Group broker has just started her second tenure as the head of the local brokerage group that gave her the Rookie of the Year award 17 years ago to the promising new broker with “passion and commitment to his clients, careers.” “was awarded and community.”

The Champaign West Rotarian has all of this and more that she covered in answering the editor’s questions Jeff D’Alessio in the 98th edition of our weekly quick read that highlights executives large and small organizations.

I’m thrifty … I cut the ends of bottles of hair products, detergents, basically everything else to make sure all of the product comes out for use.

It’s amazing how much is left in bins of these items.

My meeting philosophy is … I like to get to the heart of things and move things forward. Discussions and examples may sometimes be involved, but it is important to bring them through when necessary so that it doesn’t get too long.

I don’t believe in a meeting, a meeting, another meeting. Time is precious, just do it.

The last luxury I indulged in was … Bought a limo from a company that I used all along that sold its inventory.

It was an incredible offer. Super cool investment and was worth using with my friends and now more in business too. I thought I might use it five to seven times a year, but that definitely went away quickly.

I even use it to travel to other states instead of flying, depending on how long it takes.

The hardest part about being a leader is … At these selected times, I can’t do things the way they should.

I will do anything for my clients, but some things are out of my control and that is difficult. Then there are people who have no loyalty and assume that making a lot of money is an easy job.

Tell my blood pressure LOL.

When it comes to my only favorite moment ever in this job … there are a lot of them, to be honest.

One of the many moments I can share was when a client was pregnant and went into labor. She asked me to be there until her mother could be there with her husband.

Her mom had to fly in so they cut it pretty tight. I was in her room and when she was about to give birth, her mother got there just in time.

I got off because the number of people allowed was limited. I was temporarily some sort of complement, but I was honored to be asked.

I can’t live without my … Phone, definitely.

But I don’t think I want a house without puppies. They keep things real and always remind me of unconditional love and understanding.

The biggest business risk I’ve ever taken was … quit my paid job and get into the real estate industry.

It was a big change to only work on a commission basis, but I knew I could get myself to be successful. I just had no idea how my life was really going to turn out. I am proud of my accomplishments.

As far as my daily routine … I’m not a morning person like that. I prefer to work long hours and get things done so I can rest.

The thought of postponing things until morning stresses me out. Plus, I’ve always been more of a night owl. I can also do a lot more when the phone is slower at night.

For my training program … I stretch four to six times a week, do weight training, an inversion bench, and a treadmill.

Sometimes meetings and appointments cut into my time, so at least four times. But I stretch every day.

I like to watch cooking shows on the treadmill. It gives me ideas for new recipes and techniques.

On a scale of 1 to 10, the impact of the pandemic was a … 10 for my business, crazy busy.

Seeing how others were not doing so well hurt my heart. So many people now live in fear and I am so sad to see it.

I bought a ton of gift cards last year and just gave them away to bring business to these restaurants and to help others.

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Real Estate News

Uncovering Milwaukee’s Real Estate Boom



You don’t have to be a real estate guru to know that Milwaukee is in the middle of a sellers’ market unlike any we have seen in decades. High demand, low supply, affordable mortgage rates, and opportunities to work from home have created an incredible housing market. What does this surge mean for Milwaukee and how long will it last? I asked Peter Promersberger of The Promersberger Group, Keller Williams, for his thoughts.

As a local real estate agent for 18 years, Promersberger states that the housing market is bursting across the country and Milwaukee is no exception. “The market in this city is just as strong as any other in the country,” he says. “Interest rates remain low and there are many more buyers than in previous years, which makes our market as competitive as that of neighboring cities.”

The Milwaukee Market

According to the Redfin Group, the average home sales in Milwaukee is $ 181,000; an increase of 7.3% from 2020. Recent trends in the Milwaukee housing market show homes sell 3% to 9% above asking price and are typically on the market between 31 and 43 days.

What are buyers looking for? Reports indicate that a quarter of Milwaukee properties recently sold included a home office, finished basement, and / or large master bedroom. Buyers also found great value in homes that included a washer and dryer, fenced yard, and / or patio.

“It’s important to note that the market has changed recently,” adds Promersberger. “Some properties still sell quickly after multiple offers. However, depending on the area and the condition of the house, some start to sit in the market a little longer.

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“In the spring, for example, offers were accepted in which no apartment viewing and no appraisal were agreed. Buyers regularly offered to pay the seller’s moving costs, ”says Promersberger. “While this is still happening, these situations in Milwaukee are starting to decrease.”

What about all condos?

Long-time residents are not only noticing an increase in condominiums across the city, but are also wondering who is moving into these hotspots?

The answer could be found in Milwaukee’s millennial population. In search of pedestrian-friendly neighborhoods, public transport and a variety of entertainment options, young shoppers often find what they are looking for in downtown complexes.

“The local market is strong with condominiums,” says Promersberger. “Young buyers attract condominiums because they want to live in an exciting atmosphere. Many aren’t interested in gardening, and they like the idea of ​​exploring their neighborhood on foot.

“The same goes for empty nests,” he adds. “They’re big on downtown condos because they want to walk to restaurants and other venues. They are no longer interested in maintaining their house and yard. They want a simpler life and that is what condominiums in the city center offer. ”

Some experts assume that the current housing market will shift in 2022 or early 2023. “Personally, I think the market will flatten out in 2022,” says Promersberger. “No matter what, the Milwaukee housing market will continue to be a success. This market has always been and will continue to be exciting and growing, which is just one of the reasons why Milwaukee is such a great city to invest and such a great place to live. ”


The secret to getting the home you want

Have you found your dream home? In this competitive market, you need to act quickly. Real estate agent Peter Promersberger says working with the agent is key to getting your offer noticed.

“It is important to maintain good communication with the listing agent,” says Promersberger. “As soon as you want to make an offer, have your agent contact the listing agent. Find out what the sellers are looking for in a quote and work with your agent to come up with a fully executed quote. Make sure your agent clearly communicates the terms. By working closely with the agent, you will be better able to create an offer that will grab the seller’s attention. ”

Whether you’re looking to sell or buy a home, contact Peter Promersberger of The Promersberger Group, Keller Williams. Call 262-844-0237 or email

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Real Estate News

Home Appraisal Discrimination Puts a Dent in Black Wealth | Black Voices | Chicago News



Research shows that black homeowners run the risk of losing the value of their homes because of discrimination in Chicago appraisals.

A 2015 study found that homes in predominantly white neighborhoods were rated more than three times higher than black and Latino neighborhoods, even after taking into account amenities and household income.

Across the country, black homeowners report that their homes are not rated higher until owners have removed all evidence of being black – family photos, for example.

Now there is growing pressure to pass state laws to protect black homeowners from valuation discrimination. US MP Bobby Rush (IL-1st) supports a bill to set up a task force to solve this problem, the Real Estate Valuation Fairness and Improvement Act (HB2533). Rep Rush also sent a letter to the Government Accountability Office requesting a study on racial bias in home evaluations this year.

Rush says he himself was a victim of valuation bias earlier this year when a white appraiser submitted a valuation of his Bronzeville home that was more than $ 250,000 less than Rush expected.

Lutalo McGee chairs the Discrimination Task Force at Illinois Realtors. He says the task force’s first goal is to make more realtors and homeowners aware of the problem.

“As realtors, we really just need to be familiar with the review process, how to work with reviewers, how we advise our clients on cases where we feel reviews have been unfair, and … prices when they come up,” said McGee . “We are here to educate and empower our customers. Both buyers and sellers. “

And the organization hopes HB2533 continues the work of eliminating inequalities in property valuation and increasing the number of black appraisers.

“Our second mission… is to ensure that our brokers and our members understand how the valuation process should work and are able to manage this process successfully. And ultimately, we hope to influence changes to the regulatory framework and guidelines that govern assessments and how assessments are conducted to ensure that things are unbiased and fair for all parties. “

Junia Howell, visiting professor of sociology at the University of Illinois Chicago, says the big differences arose over more than a century and are part of the legacy of decades of housing policy discrimination.

Howell’s work examines the legacy of redlining in national and local trends.

“What we colloquially refer to as redlining – or the process of literally going through government, going through neighborhoods and rating them and giving higher scores to the whites and the wealthier – is still because of the way we use sales comparisons We have approaches today based on these historical sales as well as various levels of bias built into the systemic element and the decisions of individual appraisers, ”Howell said.

Howell says the practice is nothing new and the effects linger.

“These effects are racial inequality, health effects, environmental effects. They’re ubiquitous because the way we value property affects how taxes and schools work, and affects all of these different components, ”Howell said. “And I would like to emphasize that although all individual prejudices are definitely part of the story and we urgently need more diversity in this area, we also have to be ready to think seriously about how the larger structure in the system is built … because this” Even deeper problems are somehow eliminated with this racial inequality and this perpetuation of inequality that we have continued for almost the last century. “

Real estate appraisal trainee Marcus Knight is relatively new to the industry – he only started work eight months ago. As a black man, he is a rarity in his job – according to the Appraisal Institute, less than 2% of reviewers nationwide are black. The former non-profit director says he was motivated to become a valuer when he realized the power real estate valuation can wield in underserved communities. Knight calls the evaluation process a mixture of art and science.

From Knight’s point of view, the reviewer’s race is less critical than a deep understanding of the neighborhoods he is reviewing.

“You need local market experts, and the most important thing is that you don’t have a lot of black and brown appraisers,” Knight said. “So, you know, if you could bring in more blacks and browns who know these areas … [comparables] for object properties that lead to … a fairer evaluation of the properties. “

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