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House sold in Palm Beach saw quick turnaround of just 18 days.



You could call it some kind of inside job.

Business is also tidy: a real estate agent in Palm Beach buys an offer for a house, a colleague from the same company delivers the buyer at a price that is acceptable to all concerned.

And when these stars line up in an office, a sale can be completed in what seems like a brief moment – especially in a seller’s market where buyers are furiously competing for homes that can disappear almost as quickly as they become available.

That obviously happened recently when a record-breaking $ 9.15 million Mediterranean-style home on a prime Midtown street at 237 Seabreeze Ave changed hands on the Palm Beach Board of Realtors Multiple Listing Service.

Douglas Elliman Real Estate handled both sides of the sale

Elliman “had done a great job putting the deal together as an in-house deal,” said Agent Davis McDuffie, who represented the buy side of the sale.

Bigger Than Big:$ 85 Million and Up – Top 10 Most Expensive Homes in Palm Beach

The buyer was a California limited company, Tinir LLC, which was chartered last week with Old Republic Exchange, a firm that specializes in helping buyers minimize tax obligations on real estate transactions by getting a dated IRS approved instrument called 1031 Exchange is used.

McDuffie declined to discuss details of the sale or anyone on the buying side.

Scott Gordon, who listed the property with his wife, Elliman’s agent Mindy Gordon, said he had no comment on the matter.

The Mediterranean style home was built in 2009 as a custom home at 237 Seabreeze Ave.

The seller was a Florida limited company owned by Raymond P. and Kerry Fine. Her company, 237 Seabreeze LLC, paid a record $ 3.95 million for the new home in December 2009. It was built by developer and business consultant Lauro Bianda, as records show.

The home has not been marketed in the MLS since it was first sold nearly 12 years ago.

The fines spend much of their time overseas, according to sources familiar with the couple.

‘An absolutely beautiful property’ on Seabreeze Avenue

The Midblock House is located in one of the oldest Midtown neighborhoods on the island and is on one of the so-called “Sea” streets – Seabreeze, Seaspray and Seaview Avenue. Three streets north of Royal Palm Way, the property is just over a quarter of an acre.

The home has high ceilings, fine woodwork, and Jerusalem limestone floors in the main living areas, according to the Gordons’ sales list. The floor plan includes a library and office that can also be used as a gym, as well as the family room and formal living and dining rooms. French doors with skylights above open to a poolside terrace, where a nearby open-air loggia is bordered by an arched colonnade.

“It’s an absolutely beautiful place,” said McDuffie.

Heard the latest ?:Read more real estate news in Palm Beach

News of advertisements is spread through word of mouth

Palm Beach Board of Realtors President Karen Donnelly told Palm Beach Daly News that it is not uncommon for real estate agents to immediately get news of new offers to colleagues in their own agencies, even informally.

“It will circulate in your office before it gets to the MLS, just through word of mouth. This is not meant to exclude anyone, just talk to others before it goes on sale, ”said Donnelly, an agent for William Raveis South Florida who was not involved in the sale on Seabreeze Ave.

Sometimes the interaction between coworkers is enough to close the deal without the property ever showing up in the MLS.

Networking is critical in a highly competitive market

In January, for example, Premier Estate Properties handled both sides of a private transaction that sold a 1950s lakefront home on Via Linda 326 for a record-breaking $ 26.74 million in the island’s north end.

In the deal on Via Linda, the agent Rosalind Clarke represented the buyer, whose identity was concealed by an owner company. Clarke’s colleague Suzanne Frisbie, who has since moved to the Corcoran Group, represented the seller, a company controlled by Tennessee businessman W. Allan Jones. Represented again by Frisbie, Jones also bought Tarpon Cove, a lakefront property in town, which he sold a few months later for a profit of $ 15.56 million.

Premier Estate Properties brokers closed both sides of the deal when this 1952 lakefront home was privately sold for $ 26.74 million at Via Linda 326 in Palm Beach in January.

Offer in the house:Seller in Palm Beach private $ 26.74 million store on Via Linda pays $ 26.2 million for city-wide home, deed shows

Big win:$ 41.7 million estate flipped – $ 15.6 million more than January sales: Certificates

Clarke and Frisbie declined to discuss details of the transactions at the time. But Clarke said this week that networking – between agents within an office and with those at outside agencies – is critical to bringing buyers and sellers together in a competitive market like Palm Beach.

“Obviously there is information exchanged between agents in the same office that can process a sale faster,” said Clarke. “But I think in general the agents (all over Palm Beach) across the industry work very well together.”

The in-house agent scenario is similar to a sale, where individual brokers or agents represent both sides of a transaction. Such deals are especially common in Palm Beach when properties for higher dollars change hands privately, real estate watchers say. In these cases, a broker or broker can quietly contact a property owner with an offer from a buyer, resulting in an off-market sale.

One broker, both sides:Former Kennedy mansion in Palm Beach sold for $ 70 million, certificate shows

Gordon listed the Seabreeze Avenue home at $ 9.65 million on Aug. 9. The McDuffie buyer quickly made an offer and the sale closed on August 27th.

In a 1031 Exchange transaction, real estate investment sellers defer capital gains taxes by reinvesting the money in other properties under certain circumstances. Court records show that Tinir LLC, the Seabreeze Avenue buyer, has been involved in the acquisitions of several other Palm Beach County properties since 2007.

Agent Cristina Condon and Kevin Condon of Sotheby’s International Realty represented the seller James Berwind in the two Tarpon Cove transactions in which Jones was involved on 320 Island Drive and negotiated with Frisbie on the first sale. On the second sale in May, Frisbie Jones represented agents Dana Koch and Paulette Koch of the Corcoran Group on behalf of a limited company.

Darrell Hofheinz is a journalist for the USA TODAY Network of Florida. You can reach him at Help us to support our journalism. Subscribe today.

Twitter: @PBDN_hofheinz

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Real Estate News

NABOR® Economic Summit experts discuss migration and regulatory patterns



NAPLES, FL – More than 300 REALTORS®, real estate professionals and local executives interested in Collier County’s economic health and its impact on the local real estate market attended in person or virtually on the Naples Area Board of REALTORS®. part (NABOR®) ninth annual economic summit, “A View from the Top”, on Tuesday, September 7th, 2021, at the Hilton Naples. Three top economists gave a qualitative insight into the factors influencing the economy and shared their analysis of the factors influencing growth and property sales in the near future.

The data-rich hybrid event began with a welcome message from NABOR® President Corey McCloskey, followed by remarks from event sponsor BJ Cottrell, who is the managing partner of the FIRPTA Group. Longtime summit moderator Jeff Lytle set the tone of the day by assuring attendees that they would get answers to questions about the impact the pandemic is having on the economy and whether it will continue to affect the housing market.

First, Dr. Brad O’Connor, Florida Realtors® chief economist and director of industrial data and analysis, takes the stage. After Dr. O’Connor had given a comparative overview of Florida and the local housing industry, Dr. O’Connor said data showed that the Florida luxury real estate market has improved more than any other price segment over the past year. He then referred to data from the United States Postal Service (USPS) which showed that New York had the highest number of residents who moved their permanent address to Florida in 2020. The USPS data also showed that new residents came mainly from urban cities and boroughs like Manhattan, Chicago, and Boston.

The presentation by Dr. O’Connor included a historical perspective of the price data. “Prices in Florida haven’t gone down in 10 years. But while the median closing price for single-family houses has apparently stabilized in recent months, the prices for condominiums have continued to rise. “

Dr. O’Connor added, “If all of the Florida homes were on the market right now, we would have an eight month inventory.” He quickly assured the audience that the current situation of house bank defaults does not have the same qualities as it did 10 years ago due to the stricter lending rules.

Dr. Lawrence Yun, Chief Economist for the National Association of REALTORS®, announced in a virtual presentation that the “work from home” trend will outlast the pandemic and predicted that it will continue to have a major impact on where people buy a home for years to come.

With a housing shortage in America, Dr. Yun points out that rents rose 8 percent over the past year. He also predicts that rents will continue to rise as house prices are also likely to continue to rise due to our inability to meet demand. In fact, he said, “A year ago home prices were 20 percent lower, so some buyers are being priced today.” Dr. Yun also revealed that for these prospective buyers, rental payment history is used as a factor in qualifying for a mortgage.

Dr. Yun predicts that property prices will continue to rise 5 to 10 percent in Florida and potentially up to 20 percent in the Naples area.

Most recently at the summit was Dr. Elliot Eisenberg, a political economist and celebrated public speaker who was a former senior economist with the National Association of Home Builders. Dr. Eisenberg, whose style of presentation brings humor into an often banal topic, made it unmistakably clear that “the above trend growth will continue until next year”. It showed several graphs that identified consumer behavior activity during the pandemic, including the increase in retail sales when all were in quarantine and how the service sector is expected to overtake retail consumption as the preferred way to spend money now as the Consumers are less reluctant to go to their homes.

Dr. Eisenberg said, “Under normal conditions, when you exit a recession, supply and demand will collapse. But not now. ”That’s because demand has skyrocketed as people are hungry to return to pre-pandemic consumer behavior, but the influential impact of the pandemic has resulted in all production being halted – both for the retail as well as for the service sector – and production cannot keep up.

Dr. Eisenberg said the stock market has averaged 10 percent annual return for the past 10 years, but predicts the average return could decrease to about 5 percent annually over the next 10 years. Importantly for REALTORS®, he said: “Household balances are spectacular. We want to spend and consume and do, it’s just that we can’t get people to do something [goods] and service [our needs]. However, if the [pandemic] the recession began, we were forced to stay home, and forced savings were created. As a result, these forced savings saved many people $ 25,000, which is why we saw an increase in first-time home buyers in 2021. “

In conclusion, Dr. Eisenberg, he doesn’t expect the Federal Reserve to hike rates before the end of 2022 – the Fed may be forced to hike rates before it wants to. “

The Economic Summit is a joint effort by the NABOR® Board of Directors, the Media Relations Committee and the Economic Summit Task Force, led by Rick Fioretti, Chair of the Economic Summit Committee.

NABOR® thanks its event sponsor The FIRPTA Group, technology sponsor Supra, program sponsor Stuart Kaye Homes, media sponsor SWFL Home Inspections, reception sponsor DR Horton and table sponsors: Gulfshore Insurance, Law Offices of Sam Saad III, Honc Industries, Old Republic Exchange, The National Association of Hispanic Real Estate Professionals (NAHREP), Women’s Council of REALTORS®, and Keep Collier Beautiful.

NABOR® is located at 1455 Pine Ridge Road in Naples. For more information on the Economic Summit, please contact Marcia Albert at (239) 597-1666.

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Real Estate News

What We Learned About Kylie Jenner’s Mansion From a Vogue Video



Kylie Jenner– the reality TV star, beauty mogul and member of the Kardashian Jenner clan – recently invited Vogue magazine to their huge Los Angeles mansion to film an episode of their popular series “73 Questions”.

With a runtime of just over seven minutes, the video has received over 1.8 million views to date. It offers a couple of scoops for fans, including Jenner, who talks about her cravings for pregnancy, her thoughts about the funniest member of the family, and a discussion about the most boring item in her wardrobe (it’s the pajamas).

We were just happy to peek inside the chic, contemporary home that Jenner bought for $ 36.5 million last April and that she shares with her adorable daughter. Stormi. Her mother, Kris JennerShe also has a cameo in the video.

Kylie Jenner’s LA premises


As we reported, when Kylie bought the luxury apartment, the brand new build first hit the market in 2019 for $ 55 million.

With no buyers, the villa’s price fell to $ 49.5 million in February 2020. Two months later, Jenner landed a discounted deal.

The price tag for a 24 year old is astonishingly high, but she can also afford it. While she’s not technically a billionaire, she’s very close, according to Forbes magazine, which puts her net worth at $ 700 million.

A breathtaking connection

Located in the Holmby Hills area, the “extremely private, one-story modern property” provides an elegant oasis. Shielded by 12-foot stone gates that retreat into massive walls surrounding the property, Jenner can relax in her resort-like space.

On an area of ​​19,250 square meters, the layout comprises a total of seven bedrooms and 14 bathrooms. Security is built into the design, with its own guard house with its own bathroom and kitchen. Other luxurious highlights include a kitchen, two guest apartments and two additional guest suites with private terraces and entrances. A huge outdoor area has a projection screen and a home theater, a gym and a sports field for pickleball or basketball.


Watch: Leonardo DiCaprio sells LA Tudor, which he bought from Moby


At Casa Kylie

After Jenner opens the dark gray door and answered questions about breakfast, the camera follows her into the wide open, spacious living room.

The room is littered with comfortable sofas, a sitting area and a large potted plant. It opens to a central courtyard and connects the interior with the exterior.

“I love the energy of this house,” says Kylie.

She adds that at the moment she prefers “a night in” rather than a night out, and with this room it’s hardly a sacrifice.

After answering a few more family-oriented questions, she goes into the bar area of ​​the house, which is laid out with herringbone floor. Right next to it is the fireplace, surrounded by gray stone and flanked by sofas, ideal for cozy evenings.

Living room that opens onto the courtyard


Open kitchen


Formal dining room


Bar and entertainment area


Compared to the two-year-old listing photos, more green now adorns the living spaces.

Jenner then walks into the Instagram-enabled courtyard, which is outfitted with lawn, seating, and a pool. Stormi uses the swing.

swimming pool


Kylie then glides past the pool and we take a look at the outdoor dining area. When it comes to food, she reveals that her favorite food is sushi and that she nibbles on sweets.

Sports field and open-air cinema


Kylie then walks back into the open kitchen and family room, admitting she craves frozen yogurt and In-N-Out burgers, then ends the video.

A few adjustments to the formula

While the beauty mogul has swapped furniture for softer choices, she’s stuck with the neutral creamy palette, including what appears to be the same paint color on the walls.

The lighting seems to have been adjusted. Jenner decided to swap out some of the pendant lights and keep the sleek recessed lighting. Their modifications create a homely, but no-frills atmosphere.

It’s stuck to the floor-to-ceiling curtains, but we doubt it’s much needed. This airy connection works best as a huge space that connects indoor and outdoor spaces.

Despite being the youngest sibling in the Kenner-Kardashian family, Kylie stands out with her properties. She has carried out several real estate transactions over the past six years. In fact, she recently found a homesite at the Madison Club in La Quinta, CA, and allegedly bought a seat with the rapper for $ 13.5 million in Beverly Hills Travis Scott.

Jenner also recently launched a baby product line and swim line that she advertises to her huge following through her social media accounts. She currently has a staggering 270 million followers on Instagram.

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Real Estate News

Record construction not enough to meet Canadian real estate demand: RBC



The construction of single-family houses takes less time than the construction of condominiums (REUTERS)

The number of homes under construction in Canada is at an all-time high, but it is still not enough to meet the seemingly endless demand for real estate in the country.

Low mortgage rates, increased savings, and changing needs as more people work from home drove buyers headlong into the housing market during the pandemic. Permit approvers and builders got to work and construction accelerated at a breakneck pace to keep up.

“Their response was dramatic. In the past 12 months, home builders across the country have laid the foundations (which define a start of construction) for the highest number of housing units (260,500) than ever since 1977,” said RBC economist Robert Hogue in a report .

“This is an increase of 26% or 53,600 units over the 2015-2019 average (206,900 units).”

Hogue says there are nearly 320,000 residential units under construction, the highest ever and up 12 percent since the end of 2019. About three-quarters of these are apartments, mostly condominiums, but also rental apartments that are taking longer to build. A huge surge in single family home prices and sales during the pandemic suggests that home builders may not be building the right type of homes.

“While it is unclear how permanent these changes will be, the possibility exists that the size, configuration, and location of the units of recently launched high-rise projects will fall out of favor,” said Hogue.

“Apartments (both condominiums and purpose leases) not only accounted for the majority (55%) of housing starts in the past 12 months, but also showed the largest increase (39%) from the 2015-2019 average.”

Not enough apartments

Another part of the problem is that it can take a long time to complete. Hogue says it can take anywhere from six months to several years to complete, depending on the type of property. Since apartments make up a larger proportion, the average construction length has more than doubled in the last two decades. Supply chain problems during the pandemic were also addressed in a timely manner.

The story goes on

Construction is also not keeping pace with population growth. Hogue says the 215,000 new units in the past 12 months lag behind the average annual increase of 220,000 Canadian households in the four years leading up to the pandemic.

The pandemic shift towards living in small towns meant that these areas saw the greatest increases in construction activity, followed by medium-sized areas and large cities. But the construction has changed depending on the city.

See also: The latest real estate news on property prices, mortgage rates, markets, luxury homes and more at Yahoo Finance Canada.

“Housing starts in the Toronto area have barely increased over the past 12 months from the 2015-2019 average, increasing only 1.4%, or 500 units,” said Hogue.

“The ramp-up in the new building was somewhat stronger in Edmonton (plus 4.1%), Calgary (plus 7.2%) and Vancouver (plus 10.3%), but still well below the national average (26%).”

Hogue says that homes that can be built more quickly, such as low and medium-sized buildings, as well as medium-density living space in urban centers that are scarce, should be a priority.

“This should be done in conjunction with a strong focus on streamlining regulatory and project approval processes and addressing skills shortages and other constraints that limit production capacity.”

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

Download the Yahoo Finance app, available for Apple and Android.

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