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Landmark Settlement Breaks Up the Real Estate Cartel

There are far too many goods and services for which you can say Americans pay the highest prices in the world. One of those outliers was likely put to an end last week, thanks to a remarkable settlement in a private antitrust case. The outcome shows that too many of America’s high costs are often a function of power, and that the tools to check that power and lower those costs cannot be unilaterally found at the Federal Reserve.

The National Association of Realtors (NAR) has agreed to end the age-old practice of 6 percent agent commissions for residential home sales, which is six times the level of the UK According to The New York Times, which first got the news, the settlement could drop US commission costs by as much as 30 percent, which comes out to more than $8,000 on a home sale with the average purchase price of $417,000. It’s not going to suddenly make housing affordable, although the collusive arrangement did tend to drive home prices higher. And given that real estate commissions are a $100 billion-per-year business, we’re talking about $30 billion in savings, a not-incidental amount at a time when housing costs are

Preston Center project grows borders, may hit ceiling

A high-traffic block south of Northwest Highway in Dallas’ Preston Center is angling for major changes that could be even more expansive.

Ramrock Real Estate LLC unveiled plans a few years ago to build office and residential towers on the southern swath of a block bordered by Berkshire Lane, Westchester Drive, Luther Lane and Douglas Avenue. The land includes the retail building Preston Center Pavilion and its parking garage.

The owner’s plans, which were heard as part of a zoning case during a City Plan Commission meeting Thursday, now account for the entire block, not solely the southern portion.

A presentation slide from a staff member with the city’s department of planning and urban design said that, “Since the area of request includes both the northern and southern halves of the parcel, the proposed conditions and analysis include consideration of potential redevelopment of the northern retail building.”

The retail building currently houses tenants such as Target, CVS, Marshall’s and John Reed.

A look at the parking garage for Preston Center Pavilion in Dallas(Lola Gomez / Staff Photographer)

The slide says the near-term plans are

It’s time to be honest about the commercial real estate hangover

Gillian Tett: The ‘pretend and extend’ tactics playing out in the sector need to end

Financial Times

Gillian Tett

Published March 22, 2024 • Last updated 15 hours ago • 4 minute read

Manulife has written down the value of its US office investments by 40 per cent from a pre-COVID-19 peak. Photo by Aaron Vincent Elkaim/The Canadian Press

That doughty — somewhat dull — Canadian insurance company known as Manulife Financial Corp. does not often attract attention. This week, however, it caused a frisson in the real estate world.

Shortly before Jay Powell, United States Federal Reserve chair, announced the central bank was keeping benchmark rates at 5.25 per cent to 5.5 per cent, Colin Simpson, Manulife’s chief financial officer, revealed that the company had written down the value of its US office investments by 40 per cent from a pre-COVID-19 peak.

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Rare look into Nathan Cleary’s ‘chilled’ home life

NRL superstar Nathan Cleary has given footy fans a rare glimpse into his ‘chilled’ home life away from Rugby League.

NRL superstar Nathan Cleary has given footy fans a rare glimpse into his ‘chilled’ life away from Rugby League.

As the Penrith Panthers chase an unprecedented fourth successive NRL title, Cleary has opened a window into how he balances the big game pressure of football with down time in his personal life.

The chillout room, one of Cleary’s favorites.

MORE: Nathan Cleary buys home from coach and Father Ivan

In a video posted to the Penrith Panthers official YouTube account, 26 year old Cleary gives viewers a tour of his recently updated home that sits close to the Nepean River.

Cleary bought the home from his father and coach Ivan in June last year for $1.7m

The star halfback sincerely embarks on a ‘moody’ home renovation in November with Alicia Xiberras Interiors.

MORE: Nathan Cleary’s ‘moody’ $2m home renovation

‘I come home after the game and watch it here.’

The living room flows nicely outside to the BBA area.

While Cleary has been tight-lipped about his relationship with Matildas star Mary Fowler, the 25-year-old has opened up his home to

Zendaya’s Homes: Inside the ‘Dune’ Star’s Real Estate Portfolio

Zendaya’s success can be attributed to many things, including her ability to know what she wants and to go for it. This same applies to Zendaya’s homes, which she’s selectively curated over the years to create a formidable real estate portfolio. Her former interior designer Brittaney Elise, who has also worked with the likes of Michael B. Jordan and Selena Gomez, once called the Challengers actor’s taste “immaculate.” Zendaya, in typical humble fashion, demurred, telling Architectural Digest that the two “worked really well together,” complimenting Elise for how she “transformed her ideas into a beautiful reality.”

She was likely downplaying her influence on the design of her homes, however—after all, the former Disney star’s penchant for stylish nesting has even extended to her Dune costar Timothée Chalamet’s bachelor pad. During a joint interview on Jimmy Kimmel Live, Zendaya shared how she helped outfit Chalamet’s NYC apartment with “a few necessities” like cups, plates, and cleaning supplies. “The vibe was very teenage boy,” she said. Below, we’re sharing a glimpse into Zendaya’s bicoastal homes, each with its own distinct vibe—none of which is, thankfully, “teenage boy.”

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Love celebrity homes? Shop some of our favorites from Sofia Vergara,

Rekha Jhunjhunwala Purchases High-End Apartment In Mumbai’s Malabar Hill For… | Real Estate News

Ace Investor Rekha Jhunjhunwala Adds Luxury Apartment in South Mumbai to Portfolio (Image Source: PTI)

Ace investor Rekha Jhunjhunwala has made a purchase, acquiring a luxury apartment situated on the prestigious Walkeshwar Road in south Mumbai’s Malabar Hill area, for a sum exceeding Rs 11.76 crore.

The apartment, boasting a carpet area of 1,666 square feet, is located on the third floor of the esteemed residential tower, Rockside Apartments. In addition to the apartment, Jhunjhunwala will enjoy exclusive access to a designated car parking slot within the nearly 50-year-old building.

As reported by The Economic Times quoting IndexTap.com, Jhunjhunwala has paid Rs 58.81 lakh as stamp duty for the registration of this transaction, which was finalized on March 15.

This acquisition follows a recent investment move by Rekha Jhunjhunwala-backed Kinnteisto LLP, which had acquired prime office space worth approximately Rs 740 crore in commercial towers within Mumbai’s bustling business districts of Bandra-Kurla and Andheri, as reported by ET in November.

The report added that Rekha Jhunjhunwala, known as one of India’s most prominent investors, is the wife of the late billionaire stockholder Rakesh Jhunjhunwala. Rakesh Jhunjhunwala, often liked to India’s Warren Buffett, garnered acclaim throughout his four-decade investing career

Passed legislation aims to curb ‘despicable’ wholesale real estate practice | News

SOUTHERN INDIANA — A piece of recently passed Indiana legislation is aimed at eliminating the practice of real estate wholesaling and protecting consumers.

House Bill 1068 was signed by Gov. Eric Holcomb on March 11 after unanimously passing the House and Senate.

Rep. Ed Clere, R-New Albany, wrote the legislation, and has been a real estate broker for the past 20 years. He said there are two parts of the legislation, but both sections have the goal of consumer protection.

Clere said he introduced similar legislation last year where it passed the House but not in the Senate.

The first part addresses real estate wholesale, an action in which an unlicensed real estate solicitor convinces another person who owns property to sell it for a fraction of the cost, and turns around and sells to another buyer for the market price.

“They think they’re selling the house to the wholesaler, but they’re getting permission to go out and market the property to others,” Clere said.

The victims of the practice are typically vulnerable homeowners like seniors and those facing hardships like home repairs they can’t afford or medical issues.

“It’s a despicable practice,” Clere said.

The legislation will require disclosure

Interest rate cuts could soon diminish real estate investment opportunities in Ontario

Published March 22, 2024 at 5:47 pm

Real estate investment opportunities across the GTA and Ontario, such as the purchase of a new condo, could diminish soon due to interest rate cuts.

The Bank of Canada has indicated that it will cut its overnight lending rate three to five times this year. It’s a certainty that condominium prices will start increasing immediately after the first announcement, says Diane Bertolin, partner at Alliance United Corporation, a developer with over 30 years of collective experience.

The central bank’s rate cuts will likely begin in June. If five cuts do indeed occur, that will most likely bring its overnight lending rate to 3.75 per cent — which also means that condo prices could start increasing as early as July, making now the ideal time to purchase a condominium.

“There’s an inverse relationship between interest rates and condo pricing because vertical homes are the affordable alternative to single-family homes, which sell for more than $1 million, in the Greater Toronto Area. That means, according to historical trends, condo prices will increase as interest rates reduce,” Bertolin said.

Diane Bertolin, partner at Alliance United

Canada’s central bank had previously

What’s changing in Utah’s housing market after real estate lawsuit settlement

Estimated reading time: 2-3 minutes

SALT LAKE CITY — The spring home buying season is here, and realtor Alicia Holdaway says Utah’s housing market is getting busy.

“We’re seeing multiple offers come back,” Holdaway told KSL-TV on Monday. “We’re seeing open houses with dozens of people through them again.”

The pickup in buying comes at a time when the real estate world is undergoing a major shakeup. As KSL reported last week, the National Association of Realtors has agreed to settle lawsuits accusing the organization of keeping real estate agent commissions artificially high.

The National Association of Realtors has agreed to pay $418 million to home buyers who have sued over that premises. The group also has to change its rules to prohibit seller’s agents from promising compensation for buyer’s agents on the site where homes are listed for sale.

Commissions will now have to be negotiated separately.

“The idea that commissions should be transparent — at least from my experience — they have,” said Kreg Wagner, general counsel at the Utah Association of Realtors. “They have been negotiable.”

Holdaway echoed that.

“It’s always been negotiable,” she said, “but the consumer may feel more empowered to negotiate.”

Experts say this

What NAR’s $418M Settlement Signifies for Buyers, Sellers, and Agents

The real estate industry gears up for a major shift

A groundbreaking settlement of $418 million was published last week by the National Association of Realtors (NAR). The settlement is set to lead the most extensive reforms the US real estate market has seen in a century.

The settlement and multiple rule changes will reshape how millions of buyers and sellers perform real estate transactions, and how the agents representing them get paid.

Here’s what homebuyers, sellers, brokers, and agents need to know about the upcoming changes in residential real estate.

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Why the NAR settlement?

The NAR settlement came about following a federal class-action antitrust lawsuit, Burnett v. National Association of Realtors et al., initiated in Kansas City, Missouri. Last October, a jury ruled in favor of the plaintiffs, agreeing that NAR and major brokerages colluded to artificially raise seller commissions.

Check your home buying options. Start here

The Burnett case represents just one of over 20 similar lawsuits filed by home sellers against NAR and several major brokerages. Sellers argued that the association’s regulations governing properties listed on its affiliated Multiple Listing Services (MLS) unjustly supported agent

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The real estate industry gears up for a major shift

Why the NAR settlement?