Sotheby's International Realty Opens First Office in Montenegro

Cision PR Newswire | March 02, 2020

Sotheby's International Realty Opens First Office in Montenegro
Sotheby's International Realty Affiliates LLC today announced that Luxury Properties LLC is the newest member of its global network and will now operate as Montenegro Sotheby's International Realty – the brand's first affiliated office in Montenegro. Montenegro Sotheby's International Realty will be owned and operated by Hunter Milborne and will serve the luxury residential real estate market in the region. The company will have a special focus on the coast of Montenegro, including Porto Montenegro, Boka Bay, and the Budva region. Milborne brings more than 40 years of real estate experience to the company. "Montenegro is experiencing considerable growth, thanks in part to its prioritization in investment, tourism and foreign interest," said Philip White, president and chief executive officer of Sotheby's International Realty. "The region's wide variety of luxury properties and high-class accommodations continues to develop. Hunter and his team have experience representing the country's finest properties and we couldn't be more excited to welcome Montenegro Sotheby's International Realty to the network."

Spotlight

Tonic is a global network of action-oriented impact investors, both individuals and institutions. We increase the velocity of money and services into impact investing to address global challenges. Our members commit to discover, evaluate, nurture and invest in entrepreneurs, enterprises and funds that promote a just and sustainable economy.

Related News

Broe Real Estate Launches $250M Strategic Investments Program

Broe Real Estate Group | June 18, 2020

Broe Real Estate Group (BREG), an affiliate of The Broe Group, announces the launch of its $250M BREG Strategic Investments Program to create expedited capital solutions for liquidity strained commercial real estate properties and ventures that are experiencing distress from COVID-19 related market disruptions. Broe's Strategic Investments Program provides vital rescue capital solutions to stabilize properties and partnerships that find themselves experiencing liquidity issues. BREG's decades of experience with complex transactions enables the consideration of complicated distressed projects that find themselves locked out of traditional capital markets. Among the property types under consideration are existing or under construction industrial, office, medical office, multi-family, hospitality, and retail properties. The program will target opportunities with individual asset transaction sizes ranging in size from $20M to $100M with a minimum equity requirement of $10M. Larger portfolio transactions will also be considered. The initial phase of the program will have a Western United States geographical focus while prioritizing high quality markets, assets, and partners.

Read More

REAL ESTATE TECHNOLOGY

Comprehensive Analysis Reveals the Hottest Markets for Real Estate Investing In the Nation

MyHouseDeals | May 26, 2021

MyHouseDeals, a leading digital platform for real estate investors, recently released a comprehensive analysis of the top markets within the country for real estate investing. "Our quarterly and yearly market reports have always been a big hit with our members. The key insights provided in each one provide invaluable advice on how to pivot and grow our businesses as real estate investors," said Alex Soares, President of the platform. The detailed reports are an important way for investors to discover new opportunities and make strategic decisions regarding the year ahead. 2020 was a historic year because the US navigated the coronavirus pandemic. The residential real estate industry thrived as historically low mortgage interest rates led to unprecedented demand. Strong market conditions have extended into 2021. While mortgage rates have crept up a bit, the market is still red-hot and pricing wars are commonplace. During the first quarter of the year, MyHouseDeals added thousands of deals in the following categories: wholesale real estate deals (76.9%), foreclosures (18.1%), motivated MLS deals (4.4%), and motivated seller deals (0.5%). Wholesale land deals dominated the first quarter as the most popular investing strategy for the tens of thousands of active investors who are members of MyHouseDeals. After some number-crunching, the results show that the top five markets for investment property deals in the country are South Florida, Dallas/Fort Worth, Washington D.C., Atlanta, and Houston. These markets, alongside others at the top, will likely remain attractive in the months to come and offer an opportunity for investors to make deals with high-profit potential. About MyHouseDeals Founded in 2005, MyHouseDeals is the premier online community for residential real estate investors, providing networking tools, on-demand training, and property lead generation, including access to wholesale land deals, motivated seller leads, and investor-ready foreclosures nationwide.

Read More

AGENT

Granite Realty Partners to Complete Deconversion of Condominium Units

prnewswire | October 29, 2020

Granite Realty Partners, LLC, a Chicago-based real estate company, announced today that it has completed the fundraising for an investment vehicle to continue its purchases of "broken condominium units." The company has already been involved with seven condominium projects, in Illinois and Florida, totaling over 1,500 units. In four of those projects to date, Granite Realty Partners acquired enough units to complete a "condominium deconversion," thereby changing ownership from individually owned condominium units to a singly-owned apartment complex. Rob Palley, Principal and Co-Founder of Granite Realty Partners, said "We continue to search for and identify high-quality projects that for numerous reasons were not successful as condominium projects but which are viable as well-located and desirable apartment living." "Investment in "broken condominiums" allows an investor to participate in a multi-family platform at a cost basis well-below that of a widely-marketed apartment project," according to Palley. Granite Realty Partners currently has a pipeline of 4 projects totaling over 1,200 units and is actively seeking more investment opportunities. In 2017, Granite principals were involved in the purchase of individual condominium units at the Village at Town Center, in Davenport, Florida and completed a deconversion. The property had been converted to condominiums in 2006 and failed to sell out during the 2008 Recession. Upon gaining control, 48 of the units were fully renovated, achieving rent increases averaging over $250 per month, generating a return of over 20% on renovation costs. At that time, the property was sold and allowed the buyer the opportunity to achieve a substantial return by renovating the remaining 192 units. In 2018, Granite principals were part of the purchase of 89% of the units at Darlington Court, a 235-unit condominium property in Crystal Lake, Illinois. The investment group was able to buy the units at a favorable cost per unit by assuming low-leverage, high rate, CMBS debt. Within 6 months, all of the remaining units were purchased and select units were renovated and the common areas significantly improved. The property was sold 14 months after it was acquired and generated a significant return on investment. Also in 2018, Granite principals were part of the purchase of 58% of the units at Pine Hill Condominiums, a 264-unit condominium property in Wheeling, Illinois. The property was a failed condominium conversion of a two-building, 6-story project originally built in the 1970s. Within one year all of the remaining units were purchased and an upgrade of the common areas is close to complete and unit renovations are on-going, with an average rent increase of over $200 per month for renovated units. Palley stated that "we look for projects that are well-located and have proven lease up history but that due to market timing or conditions were not able to succeed as condominiums but are attractive and viable apartment projects when the condominium ownership structure is removed."

Read More

Spotlight

Tonic is a global network of action-oriented impact investors, both individuals and institutions. We increase the velocity of money and services into impact investing to address global challenges. Our members commit to discover, evaluate, nurture and invest in entrepreneurs, enterprises and funds that promote a just and sustainable economy.