Toll Brothers, the bell that tolls for luxury market

Toll Brothers | August 22, 2019

Toll Brothers, the largest U.S. luxury homebuilder, reported purchase agreements fell 3% nationally in the third quarter from a year earlier, and in California, where some of its priciest developments are located, contracts plummeted 36%. Worries about a recession, stock market gyrations and trade tensions are making wealthy Americans and foreign buyers think twice about purchasing a luxury home. Tolls average home price was $882,648 in the quarter, the company said. Thats more than double the U.S. median home price of $280,800 in July, as measured by the National Association of Realtors.

Spotlight

Did you know that at the average tax rate, real estate deductions helped tax payers save roughly $100 billion in 2012?Below are a few other real estate-related tidbits from NAR’s Research division to enjoy this Tax Day.

Spotlight

Did you know that at the average tax rate, real estate deductions helped tax payers save roughly $100 billion in 2012?Below are a few other real estate-related tidbits from NAR’s Research division to enjoy this Tax Day.

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REAL ESTATE INVESTMENT

Cantor Fitzgerald Income Trust, Inc. Closes $118 Million Dollars in Real Estate Related Acquisitions

Cantor Fitzgerald | July 29, 2022

Cantor Fitzgerald Income Trust, Inc. ("CF Income Trust"), a non-traded real estate investment trust and affiliate of Cantor Fitzgerald, L.P., announced today the completion of more than $118 million in real estate-related transactions since the beginning of 2022. As of June 30, 2022, the portfolio exceeds 6.9 million square feet1 with total assets controlled of $1.05 billion.2 Chris Milner, President of CF Income Trust, stated, "We have been active, thus far in 2022, and continue to execute on our high conviction themes of acquiring well-located multifamily properties and net lease assets with strong tenants." Recent acquisitions include: Eisai Inc. North American Headquarters – Nutley, New Jersey – Class-A Office On April 22, 2022, CF Income Trust, through a joint venture with a subsidiary of Cantor Fitzgerald Investors, LLC, indirectly acquired 10% of the interests in a Delaware Statutory Trust that purchased a 15-story, 332,000 square foot Class-A office tower located in Nutley, New Jersey. The property is leased to Eisai Inc. and serves as the North American headquarters for Eisai Co., Ltd. ("Eisai"), a Japan-based global pharmaceutical company. The property was most recently renovated in 2021 and is designed to nurture the company's hybrid flexible working model, which allows for collaboration and interaction among colleagues. Additional features include a 405-seat auditorium, private outdoor garden, and amenity area. "The property is located within the master planned ON3 life sciences campus, an area that will ultimately include 1.4 million square feet of office/R&D/medical space, multifamily residential, retail amenities, a full-service hotel, and significant green space," said Roger Shreero, Managing Director, Cantor Fitzgerald. "This newly renovated, high-quality asset is a great addition to the portfolio and is a centerpiece within the growing life sciences landscapes of the Nutley and Clifton townships." Landings of Conroe, Conroe, Texas – Multifamily CF Income Trust, through a joint venture with an affiliate of CAF Management, LLC, acquired a 200-unit multifamily property located in Conroe, Texas. Built in 2005, the property features one-, two-, and three-bedroom apartment home floor plans with amenities including a clubhouse, 24-hour fitness center, swimming pool, picnic and grilling area, sport court, dog park, and gated access. "The area has seen significant growth in recent years due to corporate expansions by ExxonMobil, HPE, HP Inc., and ABS in neighboring The Woodlands and Springwoods Village," said Matt Keefer, Managing Director, Cantor Fitzgerald. "Housing demand continues to rise and the property is in a position to benefit from that demand." Mars Petcare - Columbus, Ohio - Cold Storage Warehouse CF Income Trust, Inc., through a wholly owned subsidiary of its operating partnership, acquired a 465,256 square foot cross-dock dry/cold storage facility in Columbus, Ohio. The property is 100% leased to Mars Petcare, U.S. Inc., the domestic segment of Mars' global pet care business. Located adjacent to Mars Petcare's primary production facility, the property features 168,245 square feet of freezer space, LED lighting, 30' clear heights, 27 dock doors, two drive-in doors, 212 car spaces, and 100 trailer spaces on a 21.6-acre site. "We are pleased with the performance and growth of CF Income Trust, We remain focused on adding well-located properties with predictable income streams to our defensively positioned portfolio. Our ability to be selective in today's market is key to our success." Jay Frank, President, Cantor Fitzgerald Asset Management About Cantor Fitzgerald Income Trust, Inc. Cantor Fitzgerald Income Trust, Inc. is a publicly registered, non-traded, monthly-valued perpetual NAV real estate investment trust (REIT) that owns and manages a diversified portfolio of institutional quality, income-producing commercial real estate including apartments, industrial, office, and necessity retail properties located in the United States About Cantor Fitzgerald, L.P. Cantor Fitzgerald, with over 12,000 employees, is a leading global financial services group at the forefront of financial and technological innovation and has been a proven and resilient leader for over 77 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 5,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, SPAC underwriting and PIPE placements, prime brokerage, and commercial real estate, and for its global distribution platform. Cantor Fitzgerald & Co. is one of the 24 primary dealers authorized to transact business with the Federal Reserve Bank of New York. Cantor Fitzgerald is a leading SPAC sponsor, having completed multiple initial public offerings and announced multiple business combinations through its CF Acquisition platform.

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BUYING/SELLING

Own Up and Realtor.com® Join Forces to Streamline the Home Buying Process

Own Up and Realtor.com | September 01, 2022

Own Up, a digital mortgage shopping service, today announced a commercial relationship with Realtor.com, a real estate marketplace operated by News Corp’s subsidiary, Move, Inc. Own Up and Realtor.com are mission-aligned companies, both aiming to improve the home buying process for Americans looking to close on their dream homes. Alongside this new collaboration, Own Up closed a $25M round of funding, led by Brand Foundry Ventures. Realtor.com is among the investors participating in the funding round, which also saw return participation from past investors, Link Ventures and Listen Ventures. The injection of capital will allow Own Up to continue to build out its innovative technology platform, expand its novel shopping experience and product offerings, and invest in the Company’s people and culture. Own Up and Realtor.com’s relationship will give users direct access to Own Up’s mortgage shopping service, including personalized loan offers from its exclusive lender marketplace and real-time advice from the industry’s only mortgage shopping concierge. The integration with Realtor.com will allow homebuyers to gather detailed information about their home financing options as they search listings and find real estate agents. The housing market has been increasingly challenging for buyers over the past 12 months, with low inventory, rising prices, higher mortgage interest rates, and high-stakes bidding wars. That has caused heightened stress and anxiety for hopeful buyers, an issue Own Up and Realtor.com hope to work together to address. “From day one, our singular goal was to be a champion for the consumer and bring greater transparency to the home buying process. As the mortgage industry continues to see changes at a rapid clip, it’s crucial that consumers are armed with the right information to make the best financial decisions, Realtor.com plays an essential role in the home search process for so many Americans and now we’ll be able to provide mortgage education and tools to comparison shop, boosting buyer confidence as they move through the process.” -Patrick Boyaggi, CEO and co-founder of Own Up Own Up’s team brings deep mortgage expertise to the Realtor.com online experience, This relationship is a natural fit; together we’re able to expand upon our shared goal of helping Americans find and close on their dream homes,said Realtor.com CFO Bryan Charap. The housing market is at an inflection point, marked by a lack of inventory and a historic rise in interest rates, and Own Up is uniquely positioned to help consumers navigate one of the most tumultuous components, This next phase of growth will further cement Own Up’s position as the mortgage shopping experts, ensuring no borrower overpays on their mortgage. At this time of inflation and a pending recession, cost-savings has never been more important,said Brian Spaly, General Partner at Brand Foundry Ventures. About Own Up Founded in 2016, Own Up is changing the way Americans shop for and secure mortgages, injecting transparency into an opaque process and empowering consumers to make smart financial decisions with the help of intelligent technology and real human advisors. About Realtor.com® Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp subsidiary Move, Inc.

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REAL ESTATE ADVICE

Pearson Smith Realty Merges with United Real Estate's National Network

United Real Estate | July 25, 2022

United® Real Estate (United) announced today that Pearson Smith Realty has merged with United's national network. The alliance expands United's and Pearson Smith's service footprint in Metro DC, Maryland, Virginia and West Virginia. The dynamic partnership brings together Pearson Smith Realty, the youngest company ranking among the Top 100 real estate companies in the nation, and United Real Estate, the 7th largest and fastest growing independent real estate operation in the nation. Pearson Smith Realty is a top ten market share leader and an Inc. 5000 fastest-growing company, moving from 17 agents in 2014 to more than 1,000 agents today. The merger increases United's network to more than 21,000 agents in 630 offices globally. "Pearson Smith Realty and United Real Estate share the same agent-centric model where support and culture are at the heart of our operations. By combining our programs, resources and talent, we are creating exciting opportunities for our agents to serve their clients with excellence. Our agents are our stars, and we will continue to work to make them shine in our marketplace," stated Eric Pearson, Chief Executive Officer and Co-Founder of Pearson Smith Realty. "We are thrilled to welcome Pearson Smith Realty and their incredible team of agents, brokers and staff to the United Real Estate organization. From our initial meetings with Eric and Chuck nearly a year ago, to attending and seeing first-hand the energy and excitement of Pearson Smith's agents at their St. Patrick's Day Agent Awards and Recognition celebration, it was apparent that our organizations are culturally aligned and well-positioned for the future with our agents as our North Star," stated Dan Duffy, Chief Executive Officer of United Real Estate Group. "For every ten brokerages we consider investing in, we move forward with less than one. We are really excited to incorporate a number of Pearson Smith Realty's best-in-class offerings into our national agent and broker programs. It is rewarding to see the excitement of Eric and his team as they discover the advantages of being part of United and determine how best to leverage our resources and technology to strengthen their offering in the markets they currently serve." "Eric and his team are a powerful force. They have developed processes and systems we are busily integrating with United's to benefit our national network. When two fast-growing, dominant companies combine their tools, resources, leadership and agent talent, it becomes a catalyst for growth for both. While other companies are shrinking or pulling back on expansion, United continues to make the necessary investments for smart growth into the future. Our alliance greatly strengthens our existing operations along the East Coast," said Rick Haase, President of United Real Estate. Together, Pearson Smith Realty and United's DC Metro Region office will now serve clients in the multi-state region. Pearson Smith Realty will retain its company name and leadership team moving forward, but now with the national reach, referral network, technology and breadth of resources of United's national network. In turn, United benefits from Pearson Smith Realty's deep well of talent and powerful programs that have fueled its growth. "United Real Estate's vision is continuous growth with a focus on adding value for agents and their clients. Welcoming Pearson Smith Realty to our national network strengthens us regionally and nationwide with proven systems and an extended service footprint. I look forward to what the future holds for our agents and clients," said Zhanneta Nekrich, Regional Vice President of United DC Metro Region. "Our model has always been to hire great agents and to support them with the best resources and tools. We firmly believe that our partnership with United Real Estate will take us to the next level in providing that support. We look forward to working with the United Team to help our agents win in this very competitive market," Chuck Smith, Chief Financial Officer and Co-Founder of Pearson Smith Realty The merger with Pearson Smith Realty follows previous mergers with Platinum Realty, Leading Edge Real Estate Group, Texas United Realty, Virtual Properties Realty, Benchmark Realty, Charles Rutenberg Realty Fort Lauderdale and others yet to be announced. About United Real Estate United Real Estate (United) – a division of United Real Estate Group – was founded with the purpose of offering solutions to real estate brokers and agents in the rapidly changing real estate brokerage industry. United provides the latest training, marketing and technology tools to agents and brokers under a flat-fee, transaction-based agent commission model. By leveraging the company's proprietary cloud-based Bullseye™ Agent & Broker Productivity Platform, United delivers a more profitable outcome for agents and brokers. United Real Estate operates in 32 states with 139 offices and more than 17,500 agents. The company produced over $21.5 billion in sales volume in 2021. About Pearson Smith Realty Pearson Smith Realty is a full-service brokerage serving Virginia, Maryland, DC, and West Virginia. Since its founding in 2014, it has grown from 17 agents to nearly 1,000 agents today. Eric Pearson and Chuck Smith founded the firm based on a core set of values: customer focus and commitment to deliver value with respect, honesty, and personal accountability. Pearson Smith Realty provides professional representation for residential real estate, new homes, land and property management. About United Real Estate Group United Real Estate Group (UREG) operates United Real Estate and United Country Real Estate, addressing the unique market needs of suburban, major metropolitan urban and rural markets. Utilizing the cloud-based Bullseye™ Agent & Broker Productivity Platform, UREG offers the latest training, marketing and technology tools producing a significant competitive advantage. The platform realizes a decade-long investment in virtual agent and brokerage technology services and is powered by a 2.1 million listings data warehouse generating over 3 million monthly visitors and 30,000 leads per year. Together, the United Real Estate Group supports more than 630 offices and over 21,000 real estate and auction professionals across four continents. United Real Estate Group produced over $27.1 billion in 2021. Through its in-house advertising agency, UREG offers differentiating marketing support and collateral for specialized lifestyle property websites as well as access to a 650,000+ opt-in buyer database.

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