U.S. Home Prices Increased 3.6% Year Over Year in July

CoreLogic | September 05, 2019

CoreLogics latest Home Price Index and HPI Forecast for July 2019, show U.S. home prices rose both year over year and month over month. Home prices increased nationally by 3.6% from June 2018. On a month-over-month basis, prices increased by 0.5% in July 2019. Home prices continue to increase on an annual basis with the CoreLogic HPI Forecast indicating annual price growth will increase by 5.4% by July 2020.

Spotlight

There are officially nearly 1.2 million Realtors in the U.S., with more people opting into the real estate profession this year, the National Association of Realtors reported in its 2016 NAR Member Profile.
Members of NAR account for about half of all active real estate licensees in the U.S. The member profile is based on a survey of 150,024 members, which generated 10,194 usable responses.

Spotlight

There are officially nearly 1.2 million Realtors in the U.S., with more people opting into the real estate profession this year, the National Association of Realtors reported in its 2016 NAR Member Profile.
Members of NAR account for about half of all active real estate licensees in the U.S. The member profile is based on a survey of 150,024 members, which generated 10,194 usable responses.

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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 TECHNOLOGY

PS Business Parks, Inc. Stockholders Approve Acquisition by Affiliates of Blackstone Real Estate

PS Business Parks | July 16, 2022

PS Business Parks, Inc. (NYSE:PSB) (“PSB” or the “Company”) announced that, at a Special Meeting of Stockholders held earlier today, PSB stockholders voted to approve the acquisition of PSB by affiliates of Blackstone Real Estate (“Blackstone”). “I am pleased to see that our stockholders approved this transformative transaction, which will provide compelling value to our stockholders and positions the company for collective success” Stephen W. Wilson, President and Chief Executive Officer of PSB Subject to the satisfaction or waiver of all of the conditions to the closing of the transaction in the merger agreement, the transaction is expected to be completed on or around July 20, 2022. The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission after certification by PSB’s inspector of elections. Additionally, as previously announced, on July 8, 2022, as contemplated by the merger agreement, the PSB Board of Directors declared (i) a prorated quarterly cash dividend (the “pro rata dividend”) on PSB common stock and (ii) a cash dividend (the “closing cash dividend”) of $5.25 per share of PSB common stock, each payable immediately before the effective time of the merger of PSB’s operating partnership with an affiliate of Blackstone, to holders of record as of the close of business on the business day immediately preceding the closing date of the Transaction and contingent upon the approval of the merger agreement by PSB’s stockholders, the satisfaction or waiver of the other conditions to the Transaction and the merger agreement not having been terminated. The amount of the pro rata dividend is based upon PSB’s current quarterly dividend rate of $1.05 per share of PSB common stock and pro-rated for the number of days from and including July 1, 2022 through the day immediately prior to the closing date of the Transaction. Based on the anticipated closing date of the Transaction of July 20, 2022, the pro rata dividend will equal $0.216848 per share of PSB common stock, and each of the pro rata dividend and the closing cash dividend will be payable immediately prior to the partnership merger effective time on July 20, 2022 to the holders of record as of the close of business on July 19, 2022. If the Transaction is completed on July 20, 2022, PSB stockholders who hold their shares of common stock on the record date for the dividends and through the effective time of the Company merger will be entitled to receive an aggregate of $187.716848 per share in cash, consisting of (i) $187.50, representing the $5.25 closing cash dividend and the merger consideration of $187.50 per share as reduced by the $5.25 closing cash dividend plus (ii) the $0.216848 pro rata dividend. If the closing date of the Transaction is delayed past July 20, 2022, holders of PSB’s common stock will not receive the pro rata dividend or the closing cash dividend on July 20, 2022, and in such case PSB will make a public announcement providing further updates with respect to these matters. For additional information regarding the proposed transaction, please consult the definitive proxy statement filed by PSB with the U.S. Securities and Exchange Commission on June 8, 2022. Advisors J.P. Morgan Securities LLC is acting as lead financial advisor to PSB and provided a fairness opinion to the PSB board of directors in connection with the transaction. Eastdil Secured is acting as real estate advisor to PSB and is also acting as a co-financial advisor to PSB. Wachtell, Lipton, Rosen & Katz is serving as PSB’s legal advisor. About PS Business Parks PS Business Parks, Inc., an S&P MidCap 400 company, is a REIT that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial-flex, and low-rise suburban office space. Located primarily in major coastal markets, PS Business Parks’ 96 properties serve approximately 4,900 tenants in 27 million square feet of space as of March 31, 2022. The portfolio also includes 800 residential units (inclusive of units in-process).

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BROKERAGE,AGENT

Growing Florida Real Estate Company Further Disrupts Industry by Offering Agents New 100% Commission Option

LIVING VOGUE REAL ESTATE | September 06, 2022

Living Vogue LLC, doing business as Living Vogue Real Estate, a Florida-based luxury real estate company, announced today it will begin offering agents a 100% commission compensation option. In addition to this new alternative, the brokerage adjusted its traditional commission plan, with higher take-home percentages, thresholds, and an added cap, making it much more attractive to accomplished agents. Earlier this summer the company shocked competitors when it announced it had terminated 10% of its workforce as underperforming. Today's news makes it clear that the company is going after the best, most successful agents as it continues to grow. "While most of the industry is tightening, we're investing back into our most valuable asset: our agents. By offering more extensive benefits and higher compensation than our competitors, our goal is to attract and retain the best talent and thereby offer the highest level of luxury real estate services to consumers," - Mark Coppens, CEO of Living Vogue Real Estate Following record growth in 2021, the brokerage has no plans of slowing down. With agents doing business across the state in six different REALTOR Associations, executives aren't shy about their bold plans to expand into other highly competitive markets. They credit the company's success to their fundamental shift in focus onto the client experience, beyond just the predictably impersonal transaction of buying or selling a home. By curating an upscale, uniquely luxurious experience for clients in their Showrooms; engagement, sales, and brand loyalty have been remarkable. Visit a Chanel boutique in an upscale mall and you'll see a line to get in stretching around the corner. Why wait in that line when you can buy the same handbag online? It's the genteel staff, complimentary champagne, and exclusive feel that are the hallmarks of a truly luxurious experience worth seeking out. Buying a multimillion-dollar home in paradise should feel just as luxurious as scoring that latest Louis Vuitton scarf at their flagship storefront on the Champs-Élysées. So, we've structured our unique Showrooms to focus on this client experience, and placed them in high foot-traffic upscale locations to give agents the tremendous lead opportunities, added Mr. Coppens. ABOUT LIVING VOGUE REAL ESTATE Living Vogue Real Estate, headquartered in Sarasota Florida, is all about the exclusive experience. From the moment you step into one of their swanky showrooms you're greeted with a glass of champagne or cappuccino, and treated to an enjoyable, glamourous experience all the way through closing. No matter your budget, they believe the process of buying or selling a home should be fun, exciting, and fulfilling. From arcade games and pinball to occupy your little ones, to a pool table and wine bar for the adults, their goal is to make turning the page of life's next chapter relaxing and rewarding. You won't find 'cube-farms' and stuffy receptionists at Living Vogue. Their reimagined workplaces foster highly creative and collaborative agents with the expertise and charisma to help make your real estate and lifestyle needs a reality.

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