York County real estate market sees double-digit sales slump

Maine Association of Realtors | May 03, 2019

York County real estate market sees double-digit sales slump
Real estate agents say continued tight inventory and fewer than usual purchases in January contributed to a double-digit decrease in York County housing sales in the first quarter of this year compared to the same period in 2018. Figures released last week by the Maine Association of Realtors show that there were 501 existing single-family homes sold countywide from Jan. 1 through March 31 of this year – down from 560 in 2018, a decrease of 10.5 percent. Statewide, existing home sales were down 5.58 percent for the first quarter.

Spotlight

The Referral Center, Inc. (RC), in conjunction with The Real Estate Professionals Society (REPS) and RealtyU, Inc.has created this course to inform licensed real estate agents about the business of real estate referrals.

Related News

ERA Real Estate Declares Renewal of Four Firms With 101 Years Combined Affiliation Tenure

ERA | May 21, 2020

ERA King Real Estate Company and ERA Reardon Realty are both ranked in the brand's Top 20 Company Producers in Units with rankings of 11th and 20th, respectively. The firm, now with an expansive footprint spanning seven counties with eight offices and 300 affiliated agents, ranked in the 2020 REAL Trends Top 500 with 2,151 transaction sides in 2019. Since 2001, ERA King Real Estate has seen its annual transaction sides increase by more than 260% and volume by more than 450%. ERA® Real Estate, a global franchising leader within the Realogy family of companies, today announced that four long-time franchisees have signed long-term renewals with the brand. The renewing companies have a combined affiliation tenure of 101 years. ERA King Real Estate Company and ERA Reardon Realty are both ranked in the brand's Top 20 Company Producers in Units with rankings of 11th and 20th, respectively. All four renewals, which also include High Pointe Real Estate and ERA Advantage Realty, Inc., showcased substantial growth since their affiliation with the ERA brand. ERA King Real Estate Company was founded in 1969 by Jack King in Calhoun County, Ala, located in the east-central part of the state. His son Everett, joined by his wife and top agent Anna, later took over and affiliated with ERA in 1994. The ERA affiliation helped catapult ERA King Real Estate to the number one market share spot in the county. The firm, now with an expansive footprint spanning seven counties with eight offices and 300 affiliated agents, ranked in the 2020 REAL Trends Top 500 with 2,151 transaction sides in 2019. This equated to $419.2 million in sales volume. Since 2001, ERA King Real Estate has seen its annual transaction sides increase by more than 260% and volume by more than 450%. The Kings, who have helped shape the culture of the ERA brand through their passion and dedication, were recent unanimous inductees into ERA Real Estate's Hall of Fame. Along with the late ERA Real Estate President and CEO Brenda Casserly, the Kings are continuing and reinforcing the "Team ERA" battle cry that is emblematic of the brand's unique culture. Read More: How COVID-19 Is Changing The Real Estate Industry ERA Real Estate is built on the foundation of creating an infrastructure that empowers affiliated companies to exceed their growth and profitability goals. The brand has a storied history of cultivating a strong, collaborative culture rooted in innovation that helps our affiliates grow their businesses. The recent renewals of four ERA's long-tenured brokerages are representative of the strength of the ERA network as well as the tangible value the ERA brand affiliation can deliver to companies over the years – and decades, Sherry Chris, President and CEO of ERA Real Estate. ERA Reardon Realty, under the leadership of broker/owner Rick Reardon, has been affiliated with ERA since 2000. As a top 20 company in the global network, ERA Reardon is the largest ERA affiliate in Michigan with more than 100 agents in seven offices across the state. The company generated 1,227 transaction sides in 2019 and $230 million in sales volume. The company has grown in sides and volume by more than 1050% and 2200%, respectively, since 2001. Reardon is a second-generation owner having taken over Gail Reardon Realty, which was founded in 1987 by his parents. His firm is recognized for its superior client service, agent-centric culture and commitment to supporting ERA's collaborative network. ERA Reardon Realty's growth has also been fueled by the company's merger and acquisition strategy in collaboration with ERA. The most recent acquisition came in January when Reardon took an ownership stake in Midwest Properties ERA Powered in the Grand Rapids region, adding nearly 85 new agents and four new offices. ERA is woven into the fabric of our company, and we would not want to be anywhere else. Through our 25 years with the ERA brand, we've successfully achieved the true value of a franchised partnership. Not only have we grown because of the guidance, resources and support we continually receive from ERA, but also from the incredible collaboration that exists. We firmly believe that the ERA network gives us a competitive advantage that is second to none, Everett King, President at ERA King Real Estate Company, Inc. ERA High Pointe Real Estate based in Manhattan, Kansas, was founded in 1982 and joined the ERA brand in 1993. Led by broker/owners Ricci Dillon and Andy Carson, the company finished 2019 in the top 25 of the most productive single-office ERA brokerages with 294 transaction sides equaling $64 million in sales volume, a 100% increase annually since 2001. Known for its strong community presence and proactive approach to real estate, ERA High Pointe values the entrepreneurial spirit of the ERA network and the brand's forward-thinking business solutions. ERA Advantage Realty, Inc., which serves the Port Charlotte, Fla. market led by broker/owner Joel Ament, first joined the ERA brand in 1992. Since then, the company has ranked consistently as a Top 100 company within the ERA network and finished 2019 with $30 million in sales volume, a 66% increase since 2001. The company's slogan, "Always There for You," showcases the company's commitment to creating the best experience possible for homeowners and a dedication to providing its agents with the ERA tools and training they need to succeed. Read More: Brennan Investment Group Launches Corporate Real Estate Initiative under CRES Brand About ERA Real Estate At ERA Real Estate, we don't adapt to change, we create it. We believe that our core business values of collaboration, innovation, diversity and growth are needed now more than ever. As a global leader in the residential real estate industry for more than 40 years, ERA was the first real estate franchise to expand internationally, the first to post listings online, and is the only national company that offers the Sellers Security® Plan (SSP) program. The ERA SPP program allows affiliated agents to give sellers of qualified homes the peace of mind that their home will sell, and for what price.

Read More

REAL ESTATE ADVICE

EisnerAmper And REdirect Consulting Enter Into Real Estate Advisory Strategic Alliance

prnewswire | October 28, 2020

Global business advisory firm EisnerAmper LLP and leading Real Estate technology consulting firm REdirect, Inc., have entered into a strategic alliance. This collaboration will leverage each firm's deep resources and expertise to provide a holistic platform that incorporates their business advisory and technology capabilities. This will provide clients with timely and actionable data to improve and expedite decision-making in the highly competitive and time-sensitive real estate sector. "This collaboration represents a tremendous opportunity for clients to gain access to EisnerAmper's advisory expertise alongside REdirect's 20-plus years of hands-on real estate technology experience. We're excited to work with EisnerAmper's outstanding team and further assist real estate organizations gain unmatched efficiencies, improve controls and reduce risk," said Josh Malinoff, Principal at REdirect Consulting.

Read More

REAL ESTATE INVESTMENT

Bascom Group Wraps Up the Year, Acquiring a 320-Unit Multifamily Acquisition in Florida

Bascom Group | December 28, 2021

The Bascom Group, LLC ("Bascom") has acquired a 320-unit apartment community within the Orlando MSA in Florida. The property, Enclave at Lake Ellenor ("Enclave"), was acquired for $68,500,000 or $214,063 per unit through a partnership with East Hill Capital's Duff Bedrosian and Leste Group, a Miami based investment manager. Enclave is the second property acquired by Bascom in partnership with East Hill Capital and Leste Group. Starwood Property Trust provided the debt financing for the acquisition and was arranged by Charles Foschini, Christopher Apone, Shannon Wilson, and Scott Wadler of Berkadia. SD Cap will provide renovation management and Cushman and Wakefield will provide the property management. Enclave at Lake Ellenor was a unique opportunity to acquire a centrally located, ultra-low-density property with significant unrealized renovation potential in the rapidly growing Orlando market. Enclave is perfectly positioned within reach of business hubs, world-class attractions, and educational centers. Orlando benefits from a diverse and well-educated workforce, business-friendly government, and competitive tax climate, making the city an ideal location for businesses." Bascom's Senior Vice President & Principal, Jim Singleton. Enclave at Lake Ellenor is located in Orlando, an area experiencing substantial growth due to Florida's rapidly growing economy. The property's proximity to major roads, such as Interstate 4 and the Florida Turnpike, allows convenient access to retail, entertainment, dining, and major employment centers throughout the Orlando metro. Bascom plans to renovate the units while presenting a significant discount to the price point of new construction. Aside from unit renovations, Bascom will enhance property exteriors and implement amenity additions, while improving operational efficiencies and strengthening their presence in the Florida market. Orlando's affordable, low-density housing, pro-business environment, no state taxes, and tourist rebound since the pandemic have established the MSA as one of the most resilient apartment markets in the country. Enclave at Lake Ellenor is extremely well-positioned for the team to implement institutional management and execute a strategic renovation plan. Bascom will renovate unit interiors with new appliances, countertops, backsplash, cabinetry work, as well as plumbing and light fixtures. In addition, Bascom will modernize the clubhouse, fitness center, and pool areas. As the Orlando economy continues to rebound from the effects of the pandemic, in-migration trends are projected to persist, making this a great opportunity for us." Bascom's Senior Vice President of Operations, Tony Ferrell. About Bascom Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $20.4 billion in multifamily value-added transactions encompassing 347 multifamily properties and over 89,600 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. About Leste Group Founded in 2014, Leste Group is a global independent alternative investment manager guided by core values of respect, creativity, and teamwork. The firm offers investors a diverse range of strategies across real estate, credit, venture, liquid markets and other alternative asset classes. Leste Group's investment teams leverage institutional-grade processes, a nimble, entrepreneurial approach, capital markets expertise, and exclusive networks to source unique opportunities and drive consistent risk-adjusted returns.

Read More

Spotlight

The Referral Center, Inc. (RC), in conjunction with The Real Estate Professionals Society (REPS) and RealtyU, Inc.has created this course to inform licensed real estate agents about the business of real estate referrals.