Property portals take move to stamp out housing benefit discrimination

Rightmove | April 23, 2019

By the end of April two of the biggest property portals in Britain will no longer allow lettings listings that state tenants who receive housing benefits cannot rent an advertised home. The decision by Rightmove and Zoopla is part of a wider stance being taken to stamp out discrimination where landlords have what is called a ‘No DSS’ policy and refuse to rent to those in receipt of benefits. The Work and Pensions Committee is currently carrying out an inquiry into discrimination against benefit claimants in the housing sector. It has already written to mortgage lenders, insurers, property agents and property ad sites with questions about how their policies end up treating people who are trying to rent a home and in receipt of a benefit.

Spotlight

Boom-bust cycles in real estate markets have been major factors in systemic financial crises and therefore need to be at the forefront of macroprudential policy. The geographically differentiated nature of real estate market fluctuations implies that these policies need to be granular across


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REAL ESTATE TECHNOLOGY

HomeJab Debuts Novel Real Estate Agent Marketing Method That Creates Real-Estate-Backed-NFTs to Promote Home Sales

HomeJab | July 14, 2022

HomeJab, which provides real estate agents on-demand professional real estate photography services nationwide, is debuting a new and novel marketing method that gives real estate agents a new avenue to promote homes for sale – using an NFT, or non-fungible token. Real estate agents who use HomeJab for professional real estate photography for their listing can now receive a free real-estate-backed-NFT of the home as part of their order. This new service from HomeJab includes promoting these NFT-backed homes for sale and listing them on the new HomeJab NFT site at nft.homejab.com. HomeJab founder and CEO Joe Jesuele emphasized that this new service for real estate agents supplements their traditional marketing efforts by exposing them to an NFT-interested audience. "For real estate agents, we provide an easy way to promote their listings to a new market of potential buyers and it doesn't cost them anything," explained Jesuele. "For crypto enthusiasts, we offer a way to purchase real world assets legally using blockchain," he added. The first NFT-backed home currently being marketed for sale on the HomeJab NFT site is in Detroit, at 20060 Canterbury Road owned by Daniel McDonald and listed for $415,000 by Lisa Virkus, a real estate agent and founder of Realty in the D. Team Title Services, owned by Web Raulston and based in Chattanooga, Tennessee, handles the title and settlement services. McDonald is a Key Advisor at Mortgage Token, which aims to be the first company that allows clients to leverage their home equity to invest in cryptocurrency. "I'm a firm believer that with digital assets such as NFTs, entire industries will benefit from being built on the Ethereum blockchain by increasing consumer transparency and transaction cost-effectiveness," home seller McDonald said. McDonald explained that blockchain, like the internet, is the new "great equalizer" and that "Web3 will level the playing field, making information and pricing inequalities a thing of the past." "Mortgage Token is an autonomous modernized lending platform bridging the gap between real estate and crypto lending. We look forward to launching before the fourth quarter of 2022 as the first lender specifically investing in cryptocurrency." Jason Yourofsky, Mortgage Token founder Jesuele noted, "Our customers will get an NFT listing for free with every photo shoot, and direct exposure to a more tech-savvy group of buyers." With the new service, an agent can bring their buyer, and the buyer would purchase the NFT, which provides them with an option to purchase the property. Buyers purchase NFTs with USD Coin (USDC), a digital currency fully backed by US dollar assets, on the Ethereum blockchain. HomeJab receives 1% on the NFT sale, with the proceeds distributed to the title company who then facilitates the closing and recording of deed. The seller and buyer agent commissions would be part of the settlement statement, like any other traditional transaction. About HomeJab HomeJab is America's leading on-demand professional real estate photography and video service for real estate pros. Lightning-fast high-end visual production offerings also include immersive 3D interactive tours, floor plan creation, affordable virtual staging, turnkey aerial services, and the creation of real-estate-backed NFTs. Its efficient one-stop-shop for real estate listings promotions at HomeJab.com features affordable and customizable shoots to create the most engaging visual content for faster home sales and enrich the listing agent's personal brand. HomeJab is available nationwide and in the U.S. and Canada.

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REAL ESTATE ADVICE

Douglas Elliman Expands into Basalt, Colorado

Douglas Elliman Realty | July 27, 2022

Douglas Elliman Realty, one of the largest independent residential real estate brokerages in the United States, announced today that it has expanded its footprint in Colorado. With the opening of a new office in Basalt — its fourth office in the state — the company is well positioned to bring its market expertise and unparalleled service to the Mid-Valley communities of Basalt, Carbondale and Glenwood Springs, near Aspen where Douglas Elliman consistently sets record-breaking sales. Located at 310 Market Street, the 800-square-foot office will provide space for both agents and staff members. With more than 330 active listings, the Mid-Valley is poised to exceed the $943 million in total sales volume generated in 2021. *Statistics provided by Land Title Guarantee and Aspen Glenwood MLS. "Like the increasing numbers of homebuyers and investors drawn to the region, we see tremendous opportunity in Colorado's Mid-Valley, With the current inventory and growing demand for new developments, we expect to substantially increase our market share." Scott Durkin, CEO, Douglas Elliman Realty As a result of remarkable sales activity in nearby Aspen over the past two years, numerous Aspen sellers have taken their financial gains and migrated to the Mid-Valley. And with two luxury country clubs—The Roaring Fork Club in Basalt and Aspen Glen in Carbondale—the region has become a draw for out-of-state buyers, including from Texas. "Our strong sales in Aspen propelled Douglas Elliman to the number two position in overall market share," said Stephen Kotler, CEO of Douglas Elliman Realty's Western Region. "Our new presence in Basalt combined with our ability to leverage our national and international referral network positions us to replicate that success in the Mid-Valley." "With the increased demand for new inventory, numerous development projects are currently under construction or scheduled to break ground over the next 12 months," said Edmund Foran, Executive Manager of Sales and Managing Broker, Aspen and Snowmass Village, for Douglas Elliman Realty. "Having a visible presence in the Mid-Valley will enhance our ability to secure new listings." Some of Elliman's current listings in the Mid-Valley communities include 5616 County Rd 100 in Carbondale listed by Amy Doherty and Julia Herman for $9.8 million, 227 Sage Rim Circle in Basalt listed by Mary Kate Farrell for $9.925 million, 1270 County Road 240 in Glenwood Springs, a 1123 acre ranch on the Colorado River listed by Michael Latousek for $38.647 million and 2561 Frying Pan Road in Basalt, featuring 137 acres and half a mile of frontage of Gold Medal fly fishing on the Frying Pan River for $15.95 million also listed by Michael Latousek. About Douglas Elliman Inc. Douglas Elliman Inc. (NYSE: DOUG, "Douglas Elliman") owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Colorado, Texas and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology ("PropTech") solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets.

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REAL ESTATE INVESTMENT

Lument Closes $13.5 Million Bridge Loan for Two Multifamily Communities in Detroit

Lument | May 27, 2022

Lument announced that it closed a $13.5 million proprietary bridge loan to facilitate the refinance of two multifamily communities consisting of 118 total units in Detroit, Michigan. James Kelly, director with Lument in Atlanta, led the transaction. The sponsor is Greatwater Opportunity Capital, a real estate private equity investment manager and development firm focused on Detroit and other emerging urban markets. Greatwater has deployed over $150 million of equity into Detroit neighborhoods, many of which are designated opportunity zones. We are always proud to work with organizations like Greatwater Opportunity Capital, which excels at producing positive local outcomes and superior returns by investing in opportunistic cities such as Detroit. This marks our tenth fruitful collaboration, and we look forward to more success in the future and continuing to help Greatwater accomplish its strategy of acquiring, significantly renovating, and leasing up high-quality multifamily housing across the country." James Kelly, director with Lument Both properties were originally constructed in 1924. Greatwater acquired the properties in early 2020, at a time when the properties were in disrepair and had almost no occupants. The company promptly undertook $7.5 million in extensive renovations, which equates to $64,000 per unit, to dramatically overhaul the properties and turn them into first-rate multifamily housing. The bridge loan has a two-year term and a variable interest rate. In addition to refinancing an existing construction loan of $10.6 million and lowering debt service costs, the closing provides cash-out proceeds to investors, funds immediate repairs required to complete substantial rehabilitation, and provides $625,000 for future renovations. Located approximately half a mile apart, the communities are called Selden Manor, which features 48 units within a four-story building, and Heather Hall, which consists of 70 units within a ten-story building. About Lument ORIX Real Estate Capital Holdings, LLC, d/b/a Lument, is a subsidiary of ORIX Corporation USA. Lument is a national leader in commercial real estate finance. As the combined organization of legacy industry experts Hunt Real Estate Capital, Lancaster Pollard, and RED Capital Group, Lument delivers a comprehensive set of capital solutions customized for investors in multifamily, affordable housing, and seniors housing and healthcare real estate. Lument is a Fannie Mae DUS, Freddie Mac Optigo, FHA, and USDA lender. In addition, Lument offers a suite of proprietary commercial lending, investment sales, investment banking, and investment management solutions. Securities, investment banking, and advisory services are provided through OREC Securities, LLC, d/b/a Lument Securities, Member FINRA/SIPC. Investment advisory services are provided by OREC Investment Management, LLC, d/b/a Lument Investment Management. OREC Investment Management is registered as an investment adviser with the U.S. Securities and Exchange Commission.

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REAL ESTATE ADVICE

Sklar Kirsh Expands Real Estate Team with Amit S. Patel

Sklar Kirsh | June 29, 2022

Los Angeles-based law boutique Sklar Kirsh LLP announced that it has bolstered its real estate practice with the addition of Amit S. Patel, who joins the firm as a Partner. Patel represents owners, developers, and investors in the acquisition, sale, lease, development, and financing of retail, office, commercial, industrial and residential real estate. His recent work includes oversight over the fifth largest multifamily sale in the history of U.S. real estate, worth approximately $1.85 billion and consisting of 13,243 apartments at 36 properties, 21 loan defeasances and 11 loan assumptions. An expert in portfolio transactions on behalf of industrial owners, he recently handled approximately $850 million over two sales of 26 properties. Joining the highly successful practice chaired by firm Co-Founder Andrew T. Kirsh, Patel brings the total number of attorneys working under the firm's real estate arm to 18. We've been expanding steadily as a firm, but our goal hasn't been to add attorneys for the sake of it - we're cultivating talent that will add value to our clients for years to come. Between Amit's thriving practice and his tireless dedication to his practice, we couldn't be happier to add him to the team." Andrew T. Kirsh,Co-Founder Patel additionally counsels clients in operating and tenants-in-common agreements, restructuring and buy/sell agreements and property management agreements. Patel praised the quality and versatility of Sklar Kirsh's real estate team, which he attributed as a primary motivator for joining the team. "I've always taken a comprehensive approach to representation, guiding clients from start to finish while looking out for them from every angle," said Patel. "It's refreshing to be practicing with a team of professionals who shares and complements that mindset." AboutSklar Kirsh Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy, and entertainment law as well as commercial, real estate and entertainment litigation.

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Spotlight

Boom-bust cycles in real estate markets have been major factors in systemic financial crises and therefore need to be at the forefront of macroprudential policy. The geographically differentiated nature of real estate market fluctuations implies that these policies need to be granular across

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