February 2023 - Home Real Estate

February 27, 2023

US man dies from stroke days after realtor found him but didn’t call for help | North Carolina

A US spouse and children has demanded an investigation right after its patriarch reportedly died inside of days of acquiring a stroke in his home and being discovered but left on the ground by a real estate agent who in no way named everyone for assistance.

Cherished types of the lifeless male – 69-year-aged Randy Vaughan of North Carolina – are increasing issues about irrespective of whether the real estate agent must have been envisioned to do much more. The state company that oversees realtors in North Carolina has indicated it is opening an inquiry into the circumstance and is scheduling interviews with Vaughan’s family members about his death, the Winston-Salem Journal newspaper documented Friday.

“It’s about essential decency, caring for your fellow human beings and getting a qualified,” Vaughan’s brother, Doug, explained to the Journal.

The realtor, for her aspect, reportedly informed the Journal she has “an attorney involved” and has “no liability”.

In accordance to the Journal, the Vaughans grew to become nervous when they did not see or listen to from Randy on his grandson’s birthday. His daughter, Heather, drove to his home on 14 February and didn’t see his truck in the driveway, so she named authorities to look at no matter whether he was at a weekend property together Superior Rock Lake that he was offering.

Area sheriff’s office deputies located his truck outside the property, and after using a lockbox code to go within, they located Randy Vaughan on the floor unresponsive, the Journal claimed. Health professionals identified that he’d had a stroke, and they took him by helicopter to a hospital in North Carolina.

Issues for his spouse and children got even even worse when they realized from a real estate agent who was doing the job with Vaughan to promote the house that a further agent experienced been to his location on 13 February to demonstrate it to a shopper. In an on the internet responses type, that agent described viewing a disrobed Vaughan on the ground and fearing that he was possibly lifeless. But, soon after listening to Vaughan groan, the agent speculated that most likely he had also a lot to drink although viewing the Super Bowl the preceding night time, and she just still left – with out contacting for crisis medical support – soon after she requested if he was Alright and received no remedy.

“I didn’t want him waking up to me standing above him!” wrote the agent, determined as Ellen-Nora Deese, in accordance to the Journal.

Soon after physicians informed Vaughan’s relations that he had endured a number of strokes and designed pneumonia, they opted to shift him into hospice care this earlier Monday. He died Wednesday afternoon, not extensive following acquiring retired from a career in the heating and air sector, the Journal documented.

In the meantime, Vaughan’s brother Doug known as Deese’s firm. Doug Vaughan told the Journal that he go through the opinions kind throughout a short conversation with the company’s head agent and stated the state’s Good Samaritan regulation, which says that any individual in a placement to render first aid just can’t be sued for civil damages for any actions or omissions as extensive as they didn’t deliberately inflict wrongdoing.

Doug Vaughan recalled her declaring: “If there is any litigation, I’m going to have to refer you to my law firm.” He recalled replying with: “Nobody stated just about anything about litigation. I just need you to be conscious.”

The newspaper contacted Deese and noted that she informed the outlet that she experienced an lawyer concerned.

“I have no legal responsibility there,” Deese added, in accordance to the Journal. She stated she would defer to her company’s broker-in-cost for more remark.

But neither the attorney nor the broker-in-charge experienced returned messages from the Journal. Deese did not immediately reply to a ask for for comment from the Guardian.

Doug Vaughan told the Journal that he contacted North Carolina’s genuine estate commission to investigate for the reason that “no just one in their right mind would go away a 69-yr-outdated unique on the flooring who is non-responsive without having reporting it”.

“I know she assumed he was drunk,” Doug Vaughan informed the Journal. “That was a terribly mistaken assumption – my brother does not consume.

“Simply, as a professional and as a human in this life, assumptions are erroneous and can be deadly.”

Vaughan’s son, Jamie, included in individual remarks to the Journal: “The truth is, it could have been a unique tale. With a stroke, it’s vital to get care in the initial few hours. This is the environment we are living in currently?”

February 24, 2023

How Wall Street bought single-family homes and put them up for rent

Institutional investors may control 40{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of U.S. single-family rental homes by 2030, according to MetLife Investment Management. And a group of Washington, D.C., lawmakers say Wall Street needs to back away from the market.

“What we’re saying is don’t have private equity buying up single-family homes,” said Rep. Ro Khanna, a Democrat representing California’s 17th Congressional District. Khanna is the lead author of the Stop Wall Street Landlords Act of 2022. “What’s outrageous is your tax dollars are helping Wall Street buy up single-family homes,” he said in an interview with CNBC.

The single-family rental industry got its start with government backing in the fallout after the 2008 financial crisis. “It was that rare opportunity that attracted the institutions to build a portfolio out of these foreclosed properties,” said Steven Xiao, an assistant professor of finance and managerial economics at the University of Texas at Dallas.

Since the early 2010s, Tricon Residential, Progress Residential, American Homes 4 Rent and Invitation Homes have each bought thousands of homes. They’ve also added to the housing supply in some cases with built-for-rent communities.

Some of these companies are financed by private equity firms such as Blackstone and investment managers such as Pretium Partners.

“It’s almost a captive market,” said Jordan Ash, director of labor-jobs and housing at the Private Equity Stakeholder Project. “They’ve been very explicit about how people are shut out of the homebuying market and are going to be perpetual renters.”

These calls come after fierce housing inflation hit many Sun Belt states, including Texas, Florida and Georgia, according to the National Association of Realtors.

The prices in some Sun Belt markets have outpaced national figures for rent inflation, according to research compiled by Zumper for CNBC. Between January 2020 and January 2023, rents for a two-bed detached home increased about 44{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} in Tampa, Florida, 43{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} in Phoenix, and 35{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} near Atlanta. That’s compared with a 24{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} increase nationwide.

Industry advocates argue that they do not control enough market share to dictate prices in any market. Large institutions owned roughly 5{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of the 14 million single-family rentals nationally in early 2022, according to analysts.

By 2030, the institutions may hold some 7.6 million homes, or more than 40{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of all single-family rentals on the market, according to the 2022 forecast by MetLife Investment Management.

In the short term, however, some companies may retreat from the real estate market as correction concerns mount. “You will see some selling by us,” said Jon Gray, Blackstone’s chief operating officer, in a December 2022 interview with CNBC.

Watch the video above to learn about the rise and future of corporate landlords in the United States.

February 21, 2023

What it’s like to live among corporate-owned rental homes

Credit rating: HYOSUB SHIN / AJC

The pool has been shut extra than calendar year at Parkview Estates in South Fulton soon after some householders retained attorneys to oppose designs to develop at the very least a hundred additional houses to rent, said Pernell Evans, who purchased his house in 2008. (Hyosub Shin / Hyosub.Shin@ajc.com)

Credit score: HYOSUB SHIN / AJC

The Parkview Estates group clubhouse displays a lack of upkeep, which some people say is owing to solid-arm tactics from ResiBuilt. (Hyosub Shin / Hyosub.Shin@ajc.com)

It is the organization product, they say, to offload repairs onto tenants, although retaining fees very low on administration and servicing as the every month stream of rent checks rolls in.

The expanding existence of renters in historically proprietor-occupied neighborhoods, nevertheless, also has exacerbated tensions in between unique owners and renters.

Some problems are about appearances.

“I contact him ‘park-on-the-grass dude,’” stated home-owner Mike Donithan, who went to chat with a renter to complain about a predicament that violates South Fulton code. “The dude reported, ‘I did not know,’” Donithan stated. “And then he went again to parking on the grass.”

At least in South Fulton, area officers sided with house owners, blocking the Parkview enlargement. A different lawsuit in between the town and ResiBuilt is wending its way as a result of the lawful procedure, while preparations for design have continued. Staff for ResiBuilt have minimize roads and a roundabout into the purple clay alongside with pipes to serve a phase of upcoming rental homes.

Credit: HYOSUB SHIN / AJC

Parkview Estates in South Fulton acquired its start in the early 2000s, at the tail finish of the housing boom, when a developer bought hundreds of acres about 10 miles west of Hartsfield-Jackson International Airport. The agency constructed dozens of homes, saving a handful to hire. As the bubble burst, the builder stopped developing. The land was offered in 2021 to ResiBuilt Houses, an Atlanta-dependent company with programs to complete the subdivision as rentals. (Hyosub Shin / Hyosub.Shin@ajc.com)

‘Good luck receiving in touch’

Often, as in Parkview Estates, buyers aim to incorporate residences to a neighborhood, constructing them with the reason of renting them. In some cases investors enter a neighborhood, obtaining existing homes and turning them into rentals.

Much more than 40 miles northeast of Parkview Estates, a Lawrenceville neighborhood has both.

The 172 homes in Grayland Hills include about 10{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} that ended up procured by investors and are rented out. Just throughout Pew Creek are newer rental residences on August West Way, Cassady Lane and Stella Court docket.

Metro Atlanta residence values have risen throughout the board from 2012 to 2022. But the AJC’s investigation uncovered they climbed additional sharply in destinations wherever traders have a lot more properties. In the 30 ZIP codes with the most trader-owned properties, house values appreciated at practically twice the annual amount as the 30 ZIP codes where investors possess the the very least.

“The firms renting have commenced to favor new properties simply because you do not have to do any perform, there’s a lot considerably less maintenance,” mentioned Kelly Kim, an agent at Ansley True Estate.

But in a potent housing market place, renters can see reliable and recurrent hire hikes, particularly in more recent households, some thing of an incentive not to stick about.

Credit rating: HYOSUB SHIN / AJC

Between the neglected facilities at Parkview Estates is the community’s basketball court docket. (Hyosub Shin / Hyosub.Shin@ajc.com)

David Gonzalez climbed out of his truck 1 uncooked and wet afternoon in early December, coming house from a design task to the August West Way household he’s been leasing. He said he’s satisfied with the home, except for the rent, which has climbed from $1,500 to $1,800.

“I’ve seen large amount of persons go in and out. And I will not be listed here considerably for a longer time,” Gonzalez stated, citing rising rents.

Lauren Dastrup life with her family members in an 1,800 square-foot property in a cul-de-sac surrounded by rentals. She said it is occasionally obvious which properties aren’t operator-occupied, in particular all those with a good deal of vehicles.

“Porches tumble apart. Roofs want to be repaired,” Dastrup reported. “And the operator is a company that does not treatment.”

The spot does not have a homeowners association, which suggests no arranged watchdog to watch abuses.

“The firms renting have began to desire new households because you don’t have to do any do the job, there’s a large amount considerably less routine maintenance.”

– Kelly Kim, an agent at Ansley True Estate

Stephanie Henriksen, president of the HOA at Cramac Plantation, west of downtown Lawrenceville and a minor more than a mile from August West Way, said when a house is in disrepair, even an energetic HOA like hers has issues acquiring the significantly-off corporate house owners.

“Good luck acquiring in touch with the folks who individual these households,” Henriksen claimed.

Her team not too long ago referred to as in the town to offer with a rental that in some cases experienced 10 or a lot more vehicles in the driveway and avenue. There’s a lawful restrict of 4, she explained.

“It was not even an HOA rule,” she explained, “that’s town code.”

That is commonly how city officers listen to about troubles, stated Chuck Warbington, Lawrenceville city manager.

In response, the town has built alterations to its regulations. Now, if there are any code violations, the city requires both equally renter and operator to court to get them fixed. And when there is a residential re-zoning, the metropolis limitations rentals to 10{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of the homes influenced.

“When there is a clustering of individuals properties,” he reported, “it results in being an problem to the in general group.”

In Grayland Hills, Camille and Patrick Cagle pay out a small over $1,800 a thirty day period for a person of six or 7 rental houses on their avenue. They like the location and the property, but then a pipe broke in their basement, and they attempted to get hold of their landlord, Principal Street Renewal, the third-largest operator of one household properties in metro Atlanta.

Credit history: HYOSUB SHIN / AJC

“We had been all blindsided when they started chopping down trees,” suggests Parkview Estates homeowner Mike Donithan, correct. Some owners, looking at the affect of the expansion of rental residences on their own belongings, have currently headed for the exits. (Hyosub Shin / Hyosub.Shin@ajc.com)

“I’d contact and convey to them about it, and wait around,” Patrick Cagle reported. “Then I’d connect with and convey to them about it. And wait. …No just one referred to as back. No 1 emailed.”

They obtained a response only soon after calling some executives. By then, it had been 78 times.

“There was standing drinking water in the basement,” he explained. “And if the destruction didn’t get fixed whilst we have been there, when we moved out, we’d get charged for it.”

Major Avenue Renewal is section of the Amherst Group, a real estate financial commitment firm. Amherst said a glitch in its inside method delayed its handling of the basement leak for about two and a 50 percent months.

State Sen. Nikki Merritt, who signifies Grayland Hills and August West Way, mentioned she wishes the law to make it a lot easier to make absentee corporate landlords accountable for issues.

“I’m not versus rentals,” she mentioned. “The landlords are the trouble. The Wall Avenue people who have uncovered them selves a new money cow.”

A proposal prior to the legislature past calendar year would have tied the arms of neighborhood officials in restricting rentals. The evaluate was shelved, but a new version was submitted this week in the condition Senate.

‘Blindsided’

In the meantime, some homeowners appear all over at the rentals, contemplate the effect on their possess belongings and head for the exits.

Jonah Ndukwe, a former Parkview Estates resident, definitely favored his household and the South Fulton neighborhood. But he offered and moved to Cobb County a yr ago, fearing the developer’s ideas to make rentals.

“I would have most likely moved anyway, but that sped up the system for me,” he stated.

The neighbors he still left powering in Parkview Estates have ongoing to grapple with their problems.

Homeowners dropped their personal legal effort and hard work to prevent developers when the growth was blocked by the city, which is now tussling with ResiBuilt in courtroom.

“We have been all blindsided when they started off reducing down trees,” Donithan, a Parkview Estates owner, explained throughout a crisp autumn stroll.

In the distance, grading equipment seemingly prepared for an end to the lawful road blocks to expansion, scraping out new streets for paving.

John Perry, technical director of the AJC’s knowledge journalism staff, contributed to this write-up.

February 20, 2023

How to recruit your ideal real estate agent

Great organizations recruit great individuals. In get to recruit your great agent, you have to very first be their perfect crew or brokerage.

You can do so via an powerful recruiting model, a solid worth proposition, recruiting the appropriate stages of expertise, and with the units and extra applications to assistance them get to their ideal levels of accomplishment with your corporation.

The foundation of recruiting commences with developing rapport and decreasing the candidate’s guard about “being recruited.” Your achievements is dependent on the candidate liking you, trusting you and believing you can assist them get to the next amount in their organization

The four points of recruiting

The 4 Details of Recruiting is an productive recruiting product to highlight a candidate’s successes and establish gaps that your crew or brokerage can fill.

The 4 points of recruiting are money, availability, things to do and surroundings. Together with every position in your recruiting discussions will permit you to evaluate a candidate’s existing problem and offer you alternatives as a result of your worth proposition.

Get started by getting the applicant share their vocation journey with you. Discover about their earlier roles, progression into actual estate, and objectives. Check with thoughts about each of the 4 points beneath.

Profits:

Preferably, how a great deal income would you like to get paid in the upcoming calendar year?

Explain that you view cash flow by four ranges fairly than an volume they would like to receive. The 4 stages of money consist of survival, comfy, fun and “holy cow.” Instruct the candidate to take into consideration the selection that arrives to brain as you critique the 4 ranges.

Survival: How considerably revenue do you have to have to earn to survive in the serious estate career?

Relaxed: How significantly dollars do you need to have to gain to be snug? This usually means making the most of your way of living although checking your bank account less commonly.

Entertaining: How a great deal money do you have to have to make to have enjoyment? For instance – buying extras, having holidays or expanding your investments.

Holy Cow: How a great deal money would bring about you to say, “Holy cow, this is additional money than I ever assumed I could earn in true estate!”?

Availability:

Preferably, how several hrs per 7 days would you like to function to keep your own see of work/lifetime balance? What would want to adjust to reach additional equilibrium?

Use your knowledge of the candidate’s great operate/daily life equilibrium to reinforce your benefit proposition. If their preferred balance is attainable, it is essential to mention so.

Pursuits:

Preferably, what actions would you like to be carrying out when you are doing the job? What dollar-developing functions provide you the most gratification?

Share what products and services your crew or brokerage offers that will allow for them to emphasis on the activities they take pleasure in.

Environment:

Request the prospect to explain their excellent perform natural environment. This contains a want for office environment place, interaction with other brokers, and assist offered by the brokerage.

If their perfect atmosphere matches the surroundings your staff or brokerage gives, it is significant to articulate the positive aspects.

Why pick you? Recruiting your ideal prospect

Do you have a clear eyesight of your perfect applicant? Does your value proposition correlate to their upcoming results?

A candidate will appraise your worth proposition and “what’s in it for them” when looking at creating a improve. There are two principal explanations an agent normally transitions from teams and brokerages.

They did not come to feel a relationship between your workforce/brokerage offering and their amount of success. (Availability, Actions, Environment)
They discovered a greater compensation design for their production level (Income).

To recruit and retain agents and team associates that in good shape your suitable candidate, it is important to take into account what you give primarily based on their expertise degrees.

Amounts of expertise

Agent recruits can be classified into 3 amounts of talent:

Probable Expertise
Emerging Talent
Confirmed Expertise

Probable talent is recently certified agents with considerably less than eight to 12 specials in the earlier yr. These brokers will have to have further training chances and mentoring on the fundamentals of the business.

Does your worth proposition offer a roadmap for success to 24-30 models, one-on-one accountability, technology, instruction on sector developments, scripts, part engage in, and “how to” or “done for you” marketing? If not, you will most likely need to recruit an agent from emerging or proven talent concentrations.

Emerging talent is the agent or rising group that has closed additional than 30 units and is looking to proceed to expand the company.

To attraction to this group of candidates, your offerings really should involve chances for leverage, supplemental direct-era instruments, and larger-image collaboration. Your brokerage could also offer you transaction coordination, listing management, distributors, units for hiring, and a prospect pool of resumes of agents and directors to share with your agents that are growing a workforce.

Tested Expertise are agents continuously in the top 15-20{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of their marketplace and at greater production ranges.

To catch the attention of high-making brokers, your value proposition ought to tackle the suffering points you can address in their enterprise. Brokers with a established level of talent are seeking for greater efficiencies, to surround by themselves with proficient people, and most likely an exit strategy from the working day-to-day company.

Units and worth provides for recruiting results

A candidate will see your recruitment as attractive if your company’s benefit proposition features the programs and equipment that permit them to excel.

Like a properly-oiled true estate small business, methods are the basis for recruiting achievements.

Examples of techniques and worth adds are:

A CRM that features strategies and creation experiences
Workflows that permit for growing your brokerage manufacturer awareness
Strategic or ‘done-for-you’ internet marketing programs
Teaching and mastermind gatherings
Community involvement and promotions
A solid onboarding guarantee
A comp plan commensurate with their degree of expertise and output
Lead resources
Serving to them transition from their latest crew or brokerage to yours

One particular of the most crucial systems is your onboarding assurance. Your onboarding promise can help with a seamless transition and should really include what the agent can assume in the initially 10 days. This systematic approach can significantly effects their preliminary dedication to joining your staff or brokerage.

Support agents navigate the dialogue with their existing broker

When an agent commits to signing up for you, they must come to feel supported in their choice. You can incorporate worth to an agent recruit by providing to guide them on what they may be expecting for the duration of the discussion with their present broker. Supply to mentor them via probable objections so they can navigate the conversation confidently.

Closing Considered

They’ll like you if you are a fantastic listener. They’ll trust you if you pay out awareness. They’ll believe that you can assistance them get to the next amount of their business if you execute your value proposition.

This is how to recruit wonderful people today.

Debbie Lariviere is companion and head coach of Middleton Elite Coaching.

February 20, 2023

Inside Terraces Mustique, the most expensive Caribbean home

Tour the Caribbean's $200-million trophy estate: The Terraces, Mustique

A palatial estate in the Caribbean was listed for a whopping $200 million Sunday evening, making it the most expensive home to ever hit the market in the region and one of the priciest homes for sale in the entire world.

The Terraces, as the estate is called, spans 17 acres and nine structures. It’s located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. It is north of Trinidad and Tobago and about 45 minutes west of Barbados, if you’re taking a private plane.

“The Terraces in Mustique is the most expensive single residential home to publicly come to the open market in the Caribbean region,” said Edward de Mallet Morgan, head of international super-prime sales at Knight Frank, who represents the mega-listing.

The estate sits atop Endeavor Hill, one of Mustique’s highest summits.

Knight Frank

The majestic residence commands one of Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coastlines. The estate’s 41-page marketing brochure boasts nine ensuite bedrooms in the main house, an 80-foot-long swimming pool and “the largest entertaining space on the entire island.”

The view from one of the estate’s three swimming pools.

Knight Frank

“Mustique is an island where incredibly high profile people go for incredibly low profile holidays,” said de Mallet Morgan, who declined to disclose the identity of the seller.

Mustique has a storied past. In 1958, Lord Glenconner, Colin Tennant, bought the entire island, which at the time had no roads and no running water, for £45,000. That’s about $1.2 million in today’s money, when adjusted for inflation. Tennant gifted a plot to his friend Princess Margaret, who built a villa there and helped spark a rush of rich and famous buyers who followed the royal and built their own homes, according to the island’s website.

The palatial mood and domed ceiling inside one of the main villa’s nine bedrooms.

Knight Frank

Decades later, it’s still an exclusive playground for titans of industry and rock stars. Tommy Hilfiger and Mick Jagger have homes on the isle. From its health clinic to security, the island is wholly managed by the Mustique Company, a private operation owned by the island’s homeowners. The website states: “The company oversees every aspect of island life as well as the management of the villas on behalf of the shareholders and the safeguarding of the island.”

The view from the pool deck.

Knight Frank

Natural beauty and unrivaled privacy make the island a perfect destination for the ultra wealthy to kick back and relax.

“Paparazzi are banned on Mustique, and the easy, relaxed interaction of royal families, rock stars, celebrities, business moguls and entrepreneurs is really unique to Mustique,” said de Mallet Morgan.

“It is a place where doors are not locked and no one bats an eye when you arrive at dinner barefoot.”

The view from above the estate’s 80-ft long swimming pool.

Knight Frank

De Mallet Morgan shared data with CNBC from Knight Frank’s upcoming Wealth Report, which shows that out of 100 key city, sun and ski destinations around the world, Mustique was the 12th best performing market. The ranking puts the remote island on par with Sardinia, St. Bart’s and Provence.

According to the report, luxury residential prices on Mustique rose by 12{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} in 2022, making the island the fifth best performing market in the Americas after Aspen, Miami, Bahamas and the Hamptons.

Record sales during the pandemic led to tighter inventory. Last year, Mustique’s largest transaction was recorded at about $35 million, according to de Mallet Morgan.

Here’s a closer look at the most expensive home to ever hit the market in the Caribbean.

A fountain in the courtyard entrance of the main home.

Knight Frank

Built in 1986, the mega villa is clad in a pale peach-colored stone facade with loggias that wrap around each side of the more than 16,000-square-foot residence. According to marketing materials, the Terraces was designed by architect Tom Wilson, who pays homage to the architecture of 16th century Italian palaces.

A dining area in the main residence.

Knight Frank

Inside there are hand-painted ceilings and mural-covered walls painted by French artist Jean-Claude Adenin in a project that spanned three years.

A bedroom in the main home.

Knight Frank

The mega-villa’s palatial rooms, gilded furniture and painted domed ceilings are decidedly more Versailles than beach chic.

A grand salon in the main house.

Knight Frank

“The Terraces, being the largest and most visually prominent property on the island is not just one of the Caribbean’s foremost houses, but arguably one of the world’s foremost homes,” de Mallet Morgan told CNBC.

The main home’s infinity-edged pool appears to spill into the estate’s lush green landscape.

Knight Frank

A floor plans shows a 60-foot tunnel connecting the main villa to a structure just below called the Annex. The two buildings are also connected by exterior pathways. The Annex spans over 12,000 square feet and is dedicated to games and entertainment. It houses a grand event hall and a game room with ping-pong, billiards and chess. Just outside, there’s a wraparound terrace that features the estates second swimming pool with an infinity edge that appears to send water cascading down the hillside.

The Terrace’s Annex is in the foreground just below the main villa, together the two structures span about 28,000 sq ft.

Knight Frank

Other structures on the property include guest cottages that span 2,600 square feet and include four more bedrooms, as well as the estate’s third swimming pool.

The Bali Cottages house four more guest bedrooms and surround the estate’s third swimming pool.

Knight Frank

There’s also a chapel, laundry facilities and two more buildings to accommodate staff. De Mallet Morgan said the estate is currently operated by 18 staff. The estate’s webpage breaks it down further to a property manager, two butlers, three chefs, six housekeepers and six gardeners.

Tennis court and pavillion.

Knight Frank

Across a rolling lawn is a pavilion that overlooks a sun-drenched tennis court.

The terrace and pool at the Annex.

Knight Frank

The interior square footage of the entire estate tops 38,000. It climbs to almost 53,000 square feet when you add all of its covered outdoor areas.

De Mallet Morgan told CNBC if a foreign buyer wants to purchase the trophy property he or she can expect to pay taxes and fees of about 12{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} on the purchase price, adding around $24 million to the $200 million price tag.

February 15, 2023

Brooklyn sees a bevy of rentals list for record prices

It really is the borough of Kings.

Manhattan is no stranger to rental homes in the five-, even six- figure range — but across the East River, a neighbor is catching up. These days, Brooklyn is seeing a number of record-high rental listings hit the market.

Take, for example, a $40,000-a-month rental in Brooklyn Heights that listed with Sandra Cohen of Sotheby’s International Realty shortly before Thanksgiving. It’s a 4,000-square-foot condominium in One Brooklyn Bridge Park whose features include five bedrooms, a corner living room and a chef’s kitchen with Gaggenau appliances. Last month, broker Sarah Williams, the founder of SOCIETE Real Estate, listed a $36,000 spread at 130 Furman St. in Brooklyn Heights with four bedrooms — plus a private roof terrace with space for al-fresco dining and views of the Manhattan skyline. Available this June via Compass, a Greenpoint penthouse at 524 Manhattan Ave. with a triple-story living room, multiple outdoor spaces — including a landscaped roof deck — asks a cool $30,000.

Market data shows these aren’t just one-off examples. According to Brown Harris Stevens research, monthly rentals of $18,000 or more in Brooklyn have indeed seen an increase since 2021. So far this year — hardly two months into 2023 — the market has had 13 such listings with the average rent being $25,205 a month and the median at $22,000.

A peek inside the big-dollar rental at 360 Furman St., which has massive windows looking out to wide city views. — A peek inside the big-dollar rental at One Brooklyn Bridge Park, 360 Furman St., which has massive windows looking out to wide city views.

A view of that rental's open layout. — A view of that rental’s open layout.

Even the unit's sleeping quarters have picture-perfect vistas. — Even the unit’s sleeping quarters have picture-perfect vistas.

“Brooklyn is having its moment in the luxury sun,” said Compass agent David Chang, who lives in the borough and specializes in high-end rentals there. “It’s become a destination with renters moving in from the Lower East Side, the Village and Chelsea, and scooping up luxury properties.” At the same time, added Chang, limited inventory is driving rents up, and properties are being rented at or above market prices.

The rentals at Magnolia Dumbo, a luxury building on Front Street that launched in early 2022, are reflective of this mighty market presence. Jarrod Whitaker, the senior vice president of operations for RXR — the building’s developer — said that in less than 11 months, all 320 residences are fully leased for between one to two years. “We were estimating rents to be $81 a square foot but ended up getting $91,” he said. “This speaks to the vitality of the market.”

Sydney Blumstein, a Corcoran broker who has lived in Williamsburg for the last several years, said she’s personally cashing in on the Brooklyn rental market — which she describes as “on fire.” And she has experienced today’s sky-high prices for herself.

“My husband and I rented out our loft as of February 1st for the first time and are getting $24,000 a month,” she said — and StreetEasy shows that price is among the highest for a home ever rented in Brooklyn. Stretching an entire block, the 139 Powers St. property is a converted warehouse, and offers 4,200 square feet of interior space and an additional 2,500 square feet outdoors. It listed in November for a cool $35,000 per month, as The Post reported, which at that time made it Brooklyn’s priciest rental home on the market.

Blumstein said that she has seen many more pricey rentals of late in Brooklyn than she ever has before — and even at different price levels than the tippy-top of the market, these homes are still fetching higher sums of money.

Blumstein and her husband just rented out this boho-chic Williamsburg home for one of the priciest sums Brooklyn has ever seen.

The Powers Street pad was once a warehouse.

A dining area in the Williamsburg rental.

A yellow-painted seating area with beamed ceilings.

“Properties that are being relisted are going for double in some instances compared with the last time they were on the market,” she said. “I’m about to list a 2,000-square-foot loft in Clinton Hill that rented for $4,000 a month, but this time, the asking price is $8,000. I have no doubt that it’s going to rent.”

The top end of the market aside, prices for Brooklyn rentals overall appear to have reached peak levels.

According to data from Corcoran, the median rent in Brooklyn was $3,695 in January 2023, up 5{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from December and 23{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} year-over-year. The average rent was $4,220, a 25{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} increase compared with a year ago. What’s more, January was the 16th consecutive month of year-over-year rent growth in the borough.

In another data point, research from Douglas Elliman and Miller Samuel’s most recent rental report shows that the average rental price in Brooklyn in January was $4,165, a record high since 2008. That’s up 31.7{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from a year ago, the highest increase in history for Brooklyn, said Miller Samuel president and CEO Jonathan Miller, and 23.7{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} above pre-pandemic rents.

“Rents are high because mortgage rates are high,” Miller said of today’s interest rate climate amid a battle against languishing inflation. “People that are priced out of the purchase market are going to the rental market, and that’s why it’s historically high.”

In addition, Miller said that new development in Brooklyn has been focused on luxury rental buildings, which drive prices up. “These buildings are highly amenitized and upscale, and that means higher rents,” he said.

A look inside the big-dollar 130 Furman St. rental.

StreetEasy economist Kenny Lee agrees. The company’s research indicates that the median rent in Brooklyn is $5,148 — 20{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} higher than a year ago. “This increase is largely driven by a rise in new luxury developments entering the market last year, which contributed to one in five new top-tier rental listings in 2022,” he said.

Examples of these swanky developments include Eagle + West in Greenpoint, featuring a co-working center and even a stage for karaoke. Meanwhile, Torre House in Brooklyn Heights has three swimming pools, including one on the rooftop with city views.

Lee said that the neighborhoods with the most top-tier rentals are Downtown Brooklyn, Greenpoint and Williamsburg — and that, at 9,446 units, current rental inventory is 30{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} below the average inventory level in 2019. That number is down just 0.1{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from last year.

The ability to afford super-luxury rentals aside, Lee and other industry experts said that Brooklyn has a number of appealing qualities that make it a desirable place to live. Lee points to the greater square footage that the borough’s properties offer per dollar, compared with those in Manhattan. “They allow for more space for home offices for hybrid and remote workers,” he said.

Blumstein said the outdoor space that residents get is a big attraction. “There aren’t as many tall buildings, and you see more sky. You’re still in the city but have a slightly suburban flavor,” she added.

Speaking from personal experience, Blumstein is also a fan of the sense of community. “Your neighbors in Brooklyn are usually friendly and happy to socialize or help out if you’re in a bind,” she said. “You’re never alone trying to find your own way, and there’s a reassurance in that.”