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Clarence Thomas Sold House To GOP Donor Harlan Crow, Report Says

Clarence Thomas Sold House To GOP Donor Harlan Crow, Report Says

Topline

Supreme Court Justice Clarence Thomas sold real estate to Republican donor Harlan Crow and did not disclose the sales, ProPublica reported Thursday, shedding more light on their relationship after Thomas was criticized last week for accepting luxury travel from Crow.

Key Facts

In 2014, real estate developer Crow bought a single-story home and two vacant lots in Savannah, Georgia, from an entity registered to Thomas, Thomas’ mother and the family of Thomas’ late brother, according to public records obtained by ProPublica.

The $133,363 transaction marks the first known instance of payments between Crow and Thomas, a week after ProPublica first reported the Supreme Court Justice had traveled on Crow’s yacht and jet without disclosing it.

Thomas reportedly never disclosed his sale of the Savannah properties, which some experts described to ProPublica as a possible violation of a federal law that requires justices to disclose most real estate sales over $1,000.

The disclosure form Thomas filed for that year had a space to report the identity of any buyers in private transactions, but that space is left blank.

Thomas’ mother continued to live in the house under Crow’s ownership, and the property underwent major renovations after the sale, including the addition of a carport and roof repairs, ProPublica reported.

In a statement to the publication, Crow said he purchased the house to preserve it with the intention of eventually making it into a public museum about Thomas’ life.

Forbes has reached out to the Supreme Court of the United States.

Key Background

ProPublica reported last week Thomas and his wife Ginni had accepted luxury travel from Crow, including sailing internationally on Crow’s yacht, flying in Crow’s private jet and vacationing at Crow’s private resort in the Adirondacks. Thomas said he didn’t disclose the trips with Crow and his wife Kathy—whom he described as “dear friends”—because he was advised that he does not need to declare “personal hospitality,” though ethics experts interviewed by ProPublica note that gifts of transportation are normally reported. Crow is the chairperson and former CEO of Crow Holdings, and is the son of Fred Crow, who founded Dallas-based real estate development giant Trammell Crow Co. Crow has also been a major supporter of the Republican party (Thomas was appointed by Republican George H. W. Bush), and was the largest donor to the Republican Party of Texas PAC during the 2022 midterm election, according to OpenSecrets data. Crow has donated more than $10 million in publicly disclosed political contributions, along with giving to groups that keep contributors’ identities secret, according to ProPublica.

Crucial Quote

“Early in my tenure at the Court, I sought guidance from my colleagues and others in the judiciary, and was advised that this sort of personal hospitality from close personal friends, who did not have business before the Court, was not reportable,” Thomas said of his relationship with Crow in a statement following ProPublica’s report. “I have endeavored to follow that counsel throughout my tenure, and have always sought to comply with the disclosure guidelines.”

What To Watch For

The Senate Judiciary Committee on Monday announced plans to hold a hearing about “the need to restore confidence in the Supreme Court’s ethical standards” in the coming days. The nine Supreme Court justices are the only federal judges not bound by the Code of Conduct for U.S. Judges, but the report about Thomas’ luxury travel has renewed calls for stricter ethics codes in the Supreme Court. Following the report, Rep. Alexandria Ocasio-Cortez told CNN Thomas should be impeached, while other Democrat Reps. Ilhan Omar and Judy Chu tweeted their support of stronger ethical standards. Before the revelations about Thomas were published, fifteen Democrats had signed a letter in late March outlining a code of ethics for justices to adopt.

Tangent

Thomas’ wife, Ginni, has also been the subject of controversy because of her alleged connection with the January 6 riots following the 2020 presidential election results. The Washington Post reported she sent two sets of emails to 29 Republican state lawmakers in Arizona urging them to overturn President Joe Biden’s win in their state. Ginni Thomas has stressed her work is separate from her husband’s, telling The Free Beacon, “we do not discuss cases until opinions are public—and even then, our discussions have always been very general and limited to public information.”

Further Reading

Clarence Thomas and the Billionaire (ProPublica)

Billionaire Harlan Crow Bought Property From Clarence Thomas. The Justice Didn’t Disclose the Deal. (ProPublica)

Clarence Thomas Calls Harlan Crow And Wife ‘Personal Friends’ Who Provided Private Jet And Trips On Superyacht (Forbes)

Clarence Thomas Has Reportedly Been Accepting Gifts From Republican Megadonor Harlan Crow For Decades—And Never Disclosed It (Forbes)

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Where do the wealthy invest? Luxury real estate is the safest investment one can make, says new Coldwell Banker Global Luxury report

Where do the wealthy invest? Luxury real estate is the safest investment one can make, says new Coldwell Banker Global Luxury report

U.S. affluent consumer sentiments, highlighted in “The Trend Report,” identifies the top trends and investment habits revolutionizing the global luxury real estate landscape

MADISON, N.J., Oct. 24, 2022 /PRNewswire/ — A recent report indicates that real estate remains in a strong position for the remainder of 2022 and heading into 2023 as more affluent consumers are turning to real estate to diversify their portfolios and as a long-term investment strategy. In fact, 80{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of U.S.-based high-net-worth consumers agree that real estate is a safe investment, and over one-third agree that it is the safest investment one can make when compared to stocks, bonds, cryptocurrency and pensions, according to “The Trend Report,” released today by Coldwell Banker Real Estate LLC, an AnywhereSM (NYSE: HOUS) brand, and the Coldwell Banker Global Luxury® program.

Additionally, consumers are over three times more likely to think that 2023 will be a better time to invest in real estate compared to 2022 – rising a whopping 42{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from only 11{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} a year ago.

The Trend Report, paired with a survey conducted by Censuswide of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury Property Specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X, provides an in-depth analysis of what’s driving real estate investment, emerging worldwide luxury real estate market trends, market growth opportunities and global wealth.

The top trends shaping the 2022 luxury real estate market:

  1. An Unconventional Buyer’s Market
  2. Smaller Square Footage
  3. Reconsidering Relocations
  4. Searching for Stability
  5. Moving Beyond Borders
  6. Creative Financing

A consistent theme throughout The Trend Report, as found through the survey findings, is that investment is continuously top-of-mind for the wealthy, no matter the market environment. Affluent consumers consider real estate a prime asset for building, maintaining and growing wealth.

Key survey findings featured in The Trend Report include:

  • Property investment is a priority
    Traditionally seen as a hedge against inflation, real estate has the ability to provide financial, emotional and psychological stability in the face of rising uncertainty. Over time, most home values typically appreciate, underscoring how much affluent consumers play the long game when it comes to financial and lifestyle investments today.
    • The top reasons respondents purchased real estate as an investment:
      • Diversify their portfolio (46.7{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Long-term investment (46.1{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Financial gain from rental income (45.9{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Inheritance for their children (45.3{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
    • The top five types of homes respondents own as an investment property:
      • Multifamily Home (39{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Single-family home (34{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Apartment/Condominium (34{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Townhome/Duplex (33{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Fractional ownership (28{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
    • 77{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of U.S. luxury consumers surveyed for the report own an investment property. Of those, nearly two-thirds own two or more properties.
  • More opportunities for buyers on the horizon
    The luxury real estate market has shown resilience, leaving buyers with plenty of purchasing power to still acquire the home they desire. Affluent buyers remain bullish as most continue to see the value of property investment.
    • 75{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of respondents noted that current market conditions have changed their mind about buying a home or investment property in the future as luxury consumers remain optimistic about the market. The top three reasons?
      • More inventory (42{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Rising rents (38{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
      • Stock volatility makes real estate a better hedge against inflation (38{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d})
  • Secondary homeownership trumps purchasing a primary residence
    With their primary residences accounted for, luxury buyers are turning their attention to building generational wealth by investing in multiple, often lesser-priced, secondary-plus properties.
    • 40{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of respondents who are planning on purchasing a home in the future anticipate doing so in the next 1 – 3 years.
    • Of those planning to purchase a home in the future, 72{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} stated that their new home would either be a second residence, rental property or vacation home.
  • Affluent buyers get creative with financing
    Rising interest rates are inspiring a new generation of high-net-worth buyers to get creative with their real estate financing.
    • Over half of luxury consumers plan to finance their next home purchase via cash offers (51{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d}) or with a private wealth mortgage (48.1{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d}).
    • Buyers are also using nontraditional bank loans, seller carryback financing and rate buy-downs.

CLICK TO TWEET:

Luxury real estate remains in a strong position going into 2023, with more affluent consumers turning to real estate as a long-term investment strategy, says a new @ColdwellBanker report. Learn what’s driving luxury via #CBLuxury’s “The Trend Report.” https://blog.coldwellbanker.com/the-trend-report-2022/

QUOTES:

“Luxury real estate investment continues to be hot for wealthy individuals in the U.S. and abroad. Those consumers who don’t need to move and have capital to spend will continue looking elsewhere for opportunities to grow their wealth through investments in smaller homes. Backed by data and expertise, Coldwell Banker Global Luxury Property Specialists have the knowledge and network support to provide end-to-end guidance for all those looking to buy their next dream property.”

–     Liz Gehringer, President of Coldwell Banker Affiliate Business and Chief Operating Officer, Coldwell Banker Real Estate LLC

“While the luxury property market is now trending towards balance, there is still insatiable demand from wealthy buyers looking to diversifying their portfolios and build long-term wealth through investing in real estate. This strategy powered by the wealthy is the driving force that we see throughout The Trends Report and really underscores the power they still have when it comes to purchasing the properties that they desire.”

–     Michael Altneu, Vice President, Coldwell Banker Global Luxury

“Here in Southern California, we are always seeing creative ways clients can leverage to get their property sold. When purchasing their next property, buyers are looking for more than just a house – they’re looking for a turnkey-ready dream home in their top desired location. Yesterday’s agent is today’s lifestyle ambassador, and they must be prepared to connect the dots between all aspects of their client’s life.”

–     Jade Mills, President, Jade Mills Estates and International Ambassador of Coldwell Banker Global Luxury®

Methodology

The Coldwell Banker Global Luxury® program collaborated with Censuswide, the Institute for Luxury Home Marketing and Wealth-X to provide insights into wealth creation, real estate, property investment, luxury spending preferences and emerging trends. Research conducted by Censuswide took place between August 2, 2022 and August 15, 2022. The survey reached 2,001 U.S. consumers aged 18+ with a household income of $1M+ and who have bought a home in the U.S. worth $1M+, with quotas of a minimum of 100 per the regions targeted. Censuswide abides by and employs members of the Market Research Society which is based on ESOMAR guidelines and principles. The Institute for Luxury Home Marketing analyzed data for the top 10{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} of 120 U.S. markets. Data contained is from January 1, 2019 to August 31, 2022, and has been computed by the Institute for Luxury Home Marketing’s data research partner and shared with Coldwell Banker Global Luxury® and based on information attained both privately and publicly. The Top 10{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} is defined as homes (or in terms of inventory or list prices), matching or exceeding the 90th percentile sold price for homes sold from January 1, 2019 to August 31, 2022. For more information on how data was collected and defined, please refer to the full methodology on page 4 of The Trend Report.

About Coldwell Banker Global Luxury®

The Coldwell Banker Global Luxury® program legacy traces its roots to 1933 and has been a world leader in luxury real estate since. Coldwell Banker Global Luxury Property Specialists are an exclusive group within the Coldwell Banker organization, making up under ten percent of independent sales associates affiliated with the brand worldwide. Coldwell Banker affiliated agents conducted 50,355 transactions of homes priced at $1 million or more in 2021. This equates to $267 million in luxury sales every day (+59{0cd64a0a8f98edc6e1a333a4649a39f4fde229418ea626ab6b5ac18b9de2691d} from 2020) with an average sales price of $1.9 million in this category. Coldwell Banker, the Coldwell Banker logo Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are registered marks owned by Coldwell Banker Real Estate LLC. Each franchise is independently owned and operated.

Media Inquiries:

Athena Snow                                                           

Jackie Hart

Coldwell Banker Real Estate LLC                       

G&S for Coldwell Banker Real Estate LLC

973.407.5590                                                           

845.505.7881

[email protected]                         

[email protected]

SOURCE Coldwell Banker Global Luxury

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Real Estate Market Size in 2022 (New Report): Manufacturers

Real Estate Market Size in 2022 (New Report): Manufacturers

pune, Nov. 06, 2022 (Globe NEWSWIRE) — “Actual Estate Market” research report emphasis on in general facts that can support to consider choices on current current market scenario. Actual estate is “residence consisting of land and the buildings on it, together with its natural methods such as crops, minerals or water immovable residence of this nature an desire vested in this an item of serious home, properties or housing in typical.”

Real Estate Market place Report Contains: –

  • Total overview of the worldwide Real Estate Market
  • Best Country knowledge and analysis for United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, and so on. It also throws gentle on the progress of crucial regional Authentic Estate markets these kinds of as North The united states, Europe, Asia-Pacific, South The united states and Middle East and Africa
  • Description and evaluation of Real Estate marketplace opportunity by sort, Deep Dive, disruption, software ability, end use business
  • influence evaluation of most vital drivers and restraints, and dynamics of the world Authentic Estate current market and current developments in the company
  • In-depth profiles of the Top significant gamers in the field, which include. High quality Genuine Estate,Sotheby’s Worldwide Realty,Varia US Homes,Trulia,USRES,Area,Zillow,CENTURY 21 World wide,The Carlyle Group,Us True Estate

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Serious Estate Current market Segmentation: –

researcher’s most recent report gives a deep perception into the world wide Actual Estate sector masking all its important aspects. This ranges from a macro overview of the market place to micro particulars of the sector sizing, competitive landscape, development craze, market market place, essential market place motorists and issues, SWOT evaluation, Porter’s 5 forces assessment, price chain examination, and so on.

Based on the True Estate market place improvement status, aggressive landscape and progress design in diverse locations of the globe, this report is focused to offering niche marketplaces, prospective pitfalls and detailed aggressive technique evaluation in different fields. From the competitive positive aspects of different kinds of products and solutions and services, the development possibilities and usage qualities and construction investigation of the downstream application fields are all analyzed in detail. To Boost Development in the course of the epidemic period, this report analyzes in detail for the likely threats and possibilities which can be concentrated on.

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In Chapter 2.4 of the report, we share our perspectives for the affect of COVID-19 from the lengthy and shorter expression.

In chapter 3.4, we supply the impact of the crisis on the marketplace chain, in particular for promoting channels.

In chapters 8-13, we update the well timed market financial revitalization prepare of the region-intelligent governing administration.

Real Estate Market segments enable decision-makers immediate the product or service, profits, and advertising and marketing approaches, and can ability your product or service growth cycles by informing how you make product or service offerings for distinctive segments.

In Chapter 6, on the foundation of forms, the Authentic Estate market place from 2015 to 2025 is primarily split into:

  • Telemarketing
  • Community advertising promoting
  • Leaflet marketing and advertising
  • Expertise home internet marketing
  • Other folks

In Chapter 7, on the basis of purposes, the True Estate sector from 2015 to 2025 covers:

  • Actual estate developers
  • Real estate vendor
  • Actual estate company

Sector section by Region/Nation together with: –

  • North The united states (United States, Canada, and Mexico)
  • Europe (Germany, British isles, France, Italy, Russia and Spain, etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia, Southeast Asia, etcetera.)
  • South The us (Brazil, Argentina, Colombia, and many others.)
  • Middle East & Africa (South Africa, UAE, Saudi Arabia, and so forth.)

Key Players in the Authentic Estate Current market: –

  • High quality Authentic Estate
  • Sotheby’s Worldwide Realty
  • Varia US Homes
  • Trulia
  • USRES
  • Domain
  • Zillow
  • CENTURY 21 World wide
  • The Carlyle Group
  • Us Serious Estate

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Several years deemed for this report:

Historic A long time: 2015-2019

Base Calendar year: 2019

Estimated 12 months: 2020

Forecast Time period: 2020-2025

Essential Gains of Actual Estate Market place Exploration Report:

  • Kinds, purposes, locations, and critical gamers included in the study
  • Industry motorists, restraints, and possibilities coated in the research
  • Recent market developments and developments
  • Aggressive landscape & strategies of important gamers
  • Historic, recent, and projected sector size, in terms of price
  • In-depth analysis of the Synthetic Intelligence AI Chips Current market
  • Gross sales, selling price, income, marketplace share, and progress amount are protected in the report revenue channels, distributors, traders, sellers, etc. are lined in the report

Comprehensive TOC of World wide True Estate Marketplace Exploration Report with Alternatives and Methods to Raise Advancement- COVID-19 Effects and Recovery

Table of Written content

1 Sector Overview

1.1 Product or service Definition and Market Qualities

1.2 International Serious Estate Sector Measurement

1.3 Industry Segmentation

1.4 World-wide Macroeconomic Evaluation

1.5 SWOT Investigation

2. Sector Dynamics

2.1 Market place Motorists

2.2 Current market Constraints and Troubles

2.3 Emerging Market Traits

2.4 Effects of COVID-19

2.4.1 Brief-phrase Impact

2.4.2 Very long-expression Affect

3 Linked Industry Assessment

3.1 Offer Chain Examination

3.2 Business Lively Members

3.2.1 Suppliers of Uncooked Elements

3.2.2 Key Distributors/Suppliers

3.3 Choice Evaluation

3.4 The Effects of Covid-19 From the Viewpoint of Marketplace Chain

And More…

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1.To review and analyze the world Genuine Estate consumption (value) by important locations/nations around the world, product kind and application

2.To comprehend the framework of Authentic Estate market place by figuring out its many sub segments.

3.Focuses on the key international Authentic Estate manufacturers, to outline, describe and evaluate the price, marketplace share, marketplace competition landscape, Porter’s 5 forces assessment, SWOT analysis and enhancement options in subsequent couple many years.

4.To examine the Genuine Estate with respect to individual growth developments, long term prospective buyers, and their contribution to the whole current market.

5.To share in-depth details about the vital variables influencing the development of the market (development potential, opportunities, motorists, field-unique worries and pitfalls).

6.To project the consumption of Actual Estate submarkets, with respect to key locations (along with their respective critical international locations).

7.To review aggressive developments this sort of as expansions, agreements, new product launches, and acquisitions in the current market.

8.To strategically profile the critical players and comprehensively examine their growth tactics.

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To acquire insightful analyses of the current market and have detailed comprehension of the worldwide Actual Estate industry and its professional landscape.

Assess the creation processes, main concerns, and solutions to mitigate the advancement possibility.

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To understand the long term outlook and potential customers for the Genuine Estate marketplace.

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