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Unique Homes Online Exclusive
During the mid-year height of the Covid-19 pandemic, real estate agents comment on how the market stood, and in some cases prevailed, under enormous pressure.
This past Fall, luxury real estate agents from across the country spoke on Unique Homes’ first Zoom panel to discuss topics from the recent article “Space: The New Currency,” from Unique Homes Magazine’s recent Fall issue, written by Camilla McLaughlin. On this exclusive virtual panel, agents were able to discuss how the real estate markets of America endured (and continue to endure) through the turbulence that the Covid-19 pandemic has caused. Throughout the discussion, these experienced panelists spoke on the changes their area(s) have undergone and the how the pandemic has affected the homebuying process. We’ve highlighted some of our distinguished panelists and their unique experiences below.
Mauricio Umansky, Founder/CEO of The Agency
Los Angeles, CA
In the beginning of “Space: The New Currency,” Mauricio Umansky, Founder and CEO of The Agency, notes that in the midst of the pandemic, consumers who were staying at home also found themselves asking impactful questions regarding their homes and their futures: where am I sequestering versus where am I at home? What do I want my home to look like? What do I want my second home to look like?
As one of the opening speakers, Umansky adds that though many of these questions may not be answered right away, the pandemic proved to be a catalyst for many potential home buyers to start a dialogue with their local real estate agents. “Sequestering at home, stay in, shelter in place, whatever it is we want to call it, has caused a conversation that is equal amongst everybody, whether it’s politically driven, whether it’s answering ‘what do I want to do with my life?’ and understanding that we can now work and operate from anywhere.”
Courtney Hampson, Vice President of Marketing
Palmetto Bluff, SC
Palmetto Bluff is a community in coastal South Carolina that caters to a mix of primary and vacation homeowners. Courtney Hampson, Vice President of Marketing for Palmetto Bluff, says on the panel that at the beginning of the pandemic many residents were already staying in Palmetto Bluff due to Spring Break, and were mandated to stay due to the shutdown. Many stayed until May when the state began opening up again, and there were several instances where those who extended their stay ended up moving to Palmetto Bluff full time. About a particular couple from New York with young children, Hampson says “They literally walked down the street into our real estate office, went on our tour, looked at available homes, closed two days later, our fastest closing ever, and that was it. ‘This is where we are,’ they said, ‘This is the plan now.'”
During the panel Hampson also stated that the utilization of virual tours and showings became more widely utilized, so much that they had to include the option on their website right away on their website.” She also noted that in the midst of everything, they found that buyers were buying almost like they were suffering from FOMO, or a Fear of Missing Out. “[Clients] are booking their stay at the hotel first, and … they have almost a fear of missing out. They’re not waiting to get here to look at real estate — they’re doing that virtually, going under contract and seeing their property the first time they come to visit.”
Carrie Wells, Coldwell Banker Mason Morse Real Estate
Aspen, CO
Though located on the opposite side of the United States, Carrie Wells of Coldwell Banker Mason Morse Real Estate in Aspen, Colorado experienced similar situations as Hampson had in South Carolina. March is typically the latter part of the state’s skiing season, but due to the pandemic the season was cut short, and those visiting found themselves sequestering in Aspen — and staying. She remarked that you can see this reflected in the school district alone, where 175 new students were admitted and a weight list was created for the Aspen Country Day School, Aspen’s main private school. She also noted that with the help of Matterport virtual tour technology many sales were able to happen, as clients wanted to be able to visit openings safely.
Wells remarked about her own experience with a New York family who stayed in Aspen until the summer. “He said, ‘I never realized that Aspen is so enjoyable in April and May,’ which are normally our off-season months. … People have experienced being here year-round, when they normally would not be here, and there’s so much to do other than downhill skiing that I think regardless of what happens with our winter, we’re still going to see our market continue to be strong.”
Frank Aazami
Russ Lyon Sotheby’s International Realty
Scottsdale, AZ
The title of the article “Space: The New Currency,” as well as the main point of discussion for the panel, was inspired by profound statement by Frank Aazami of Russ Lyon Sothebby’s International Realty. During the panel Aazami notes that when the pandemic began and people were sequestering, he noticed that areas that were previously difficult to sell beforehand, regions outside of Phoenix and Scottsdale such as Fountains Hills, Cave Creek, etc, were now like beacons that buyers were gravitating towards. Before there were no sales north of $3 million, but eventually there were closings reaching upwards of $4 and $6 million. The reasoning for this market change? Space!
In the article Aazami notes that from his region of Scottsdale, Arizona, his experience during the pandemic that no matter what buyers were generally looking for, a vacation home, relocation refuge, etc., the key point he saw was that consumers were looking for a safe haven, with plenty of space. Not only that, but consumers are also requesting specifics when it comes to this space in order to make their purchases personal and customized to their lifestyles, from multiple offices and indoor gyms to view decks and larger patios.
Chris Bernier, Churchill Properties
Boston’s North Shore, MA
Located just 30 minutes outside of Boston, Chris Bernier of Churchill Properties notes during the Zoom panel that despite the usual trends of buyers looking for smaller, more minimalistic style homes, space really is the new currency. He affirms that many buyers in his market are flocking toward the larger homes. These market shifts are no doubt due to the pandemic shifting priorities, and continues to show
James Torrance, Keller Williams Luxury International
Palm Beach, FL
James Torrance from Palm Beach, Florida has much to say about the pandemic has shifted Florida into more than just a retirement or snowbird refuge, seen in these clips from the Zoom discussion. He notes further that in fact a large wave of buyers from California and more specifically Chicago brought interest to the area and helped close several sales, a rarity in his area. What was also interesting that he notices are the importance of the private schools and districts in South Florida, as he mentions that many buyers were shopping around different homes once they had found a school system they liked, then picking from available homes nearby.
This, alongside his points about the importance of homes with multi-functional spaces such as guesthouses and just the overall outlook on how the market has shifted, highlight just how much action Florida has seen in the past several months due to Covid-19’s effect on real estate.
Roxann Taylor, Engel & Völkers Dallas Forth Worth
Dallas, TX
As an real estate agent with 40-plus years of selling experience, Roxann Taylor of Engel & Völkers Dallas Forth Worth was a fountain of wisdom toward the end of the virtual panel. She highlighted much of which was similar to what the other panelists had noted, including buyers prioritizing homes with large space as opposed to downsizing, putting houses on the market through a near fully-virtual process, and much more.
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Inman News names Joyce Rey, a Coldwell Banker Global Luxury Property Specialist affiliated with the Beverly Hills South office of Coldwell Banker Residential Brokerage, to the inaugural Golden I Hall of Fame, the highest honor in luxury real estate presented to the top luxury agents and brokers in the United States.
“I am so honored to join the Golden I Hall of Fame,” said Rey. “I have an energetic spirit and am always committed to excellence in everything I do. I could not have achieved this honor without my wonderful clientele, fabulous staff and colleagues, and sensational friends and family.”
Over her more than four-decade career, Rey has amassed more than $4 billion in career sales. With a dazzling list of accolades, awards and sales records, she is known, most of all, for her incomparable knowledge of the luxury marketplace, her acute ability to negotiate even the most complex transactions and her particular talent for putting clients at ease.
No stranger to success, Rey is designated one of “The Los Angeles 500 Most Influential People” by the Los Angeles Business Journal, named the “First Lady of Luxury Real Estate” by the Chinese media, described as the “Billionaire’s Broker” by Luxury Real Estate and called the “Grand Dame of Real Estate” by the Los Angeles Times. She is also ranked in the Top 20 Luxury Brokers in L.A. County by “The Real Deal” Los Angeles. Passionate about helping others, she serves on the Southern California Executive Board for UNICEF, the Los Angeles Library Foundation Advisory Board and the Coldwell Banker Community Foundation Board. She has also is a member of the Women’s Presidents Organization and served on the Board of the Blue Ribbon Support Group for the Music Center.
Ryan Serhant, costar on Bravo’s hit show Million Dollar Listing New York and the star of Sell It Like Serhant, released his new book, “Sell It Like Serhant,” on Tuesday, September 18th, 2018, sharing hilarious and essential tips to sell just about anything.
Serhant, who started humbly as a hand model, entered the real estate business in 2008, in the midst of the economic recession. Though his start was shaky, he today is one of the top realtors in the world, and has mastered the art of selling. Today, Serhant has 1.1 million followers across all social media platforms, is the real estate correspondent for The Daily Mail and has appeared on 20/20, CNN, CNBC, The Today Show, Insider, BloombergTV.
In his book, Serhant shares his journey from a small-town, shy theater kid constantly bullied throughout high school to a successful spokesperson for Chase, Zillow, and StreetEasy. Sections of the book include, Negotiating Like A BOSS, The Seven Stages of Grief Selling, Getting FKD: How to Be a Time Manager, Not a Time Stealer, Pulling the Indecisive Client Forward, and many more. Serhant shares the secrets behind how to close more deals than anyone else, expand your business, and keep clients coming back to you.
This book is the blueprint for becoming a sales machine through Serhant’s useful lessons, lively stories, and examples that illustrate how anyone can employ his principles to increase profits, maximize potential and achieve success. Sell It Like Serhant will give entrepreneurs and employees across industries a head-to-toe business overhaul.
Photos courtesy of BWR Public Relations
HomeUnion, a leading online real estate investment and management firm, has released a list of the biggest seasonal bargains for investment housing, and found that the winter off-peak period can be the best time of the year to acquire single-family rentals (SFRs). On average, SFR investors paid 6.6 percent less per square foot for the same property during the winter of 2017/2018 as they did during the spring and summer buying season of 2017.
“For the second year in a row, our study found that the wintertime is the best season to acquire rental properties,” explains Steve Hovland, director of research for HomeUnion. “Median home prices drop substantially during the colder months, while rent losses remain marginal for landlords. On average, investors can acquire higher-yielding properties in cold-weather markets like Omaha, Nebraska; Chicago, and Hartford, Connecticut, as well as Charlotte and the Dallas/Fort Worth Metroplex. Rental properties in our top 10 metros are discounted between 20 percent and 32 percent in the winter months, representing a significant savings for investors.”
“Home prices are seasonal as many buyers and sellers delay an acquisition or disposition to avoid a move during a school year. As a result, smaller homes occupied by empty nesters or childless families are more likely to change hands,” adds Hovland.
Here’s a list of the best metro areas to buy rental properties in the wintertime of 2018:
Sources: HomeUnion Research Services, Maponics
To see the complete list, visit HomeUnion.com.