Inside Real Estate - April 5th, 2017

Inside Real Estate (Apr 5th, 2017)

Rentberry / Lotte World Tower / Dodd Frank / Taylor Swift


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Rental startup Rentberry is bringing an auction model to the rental market. Through the site, which launched in 2016, landlords list a rental space and tenants bid against each other. So far, tenants have saved 5.1 percent from the original posted price. Rentberry currently charges a one-time fee of $25 per completed deal, but according to the Wall Street Journal, the company plans to charge a fee each month that represents 25 percent of the difference between the posted price and the final result. – GIZMODO


The Lotte World Tower in Seoul, South Korea celebrated its opening with a fireworks celebration. The 123-foot tower is the fifth tallest in the world and has the highest glass observation deck and the highest swimming pool. The tower cost $3.6 billion and took nearly seven years to create. The opening comes shortly after Lotte Group’s chairman, Shin Kyuk-ho, and three other family members went on trial March 20 for embezzlement and other charges. – BLOOMBERG


President Trump told a gathering of CEOs at the White House that he and his administration will ease regulations including “a very major haircut on Dodd-Frank.” Trump stated that the regulatory environment is restricting business and that he plans to create new rules to ease restrictions. ”We’re going to be doing things that are going to be very good for the banking industry so the banks can lend money to people that need it,” said Trump. The House of Representatives has stated that financial regulations likely won't be up for reform until summer. – HOUSING WIRE


“Shark Tank” star and former brokerage owner Barbara Corcoran has launched a new referral network on her website. Corcoran’s new “Find Me an Agent” feature is currently operational in New York City, Connecticut, Westchester, and the Hamptons. The site works with both buyers and sellers. Corcoran told The Real Deal, “so far we’ve had very positive reactions from the buyers and sellers.” – THE REAL DEAL


An unfinished 60,000-square-foot home in Manvel, Texas could become a facility to house veterans. The home, which was started in 2001 but never completed or occupied, has been listed for $3.5 million. Real estate investor Jim Youngblood said he is planning to lease space to the project known as The Bailey House. The property could accommodate as many as 200 veterans but would first need to be rezoned by the city.– HOUSTON CHRONICLE


REIDAO, a Singapore-based company, is creating a crowdfunded real estate platform backed by blockchain technology. The company uses the Ethereum blockchain to create crypto assets backed by real property. On REIDAO, every property listed has a unique token ID with a set number of tokens available for purchase based on the valuation of the property that is backing it. People who hold a certain number of tokens of a particular property will be eligible for any income generated by the property. The company is launching with properties in Kuala Lumpur, Malaysia. – BITCOIN MAGAZINE


Realogy, parent company to Century 21, Coldwell Banker, Corcoran, and other real estate brands, has announced it is on the hunt for a new CEO. The current CEO, Richard A. Smith, was appointed in 2007 and was recently offered a new two-year contract while the company builds its succession plan. Realogy launched a committee in October to formally begin the search. Corcoran Group CEO Pam Liebman is said to be under consideration for the position. The committee is also seeking someone to serve in the combined role of president and COO. Rick Davidson CEO and president of Century 21 Real Estate has announced he is stepping down before the end of April. – THE REAL DEAL


Astoria Cove, a 2.2-million-square-foot Queens waterfront property, is up for sale for $350 million. Alma Realty Corp. put the site up for auction in March, coinciding with news that New York is reinstating 421-a, which is an affordable-housing tax break that expired last year. The tax exemption was created to spur development in vacant and underutilized locations. Alma Realty previously arranged with the city to earmark 25 percent of the available square footage in the project for affordable housing. The project also calls for retail space and a school. The reinstated 421-a law could ensure the buyer 35 years of tax breaks. – NY BUSINESS JOURNAL


HOT PROPERTIES OF THE WEEK

Taylor Swift has won historical designation from Beverly Hills City Council for her 1934 Beverly Hills home. The home was built for Hollywood producer Samuel Goldwyn and Swift bought the property in 2015 for $25 million from the Goldwyn family. She has embarked on a detailed restoration of the home and commissioned a historic assessment on the property. The council voted unanimously to give the home landmark status which protects the home from future construction and also may provide Swift with some tax benefits under the Mills Act. – MANSION GLOBAL


Olympic snowboarder Shaun White has listed his home in Encinitas, California for $7.995 million. White bought the home for $3.85 million in 2012 and had it completely rebuilt. The four-bedroom home has an oceanfront location with private stairs leading to the sand. White listed the property for lease in 2015 for $12,500 a month. – ZILLOW


The Sowden House, one of the most notable architectural properties in Los Angeles, is back on the market for $4.698 million. The home was designed by architect Lloyd Wright and is known for its textile block design that resembles a Mayan temple. From 1945 through 1950, the house was owned by Dr. George Hodel who was a prime suspect in the infamous Black Dahlia murder. It has been on and off the market since 2013. – LA TIMES


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