Real Estate Roundup
A rarity for sale
The Memo:
To:
Everyone
Re:
The Good, The Bad and The Ugly
Deal of the Week (New feature! Look at us go!)
Comments:
The Good
*Potentially good* The Residential property listing/brokerage industry is undergoing some major changes, in part stemming from the N.A.R. suits/settlements and part due to the current sales environment. Change can lead to opportunity, especially for those more nimble.
Notable shifts that we’ll be watching that I won’t call Good/Bad or Ugly yet:
Warren Buffet’s Berkshire in talks to offload Home Services of America to Compass
Rocket Mortgage acquires Redfin
Zillow Exec wants more “transparency”
The Bad
Wells Fargo sues JP Morgan over allegations of fraudulent financial statements regarding a real estate loan portfolio tied to 8,671 apartment units. Where there’s one there’s 8,671 more.
Back when I reported on Zips bankruptcy, I was wondering how long it would take for more news on car washes to hit. Not long. Driven Brands wants out and investors reportedly seeing the industry “shine” wear off.
The Ugly
Commercial Real Estate Delinquency hits highest rate in 10 years and other analysts are saying it could go higher. (Welcome to the party)
Deal of the Week
Frank Lloyd Wright’s Phoenix Sun House is for sale.
Pulled from auction in 2019 seeking $2.65M, it sold for $1.68M. Now it can be yours for $8.95M. Last updates were in 1994, aside from, and I quote: “some mechanical systems updates” after purchase.
Ahem, “fractional ownership”
Good thing they’re open to a range of options. I’m going to guess it needs some upgrades.
At least this one has rarity going for it.
