Is Warren Buffet now the King of Residential Real Estate? Warren Buffet owned Berkshire Hathaway HomeServices has surpassed Realogy's NRT to become the largest residential brokerage in the country, by the number of deals closed. The Minneapolis-based company closed 346,629 deals in 2018, narrowly ending NRT's 20-year reign on top.
Berkshire Hathaway HomeServices has been in expansion mode over the past couple of years and now has over 44,000 agents and 919 offices in all 50 states. The company opened its first office in NYC in 2017. The company has also began expanding overseas, recently opening offices in London, Berlin, and Milan, with further plans to open offices in Paris, Hong Kong, Mexico City, and Tokyo.
NRT, the company that owns residential brokerage powerhouses like The Corcoran Group, Coldwell Banker, and Sotheby’s International Realty, has dropped to the second spot on the list after a very respectable 20-year reign on top. NRT narrowly fell to the second spot on the top residential brokerage list having closed 337,235 deals in 2018, just 10,000 transactions short of the top spot.
NRT still has something to celebrate though. The company had the highest sales volume in the country last year, with $176.4 billion in sales. Berkshire Hathaway HomeServices came in second in sales volume selling $135.9 billion dollars worth of real estate, up from $125.4 billion in transaction volume in 2017. Compass and Douglas Elliman took the third and fourth spots in total sales volume. Compass generated a respectable $45.5 billion in sales volume, while Douglas Elliman generated $28.1 billion in sales volume.
A new 2-minute time-lapse video has been released that shows the brand new Hudson Yards mega-development project in NYC rising over a six-year period. The video was shot from high above the 28-acre project in midtown east between December 2012 and March 2019. More than 3 million photographs and 500,000 hours of imagery were compiled by New Jersey-based web camera company EarthCam to create the stunning time-lapse video. The video includes ultra-widescreen panoramic views of the development site. The $25 billion mega-development opened recently to much fanfare. The Hudson Yards development includes new luxury high-rises, high-end offices, restaurants, a school, and a new climbable work of art dubbed as the Vessel.
Watch the time-lapse video of the Hudson Yards construction below.
The Chrysler Buildings ownership is about to change hands. Signa, Austria’s largest private real estate company, has agreed to purchase the Chrysler Building in NYC for $150 million. Signa, has agreed to purchase the building in a partnership with RFR Holding LLC, a Manhattan-based real estate investment firm. The agreement is said to have been signed on Friday, according to Fox Business.
The current owner, a Abu Dhabi government fund, will take a big hit on the sale after paying $800 million for a 90% stake in the building back in 2008. New York developer Tishman Speyer, who currently manages the property, owns the remaining 10% interest. One of the issues facing the Chrysler Building is that it does not own the land that the property sits on. The owners are required to pay a sizeable land lease yearly to the Cooper Union school, who owns the land. The annual land lease just increased to $32.5 million in 2018, from $7.75 million the year prior. This major increase in fees due yearly because of the land lease certainly has effected the market value of the property. The building first opened in 1930 and is in need of significant upgrades to bring it into the 21st century.
Vietnam Veteran Frank Romeo from Bayshore on Long Island has begun a 750-hike across New York State to raise awareness for PTSD. He is early into his hike with less than 100 miles, but has already had to endure some extreme winter conditions. He has a support team following him in an RV that's helping him with basic necessities and also to help him document the journey. Frank began the journey in Buffalo back on March 1st on his 70th Birthday. Frank is documenting the hike on his blog and Facebook page. Read more about his journey here.
Check out his blog & Facebook as he journeys across New York state