The bargain hunters: Buyers target cheaper new development units

UPDATED Dec. 8 1:55 PM: After months of whiplash in residential markets, November brought some welcome stability to new development sales in New York. Developers reported 186 contract signings last month, an 11 percent increase from an abysmal October, according to a new report from Marketproof. That’s still down 21 percent from November 2019, but roughly on par with other months since the Federal Reserve began raising interest rates. The contracts were for apartments asking

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Central Park Tower condo sells for $20M off asking

It’s not too late to get a discount at Gary Barnett’s Central Park Tower. Unit 122 at 217 West 57th Street closed for $45 million, according to property records. The sale of the full-floor, 7,000-square-foot unit was the 10th most expensive this year in New York City, according to TRD Pro data. The sale closed for roughly $20 million below the unit’s asking price of $65.5 million. It’s the latest sale at the supertall to

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Title insurer Doma cuts 40% of workforce in third wave of layoffs

Doma executed its third — and largest — wave of layoffs in seven months, this time shedding 515 employees. The digital title insurance provider cut 40 percent of its remaining workforce, according to SEC filings submitted Tuesday. CEO Max Simkoff said in an email to employees obtained by The Real Deal the layoffs mark a “substantial shift” in the company’s strategy. “We’ll be leaning into our core data science-led differentiator of instant title and seeking

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Mortgage applications decline even as rates fall again

Mortgage applications continued their downward swing last week, but lower rates are sparking activity in the refinancing market. Applications declined 1.9 percent from a week earlier, the Mortgage Bankers Association revealed on Wednesday. The decline for the week ending Dec. 2 came even as mortgage rates continued to slip, down 73 basis points from a month ago. The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances dropped from 6.49 percent

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iBuying on the brink: Where does the controversial homebuying model go from here?

iBuying was feared to do to real estate agents what Expedia did to travel agents — render them extinct. So far, however, it’s the iBuyers that are facing extinction, one by one. First it was Zillow, which bowed out of the iBuying game after racking up $900 million in losses and getting bruised on the stock market. Then, Redfin, which said last month it could no longer remain competitive in the space due to rising

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Ryan Gorman out as Coldwell Banker CEO

In one of the residential world’s biggest leadership shake-ups, Ryan Gorman, the CEO of brokerage behemoth Coldwell Banker, is leaving the company, The Real Deal has learned. Coldwell Banker staff were told of Gorman’s departure at a town hall meeting Tuesday afternoon, according to sources present. The company is a subsidiary of Anywhere Real Estate, which like other residential brokerages, has struggled in the past few months in a high interest-rate environment which has seen

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TRD Pro: Is homebuilding really down?

The following is one of the hundreds of data sets available on TRD Pro — the one-stop real estate terminal for all the data and market information you need. Given inflation, rising interest rates, economic uncertainty and flatlining home prices, one would expect that housing construction would be at an all-time low. Not even close. Though new housing starts in the U.S. have dipped over the past six months, the number is within the historical

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Historic townhouses top Brooklyn’s luxury market

Historic townhouses scored the top two contracts in Brooklyn last week. The most expensive Kings County home to find a buyer was a townhouse at 28 Willow Street in Brooklyn Heights asking $6.1 million, according to Compass’ weekly report. Built in 1858, the 3,500-square-foot, four bedroom, four-bathroom home was fully restored in 2009. The four-story row house has a finished basement, a wood-burning fireplace, built-in speakers and an elevator connecting each floor. A two-level backyard

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Extell properties top Manhattan’s luxury contracts

Extell Development swept last week’s signed luxury contracts in Manhattan. Two properties by Gary Barnett’s firm claimed the top spots in Olshan Realty’s weekly report on properties asking $4 million and above. The most expensive unit to enter contract was a combination of two apartments at 50 West 66th Street on the Upper West Side. Units 47S and 47N asked a combined $45.5 million, and sold off of floor plans. The 7,000-square-foot condo has five

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Watch: Understanding Compass’ latest financials

Compass’ tumultuous story took a positive turn recently, but the residential brokerage still has a ways to go on the path to profitability. The Real Deal’s Harrison Connery and Orion Jones joined Hiten Samtani to break down Compass’ most recent quarterly earnings, which gave investors hope despite the biggest housing market slowdown in company history. Compass’ third quarter earnings report showed losses, but revealed it’s on track to get out of the red. The news

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