The Real Deal - New York Real Estate News

Company behind Louis Vuitton and Christian Dior to buy luxury hotel group

Posted: 16 Dec 2018 01:00 PM PST

Paris-based LVMH, a luxury products company that owns the Louis Vuitton and Christian Dior fashion labels, agreed to acquire London-based Belmond and its portfolio of high-end hotels. The deal reflects a belief at LVMH that “the future of luxury is in luxury goods and luxury experiences,” Jean-Jacques Guiony, the finance chief of LVMH, told stock analysts during a conference call. LVMH, which acquired the Bvlgari hotel group in 2011, agreed to pay $3.2 billion for […]

Turning point? U.S. home sales slumped as listings surged in November: report

Posted: 16 Dec 2018 12:00 PM PST

Home sales nationwide fell in November at the fastest rate in two years while the number of homes listed for sale increased at the fastest rate in three years, according to a report by Seattle-based brokerage firm Redfin. “The tide has turned. Sellers are now competing for buyers, but they haven’t all realized it yet,” Redfin chief economist Daryl Fairweather said in prepared remarks. “Sellers holding out for high prices are contributing to declining home […]

How building owners are seeking new sources of capital via blockchain

Posted: 16 Dec 2018 11:00 AM PST

Real estate’s much-anticipated affair with blockchain technology seems to be becoming a reality. Just as investors in real estate investment trusts can buy shares that represent an ownership stake in a piece of large trophy assets, a digital security token offering functions much the same way. The difference for tokens is that distributed ledger technology is used to record the transaction, and any subsequent transactions on a blockchain. Blockchain is a public distributed ledger system, which […]

Former home of Eddie Murphy sells after major price chop

Posted: 16 Dec 2018 10:00 AM PST

A California home once owned by funny man Eddie Murphy has sold for $5.5 million, almost half of its original asking price — and that’s not a joke. The Granite Bay home sold through auction to an unidentified buyer, the Los Angeles Times reported. It listed on the Multiple Listings Service in May for $10 million. Located at Vista De Lago Court, in Northern California, the mansion spans 12,600 square feet, complete with 10 bedrooms […]

Frequency of bidding wars decline nationwide: Redfin

Posted: 16 Dec 2018 09:00 AM PST

If you want to make an offer for a home, you are less likely to face a competing bid than a year ago, according to Seattle-based brokerage firm Redfin. Homes listed for sale in some metropolitan areas still attract multiple competing bids, but a cool-down in the housing market has reduced competition for listed homes in most parts of the nation, Redfin reports. The brokerage firm says 32 percent of its offers to buy U.S. […]

Forecast: 3 of 4 U.S. homes will sell below the asking price in Q1 of 2019

Posted: 16 Dec 2018 08:00 AM PST

More than three quarters of U.S. homes on the market will sell below the asking price in the first quarter of 2019, according to a national forecast by Knock, a company that helps people sell and buy homes. Knock predicts that 77 percent of all U.S. homes will sell below the asking price in January, February and March, compared to 62 percent so far in 2018. In Miami, for example, the average home will sell […]

Why Harvard’s portfolio of California vineyards is raising concern

Posted: 16 Dec 2018 07:00 AM PST

Harvard University’s endowment is making a hefty profit buying up and working prime land for wine grapes in central California, but not everyone is happy about the investment strategy. The university has leveraged its $39 billion endowment to pay top dollar for several thousand acres in central California to build its grape-growing business, now worth around $305 million, according to the Wall Street Journal. Harvard chose the properties due access to some of the best […]

The Viper Room’s successor revealed: A futuristic hotel/condo by Morphosis

Posted: 16 Dec 2018 06:00 AM PST

West Hollywood is in line to get another striking architectural landmark on Sunset Boulevard. Silver Creek Development Co. has revealed a futuristic design for a proposed hotel one block west of the Arts Club site, where the infamous Viper Room now stands, according to WeHoville. The design by architects at Morphosis shows one building resembling a white claw rising to the side and then cantilevering over a more traditional 15-story tower. The development team revealed […]