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Gianni Versace’s New York Mansion Now On Sale For $70 Million

Gianni Versace’s former Manhattan townhouse has officially hit the market at the luxury price of $70 million. 

Versace originally bought the mansion back in 1995 and fully refurbished the interior, according to the history posted on Sotheby’s International Realty listing

According to the listing, “the mansion, built in 1950, offers the buyer the chance to live like royalty and own a piece of real estate and fashion history.”

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“Grandly designed, 17 luxurious rooms meld together in opulence and couture design. This stately, spacious 35 foot wide Limestone Mansion sited on a 35- by 100-foot lot has approximately 14,175 interior square feet on 6 floors with 3,025 exterior sq. ft. of magical trellised Garden overlooked by a rear Balcony which runs the full width of the house. A Rooftop Terrace with Gazebo overlooks Fifth and Madison.”

Each of the floors of the mansion are meant to embody a different theme. 

“Versace, the late fashion tycoon purchased the neoclassical building in 1995 and fully redesigned the interior with the same Italian Baroque style often referenced in his over-the-top couture including intricate Italian Marble floors, painted ceilings and walls, mosaic and Austrian parquet floors, five fireplaces, and opulent Baths.”

“Versace’s genius and vision is revealed over the first 4 floors, each presenting the designer’s legendary taste and permeating the home.”

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“The Upper two floors were redesigned in a lighter, more whimsical manner. These levels include terrazzo floorings with marble inserts, 4 Bedrooms, 2 Baths, a Game Lounge with billiards and arcade games and a Moroccan-style Media Room,” the listing states

The mansion also offers a slew of modern features without compromising the old classical charm that gives the space so much history. 

These features include an “advanced Security System, multiple zoned HVAC system, Kaleidoscope music system. In addition, the home includes double water pumps and boilers all powered with its own generator so the owner would never be without essential services.”

Location wise, the Mansion is right in the heart of New York City, overlooking Fifth Avenue and bordering Central Park.

Virtual Real Estate Marketplace Launching In Metaverse 

Origin is a technology company that is gearing up to launch a virtual real estate marketplace in the metaverse that can be done across multiple blockchains. Origin is providing a singular marketplace for users to buy, sell, and trade land in the metaverse, as well as physical homes sold as NFTs. 

Origin is aiming to be like traditional real estate platforms in the sense that they will be a hub for sellers and buyers to connect with each other based on the clients needs. 

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According to Fred Greene, the founder of Origin, “the demand for metaverse land is continually growing. What the market needs is a single source of data. A reliable platform that simplifies the purchasing of land, while providing buyers and sellers with all the information they need to navigate the process.”

The current metaverse marketplace makes it difficult for transactions to occur over multiple blockchain platforms. Origin is hoping to fill this space in the industry by acting as the middleman between sellers and buyers, and interacting with hundreds of tokens and metaverse worlds. 

By simplifying the transactional process, Origin is hoping to make digital real estate available for everyone. The company wants the masses to see the metaverse as universally accessible so that more people can take advantage of the many perks that it can offer. 

Beyond giving buyers easier access to real estate, Origin is aiming to build communities of active and interested buyers and sellers, who will be able to advertise their listings in front of a much larger audience than the metaverse currently allows. 

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By becoming a multichain platform and simplifying the overall transaction process, Origin is creating a space for even more buyers. 

The company is reopening current barriers that make it difficult for architects and innovators to communicate with each other on certain projects. The metaverse is known for hosting a multitude of isolated worlds catered to each user. Origin is building bridges to make it easier for those worlds to come together when it comes to real estate transactions.

Origin is patent-pending currently, and is aiming to be a major marketplace that focuses specifically on metaverse land. The company has plans to incorporate the sale of both real world properties as NFTs as well as virtual properties. 

The company is currently on track to become the biggest hub for buyers, sellers, and renters, as it will likely be the only source for all metaverse real estate transactions across multiple blockchains.

New Report Shows Keys To Maximizing Real Estate Earning Potential 

McKissock Learning has revealed a new guide of income statistics from licensed real estate professionals across the United States as a means of keeping track of trends, and highlighting the methods that are maximizing agents’ earning potential.

McKissock Learning is one of America’s top online real estate schools, and provides educational courses and professional development to hundreds of thousands of agents across the country every year. 

In November 2021, the company reached out to thousands of licensed real estate agents and brokers to gain a better understanding of the specific strategies used to increase their earning potential. 

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Last year, the number of agents that participated was about half of the 9,000 participants in this year’s report. This way, the guide can show a much more accurate picture of what real estate agents are earning and how they’re making it possible. 

Real estate income is actually on the rise, despite the many complications the industry has faced throughout the Covid-19 pandemic. 75% of real estate agents reported that they earned more in 2020 than they did in 2019, with an average income of $129,996 for full-time agents. 

Another trend that’s helping the market continue to thrive is the fact that more agents are happy with the brokerage they’re a part of. Choosing the right brokerage is an essential part of being a successful agent. 

84% of the agents surveyed stated that they were satisfied with their brokerage experience. Only 6% of participants said that they plan on switching brokerages within the next couple of years. 

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Specializing in a niche has also proven to be one of the keys to maximizing your earning potential. Last year’s report showed the same results, citing that agents who showed eco-friendly properties were able to gain an average income of $263,180. 

92% of the participants reported that they feel very optimistic about their future in real estate, which is the highest percentage in the history of McKissock Learning’s reports. 

Only 12% of agents said they planned on retiring within the next five years. Real estate allows agents to create their own schedules, to an extent, so it’s easier for certain agents to reduce the number of hours they work per week to best fit their lifestyle and income goals. 

The report stated that obviously a reduction in hours could result in a reduction of income for agents, however, individuals can still earn a decent income as a part-time or semi-retired agent.

Disney Launching Residential Communities For Fans 

The theme park division at Disney announced that they are developing master-planned residential communities that will “meet the demand from fans looking for new ways to make Disney a bigger part of their lives.”

The project is a part of Disney’s decades-long efforts to expand into residential development. The company announced this Wednesday that “Storyliving By Disney” communities will be master-planned by Disney Imagineers, who are responsible for designing the company’s many theme parks. 

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Disney employees will operate the community associations. The company also announced that the communities will feature clubs where residents can participate in different forms of entertainment, health and wellness activities, and seminars. 

The first community is set to be developed on a 618-acre community called Cotino in Rancho Mirage, California; DMB Development is also helping bring the community to life. 

Disney plans on building full-scale residential houses, including a neighborhood specifically for individuals aged 55 and older. Mixed-use districts will consist of shopping centers, restaurants, a beachfront hotel, beach park, and a 24-acre “grand oasis” lagoon. 

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Disney is currently looking for additional community locations throughout the nation to further develop the communities. Josh D’Amaro, chairman of Disney Parks, Experiences and Products, made a statement Wednesday regarding the search:

“As we prepare to enter our second century, we are developing new and exciting ways to bring the magic of Disney to people wherever they are, expanding storytelling to Storyliving.” 

Disney’s original residential efforts began in the 1960’s when the late Walt Disney announced his plans for the Experimental Prototype Community of Tomorrow, or EPCOT. The initial plans were to make the residential community the centerpiece of what is now Disney World. However, when Walt Disney died in 1966, the plans were put on hold, and the EPCOT name was repurposed to be used for Disney’s second theme park. 

Disney restarted residential development in the late 80s and 90s in Florida, with a planned community of Celebration. Celebration was a small town designed by Disney to give fans a nostalgic feeling. 

Disney sold a majority of its shares in Celebration in 2004 to a private investment firm. There’s no solid timeline as to when these Storyliving communities will be available for living, but it’s the biggest effort to come from Disney’s residential sector in a while.

Los Angeles Mansion Named ‘The One’ Could Become The Most Expensive Home Sold In The US At $295 Million 

The One is a mansion in Bel-Air that was once valued at $500 million. Now, the megamansion is being sold for $295 million and will be available on the open market until it’s auctioned off from February 28th to March 3rd. Concierge Auctions is the online auction marketplace responsible for the listing. 

The home will be sold without reserve, which essentially means the highest bidder gets the house. Even if it sells close to the listing price, it will likely break US real estate records. Currently billionaire Ken Griffin’s $238 million New York penthouse holds the record as the most expensive US home ever sold when it was purchased back in 2019.  

The One took more than 10 years to build and bring to life. Nile Niami developed the property, however, after his development company, Crestlloyd, filed for bankruptcy last year, the home has been redirected to auction as part of the bankruptcy proceedings. The home still has about 12 months of work left, meaning the buyer will have to put down around $340,000 as a deposit. 

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Aaron Kirman of Compass and Branden and Rayni Williams of The Beverly Hills Estates are partnering with Concierge Auctions to market the home:

“As the real estate community knows, there are a very limited number of $300 million homes and it often takes one to five years to sell ultra high-end mega mansions. An auction is the best way to sell the home in a specific period of time. The team is open to receiving offers prior to the auction, based on price and terms. It is highly probable that the auction will happen in order for buyers to compete to own the world’s ultimate estate,” Kirman explained

The One is one of the largest homes ever built. It’s twice the size of the White House at 105,000 square feet on a property of over 3.8 acres. Outside of the property there;s a moat of water covering three sides of the home, five pools, a 10,000 square foot deck, and a 400-foot outdoor running track. 

“What we have learned from the pandemic is that a home is one of the most important aspects of life. The property provides an extravagant life, where one doesn’t need to leave their home.”

“It has everything one can imagine, including five swimming pools; a wellness center with a juice bar; large salon and spa; game rooms; bars; bowling alley; a full-size theater; golf simulator;  rooftop; cigar lounge;  a charity pavilion or special event space; and numerous other astonishing amenities,” Kirman says. 

The home has 21 bedrooms, 42 full bathrooms, and seven half bathrooms. Within the home there is artwork that has been custom curated from artists Mark Fields, Stephen Wilson, and Simoe Cenedese. 

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“The One earns its moniker because a home of this size and magnitude simply can never be built again due to anti-mansionization laws that were passed in Los Angeles during The One’s construction. To have 3.8 acres at the top of Bel-Air with unobstructed 360-degree views from every single room is unparalleled,” says co-listing agent Branden Williams. 

The home also includes a putting green, 10,000 bottle wine cellar, tennis court, and night club. 

“The private gala event space with 360-degree views of the city and floating pod seating was an important vision to realize for the developer. He envisioned a home that would be the buyer’s own private resort and have the ability to host the world’s top philanthropists for charity events without ever leaving your estate. It’s obvious why the home holds value, but in a time when metaverse real estate is in the conversation, there’s something to be said about the importance of physical property,” Williams says. 

“These virtual assets have a value based on how much a consumer is willing to pay backed by a specific commodity, typically money, gold, property, etc.,” Kirman says. 

“Real property is an indefinite necessity with proven market values over time, so buying one of the most unique properties ever built in Los Angeles is an investment that cannot be quantified and will be worth it. Comfort is an invaluable resource, so purchasing a property with virtually every amenity available is impossible to quantify since it has never been done before. Supply and demand helps determine something’s value and this is one of one. The supply couldn’t be more limited.”

The home is expected to sell without reserve by March 3rd.

2021 Housing Market Concludes With Price Growths, What To Expect In 2022

The winter housing market in the US started heating up again in December, potentially leading to a hot market in the first quarter of 2022. More buyers have become motivated to hop on real estate transactions due to looming mortgage rate increases as well. 

Listing prices in December returned to double-digits similar to what the market looked like during the spring/summer of 2021 when real estate was seeing some of its most competitive transactions since the start of the pandemic. 

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According to data from Realtor.com’s chief economist Danielle Hale, “December data offered a fitting finish to the frenzy of the past year. Annual listing price growth hit double-digits again nationwide and in many of the hottest markets, after four months of single-digit pace this fall.”

“Despite buyer challenges like rising prices, limited inventory and fast-paced sales, real estate activity maintained a brisk pace throughout 2021 as factors like low mortgage rates enabled home shoppers to persist. With rate hikes now on the horizon, buyers may be trying to get ahead of higher monthly housing costs, in turn driving up competition and prices,” Hale explained.

“Our 2022 forecast anticipates affordability challenges this year, but also that trends like rising incomes and workplace flexibility could offer some Americans a better shot at finding a home.”

“For those who weren’t successful in 2021, we expect better luck in the coming months as more sellers plan to enter the market – and if December’s listings are an indication, with high asking prices in mind,” she explained. 

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 In 2021 the demand for homes was much higher than the supply, which drove prices even higher and will likely continue to drive the prices up in 2022. Realtor.com is also predicting that these price increases will cause a lot of affordability issues in the new year. The average price for a home in the US is now 25% higher than it was in 2019.

Within the past two years the average price for a typical 2,000 square foot single-family home increased by 18.6% consecutively. More than 25% of the US’s largest markets saw double-digit home price gains in 2021. 

While the winter is typically a cooling off period for the market, the past two months have seen historically low listing times, as buyer activity continues to outmatch the limited inventory available throughout the nation. 

When compared to the national pace of the market, time on the market was lower in the US’s 50 largest metropolitans with an average of 48 days on the market, seven days less than last years average and 25 days less than 2019’s average. 

Inventory is expected to increase to ideally meet the demand of buyers in America. December data did show more new sellers entered the market when compared to last year’s numbers, a majority of these listings, however, are in cities. 

Pay Rent Reminder

Billions In Renters Aid Still Available For Struggling Americans 

Six months ago Congress allocated more than $45 billion to the renters’ crisis which was triggered by the Covid-19 pandemic. Most of that money is still available today, in fact, only about a fifth of it has been used so far. 

According to data from the US Department of Treasury, $10 billion of the funding reached households by the end of last month, meaning there’s still around $35 billion in aid unspent and ready to be used. 

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Around 12 million adults are currently behind on their rent payments, according to a recent report by the Center on Budget and Policy Priorities. One analysis over the summer found that the average American renter owed about $3,700, and in some areas rental debts were topping $10,000 per household. 

“There’s certainly remaining need in most states and cities. However, efforts to disburse the money have been challenged by a lack of awareness and cumbersome applications. Still, renters should not give up on getting the help.” said Diane Yentel, president and CEO of the National Low Income Housing Coalition.

Just applying for renters aid can help you stay in your home longer. In at least five states individuals who apply for assistance are entitled to some level of protection from being pushed out of their homes. 

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For renters who don’t know how to apply, The National Low Income Housing Coalition has a state-by-state list of more than 500 organizations that are currently giving out federal money. The Consumer Financial Protection Bureau also has a new online tool to help renters easily apply for the aid. 

To be eligible for the aid at least one member of your household has to qualify for unemployment benefits or attest in writing that they’ve lost income or incurred significant expenses due to the pandemic. 

There also needs to be a demonstrated risk of homelessness, which may include a past-due rent or utility notice. 

Additionally, your income level for 2020 can’t exceed 80% of your area’s median income, although some state’s have prioritized applicants who fall at 50% or lower, as well as those who have been unemployed for more than 90 days. 

You could potentially receive up to 18 months of assistance. If you’ve already been approved for rental funds but continue to be behind, you can reapply. If you are at risk of being evicted you can find low-cost or free legal help with an eviction in your state at Lawhelp.org.

Magnify Glass of Real Estate Market

Global Wellness Real Estate Market Surging Throughout Pandemic 

Wellness real estate is defined as “commercial, institutional, and residential properties that incorporate wellness elements in their architecture and amenities,” according to the nonprofit Global Wellness Institute (GWI).

GWI explained that throughout the past few years the wellness real estate market has seen exponential growth, even with the pandemic. 

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“The pandemic fueled the shift in the real estate and construction industries toward wellness: from 2019-2020, wellness real estate continued to grow by over 22%, even as overall construction shrank,” the organization reported.

GWI held their annual Wellness Real Estate and Communities Symposium this week in New York where they discussed the market as it currently stands, and ways to continue to expand and improve it. 

“The wellness real estate market as a continuing opportunity, driven in part from lessons learned during COVID. Doctors, architects and wellness professionals have come together to introduce preventive medicine intentions into the way we design the built environment as a preventative medicine tool,” shared presenter and sponsor Paul Scialla, CEO of wellness technology firm Delos.

“The pandemic has driven the idea of ‘building for human health’ into the mainstream consumer consciousness, and the recent market growth far exceeded our predictions.”

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The US and China alone account for 60% of the overall total wellness real estate market. GWI estimates that there are more than 2300 wellness projects worldwide in various stages of development and completion; three years ago that number was around 740. 

GWI attributes the growth in the industry to many factors, including many brought on by the pandemic; “stress, loneliness, remote work and an increasing eco-consciousness in the public sphere.”

“The pandemic has definitely brought the wellness real estate concept more into focus. COVID forced us to see our homes and built environment in a radically new light. Wellness real estate is now quickly moving from elective to essential.”

According to GWI vice president of research and forecasting, Beth McGroarty, the pandemic drove trends in wellness real estate thanks to a multitude of factors, such as advanced technology, remote working procedures, and affordability depending on the area.

How The Real Estate Industry Is Working To Combat Climate Change

Real estate accounts for nearly 40% of the energy-related carbon emissions in the world. Investors are now focusing on cutting emissions to net zero by refurbishing old properties and avoiding new projects.

US Homebuyers Investing In Florida Real Estate 

The amount of homebuyers in Miami have tripled over the past couple of years. According to a new analysis by Redfin, in July the net inflow of Redfin users moving to Miami rose to 7,610 from 2,216 last year. 

Milagros Alvarez, a Miami real estate agent at Redfin, said that “the pandemic has brought even more out-of-towners to the area because so many people can now work wherever they want.”

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“Homebuyers are moving here from all over the map—Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few. The beaches, warm weather and low taxes are the major draws. Florida has also been much less shut down than other states during the pandemic, which some house hunters see as a positive,” said Alvarez. 

Alvarez also warned that the warm weather in Florida may seem like a main selling factor, but it also comes with its downsides. Miami is one of the most vulnerable cities when it comes to natural disasters or damages caused by weather-related events. 59% of Miami properties face some level of flood risk. 

Sea levels in Miami-Dade County are projected to rise by two feet by 2060, which would displace thousands of residents. The region also faces extreme heat risk, however, Alvarez explained that climate change hasn’t deterred Americans from flocking to the Sunshine state. 

“The homebuyers I talk to rarely mention climate change. Most of them aren’t concerned. A lot of people seem to have this idea that it won’t impact them in their lifetime, so it doesn’t need to be a consideration when buying a home.”

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Daryl Fairweather, chief economist at Redfin, warned that “the recent UN climate report shows that places like Miami will see the impacts of climate change within the next thirty years. Miami homebuyers should think about how they can make their homes more resilient to climate change and how their finances would be impacted if their homes lost value,” he said.

Sacramento, Phoenix, Las Vegas, Austin, and Atlanta have also been experiencing exponential rises in real estate investments, according to Redfin. The report also claimed that US citizens were mainly moving away from New York, San Francisco, Los Angeles, and Washington DC.

“Big, expensive cities normally lose the most residents, and that trend accelerated during the pandemic as remote work gave people the flexibility to leave expensive job centers for relatively affordable places.”

“Yet, a handful of the metros that experienced the largest outflows in July saw fewer people leaving than a year earlier—likely because many of the pandemic restrictions that made those places unattractive places to live have now been lifted,” the report said.