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Residential News
Compass Changes Executive Structure
Tech-enabled residential brokerage Compass Inc. announced that Chief Financial Officer Kristen Ankerbrandt will leave the firm in September to pursue opportunities outside the company. Chief Product Officer Greg Hart has been promoted to the role of chief operating officer.
Ankerbrandt joined Compass in 2018. During her tenure, she successfully steered the business through a time of rapid growth, oversaw its initial public offering and reported positive earnings for five consecutive quarters. Compass has initiated a search for a permanent chief financial officer; both internal and external candidates will be evaluated.
With this promotion, Hart adds leadership of the Compass Operations organization to his ongoing oversight of the Compass Product organization, bringing closer together the teams that work with agents each day. He joined Compass in April 2020, after 23 years at Amazon.
“Greg is an extraordinary leader who, over the past two years, has applied his unique experience and passion for technology to the cause of replacing the real estate industry’s complex, paper-driven workflow with a seamless, all-digital, end-to-end platform,” said Robert Reffkin, founder, chairman and CEO of Compass.
Douglas Elliman Goes All-in on Las Vegas
Douglas Elliman Realty has expanded its Western Region division to include Nevada, opening an office in the Downtown Summerlin urban center of Las Vegas.
The addition of Nevada brings the number of states in the firm’s Western Region to four, alongside California, Colorado and Texas.
“In the months since we began a new chapter as an independent, publicly traded company, we have been flawlessly executing a growth strategy in Texas, Florida, New England and now Nevada,” said Scott Durkin, CEO, Douglas Elliman Realty. “With its status as a low-tax state, prime for residential growth, it is fitting that Nevada is the newest addition to our national footprint, and we look forward to serving our community of clients in the state.”
The company also announced that Avi DanGoor, one of the leading real estate sales executives in Southern Nevada, has joined Douglas Elliman. Dan-Goor and his team will be based out of the brokerage’s Las Vegas office.
Replay Destinations announced the start of construction and the general contractor selected to build the first phase of its 9.6-acre, master-planned Mill District neighborhood in downtown Healdsburg, California. Construction of the Olson Kundig-designed residences on the former Nu Forest Product lumber mill site began in May.
The first residences of the $500 million new neighborhood will include an exclusive collection of 43 residences with open-concept living spaces. The Weitz Company, one of the oldest engineering and construction companies in the United States, has been selected to serve as general contractor for the first phase of Mill District.
In the meantime, other workers will complete the removal of the last of the structures remaining from the original mill, including the drying kiln that has been used in recent years for community and charity fundraisers, cycling events, concerts and art installations.
Photo courtesy of PRNewswire
Corcoran Welcomes First Washington State Affiliate
Corcoran Group LLC’s expansion continues with its entrance into the State of Washington, with the launch of Corcoran Lifestyle Properties, owned and led by Stephanie and Keoki McCarthy. Based in Bothell, Washington, the firm serves the greater Seattle area from Snohomish to Thurston counties.
“Establishing the brand in Washington State is a pivotal moment in growing our West Coast footprint, and I’m thrilled that we’re sharing in this milestone with Stephanie, Keoki, and their very talented agents,” said Pamela Liebman, President and CEO of The Corcoran Group. “The decision to enter Bothell and the greater Seattle area was a very intentional and strategic one.”
Stephanie and Keoki McCarthy have been involved in the industry for more than 20 years. Before starting their own firm in 2001, McCarthy Real Estate, Stephanie McCarthy built her skillset in escrow, title, and mergers and acquisitions. The two were formerly associated with Real Living Northwest Realtors.
Realtor.com Introduces Data on Homes’ Wildfire Risk
Realtor.com announced that it is the first major real estate site to add property-specific wildfire risk information to for-sale and off-market homes free of cost. An estimated one in five single family homes in the U.S., representing $8.8 trillion in property value, are at risk of being damaged by a wildfire over the next 30 years. Listings on realtor. com will now include a Fire Factor rating from First Street Foundation, a nonprofit research and technology group, as well as information from the U.S. Department of Agriculture Forest Service.
According to a recent survey from realtor.com and HarrisX, 71% of recent homebuyers took natural disasters into account when considering a move. About half (47%) of recent buyers are more concerned about natural disasters today than they were five years ago. Users can acces data on interactive maps. In addition, the site’s listings now include an Environmental Risk section featuring an overview of wildfire and flood risks. Wildfire risk data will be coming soon to rental properties.
Homebuyer Competition Drops Near City Centers, Zillow Reports
For the first time since the Great Recession, buyers may have an easier time purchasing a home in the city than in nearby suburbs this home shopping season. That’s because homes in the suburbs recently have been appreciating faster than urban homes, according to a Zillow analysis.
Home values in suburban ZIP codes have been growing faster than those in urban areas since July 2021. The typical home in the suburbs gained $66,490 in value in the past year, compared to $61,671 for the typical urban home. That is a reversal from previous norms and from the first 15 months of the pandemic. From January 2013 — about the time when home values began to recover following the housing crash — through June 2021, urban homes were generally gaining value more quickly. There are signs that demand may be shifting back in favor of urban homes. In each of the first three months of this year, the gap between annual home value growth in the suburbs and in urban areas has shrunk.
Annual suburban home value growth outpaced urban home value growth by about $7,250 in December, but only by about $4,820 in March.
