Award-winning BedBrock Developers with a stellar reputation for building the finest ultra-high-end luxury homes and communities in the Valley and with a full design-build process in house including architecture and design, announced its newest addition, BedBrock Real Estate Company, a luxury real estate brokerage founded by Rich Brock, founder of BedBrock Developers, Business Loan.
The upscale brokerage will represent a curated collection of real estate, starting first with $150 million in listings in BedBrock Developers’ captivating Crown Canyon community. The impressive development offers seven extraordinary luxury homes currently in design and three homesites exclusively reserved for custom estates up to 24,000 square feet in size. Crown Canyon, with 12 total estate sites, will be the most prestigious address in Paradise Valley with its first two homes already under construction. Crown Canyon is the next chapter for BedBrock following a record-setting success with Cameldale Estates.
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BedBrock Real Estate Company will additionally represent BedBrock Luxury Certified estates, vetted by the company and deemed a good fit for the exclusive brokerage portfolio. The brokerage will be working with clients to deliver an elevated experience buying and selling luxury real estate. An experienced, in-house marketing team will bring an elegant, fresh approach to creating results in the real estate business.
The upscale brokerage will be led by designated broker Lenny Traw and the founding real estate sales director with the group is Brian Kusmer. Traw and Kusmer have a combined 65 years’ experience in the real estate industry in the Valley and will guide the formation of the brokerage with alignment to the company’s core values of exceptional service, attention to detail and exceeding expectations. The boutique firm will invite select agents to join the exclusive brokerage in first quarter 2022.
Using BedBrock’s profound reputation for luxury and quality, the team will bring its signature attention to detail into this new venture.
“It is a natural progression for us. Based on our growth and volume, we felt bringing sales in house was the logical next step for us. My vision is to make this a successful venture and the ultimate, high-end experience for our clients, elevating the expectations for how real estate transactions are conducted. We believe there is an opening in the marketplace to provide the next level of professionalism in the ultra-luxury real estate market,” says Brock.
“In addition to representing our own homes and communities, our objective is to vet preowned homes to give confidence to both the buyer and seller of a home, providing a seamless sales transaction. It’s been my vision to offer a full array of top-notch services under one roof from construction to development to architecture and design to concierge home maintenance. Launching our brokerage allows us to be truly full-service with our cherished clients, providing consistency and seamlessness to the customer experience,” says Brock.
Traw has been an industry veteran for 42 years and bring exceptional experience to the new brokerage.
“I couldn’t imagine partnering with a better developer than Bedbrock. Rich and I have been friends for years, and we’ve talked about this for a very long time. There’s never been a better time than now, and I couldn’t be with someone I trust more. It’s a privilege for me to be involved with BedBrock in this way,” says Traw.
New to the team with 23 years of real estate experience is Kusmer, who joined the boutique brokerage from its inception.
“The vision I had when I got into the business in my 20s was to work hard to be a part of an organization like Rich Brock’s company. I worked my whole career to have this opportunity to partner with a top developer in town. My passion is the high-end luxury market, and this opportunity couldn’t be a better fit for me to work with the most extraordinary homes and communities,” says Kusmer.
Beginning today, BedBrock Real Estate Company is proud to offer extraordinary homes represented in Crown Canyon and a select number of BedBrock Luxury Certified homes for sale.
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Half-Built Homes Plague China’s Beleaguered Real Estate Market
China is now home to tens of millions of half-built apartment buildings as the country’s real estate boom ground to a halt this year. The shifting market has dashed dreams of homeownership for many Chinese, who were only allowed to own private property 20 years ago, and shattered confidence in a sector in which the urban population has tied up most of its wealth. The meltdown mirrors the 2008 subprime mortgage crisis in the U.S., though with Chinese builders, rather than individual borrowers, facing loan defaults and other hurdles. Bloomberg
Tasmania Suburb Was Australia’s Fastest-Selling Property Market in 2021
A small Tasmanian suburb has been crowned as Australia’s fastest-selling property market this year, with homes there taking just eight days to sell, on average. Goodwood, just north of Hobart, was ranked as the No. 1 suburb in the nation for having the quickest sales, according to Domain’s 2021 End of Year Wrap report. Property in Killarney Heights in Sydney’s northern beaches took just 10 days to sell, as did homes in Diamond Valley on the Sunshine Coast and Sassafras on the outer eastern edges of Melbourne. Domain
A Record-Breaking Year for Luxury Real Estate in Hawaii
Hawaii’s luxury real estate market soared to all-time highs this year, fueled by several factors, including pent-up demand from the pandemic, record-low interest rates and rising equity markets. In the first three quarters, homes valued at $3 million or more saw sales volume rise 234.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}, compared with the same period in 2020. Deal volume hit a record-breaking $3.7 billion, according to Hawaii Life’s Luxury Market Report. In the ultra-luxury segment, there were 64 transactions totaling $1.06 billion in sales—a 602.9{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} change in dollar value over the first three quarters of 2020 and more than six times the number of transactions. CNBC
Five-Bedroom Penthouse in San Antonio Asks $3 Million
A modern penthouse in San Antonio, Texas, has hit the market for $3 million, making it among the priciest apartments for sale downtown. The condo, which spans more than 5,600 square feet, at the Alteza building has five bedrooms, six bathrooms and views of the city’s iconic Tower of the Americas. The building also offers residents a rooftop pool, concierge services, housekeeping and room service. mySA.com
People bought homes in Santa Fe in 2011. Many more people are buying homes now.
Gregg Antonsen ushered in the internet age at Sotheby’s International Realty Santa Fe during his 10 years as senior vice president and qualifying broker.
Drew Lamprich will foster the video element in January as he becomes the new vice president and qualifying broker for Sotheby’s local operation. Antonsen will retire to Hawaii, where he established his luxury real estate career and lived in his young-adult years.
Video has become a crucial element in home sales as a growing number of people are buying homes in Santa Fe without even coming to Santa Fe — but they are not committing sight unseen. They are “touring” and “inspecting” homes via live video.
Lamprich, 41, and his business partner, Penelope Vasquez, 73, happen to be video pioneers at Sotheby’s, where Lamprich was a rookie broker as recently as five years ago when he signed on at Sotheby’s for his first real estate job at age 35. They were among the first Sotheby’s agents in Santa Fe to appear in front of the camera.
“I really hope to encourage our folks to be in the videos,” Lamprich said. “You break down barriers [with homebuyers]. You are approachable. They get to know you. It keeps that relationship warm and personable.”
Antonsen, 68, sees value in these newfangled ways.
“It brings the home alive,” Antonsen said. “Otherwise, you are just seeing empty homes.”
Vasquez recruited Lamprich to her team when they were two of seven Santa Fe Sotheby’s agents at a Denver real estate conference. Lampich said it was two days after he received his real estate license. She watched him work the room, and she didn’t want a business partner in her age group.
“I wanted someone in tune with today’s technological changes,” Vasquez said.
Vasquez and Lamprich teamed up for nearly $100 million in real estate sales since 2016. At the same time, Lamprich was establishing himself within Sotheby’s and the Santa Fe real estate community. He joined the Santa Fe Association of Realtors board of directors in 2019. He serves as first vice president and will be president-elect in 2022 and SFAR’s president in 2023.
None of this surprises Vasquez.
“He has integrated himself in the community very quickly and effectively,” Vasquez said. “I think Drew came mature. He had managed a lot of people.”
Lamprich had managed a Lowe’s home improvement center during his 11 years in Austin, Texas, before moving to Santa Fe — and he had renovated the house he owned there, part of his longtime ambition to get into real estate when the time was right. It was right when he was 35, and it was the right time to leave Austin.
“It’s a college town, it’s the capital, it became a metropolis in that time,” Lamprich said. “I sold my first house that I renovated. That allowed me to do this. I wanted to buy a large parcel of land, which I did in Glorieta.”
He reached out to Sotheby’s on his first day in Santa Fe and was referred to Antonsen.
“I was interested in meeting with him,” Antonsen recalled. “There were things that stood out. He managed a major store in Austin. I saw he was very organized. He had leadership skills. [Later] I saw him interact very well with our clientele. I could see this guy is going to be dedicated.”
Antonsen wanted to retire in 2020 but wanted to see the pandemic through at least the return to relatively normal commerce during the course of this year.
Antonsen grew up and lived in Minnesota through law school, and in 1979 moved to Hawaii, where his parents had a second home. He opened his own luxury real estate office but sold it and returned to Minnesota in 1993.
Christie’s, the London auction house, acquired Santa Fe-based Great Estates in 1995 to create Chirstie’s International Realty, keeping the headquarters in Santa Fe.
Antonsen had been a Great Estates affiliate in Hawaii and Christie’s contacted him to become its senior vice president of business development in North America in 2003, bringing him to Santa Fe.
“When the headquarters moved to New York [in 2011], I didn’t want to move to New York,” Antonsen said.
The other legendary London auction house, Sotheby’s, just then had an opening for a senior vice president at its real estate operation in Santa Fe and brought on Antonsen. But Hawaii has always been on his radar.
“Ever since I left,” Antonsen said. “Going back made me recognize winter is not for me the older I get.”
Lamprich sees himself as a long-term successor to Antonsen, not a two-years-and-out sort.
“I’d say it’s a career,” Lamprich said. “Relationships take time. To do it justice to the role, you need to stay the course.”
Lamprich bounced around the country, originally from Oklahoma, but living in the Dallas-Fort Worth area from age 6 to 18.
He attended New York University for three years before heading back to Oklahoma to spend time with his grandparents, finishing his bachelor’s degree in sociology at the University of Tulsa.
Next stop was San Diego for three years, where he worked for United Cerebral Palsy as a program assistant, instructor and client advocacy coordinator; as a vocational counselor at Goodwill Industries; and doing in-house support services for San Diego County.
Later, as Austin massively grew, Lamprich looked for his next career, the one that had been in his mind for more than a decade: real estate.
“I wanted to go somewhere wonderfully connected to nature with deep culture and history and beautiful architecture,” Lamprich said. “There are so many elements I love. The fact you can live next door from someone who is 10th generation local and someone from another part of the world. I love that.”
Vice Chairman Billy Rose, Chief Executive Mauricio Umansky and President Rainy Hake Austin.
What started as a small residential real estate brokerage based in Beverly Hills has grown to more than 800 agents and 50 markets with plans to expand further. In the 10 years since luxury boutique brokerage The Agency was founded by real estate veterans Mauricio Umansky and Billy Rose, the company has been on a rapid growth trajectory, but Rose and Umansky said it has stayed true to its roots as a boutique brokerage focused on culture and giving its agents and clients a different experience from other brokerages. “I felt that the industry was very archaic and ancient in the way that they were working and didn’t feel that there was innovation happening in the industry,” Umansky said of why he started the company. He added that he felt he could teach others what he learned in his years as an agent. Rose had started a networking group before launching The Agency after working as an entertainment lawyer and talent agent before getting into real estate. He said he moved “from one company to another” and “observed that the brokerage itself had become meaningless.” “Brokerages had become WeWorks,” he said, adding that oftentimes agents at the same brokerage competed with each other. When Umansky, who was in the networking group, had the idea for The Agency with the goal of making the overarching brokerage mean something, Rose said, “Let’s do it.” One big change for the company happened last year when Rainy Austin was hired as president. “When we started, I was wearing so many different hats — general counselor, broker of record, COO, recruiter — we’ve been and I have been fortunate that we’ve been able to expand and become large enough that we’ve been in a position to hire people to wear all those various hats,” Rose said. He added that neither he nor Umansky had run a large-scale company before, something Austin was able to do. Austin has been involved in real estate for more than 25 years, most recently working at Compass as head of western operations. Austin said she missed working at a boutique firm and wanted to have a greater impact on overall strategy, which is why she joined The Agency. Under her leadership, the company has continued to grow and open more franchised locations.
Selling through showcasing
From the beginning, Umansky said, The Agency separated itself through its use of technology and a collaborative culture. The Agency’s software, he said, allows agents to be more efficient, such as by using artificial intelligence to help people make smarter choices, according to Austin. The brokerage also stressed the importance of showcasing an aspirational lifestyle buyers would have at the homes they were showing. Instead of just a mailer, this meant throwing open houses that resembled lavish parties and finding creative ways to show off the home. “We started selling real estate through storytelling,” Umansky said. “We created a dynamic change in the way that we built the company and the way that we marketed and advertised real estate.” The company also stresses culture and collaboration. “You can help someone who’s less experienced or moving into a new marketplace or needs a leg up by credit enhancing them by what we do as a collective agency,” Rose said. “At the other brokerages, they would kill you if you talk about one of their sales.” High-ranking agents like Umansky often co-list with newer agents and share their big sales as an accomplishment of the brokerage and not just the individual, Austin said. Umansky added that he thinks The Agency wins listings because its agents team up rather than fight for listings. “When you’re able to all work together … you’re obviously going to do a lot better than if you are doing everything on your own,” Rose said. “We’ve been able to really elevate younger agents by providing them with lots of resources.” Umansky said he places a lot of importance on market share rather than the number of agents as a measure of success and works on only adding people to the company who are a good fit rather than filling a quota on numbers of agents to hire. Austin said The Agency now has “a waiting list of individuals who reach out to us and love the brand.” “Finding the right fit takes time and making sure the right individual is the one we bring on the first time,” she added. And while in recent years there have been a number of agents moving from one brokerage to another, The Agency is working to retain talent by “re-recruiting our existing agents” and not just focusing on growth, according to Austin. This includes showing the value of the brokerage. One big name to join The Agency early on, in 2014, was Santiago Arana. He spearheaded the company’s expansion on the Westside, running the Brentwood and Pacific Palisades offices and opening others on the Westside. “For me, it was important to be part of building something that was great,” Arana said of why he joined, adding that he thought the traditional brokerage model “was broken.” Arana said when he joined the company, he brought a large market share west of the 405 and a number of agents. “From that point, it just exploded,” he said.
Growing through franchising
The company historically has not used outside capital or had private equity growth mandates or debt and has instead grown from its profit. But that strategy could change. “We’re very excited about going forward and looking for some growth capital moving forward and are excited about bringing that in but want to be strategic about what we are bringing in,” Umansky said. And as it eyes future growth, the company is also looking at growing through franchised offices. It launched its first franchise office in Los Cabos, Mexico, in 2016. Today, the company is 50{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} franchises and 50{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} company-owned and operated with about 25 of each. Umansky said he expects that to continue as the company grows. Company executives jokingly say they want to be in cities where Umansky likes to vacation. “We want to be in luxury locations where our clients are likely to be,” Rose added. “We want to be in places where there is movement, there’s mobility, there’s luxury.” Company-owned and -operated locations will be in California and New York City while other areas will be franchise locations. “We’ve found that if we’re able to find like-minded individuals … that we could create something very synergistic,” Austin said. “We are able to leverage the luxury lifestyle brand.” The company’s goal now is to open new franchise locations around the world. It opened its first European office in Amsterdam this year and has additional locations planned overseas for next year. The franchise locations are given the same technology and culture as the company-owned locations. And looking forward, executives agree that the company is poised for continued growth. “It’s a very, very exciting time at The Agency right now,” Rose said. “We’re seeing a consolidation within the brokerage industry right now, bigger companies gobbling up smaller ones. We’ve gotten to a place of critical mass at The Agency where there’s greater global awareness than ever.”
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ST. LOUIS – Missouri native Brad Pitt has landed on a list of 10 actors with massive real estate portfolios. He and ex-Angelina Jolie have owned homes in several cities across the globe but does he have any in the Show-Me-State?
Stacker.com reports that some actors have prime real estate across the world but for some actors, real estate is about more than an enviable estate or mega-mansion, it is an investment that marries their love for home and their entrepreneurial spirit. These actors have taken their passion for prime properties and turned it into a serious side hustle.
UpNest.com put together a list using various news, entertainment, and real estate sites. The report says whether they flip or renovate, own in the U.S. or overseas, the actors have made an enviable living outside of their given trade by investing in real estate and have portfolios to back it up.
Brad Pitt
Brad Pitt and Angelina Jolie have owned several properties together including a French chateau, a London estate, and a mansion in New Orleans according to Upnest. He also reportedly invested in a Las Vegas casino with George Clooney and Rande Gerber, Cindy Crawford’s husband. The casino never happened but they were able to sell the 25-acre lot to Starwood Hotels for $202 million after purchasing the land for $90 million.
In April of 2021, velvetropes.com reported Pitt has a real estate portfolio of more than $100M. The site reported his primary home is in the Los Feliz neighborhood of Los Angeles. The home is 5,338 square feet and has a giant main house and at least four smaller properties that have been added over the years.
Velvetropes.com also says he has a home in Hollywood Hills. It is more of a contemporary retreat. The home has hidden shelves and niches are built into many of the walls with the intention of keeping each room free of clutter.
Pitt also has a French estate known a “Chateau Miraval”. He and Jolie leased it in 2008 before buying it in 2011. The couple got married at the estate’s chapel in 2014. When the pair split there was apparently a big battle over who would get to keep it. They ended up sharing it.
Pitt and Jolie owned a home in New Orleans together but they sold it after their divorce and were able to make $1.4M off of it. The home was built in the 1830s and featured traditional brick and a balcony that overlooked the city.
LOS ANGELES, CALIFORNIA – JANUARY 19: (EXCLUSIVE COVERAGE) Brad Pitt and Jennifer Aniston attend the 26th Annual Screen Actors Guild Awards at The Shrine Auditorium on January 19, 2020 in Los Angeles, California. 721313 (Photo by Emma McIntyre/Getty Images for Turner)
Pitt and ex-Jennifer Aniston also co-owned a Beverly Hills home from 2001 to 2006 says velvetropes.com. The couple apparently spent three years renovating the property but only lived there for two years before splitting up. The additions they added include a tennis court, guest house, and a dining room for 20.
There is also a rumored house in the Lake of the Ozarks. Velvetropes.com reports he has long been rumored to have built a colossal mansion in the Ozarks but it is not clear who it belongs to. It is known as “Pensmore” and construction began in 2011. It is considered one of the biggest residential homes in the country. It was apparently bought in an extremely rural area between Springfield and Branson. However, public records do not connect Pitt to the home.
There were also rumors of Pitt building a home for Jennifer Aniston in April of 2020. BTonline.com reported Woman’s Day reported that a source says it has been a longtime dream of Brad’s to build a lake house in the Ozarks near his parents’ house. However, the publication reported the source said he is not building a home for Jen in Missouri.
Leonardo DiCaprio
(Photo by Gisela Schober/Getty Images)
The Oscar-winning actor is also a real estate giant with a diversified portfolio. DiCaprio purchased his first home in the late ’90s in the Los Angeles suburb of Silver Lake for $769,500, which he went on to list in 2018 for $1.7 million. The decorated performer also owns properties in New York, California, and abroad in Belize. A landlord of sorts, DiCaprio’s rental, 432 Hermosa located in Palm Springs, is a mid-century modern home previously owned by singer and actress Dinah Shore, with daily rates starting at $3,750 per night with a two-night minimum. One of DiCaprio’s most ambitious real estate endeavors, Blackadore Caye, an island in Belize, was purchased with business partner Jeff Gram in 2005, and the actor plans to turn it into an eco-resort.
Oprah Winfrey
(AP Photo/Michel Euler, File)
The multi-talented actress and media mogul is also a real estate tycoon who owns several homes. Her main residence, located in Montecito, California, is worth more than $100 million and features several properties on 70 acres. In 2019, Winfrey purchased actor Jeff Bridges’ property, which neighbors her own in Montecito. She owns homes in Maui, Colorado, and Washington state. According to Celebrity Net Worth, Winfrey’s real estate holdings are worth an estimated $200 million.
Arnold Schwarzenegger
The “Terminator” star made a bold real estate investment early on in his career when he purchased a multi-unit apartment building. Turning to real estate in the ’70s allowed Schwarzenegger to focus on his acting career and brought him his first million. The former governor of California still owns many of the commercial real estate properties that he purchased on Main Street in Santa Monica just after heavyweight real estate investor Albert Ehringer showed him the ropes. Today, he owns retail space, apartments, and office buildings. He has an estimated net worth of $400 million.
David Charvet
(Photo by Michael Loccisano/Getty Images)
The actor had success in the ’90s with roles on “Baywatch” and “Melrose Place.” Charvet continued his acting career but became interested in real estate while having a home built in Malibu for his family. In 2007, Charvet co-founded Jones Builders Group, a Los Angeles-based, full-service developer and builder of luxury homes with business partner Nathan Jones. Charvet also purchased several investment properties. The company allowed him the opportunity to develop his own line of homes, known as Charvet Estates.
Ellen DeGeneres
(AP Photo/John Locher, File)
Actor, comedian, and talk show host Ellen DeGeneres flips luxury properties and has acquired quite the real estate portfolio. Some of her most profitable flips include a Montecito, California, an estate she purchased in 2017 for over $7 million and sold for $11 million dollars less than a year later, and a 2014 flip that brought in $15 million. She and her wife, Portia de Rossi, have bought, flipped, and sold more than 20 properties since 2003. DeGeneres’ first flip was a West Hollywood Spanish bungalow. “The first thing I did when I made money was buy a house,” DeGeneres told Architectural Digest. She often buys other celebs’ homes, as she did in 2011 when she purchased Brad Pitt’s Malibu home for $11 million and sold it a year later for a cool $1 million profit.
Jennifer Aniston
FILE: Jennifer Aniston accepts The People’s Icon of 2019 award on stage during the 2019 E! People’s Choice Awards held at the Barker Hangar on November 10, 2019. (Photo by: Alberto Rodriguez/E! Entertainment/NBCU Photo Bank)
In 2018, Jennifer Aniston told Architectural Digest, “If I wasn’t an actress, I’d want to be a designer.” The “Friends” star doesn’t just purchase properties, she leaves her own mark on each one. Her marital home with Brad Pitt in Beverly Hills was purchased for $13.1 million and sold for $28 million with multiple additions to the property, including a screening room, tennis court, and a guest house. Ohana, another one of her Beverly Hills properties, was sold for $36 million, netting the actor a small fortune. Its original purchase price was $13.5 million. Aniston also owns properties in New York City, though she did sell two Manhattan condos for a loss in 2012, proving that real estate definitely has its highs and lows.
Robert De Niro
TODAY — Pictured: Robert De Niro on Wednesday, April 24, 2019 — (Photo by: Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images via Getty Images)
Not only does Robert De Niro own residential properties in New York and London, but the accomplished actor has also invested in commercial properties as well. The industrious businessman is a co-owner of Nobu restaurant, which has locations in Dubai, Los Angeles, New York, Moscow, Monte Carlo, and London. Nobu is not De Niro’s only restaurant venture, as he also owns Tribeca Grill in New York City. De Niro is currently working on the Nobu Beach Inn on the small Caribbean island of Barbuda, which is expected to open in 2023 and feature one- to four-bedroom villas.
Diane Keaton
JIMMY KIMMEL LIVE – “Jimmy Kimmel Live” airs every weeknight at 11:35 p.m. EST and features a diverse lineup of guests that includes celebrities, athletes, musical acts, comedians and human-interest subjects, along with comedy bits and a house band. The guests for Monday, June 12 included Diane Keaton (“AFI Life Achievement Award: A Tribute to Diane Keaton”), Lonzo and LaVar Ball and musical guest Phoenix. (Randy Holmes/Disney General Entertainment Content via Getty Images)
DIANE KEATON
Oscar-winning actress Diane Keaton has an acting career that spans many decades, but she’s also a serious real estate flipper who buys, renovates, and sells homes. Her father, a real estate broker and engineer, was also interested in home renovation, and she may have learned a thing or two from him. Keaton’s homes have often been featured in Architectural Digest, and the actor is known for selling homes to fellow celebrities. Among them being Ryan Murphy, who purchased a Beverly Hills Spanish-Colonial revival from Keaton, and actor Christina Ricci, who purchased the Samuel-Novarro House, a Los Feliz landmark.
Rupert Grint
LONDON, ENGLAND – SEPTEMBER 28: Rupert Grint attends the “Snatch” TV show premiere at BT Tower on September 28, 2017 in London, England. (Photo by Jeff Spicer/Getty Images)
No longer just Harry Potter’s sidekick and best friend Ron Weasley, Rupert Grint is worth millions. The actor has a real estate portfolio worth over $30 million, which can be accredited to his three properties in Hitchin, Luton, and others around England. Following his beloved role in the “Harry Potter” films, the actor hadn’t had the same level of success in the industry, but he’s since developed a knack for purchasing properties in the U.K.
Parts of this story originally appeared on UpNest and was produced and distributed in partnership with Stacker Studio.
‘Million Dollar Listing Los Angeles’ star and luxury real estate agent Josh Flagg weighs in on the life cycle of the booming housing market.
The luxury real estate market is still experiencing exponential demand and “Million Dollar Listing Los Angeles” star Josh Flagg told “The Claman Countdown” that people having extra money to spend is to credit.
“The bottom line is this: There’s a lot of money available,” he said. “People have money and I don’t know where it came from all of a sudden… You think during a pandemic, you know, the last thing you would think that people would be doing is buying real estate. It’s totally counterintuitive.”
Flagg repeated that he does not know where extra cash flow is coming from, but it’s evident that buyers are willing to spend it.
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“It’s incredible,” he said. “And remember, for a minute, the market in New York was down. Remember, right before COVID, it was soft. And then it popped up like crazy.”
According to Flagg, the state of the real estate market is seemingly unpredictable and anyone who argues otherwise is “full of it.”
“There’s no answer,” he said. “I mean — this could stop tomorrow. This could go for another 10 years.”
Since earlier on in the pandemic when urban residents flocked to the suburbs and demand was blatantly urgent, Flagg expressed that not much has changed. Even in his primary market of Beverly Hills, inventory is still low.
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In the last week, Flagg shared that he’s had four showings on a $30 million house which is practically unheard of in that high of a price range.
“I’ve never had four showings on the $30 million house before in my life,” he said. “Because there’s just not that many buyers at that price point… This is why people are having such a hard time getting houses because they’re being outbid left and right.”
‘Mansion Global’ explores Long Island’s luxury real estate listings.
Flagg promoted his new spinoff “Million Dollar Listings Los Angeles: Josh and Josh” which dives into the personal and professional lives of Flagg and real estate partner and former enemy Josh Altman.
“It took us a long time to get together. But now, you know, we’re best of friends,” he said. “We live a couple of blocks from each other. We’re on the phone three times a day. We do tons of business together. And this show is different, I guess, also, from “Million Dollar Listing” because it’s really focused on listings that are outside of Los Angeles.”
