Tag: estate

  • Popular real estate entrepreneur insists US is still suffering through a ‘difficult’ market

    Popular real estate entrepreneur insists US is still suffering through a ‘difficult’ market

    Sunny skies aren’t shining across America’s real estate market just yet, according to one of the nation’s top experts and “Shark Tank” entrepreneurs.

    “No one wants to move and [there are] fewer houses to choose from at higher rates. So it’s difficult for homebuyers,” Corcoran Group founder Barbara Corcoran said on “Mornings with Maria,” Thursday.

    Mortgage rates are moving down “by a fraction of a point,” Corcoran pointed out while reacting to 30-year fixed rates falling to 6.96% – the lowest level in six weeks. As of Thursday, the 15-year fixed loan rate was at 6.21%.

    However, in Corcoran’s view, rates aren’t low enough for sellers to list their homes. Redfin reported in December that more than half (54.5%) of homes on the market had been listed for more than 60 days, with many deemed too expensive by would-be buyers.

    TRUMP WANTS TO FIX THE HOUSING AFFORDABILITY CRISIS: WHAT IT WILL TAKE

    “Mentally, it affects the housing market because people are waiting for very good news and coming down a tenth of a point is not really good news. It went from 7 [percent] to 6.9,” she explained. “Psychologically, that makes a difference, but with interest rates remaining high, what it really causes is fewer houses on the market.”

    Corcoran Group founder Barbara Corcoran shares good and bad news on U.S. housing, on “Mornings with Maria” Thursday. (Getty Images)

    What’s more, the real estate expert doesn’t believe home prices will come down anytime soon.

    “I don’t think it’s in the nature of sellers to be realistic, honestly. Their house is always worth more,” Corcoran argued.

    “I don’t think prices will shake out at all. I think they’ll hold out hoping interest rates will go down again. And what is it to them?” she continued. “It’s another six months. And a lot of the sellers have very low interest rates they don’t want to give up.”

    This current stagnant market was preceded by a flurry of activity driven by high demand during the pandemic, but has significantly slowed as soaring home prices and mortgage rates have led to an ongoing affordability crisis that has pushed homeownership out of reach for many Americans.

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    Some pockets of optimism can be found in the luxury housing market, as Corcoran noted those deals are getting done at double the rate of the national average.

    “I really like the luxury market. I hate to say, I’m very bullish on that, particularly in warm climates. All the rates… are going up almost double the national average. And that’s a pretty good report card.”

    READ MORE FROM FOX BUSINESS

    FOX Business’ Breck Dumas contributed to this report.

  • LA real estate agent reveals No. 1 reason why Pacific Palisades residents won’t return

    LA real estate agent reveals No. 1 reason why Pacific Palisades residents won’t return

    After making a shocking prediction that up to 70% of Pacific Palisades residents won’t return to rebuild and live in their homes, former “Million Dollar Listing” real estate agent Josh Altman is explaining exactly why.

    “They’re not going to not return because they don’t want to return. Of course they want to go back there… They’re not going to return because it’s simple math,” Altman said on “FOX Business Live,” Friday.

    “I don’t believe they’re going to be able to afford to rebuild with most of the people that are heavily underinsured, with the costs of construction, lumber, steel. We’re talking about a $1,000 [per] foot building in the Palisades and in Malibu.”

    Southern California has been grappling with a surge of wildfires since Jan. 7. Over 50,000 acres have been scorched, 28 people have been killed and upwards of 16,000 homes and buildings have been completely lost.

    L.A. CELEBRITY BROKER IS HOLDING WILDFIRE ‘BAD’ APPLES ACCOUNTABLE, URGING THEM TO ‘GET THEIR ACT TOGETHER’

    President Donald Trump declared a national emergency Friday after touring the devastation in Los Angeles with residents who were personally impacted by the disastrous event.

    Former “Million Dollar Listing” star Josh Altman argues that the main reason why up to 70% of Pacific Palisades residents won’t return to their homes is due to expensive insurance and buildings costs, on “FOX Business Live.” (FOXBusiness)

    Early estimates put the total financial loss of the wildfires in the $50 billion range, according to AccuWeather and JPMorgan. Leading up to the fires, several insurance companies either fled, stopped writing new policies or reduced coverage in the Golden State.

    “And that’s on top of getting a construction crew to show up to your site when there’s 16,000 structures that have been burned between houses, schools, commercial spaces. It’s a disaster,” Altman expanded. “That’s what I’m saying, I don’t know that they’ll be able to do it with the insurance.”

    Newsom signed off on a relief package where the state will spend $2.5 billion to help with wildfire recovery. But Altman wants Newsom to take his response a step further by removing bureaucratic roadblocks that make building homes in California timely and costly.

    “The recipe for success is going to be cutting the red tape. Building a house, the process in California, which is just wrapped in red tape, is absolutely impossible: a year to get permits; you’ve got the Coastal Commission, which could be another two years. It’s time for the governor to start cutting the red tape. We got to move forward as a team,” he said.

    “There’s been a lot of ordinances and a lot of things on the state and local level that have to go. The mansion tax, that was the worst tax that was ever passed,” Altman continued. “Get rid of it for all the people who lost their houses. The wildlife ordinance, get rid of it. Start cutting the red tape. That’s how we’re going to get back to being [a] strong Los Angeles.”

    The real estate expert, who spoke ahead of the president’s visit, hoped Trump seeing the devastation with his own eyes would lead to more federal aid and assistance.

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    “You have to see it. I have walked the Palisades, I have walked Malibu. It is way worse in person than you could ever imagine. Hopefully that will open up funding on the federal level.”

    Critical fire conditions waned across the region, Friday, with isolated pockets of rain expected over the weekend. The beneficial rain will peak in coverage Sunday, but could trigger mudslides in burn-scar areas.

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    Fox News’ Stepheny Price and FOX Weather’s Chris Oberholtz contributed to this report.

  • Celebrity real estate agent brings ‘small-town’ Tennessee life roots to big city business

    Celebrity real estate agent brings ‘small-town’ Tennessee life roots to big city business

    Celebrity real estate agent Taylor Middleton has no regrets about leaving her small-town life behind to embrace the fast-paced world of New York City. 

    Middleton, who was raised in Nashville, Tennessee, moved to Manhattan after graduating from Vanderbilt University. Since launching her career in 2013, Middleton, who is starring in Netflix’s new reality series “Selling the City,” has closed over $500 million in luxury real estate sales. 

    During an interview with FOX Business, Middleton recalled her experience when she first relocated to the Big Apple.

    “Growing up in Nashville – and it was such a small town when I grew up there – and then moving to the big city, as they say, as soon as I landed here, it was like, ‘Oh my gosh, I’m with my people,’” Middleton said.

    “Selling the City” star Taylor Middleton left her “small-town” life in Tennessee behind to embrace the fast-paced world of Manhattan’s luxury real estate market. (Netflix / Fox News)

    “People who are go, go, go and so driven and ambitious,” she continued. “And it was very empowering and exciting for me because so much of my community in Nashville – and I love them so much – but so many of my friends were having their second, third, fourth child and were married and living this country club life.” 

    ‘SELLING SUNSET’ PATRIARCH NAVIGATING A REAL ESTATE ‘DEATH KNELL’

    “Which, if I’m being honest and candid, I always – I wanted that for myself,” Middleton added. “And I felt very different and apart from [that]. And so when I came to New York, it felt like, ‘Oh my gosh, everyone is living such independent, different, unique paths and exploring different things.’” 

    “It felt like anything was possible. And so it invigorated me to do more.”

    WATCH: CELEBRITY REAL ESTATE AGENT TAYLOR MIDDLETON REFLECTS ON LEAVING SMALL TOWN TENNESSEE LIFE FOR BIG CITY

    Middleton noted that succeeding in New York was similar to building a winning team in professional football.

    “You can play up or play down to the team that you’re playing against,” she explained. “So when you are surrounding yourself with people who are smarter, better, more successful than you, it just – some people may cave under that pressure. But for me, I really thrive in it because it inspires me to do better.”

    Middleton, who Netflix dubbed “the Southern belle dominating NYC’s luxury real estate scene,” told Fox Business that she originally hadn’t envisioned embarking on a career in the industry. However, she recalled that she had been “obsessed” with real estate from an early age.

    selling the city cast photo

    “Selling the City” is a New York-based spin-off of Netflix’s hit show “Selling Sunset.” (Netflix / Fox News)

    taylor with jordyn and abigail in the office

    The new show follows the professional and personal lives of top-selling agents at the luxury real estate firm Douglas Elliman. (Courtesy of Netflix/© 2024 Netflix Inc. / Fox News)

    “It’s funny because my parents moved around a lot [when I was] growing up in Nashville, and I always thought that they made horrible real estate decisions,” she remembered. “So, literally from the age of 8, I was calling up our real estate broker at [Nashville-based real estate firm] Fridrich and Clark, going, ‘Hey, Whit. Taylor Middleton. I just saw that there’s an open house coming in the paper. And so if you could take my mom and my dad … and he’s calling my parents, like, ‘Are you guys in the market? And they’re like, ‘No, stop taking her calls.’”

    “‘Like, this is ridiculous,” she said with a smile. “So I always was kind of a real estate junkie. But then moving to New York, it wasn’t actually my plan to get into real estate. I kind of fell into it, thankfully and luckily. Just being super naive, thinking, ‘OK, I’ll figure this out, I’ve got this.’”

    Middleton explained that she saw unlimited potential in a real estate career, which appealed to her since she was unable to work for many years due to a long battle with Lyme disease. 

    “I had a lot of lost time to make up for,” she said. “And so not having a ceiling was very compelling, and anything that’s very entrepreneurial, I’ve always loved.”

    WATCH: ‘SELLING THE CITY’ STAR TAYLOR MIDDLETON SAYS SHE WAS ALWAYS A REAL ESTATE JUNKIE

    “Selling the City” is a New York City-based spin-off of Netflix’s mega-hit show “Selling Sunset.” The series follows both the professional and personal lives of the ambitious realtors at the Manhattan branch of the firm Douglas Elliman as they “navigate the cutthroat world of luxury real estate in New York City,” per the streaming network.

    In the show, Middleton candidly opened up about her marital woes and her past struggles with Adderall addiction. While speaking with FOX Business, Middleton explained that her efforts to overcome her substance abuse issues had given her the drive to succeed in New York’s challenging real estate market.

    “Each person’s method is different for cracking the Big Apple,” she said. “And to me, there’s a phrase in recovery that I always stand by where it’s like, ‘Don’t miss the miracle. Don’t give up before the miracle.’ And I think that that’s what sets people apart who make it in New York or who don’t.”

    “And for some people, it’s just not for them,” Middleton continued. “And that’s all respect there, too. But for me, it’s like you just have to keep going — during the markets where you make no money, during the years when you make no money.” 

    “If you have that belief and confidence in yourself, if you just keep going — and the universe is also telling you you’re on the right path — then it’s going to work out.” 

    selling the city jordyn, taylor, jade and gisselle walking down the street

    Middleton is starring in the show alongside seven other agents at Douglas Elliman. (Courtesy of Netflix/© 2024 Netflix Inc. / Fox News)

    Middleton, who numbers celebrities, CEOs and other wealthy individuals among her roster of clients, told FOX Business that she had recently closed her biggest real estate deal to date. The TV personality was part of a development team that sold a Manhattan penthouse for just under $17 million.

    “That was definitely a team effort. I did not do it alone, but that was a big milestone sale for me,” she said.

    FORMER ‘SELLING SUNSET’ STAR WARNS FLORIDA’S HIGH CONDO PRICES TURNING INTO ‘BIG ISSUE’ WITH RETIREES

    While closing transactions with high price tags is always a cause for celebration, Middleton explained that the sales she has found most rewarding were often those she made by establishing strong personal connections with her clients. 

    “It’s not about even the sale number or the deal volume, it’s about the relationship,” she said. 

    the selling the city cast at a work meeting

    The show follows the agents as they “navigate the cutthroat world of luxury real estate in New York City.” (Courtesy of Netflix/© 2024 Netflix Inc. / Fox News)

    Middleton recalled meeting a couple who rented an apartment that she listed during the COVID-19 pandemic. Though she had not represented the pair in that deal, they stayed in touch and reached out to her when they were looking to buy a property in Manhattan.

    “We ended up finding them the most amazing apartment that worked for them and their family, where they started having kids and then their parents ended up getting a pied-à-terre” here in New York,” Middleton said.

    “They’re originally from the South,” she continued. “And so to be able to work with multiple family members on multiple deals, that’s the most rewarding, because you become really ingrained in a part of the fabric of these people’s life decisions. That’s the most rewarding part, where people feel comfortable enough with you that they refer you to family and friends.”

    eleanoria and taylor in nyc

    Eleonara Srugo recruited Middleton to join Douglas Elliman. (Courtesy of Netflix/© 2024 Netflix Inc. / Fox News)

    In addition to Middleton, the “Selling the City” cast consists of seven other Douglas Elliman real estate agents, including team leader Eleonara Srugo. Srugo, who has drawn comparisons to “Selling Sunset” patriarch Jason Oppenheim, executed Douglas Elliman’s biggest real estate deal of 2023 after selling a $75 million listing. 

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    The New York native is ranked among the top-selling real estate agents by sales volume nationwide, according to her biography on Douglas Elliman’s website.

    During her interview with FOX Business, Middleton recalled that she was working at another firm before Srugo recruited her to Douglas Elliman. She hadn’t anticipated that her new gig would lead to reality TV fame, but she jumped at the opportunity to be part of the series when it came along.

    “I joined [Srugo’s] team and then from there, all of a sudden, this show is coming about, and it was just kind of like, ‘OK, I’ll take both,’” Middleton said with a laugh.

    WATCH: ‘SELLING THE CITY’ STAR TAYLOR MIDDLETON SHARES HER SECRET TO CRACKING NEW YORK’S LUXURY REAL ESTATE MARKET

    cast photo of selling the city

    “Selling the City” is currently streaming on Netflix. (Courtesy of Netflix/© 2024 Netflix Inc. / Fox News)

    Though she noted that starring in a reality show was uncharted territory for her, Middleton told Fox Business that being part of “Selling the City” was “amazing.”

    “It was such a great experience,” she said. “But it’s like the wild, wild West. There’s no manual for how to do it and how to balance it all — all the personalities and everything like that. Overall, 95% of it, I would do it again in a heartbeat. It was fantastic.” 

    “I feel like I learned so much about myself, and it was really fun, and it’s cool to be able to share your story, your professional life,” she continued. “It’s a highlight reel.”

    “It was very positive.”

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  • Trump administration ‘uniquely qualified’ to solve housing problem, real estate expert says

    Trump administration ‘uniquely qualified’ to solve housing problem, real estate expert says

    The key to America’s housing problem may lie within the Trump administration, according to one real estate expert. 

    Larry Connor, The Connor Group founder and managing partner, explained how the new administration could tackle the persistent problems plaguing the housing industry during his appearance on “FOX Business Live,” Thursday.

    “The reality is, across America we have an affordable housing problem, in some cases [a] crisis. You can solve it. I think the Trump administration is uniquely qualified to do so,” he expressed.

    Connor said the first step in solving the country’s housing issue is through “common sense regulations.”

    “You can’t have 30 or 40% of your total costs in permits and red tape,” he stressed.

    LOOKING TO BUY YOUR FIRST HOME? THESE MARKETS ARE YOUR BEST BET IN 2025

    On Wednesday, President Donald Trump issued an emergency order directing the heads of all executive departments and agencies to “deliver emergency price relief,” which he emphasized would include lowering the cost of housing and expanding supply.

    The Trump administration cited regulatory requirements as a main driver behind why so many Americans are unable to purchase homes. In his first term, Trump reduced regulatory costs by almost $11,000 per household, the White House said in a fact sheet. 

    Despite being against the tight regulations restricting growth in the housing sector, Connor suggested putting “tight regulations” on developers, “in terms of the quality of the build and the quality of how they maintain them.”

    “You can’t ask a developer to spend $70 million building this affordable housing. And when they finish, it’s worth 65 million,” he argued.

    HOW EXTREME WEATHER, HIGH HOME PRICES COULD AFFECT THE 2025 HOUSING MARKET

    “The economics have to work,” Connor told FOX Business’ Cheryl Casone.

    The Connor Group founder continued, arguing that the next step in curing the affordable housing market is by creating low-interest rate loans at the federal level.

    Trump echoed that sentiment during his remarks at the World Economic Forum on Thursday, arguing that he’ll “demand that interest rates drop immediately” and that they “should be dropping all over the world.”

    Finally, the last effort to combat the problem, Connor said, is through tax credits.

    “You do all those. You unleash the full power of the free enterprise system,” he explained.

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    FOX Business’ Daniella Genovese contributed to this report.

  • Barron Trump business partner clarifies future of luxury real estate venture

    Barron Trump business partner clarifies future of luxury real estate venture

    A luxury real estate venture that Barron Trump, the youngest son of President Donald Trump, was part of will not be relaunched, one of his partners in the project said. 

    The New York Post initially reported that the younger Trump planned to launch Trump, Fulcher & Roxburgh Capital Inc. with two business partners, Carter Fulcher, and Cameron Roxburgh, his former high school classmate.

    The company was incorporated in the state of Wyoming on July 15, 2024, according to business filings reviewed by FOX Business. The filings show the company was then dissolved shortly after the election on Nov. 14, 2024.

    “As of now, the company will not be relaunched,” Roxburgh told FOX Business. 

    SEE IT: BUSINESS LEADERS AT TRUMP’S INAUGURATION

    Barron Trump, son of President Donald Trump, appears during a campaign event at Trump National Doral Golf Club in Miami on July 9, 2024. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)

    The company was reportedly planning to primarily focus on high-end real estate projects, including golf courses and properties in Utah, Arizona and Idaho.

    The venture was listed in Mar-a-Lago in Palm Beach, Florida, as its principal address, according to business records.

    Roxburgh previously told Newsweek that the venture was briefly paused to avoid election-related media attention. However, when FOX Business reached Roxburgh for comment, he said the company will not be relaunched. 

    PRESIDENT DONALD J. TRUMP, VICE PRESIDENT JD VANCE OFFICIALLY SWORN INTO OFFICE

    Trump building

    The Trump Building at 40 Wall Street in the Financial District of New York is seen on Feb. 22, 2024. (Getty Images / Fox News)

    Fulcher, a luxury real estate expert whose family runs a prominent real estate firm in Idaho, was the third partner in the venture. Fulcher is also the cousin of U.S. Rep. Russ Fulcher, an Idaho Republican who was not involved in the venture, a spokesperson for his office told FOX Business. 

    FOX Business has reached out to Carter Fulcher for comment. 

    President Trump followed in his father’s footsteps when he took over his residential real estate company in 1971, which came before he launched multiple Trump luxury high-rise buildings, hotels and casinos and solidified the Trump brand.

    Trump hotel outside view

    Construction work on the Trump International Hotel on Pennsylvania Avenue in Washington, D.C., continues as the hotel prepares to open to the public on Sept. 12, 2016. (Bill Clark/CQ Roll Call / Fox News)

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    Days before the younger Trump incorporated his venture, his half-brother, Eric Trump, also incorporated ET Talks LLC.