Royal Caribbean y Princess Cruises prueban a los pasajeros para detectar el coronavirus

Royal Caribbean y Princess Cruises prueban a los pasajeros para detectar el coronavirus

Un barco de Princess Cruises está bajo una cuarentena de 14 días después de que 61 pasajeros dieran positivo en la prueba del coronavirus.

Por Redacción Miami Diario

Al menos 11 de los pacientes son estadounidenses. Fueron vistos siendo escoltados fuera del barco bajo una fuerte cuarentena. Cerca de 3.700 personas están confinadas a bordo del Diamond Princess que está atracado en el puerto de Yokohama.

Princess Cruises es propiedad de Carnival Corporation & plc, con sede en Miami.

En una serie de tweets, la línea de cruceros dijo que están haciendo lo que pueden para ayudar a los que están a bordo del barco.

La empresa Royal Caribbean, con sede en Doral, publicó una declaración diciendo que están «monitoreando de cerca el desarrollo del coronavirus».

«Al igual que las aerolíneas, estamos participando en elevados niveles de detección de huéspedes para comprobar la propagación del coronavirus. Estamos monitoreando de cerca los desarrollos relacionados con el coronavirus y tenemos rigurosos protocolos médicos a bordo de nuestros barcos», dijo la línea de cruceros en una declaración.» Seguimos trabajando en estrecha consulta con el CDC, la OMS y las autoridades sanitarias locales para alinearnos con su orientación y asegurar la salud y el bienestar de nuestros huéspedes y la tripulación».

Más de veinte ciudadanos chinos a bordo del Anthem of the Seas, atracado en Bayonne, Nueva Jersey, están siendo examinados para detectar el virus de la Coronación por funcionarios del Centro de Control de Enfermedades y otros organismos.

Un pasajero, un ciudadano chino con residencia permanente en el Reino Unido, dijo que fue puesto en aislamiento con otros pasajeros sobre la base de la ciudadanía, aunque dice que no había visitado China en tres años.

«En realidad me puso en riesgo porque no he estado en China en el último mes, y si algún pasajero ha estado en China, puede infectarme también. Me siento un poco en riesgo», dijo Jim Yan.

La Autoridad Portuaria de Nueva York y Nueva Jersey hace hincapié en que no han mostrado ningún síntoma. Las pruebas se están haciendo con mucha precaución.

No se han reportado casos del virus de la Corona a bordo del Himno de los Mares en este momento.

El barco Royal Caribbean viajó desde el Caribe y atracó alrededor de las 6 a.m. del viernes.

Hay más de 30.000 casos confirmados de coronavirus en todo el mundo, y el número de muertes en China es de al menos 600.

Uno de los primeros médicos en dar la alarma sobre el virus ha muerto a causa de la enfermedad. El Dr. Li Wenliang, de 34 años, fue supuestamente amenazado por el gobierno después de expresar su preocupación.

Fuente: CBS Miami

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La entrada Royal Caribbean y Princess Cruises prueban a los pasajeros para detectar el coronavirus se publicó primero en Miami Diario.

Miami board backs lower income limit for workforce housing

Miami board backs lower income limit for workforce housing

Miami commissioner Manolo Reyes (Credit: Facebook and iStock)

Miami commissioner Manolo Reyes (Credit: Facebook and iStock)

The Miami Planning Zoning & Appeals Board is backing a proposed rule that will lower income requirements for workforce housing units, a move that may irk developers.

The legislation could dissuade developers from constructing projects with workforce or affordable housing units, Mike Llorente, a lobbyist representing property owners in the Omni area, warned board members before the Wednesday evening vote.

“The effect of the item is complicated and far reaching and potentially disastrous,” he said.

The measure, proposed by Miami commissioner Manolo Reyes, would mean that developers seeking zoning bonuses can no longer set aside units that are affordable to individuals, couples, or households making 120 percent or 140 percent of the county’s area median income, which is currently set at $51,800. The new rule would lower that requirement to 100 percent of the county’s median income.

Until now, under Housing and Urban Development guidelines, developers seeking zoning bonuses or subsidies in exchange for providing workforce housing can set aside efficiencies to five-bedroom units charging $1,587 and $2,901 a month for households making 120 percent of the area median income. For those earning 140 percent of the median income, developers can charge rents between $1,851 and $3,384 a month.

According to current HUD guidelines for Miami-Dade, individuals making $63,480 a year; couples earning $72,480 a year; and households of four receiving $90,600 a year fall into the 120 percent bracket. Within the 140 percent category are individuals making $74,060 a year, couples earning $84,560 a year, and households of four earning $105,700.

In past workshops hosted by the planning board, land use attorneys argued that apartment developers pursuing affordable or workforce housing incentives depend on units reserved for households earning 140 percent for financing.

At Wednesday’s meeting, Llorente said “many deals will fall apart” if the legislation is passed.

Jeremy Calleros Gauger, deputy director of the Miami Planning and Zoning Department, said the new code could have “a potentially negative outcome” for developers of smaller apartment buildings who offer units for individuals and households ranging from 60 percent to 140 percent the area median income.

However, board member Andy Parrish said that in many Miami neighborhoods, the median income is really closer to $30,000 a year. “In other parts of the city, they’re getting evicted because they can’t pay $600 a month,” Parrish said, adding: “What I have seen over and over, in places like Little Haiti and Allapattah [is] that inclusionary zoning… is not serving the people being displaced.”

Florida International University’s affordable housing master plan came to similar conclusions, stating that the median household income for Miami renters was only $28,650 a year. The report also said that 57 percent of households in the city pay more than 30 percent of their income on housing costs, and that 1,286 affordable units a year were being lost due to rising property values.

The planning board voted 7 to 3 to endorse the plan, with board members Aaron Zeigler, Chris Collins, and Aaron Zeigler voting no. The proposed ordinance could be heard by the Miami City Commission as early as next Thursday.

The post Miami board backs lower income limit for workforce housing appeared first on The Real Deal Miami.

Warren Buffett’s grandson and the art of Opportunity Zone social impact investing

Howard W. Buffett (Credit: Getty Images)

Howard W. Buffett created a software tool to measure an Opportunity Zone’s social and environmental impact. (Credit: Getty Images)

The grandson of legendary investor and billionaire Warren Buffett is getting into Opportunity Zones, but in an unusual way.

Howard W. Buffett is rolling out a software tool that measures an Opportunity Zone investment’s potential social, environmental and economic impact. Through his advisory firm, Global Impact, Buffett developed the software, “Impact Rate of Return,” with financial technology company NES Financial.

The project comes at a time when the federal Opportunity Zone program is under investigation by the Treasury Department into allegations it has provided a windfall for wealthy developers looking to build luxury real estate projects. The program’s intent was to spur development in thousands of distressed areas across the country.

So far, the Opportunity Zone legislation does not have a standard to judge whether a project in a designated zone is actually creating jobs or investment in the community, which has been a center point of the criticism. In his State of the Union address on Tuesday, President Trump sidestepped the investigation, and hailed the program as an unqualified success.

Buffett’s reporting tool, according to the firm, tracks an Opportunity Zone project’s location, development type, census tract and investment size, then tabulates the data into one number.

Buffett is rolling out the software across 67 Opportunity Zone investment funds.

Buffett, 36 and an associate professor of international and public affairs at Columbia University, said in a statement that he hopes the software “will ensure that funds achieve their impact objectives in communities where they’re needed most.”

Reid Thomas at NES Financial, said “investors increasingly care about the impacts that their investments make.”

Once a niche submarket, social impact investing or “do-good” investing has taken off in recent years. Goldman Sachs is pledging $750 billion over 10 years to invest in sustainable finance, which includes clean energy and access to health care. Some of the same investors, like Goldman, are also investing heavily in Opportunity Zones or setting up funds north of $500 million.

The Opportunity Zones program allows investors or real estate developers the ability to defer or forgo paying capital gains taxes by investing in one of the 8,700 designated Opportunity Zones. The biggest tax break comes to investors who hold their investment in the Opportunity Zone for at least 10 years.

Over the past year, the program has also been mired in controversy after reports showed how wealthy developers lobbied for certain U.S. census tracts to be included as Opportunity Zones. In one example, a 700-acre industrial development in Nevada — part-owned by billionaire financier Michael Milken — became eligible for a tax break after the Treasury Department overrode its own rules to designate the area as an Opportunity Zone.

The scrutiny, however, is not scaring off investor interest. Opportunity Zones investment has surged in recent months thanks in part to the government’s release of its final set of regulations meant to provide investors and developers with more clarity. Close to $2.3 billion was put into Opportunity Zone funds between early December and early January, according to a survey from accounting firm Novogradac, a 51 percent increase over the prior month.

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West Dade Center : ¿Buscas un nuevo empleo? ¡Acá está la oferta que buscas!

West Dade Center : ¿Buscas un nuevo empleo? ¡Acá está la oferta que buscas!

Estamos en Febrero un mes muy especial en el que se le rinde homenaje a la amistad y el West Dade Center quiere celebrarlo con ustedes brindándoles una mano amiga que los ayudará a mejorar sus vidas y las de los miembros de sus familias.

Por María Elena Anderson

Tenemos varios reclutamietos y muchos de ellos se mantendrán todo el mes para que las personas interesadas puedan acudir y conseguir el empleo que estaban buscando.

Es muy importante tener claro lo siguiente:

  • Las posiciones que estan “On Going” son aquellas que se mantendrán dos semanas aceptando aplicaciones.
  • Las que tienen una fecha señalada significa que solo esos días tendrán la oportunidad de aplicar para los empleos.

También tenemos una gran base de datos donde podrán encontrar muchas otras posiciones que los empleadores tienen abiertas y que no están publicadas aquí, por eso es importante que nos visiten lo más pronto posible para que puedan coversar con nuestros representantes y recibir toda la información y el asesoramiento profesional que necesitan para obtener un empleo que les permita mejorar vuestra economía.

No olviden que también tenemos un excelente programa de estudios y que lo pueden recibir hasta completamente gratis de acuerdo a sus ingresos.

Aprovechen estas oportunidades que le ofrece el West Dade center y demuéstrenles a sus seres queridos cuanto los aman brindándoles mejores condiciones de vida,

West Dade Center el mejor amigo de la comunidad.

WEST  DADE  CENTER

8485 SW 40TH STREET 2ND Floor Miami FL 33155

PH: (305) 228-2300  –   Fax: (305) 305-228-2327

  • Contact: Maria Chevalier  –  February 6 & 7

Customer Service Representative                           Miami                                      $15.33 / hr

Food & Beverage Supervisor                                  Miami                                      $13.50 / hr

Food & Beverage Server                                          Miami                                      $10.00 / hr

  • Contact: Alejandro Soltura  –   February 7

Warehouse Shipping and Material Handler              Doral                                       $11.00 / hr

Laminator                                                                         Medley                                    $11.50 – $12.00 / hr

Stockroom Supervisor                                                    Medley                                    $50,000 – $60,000 / yr

Sales Associate                                                                 Miami                                      $9.00 / hr

Tent Installer                                                                   Doral                                        $10.00 / hr

Delivery Assistant                                                           Doral                                        $10.00 / hr

Warehouse Assistant                                                     Doral                                        $9.75 / hr

  • Contact: Linabel Martinez  –  On Going

Telemarketer                                                             Miami                                      $9.00 – $15.00 + Commission

Product Specialist                                                     Kendall                                   Base Salary + Commission

Part Specialist                                                           Kendall                                   $800.00 / wk + Commission

Administrative Assistant                                        Kendall                                   $11.00 + Benefits

General Cleaner                                                        Miami                                      $8.50 -$9.00 / hr

Hertz Car Wash Attendee                                       Miami                                      $10.00 / hr

Rewinder Operator                                                  Doral                                       $14.00 / hr

Quality Inspector                                                     Doral                                       $14.00 / hr

Stockroom Clerk                                                      Miami                                     $13.00 – $14.00 / hr DOB

  • Contact: Monica Daes  –  On Going   

Utility Maintenance Clerk                                          Miami                                      $10.00 / hr

Receptionist                                                                   Miami                                      $12.00 / hr

Warehouse Associate                                                   Miami                                      $12.00 – $14.00 / hr

Medical Assistant                                                          Miami                                      $14.00 – $18.00 / hr

Call Center Representative                                         Miami                                      $14.00 / hr

Cocktail Server                                                              Miami Downtown                   Depending on experience

Maintenance Engineer                                                Miami Downtown                   Depending on experience Executive Lounge Attendants                                                                     Miami Downtown                   Depending on experience

Front Desk Agent                                                         Miami Downtown                   Depending on experience

Guestroom Attendants                                                Miami Downtown                   Depending on experience

Host / Hostess                                                              Miami Downtown                   Depending on experience

Bartender                                                                       Miami Downtown                   Depending on experience

Breakfast Cook                                                             Miami Downtown                   Depending on experience

Banquet Houseperson                                                Miami Downtown                   Depending on experience

On Call Banquet Server                                              Miami Downtown                   Depending on experience

Banquet Cook                                                                Miami Downtown                   Depending on experience

Lobby Attendant                                                          Miami Downtown                   Depending on experience

Laundry Attendant                                                      Miami Downtown                   Depending on experience

Pool Attendant                                                             Miami Downtown                   Depending on experience

Restaurant Supervisor                                                Miami Downtown                   Depending on experience

Security Officer                                                            Miami Downtown                   Depending on experience

PBX Operator                                                               Miami Downtown                   Depending on experience

  • Contact: Mario Sanchez Fernandez  –  On Going

Security Guard                                                          Miami                                      $10.00 / hr

  • Contact: Miriam Fernandez  –  On Going

Housekeeper                                                             Miami                                      $12.00 – $13.00 / hr

Groundskeeper                                                         Miami                                      $12.00 – $13.00 / hr

Prep Cook                                                                 Miami                                      $11.00 – $13.00 / hr

Dishwasher                                                               Miami                                      $11.00 – $12.00 / hr

 

 

 

La entrada West Dade Center : ¿Buscas un nuevo empleo? ¡Acá está la oferta que buscas! se publicó primero en Miami Diario.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Landing CEO & founder Bill Smith and one of Landing’s apartments at 30 E. Adams St.

Landing, a San Francisco-based apartment leasing platform, has raised $20 million in a funding round as it expands to three new cities, including Chicago.

Greycroft led the $20 million Series A funding round, with participation from Maveron and Abstract Ventures. The $30 million total also includes a $10 million debt facility.

The company started with $15 million from CEO and founder Bill Smith in June, bringing the total to $35 million in funding so far.

Landing offers long-term yet flexible membership-based leasing across its network of fully-furnished studio, one- and two-bedroom apartments. Annual memberships cost $199, in addition to monthly rent.

In the company’s early days, it signed leases with building owners, furnished the units, and then sublet them to tenants. Now it’s partnering with building owners under more of a management model and sharing revenue with them.

When it publicly launched in November, Landing started in six cities: Austin; Birmingham, Alabama; Los Angeles; Nashville; New York; and San Francisco. Now it’s available in nine cities with the expansion into Chicago, Washington, D.C. and Boston.

Landing typically focuses on newer Class A buildings in urban markets.

In Chicago, it’s currently offering units in five buildings in the River North and the Central, West and South Loops, with monthly rents starting at more than $2,000, according to the website. The buildings are Cedar Street Companies’ Alfred at 30 E. Adams Street, Russland Capital Group’s 1407 Michigan Avenue, MetLife’s 215 West Washington, Cedar Street’s Ardus at 676 N. LaSalle Drive, and LaSalle Investment Management’s JeffJack Apartments at 601 W. Jackson Blvd.

With the infusion of capital, Landing plans to grow its presence to 30 cities by the end of 2020.

Chicago has been a hotbed for real estate technology startups in recent years. Several of those prop tech companies even started in Chicago, including property management system Livly, which was launched nearly a year ago by Cedar Street Companies and Flats Chicago founder Alex Samoylovich.

Other firms like master lease co-living startup Bungalow, which is also based in San Francisco and provides a similar product, have also expanded in Chicago. Shortly after raising $14 million in a Series A funding round, Bungalow choose Chicago as its eighth market at the end of 2018.

The post Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago appeared first on The Real Deal Miami.

The squeeze on resi brokerages is forcing consolidation, cooperation

(Illustration by Dave Murray)

Corcoran is consolidating. Compass is making lay offs. Residential firms are going lean.

Call it a sign of the times that these days brokerage executives show off their smarts by pulling out financial statements and reviewing expenses line by line.

“Everybody is doing that right now,” said Steve Murray, president of Real Trends, which analyzes brokerage valuations. The question is whether they’re making the right choices on where to save versus splurge.

Murray recalled one client, a firm that brings in $30 million in annual revenue, uncovering $400,000 in expenses it could effortlessly cut. For others — particularly in New York City, where one firm’s cut can quickly become another firm’s gain — it’s more complicated.

Rivalries have intensified over the past year, and a string of aggravating factors have combined to ratchet up the pressure on New York’s top residential firms.

Amid an already troubled luxury market, 2019 was also the first year that the federal tax overhaul’s cap on state and local tax deductions was truly felt, leading to a slow but steady exodus of high-net-worth buyers to lower-tax states like Florida.

Meanwhile, New York lawmakers are determined to impose new taxes on high-end home sales and limit the fees brokers can charge. Though the industry has rallied in response, whether the brokerage community can sustain a united front against challenges from City Hall and Albany remains an open question — particularly in light of the firms’ previous failure to come together to confront the city’s de facto consumer-facing multiple listings system, StreetEasy.

Though some midsized brokerages contend they may have suffered the most from the lack of any common ground in such a cutthroat market, the past year also dealt body blows to the three largest players.

Corcoran is now consolidating with Citi Habitats, the rental-focused brokerage it bought in 2004, in a move that will allow it to close some offices.

Meanwhile, at Douglas Elliman, net income for the brokerage tanked a stunning 81 percent in the third quarter of last year, leading Elliman’s parent, Vector Group, to announce that it would slash its dividend starting in 2020.

Compass, which has raised $1.5 billion over the past eight years, has also been feeling the heat following the implosion of WeWork, with whom the brokerage shares a major backer, SoftBank Group. The Japanese investment fund’s troubles with its infamous coworking unicorn has put Compass’ own path to profitability under a microscope, and the fast-growing, free-spending firm has started laying off workers.

The business of residential real estate in New York City has always been a dog-eat-dog world, but with the luxury market slumping, the dogs are hungrier than usual — and the fights increasingly fierce.

“It’s never been worse,” said Shaun Osher, the founder of boutique brokerage, CORE Real Estate. “You’ve got the large firms suing each other, out to get each other, acting immorally, unethically. It seems as if all goodwill has been thrown out.”

Broken business?

The challenges facing the brokerage industry go beyond the troubles in New York. Big national firms like Elliman, Compass and Realogy are reacting to pressures being felt coast to coast.

“If nobody is making any money, then something has to change,” said Anthony Paolone, an analyst at JPMorgan Chase who covers Realogy. “The market has to find a place where it can function and operate.”

Realogy, the country’s largest brokerage conglomerate, has spent the past year closing offices and combining teams nationwide, as well as selling off businesses to cut cost and service $3.5 billion in debt as losses mount. The holding company’s third quarter 2019 earnings revealed it lost $69 million, compared with 2018’s net income of $104 million over the same period — a drop it attributed to the write-down in value of its NRT business, which includes Corcoran.

But Corcoran president and CEO Pamela Liebman said the consolidation with Citi Habitats is not a cost-cutting measure imposed by NRT.

“Gary [Malin, Citi Habitats president] and I orchestrated this — this is not Realogy,” she said. “We want to have a larger footprint, and this is part of our long-term growth strategy.”

Still, even as a bid to boost head count and market share — giving Corcoran a combined 2,420 agents responsible for $7 billion in annual sales and 22,000 rental transactions last year — the move shows the brokerage’s need to adapt to increasing pressures affecting its home market and its national parent.

Corcoran also suffered a data breach last fall that laid bare compensation figures that firms go to great lengths to keep under wraps — a disclosure that made the increasingly cutthroat competition for agents even more fraught, especially with notoriously aggressive recruiter Compass.

In a lawsuit filed last July, Realogy accused Compass of price-fixing, “predatory” agent poaching and other “illegal schemes to gain market share at all costs and to damage, or even eliminate, competition.”

But the venture-backed firm’s growth-at-all-cost business model that has caused such consternation might have hit a wall, as Compass recently announced it is laying off 40 employees nationwide across its IT, marketing and M&A teams.

The cuts punctuate the end of a period of massive growth for Compass, which in 2017 announced an ambitious plan to seize 20 percent market share in 20 major U.S. cities by 2020. But late last year, CEO Robert Reffkin conceded in a companywide letter that Compass had fallen well short of that target with market share closer to 10 percent in most of the cities it targeted.

At latest count, the company has 18,000 agents and staff across the U.S., but its mad dash for growth might be coming to an end.

“It’s going to be harder for Compass to continue at the pace they’ve been going,” Murray said. “Because the industry has now reacted.”

He pointed to rising commission splits as one example of firms reacting to Compass.

Murray said his firm, which has worked on acquisitions with Compass in the past, had expected the firm to buy more than 10 additional brokerages, but none of those transactions came to fruition.

“My guess is they are focused more on when and how are [they] going to get profitability,” Murray said.

In May, Elliman declared it would embark on cost-cutting similar to 2008 and 2009 in the face of ballooning losses in gross commission income in New York City — a situation made worse by new taxes imposed by Albany last summer. By the end of the year, Elliman’s publicly traded parent announced it would halve its quarterly dividend starting this year and eliminate its annual dividend altogether.

After years of relative stability, Vector’s stock plunged by more than half in the first half of 2019, and its third-quarter net income dropped my more than 80 percent.

On the November earnings call when Vector CEO Howard Lorber announced the dividend cuts, he was optimistic that Elliman’s business would turn around, provided there are no further legislative shocks.

“Look, I think we’ve somewhat survived,” he said, pointing to the cap of the SALT deduction in 2018 and the mansion and transfer tax hikes introduced by New York State last year. “And if nothing else happens, with some cost cutting and so forth, we’re going to be more profitable going forward.”

Abating taxes

The chance that “nothing else happens” in Albany or City Hall this year seems slim, however, if the real estate industry doesn’t find a way to come together to have a political impact.

Last year the industry was hit with multiple tax increases and state laws making condo conversions more difficult. And more tax hikes are on the table this year — including a pied-à-terre tax on nonprimary homes.

“I was personally caught off guard,” said Diane Ramirez, the chief executive at Halstead. “We’ve always counted on other people being our voice … but it’s at a point now where every one of us needs to be a voice and speak out about what’s good for this city.”

Ramirez, who also chairs the Real Estate Board of New York’s residential brokerage board of directors, said Halstead has established a task force to evaluate lobbying and organizing efforts on a case-by-case basis so the firm’s leadership and agents aren’t caught unawares going forward.

REBNY has also been trying new ways to better organize and mobilize for residential brokerage interests.

Last June, just days after Albany passed the new rent laws, hundreds of agents showed up at City Hall to protest a bill that could curtail their commission on rental transactions where they represented an owner. REBNY had set up meetings and calls with lawmakers in the lead up to the public hearing. A few firms even closed their offices to encourage agents to turn up at City Hall, and even big-shot executives at the city’s largest firms came down from their Midtown eyries to join the fight.

“I’m not a protester, but I certainly speak my mind when it’s called for,” said Steven James, Elliman’s New York President and CEO. He stood on City Hall’s steps all day and described the event’s “huge” turnout as proof of “just how strong this community can be, you know, when they’re riled up.”

The bill at issue that day has languished in committee ever since, but to see similar success against other legislative threats, the brokerage community will have to do more than get “riled up” — it will have to get organized.

And time is running out. Progressive legislators in Albany have made it clear that the dreaded pied-à-terre tax is back on the agenda this year.

Other organizing efforts include the New York Residential Agent Continuum, founded by Compass and Sotheby’s agents in late 2018. That group has now hired its own lobbyist to advocate for residential agents.

Brokerages Brown Harris Stevens and Halstead are also working on an effort to organize and mobilize high-end homeowners. Liebman said Corcoran is also part of the initiative and that she has been making calls urging other firms to join the effort.

“Everybody sees the potential writing on the wall and wants to rely on each other to join forces in this political fight,” she said.

“No one person can do this alone,” Ramirez agreed. “REBNY can’t do it alone either.”

REBNY president Jim Whelan said the group is working “collaboratively” with these other groups and rejected any suggestion of a turf war. “People want to sort of portray this as a source of conflict, but it’s not,” he said. “What matters is the end goals that we’re all seeking to achieve.”

Road to StreetEasy

There’s no better symbol of the damage factionalism can do to the brokerage business as a whole than the sector’s failure to come together to confront New York’s de facto multiple listings service, StreetEasy.

The platform, owned by Zillow Group, took the industry by storm after the brokerages gave up on an effort to create their own centralized listings system. And since then, StreetEasy’s relentless expansion of its fee-based advertising has led many brokerages, especially midsized firms, to hope that a coordinated effort can be revived.

Warburg CEO Frederick Peters said  the lesson from StreetEasy is that, despite a handful of firms holding a large number of listings, previously no one company ever had “so much market power that they could control the way information was handled without uniting with the rest of the community.”

But companies sitting on those other big piles of listings have been more reluctant than others to unite. “Certainly it’s taken a long while for several of the larger firms to really understand that,” Peters said.

Back at the turn of the century — long before StreetEasy — there was an effort to create a public-facing MLS through REBNY, but those plans were abandoned when the larger firms balked at sharing their listings, clearing the way for StreetEasy to fill the void and leading many firms to  blame Elliman and Corcoran for scuttling the initiative — a charge both firms resist.

Liebman said that, after the first attempt in the early aughts, “it became such a battle with the small and the midsized firms fighting Corcoran and Elliman that we just said fine, forget it.”

She also said that calls for Corcoran to lead a charge against StreetEasy were unrealistic since such a concerted campaign would leave the firm open to antitrust charges.

“Going forward, I can only make a decision for my firm,” she said. “They probably want us to stand up and say Corcoran is leaving third party platforms and you should all follow. But that’s never going to happen. … I’m not going to jail.”

But even Compass — not known for fostering unity among brokerages — has called for greater cooperation on listings.

“I just find it to be frustrating and head-scratching,” said Rory Golod, who leads the brokerage’s New York region. “We can do just about anything possible … but we can’t provide our agents with timely data.”

Golod said Compass would financially support any initiative to create a unified MLS, saying it would be the best thing for consumers and agents.

“We have always been in favor of working together to create a better overall [industry], and I’m still willing to do that,” he said.

Others doubt the possibility of any real cooperation among brokerages.

“We’re trying to come together and take down StreetEasy. It’s not going to go anywhere,” said Eddie Shapiro of Nest Seekers International. Even when brokerage leaders sit down to talk about a problem they supposedly agree on, “the minute you walk out, everyone’s looking to stab each other in the back.”

Money talks

Brokerages may not be able to get together on much, but something they are all on the same page about in this high-pressure environment is cost-cutting.

Early last year, Realogy — the parent company of the Corcoran Group and Sotheby’s International Realty — announced it needed to trim $70 million from its 2019 expenses.

Sotheby’s CEO Philip White said that while most of those savings will be captured “behind the scenes” with major vendor contractors, his firm found some savings by collapsing the two management teams that used to run Sotheby’s franchise business and company-owned brokerage into one.

Liebman conceded that the Citi Habitats merger will realize some savings, notably from shuttering several Citi Habitats offices in Manhattan and Brooklyn, but she said that wasn’t a factor in the decision.

Warburg Realty shuttered one of its offices and acknowledged it was a response to pressures on profits.

“What was always a narrow-margin business has become a razor-thin [margin] business,” Peters said.

Bond New York also closed an office before announcing the acquisition of a 56-agent firm, Caliber. The latter said it wanted to reinforce itself due to “recent changes in the market.”

Similarly, boutique family firm Stribling & Associates was gobbled up by Compass last spring in what former president EA Stribling-Kivlan — now senior managing director of real estate at Compass — described as a situation where “the train was leaving the station.”

Meanwhile, BHS sent a handful of longtime executives packing in an internal shakeup to make room for the firm to invest more in marketing and technology. “We’re a business that likes to make a profit, to pay bills, etc.,” CEO Bess Freedman said.

Compass had long appeared to float above questions of profitability on its deep cushion of VC money. But last month’s round of layoffs seemed to bring the company back down to earth.

“Something changed in the ecosystem, and I think it’s the investor focus on profitability,” Realogy’s CEO Ryan Schneider said on a November earnings call.

Shapiro said all firms are feeling pressure to justify expenses.

“I think we’re coming to a new era where accountability is coming to the forefront,” he said, speaking generally and not particularly about Compass.

But Shapiro said that venture capitalists pouring money into brokerages like Compass and midsized Triplemint — which raised $17 million over the past several years — undermines the sector across the board.

“The industry has always been competitive, but there was almost an order to the madness,” Shapiro said. “But the past few years [external investors] created so much chaos, and it didn’t benefit anyone — it didn’t even benefit them.”

The influx of capital raised the cost of doing business for everyone and increased the need to show a profit, making consolidation and cost-cutting inevitable.

“Every 10 or 15 years there’s some consolidation,” he said. “It’s kind of a race to the bottom.”

Editor’s note: The story has been revised from the print version to more accurately describe EA Stribling-Kivlan’s role at Compass.

KIPPing It Under the Stars Presents The Lion King (2019)

KIPPing It Under the Stars Presents The Lion King (2019)

Friday, February 7, 2020
KIPP Miami, a national nonprofit network of public-charter schools with schools in Liberty City and West Little River, will be hosting a free, family movie night featu…

El presidente Donald Trump y su homólogo Juan Guaidó se reúnen en la Casa Blanca

El presidente Donald Trump y su homólogo Juan Guaidó se reúnen en la Casa Blanca

El presidente de Estados Unidos, Donald Trump, recibió en la Casa Blanca al presidente (e) de Venezuela, Juan Guaidó, para hablar sobre la situación actual del país y las últimas acciones del régimen de Nicolás Maduro.

Por Redacción Miami Diario

El ejecutivo estadounidense desplegó la guardia de honor para la llegada del presidente interino, que arribó en una camioneta negra. Los medios de comunicación se encuentran en la sala de prensa de la Casa Blanca, mientras los presidentes Trump y Guaidó se encuentran conversando en la oficina oval.

Juan Guaidó se reunió con Mike Pence

Luego de posar unos segundos ante la prensa que se encontraba presente en la explanada de la Casa Blanca, ambos entraron al edificio para comenzar su reunión bilateral. Horas antes ya se había reunido con el vicepresidente del país, Mike Pence.

La cita con Trump se produce luego de que anoche, durante el discurso anual ante el Congreso sobre el Estado de la Unión, el jefe de Estado norteamericano le diera un fuerte respaldo a Guaidó, a quien reconoció como el presidente “verdadero y legítimo de Venezuela”. Y además lo felicitó por su valentía y lucha a favor de la democracia en su país.

«Señor presidente, lleve este mensaje a su país. El pueblo estadounidense está unido al venezolano en su grandiosa lucha por la libertad”, agregó.

Así mismo, el presidente de Estados Unidos dijo que la “tiranía” del régimen de Nicolás Maduro en Venezuela va a ser “aplastada”.

Guaidó actualmente se encuentra alojado frente a la Casa Blanca, en la residencia donde se suelen quedar solo los mandatarios que realizan una visita de Estado, en la Blair House.

En un comunicado, la Casa Blanca afirmó que la visita “es una oportunidad para reafirmar el compromiso de los Estados Unidos con el pueblo de Venezuela y para discutir cómo podemos trabajar con el presidente Guaidó para acelerar una transición democrática que ponga fin a la crisis actual”.

Fuente VPItv Twitter

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La entrada El presidente Donald Trump y su homólogo Juan Guaidó se reúnen en la Casa Blanca se publicó primero en Miami Diario.

Estate Companies completes 338-unit West Miami project

Estate Companies completes 338-unit West Miami project

Rendering of Soleste Twenty2 and Robert Suris

Rendering of Soleste Twenty2 and Robert Suris

The Estate Companies completed its fourth new rental project in West Miami.

Soleste Twenty2, an eight-story, 338-unit development at 2201 Ludlam Road, secured its certificate of occupancy. The Estate Companies, led by Robert Suris, broke ground on the complex in the fourth quarter of 2017 and launched leasing in October.

Suris has developed and sold Soleste West Gables I, Soleste West Gables II, and with other partners, Soleste Club Prado. All three are luxury rental communities with a total of 623 units. His company is also in the midst of building the 306-unit Soleste Almeda apartment project, also in West Miami.

Soleste Twenty2 is about 60 percent leased with rents starting in the $1,500s for studios and in the $2,600s for three-bedroom apartments, according to a press release.

Units feature gourmet kitchens, stainless steel appliances and porcelain floors. Community amenities include a pool deck with a spa and cabanas, a lounge with saunas, a fitness center, yoga and spin studios, a rooftop lounge with an outdoor theater, residents’ lounge and a jogging trail, dog park and children’s playground.

The developer financed construction of the project with a $57.8 million construction loan from Florida Community Bank. Property records show Estate affiliate Valentina View LLC spent $9.4 million assembling the development site between 2016 and 2017.

In addition to its projects in West Miami, the Estate Companies has close to 3,400 rental units in the pipeline in South Florida, including the 200-unit Soleste Bay Village in Palmetto Bay.

South Florida will see nearly 16,000 apartments delivered this year, leading rents to flatten in markets with added supply, according to a recently released report from Berkadia. That marks the highest number of annual deliveries so far this cycle.

The post Estate Companies completes 338-unit West Miami project appeared first on The Real Deal Miami.