News

Slam Dunk

Architectural DigestMarch 31, 2015

The airy Upper East Side apartment that’s been home to New York Knicks star forward Carmelo Anthony and his wife, television personality La La Anthony, is on the market. The newly renovated prewar penthouse is located in an exclusive building across from Central Park whose amenities include a 24-hour concierge, a large fitness center, and a residents’ lounge. AD100 architect and designer S. Russell Groves devised the building’s interiors.

 

Contact: Lisa Graham of CORE, 212-500-2103; corenyc.com

Knicks’ Carmelo Anthony Has A Sick $12M New York Rental On The Market

NJ.comMarch 31, 2015

Unless you get paid like Knicks superstar Carmelo Anthony, you can only look at the photos of his New York City condo above and wish you could afford it.

 

Or, maybe you also recently signed a contractin the neighborhood of $124 million, in which case: Have we got a home for you!

 

The Post reported earlier this month that Anthony's rental on New York's Upper East Side is on the market and will cost $12 million. Here are some of the details of the five-bedroom pre-war condominium from CORE:

 

"Upon entering from the private elevator landing opening directly into this exceptional 10 room residence you are drawn to the beautifully appointed entertaining space featuring breathtaking romantic Central Park views, lofty ceilings, a gas fireplace, living, dining and library room as well as a versatile den/media room and office space. This residence has been meticulously constructed with plaster coffered ceilings and moldings, solid oak wood floors, solid core doors and recessed LED lighting."

 

It's the perfect place to rest while rehabbing from knee surgery.

10 NYC Pads Monumental Enough For The Obamas

Refinery 29March 30, 2015

If news of New York's biggest power couple decamping to L.A. threw you for a loop, fret not: An even bigger duo may be moving in. BuzzFeed reports that the Obamas are "seriously considering moving to New York," when the president's second term ends in January 2017. The possible construction of the Obama Library at Columbia University (Barack's alma mater) seems to be part of the appeal.

 

Although Barack, Michelle, Sasha, and Malia have deep roots in Chicago, the president and first lady are by no means strangers to New York. Obama has hosted dinner parties at Daniel Boulud's chic namesake restaurant, and he spent his college days in Morningside Heights. Most recently, FLOTUS was spotted visiting NYU and Barnard with Malia and the first dog, Bo.

 

To help the first family expedite their grueling real estate hunt, we've dug up 10 amazing NYC homes that easily rival 1600 Pennsylvania Ave. From indoor gyms and Central Park views to some seriously stunning (and historic!) Brooklyn sites, we see no problem convincing the Obamas that New York is where they belong.

 

Farewell, Jay Z. We're welcoming another boss to the empire state of mind.  

Carmelo Anthony's Posh Home Can Be Yours For $12 million

SF GateMarch 30, 2015

Carmelo Anthony’s New York apartment is the latest celebrity home to hit the market for a price tag of $12 million.

 

According to the New York Post, the Knicks forward and his reality television star wife, LaLa, are leasing the home until Aug. 1.

 

But, a peek inside the lap of luxury Anthony retires to is already available via Core, the real estate agency in charge of the sale.

 

The swanky condo sits in a renovated building, which dates back to 1925, and has five bedrooms, 4.5 baths, living and dining areas, a library, office space and a “versatile” media room on 4,000-square-feet of “solid oak wood floors,” according to the CoreNYC.com description.

Cleo Vauban: Broker, CORE

The Native SocietyMarch 28, 2015

BIO: Cleo Vauban is a licensed Real Estate broker with CORE after several years of working with Sotheby's in both the commercial and residential real estate industries. Well-versed on all neighborhoods throughout Manhattan. Cleo is fluent in both French and Japanese and attributes her strong understanding of global cultures to her extensive travels. In addition to her work in real estate, Cleo is also heavily active in charity work, volunteering her time to Children’s Rights, where she is on the hosting committee. A native New Yorker raised on the Upper East Side, Cleo attended the prestigious Nightingale-Bamford School. After studying abroad in Switzerland and a stint at Tulane before Hurricane Katrina, she graduated with honors from UCLA business school. She has begun focusing her efforts on investing in startups and small business opportunities and is loving it!

 

FAVORITE: NYC

 

Hotels:

 

Uptown: The Mark

 

Midtown: The new Park Hyatt Flagship at One57

 

Downtown: Crosby Street Hotel

 

Restaurants:

 

French: Per Se, La Sirene, Taureau

 

Italian:L'artusi, Malatesta, Babbo

 

Sushi Bars: Ichimura at Brushstroke, Sushiden, Ootoya, Sushi of Gari

 

Seafood: Le Bernardin, Marea, Flex Mussels

 

Chinese: KOA, Chin Chin, Decoy (best underground Peking Duck!)

 

Pizza: Di Fara, Rubirosa, Motorino

 

American/Burgers: Shake shack, PJ Clarkes

 

Steakhouse: Peter Luger's, Keens

 

Dessert: Levain Bakery, Momofuku, The Cinnamon Snail

 

Coffee: Le pain quotidien, 12 Corners, Stumptown

 

Bars/Lounges/Clubs:

 

Uptown: Bemelman's

 

Midtown: Norwood

 

Downtown: Soho House, Up&Down, Happy Endings

 

Spas/Gyms/Workouts:

 

CLAY Health Club + Spa, Caudalie Spa, SLT, Spa at Mandarin Oriental 

 

Fashion:

 

Shoes: Barney's

 

Bags: Barney's

 

Jewelry: Catbird

 

Clothing: Barney's, Intermix, Net-a-Porter, Moda Operandi

 

Art Galleries/Cultural Institutions:

 

MOMA, New Museum, Gagosian, The Whitney

 

 

http://corenyc.com/cleo-vauban

Dream Homes

The New York PostMarch 26, 2015

Tom Postilio and Mickey Conlon’s listing on West 52nd Street was featured in yesterday’s print edition. 

At $12m, it’s a steal: Carmelo Anthony’s former 4,000-square-foot Manhattan pad overlooking Central Park goes on sale

Daily MailMarch 26, 2015

If you're in the market for an apartment with a prime location and an unbeatable view, Carmelo Anthony's former Manhattan digs have hit the cutthroat New York real estate market.

 

You too can live like the 6-foot-8 Knicks star, where high ceilings are an absolute must, for a cool $12 million.

 

Sound steep? You haven't see the gorgeous sunsets over the park.

 

The big ticket price also affords a lucky buyer five gorgeous bedrooms and an address on Manhattan's posh Fifth Avenue, home to some of the world's wealthiest and most famous power players.

154: Marketing Hacks For Luxury– Patrick Lilly

Super Agents LiveMarch 26, 2015

Patrick Lilly breaks down marketing and why you should be thinking about targeting specific demographics.  He encourages you to develop a Unique Selling Proposition for each home you list.  We talk about mindset and how he gets so much done with a relatively small team.  He breaks down why work always trumps talent.

Carmelo and La La Anthony’s Central Park Rental Now $12M

ABC NewsMarch 25, 2015

The Central Park condominium that New York Knicks player Carmelo Anthony and his wife La La Anthony were renting is now listed for $12 million. Built in 1925, the building has 55 units. A private elevator landing opens directly into the Anthonys’ 15th-floor apartment, which tops 4,000 square feet. It has five bedrooms and 4.5 bathrooms.

Why Carmelo and La La Anthony Are Vacating This $12M NYC Penthouse

Pop SugarMarch 25, 2015

New York Knicks basketball star Carmelo Anthony and his television personality wife, La La, are on their way out of this lavish 5th Avenue penthouse — but they're not going far; the couple apparently purchased an $11 million condo in New York's Chelsea neighborhood. In the wake of their move, Carmelo and La La's 4,000-square-foot, $29,000-per-month rental has been placed on the market for $12 million, making it the most expensive condo listing in Upper Manhattan. The steep price tag affords many luxuries, such as a private elevator that opens directly into the five-bedroom, four-and-a-half-bath home, breathtaking Central Park views, and a 24-hour building concierge. Check out the following images to see what basketball's first couple is leaving behind when they officially vacate the property in August.

Gut renovated townhouse at 74 Washington Place on the market for $25 million

BuzzBuzz HomeMarch 25, 2015

A gut renovated townhouse at 74 Washington Place, originally a 19th-century five-unit building, is on the market for a solid $25 million.

 

Josh Gurwitz’s Good Property Co. redeveloped the 1853 Greek Revival style structure, creating a six-story, single-family residence. Turett Collaborate Architects designed the 9,125-square-foot townhouse, which boasts six bedrooms, six full baths, four half baths and more than 1,300 square feet of private exterior space. Interiors include an elevator, glass walls, double-height ceilings, custom millwork by Henrybuilt, two gas fireplaces, Siberian oak floors, radiant heated flooring, gym, home automation by Savant Systems and an underground, temperature controlled wine cellar. There’s even a structural skylight in the cellar to let natural light in. The townhouse also has views of Washington Square Park, the Empire State Building and the One World Trade Center.

 

Good Property scooped up the building in November 2012 for $9.3 million, according to Department of Finance records. Permits were filed that month and issued May 2014.

 

CORE is marketing the townhouse. 

Melo the Renter Becomes Melo the Homeowner 4 Years After Landing in NYC

StreetEasyMarch 24, 2015

Carmelo Anthony was traded to the New York Knicks in 2011, but it has taken superstar NBA baller a pretty long time to really settle in for the long haul. Maybe time off for rehabbing his injured knee has given “Melo” the impetus he needed to dig down and ink an ownership deal.

 

After renting a series of luxury apartments the past four years with his wife, La La, and their young son, it looks as if the king of the Madison Square Garden hardwoods has made the big commitment with a purchase of a West Chelsea

 

According to the New York Post, “Melo” closed on an $11 million unit at 508 West 24th Street in a new building that puts a modern spin on the industrial flavor of the happening neighborhood that’s boom is being fueled by the High Line elevated park. Curbed identifies two units — 5N and 5S — that Anthony will allegedly combine; there are only 10 units in the building developed by Cary Tamarkin.

 

In the wake of that purchase, Melo’s uptown condo rental in the 1212 Fifth Avenue building has hit the for-sale market at $12 million. According to Curbed, which has a nice archive of posts chronicling Melo’s long and winding NYC housing search, the monthly rent was $29,000 $43,500. And what a sweet rental it was: A private elevator landing opens directly into the 15th-floor apartment, which tops 4,000 square feet. It has 5 bedrooms, 4.5 baths plus living, dining and library rooms, as well as a versatile media room and office space.

 

The home boasts high ceilings, solid oak floors and a gas fireplace. Individual thermostats control the temperature in each room, and the bathrooms have radiant heated floors. The luxury kitchen features Dornbracht fixtures, Miele and Bertazzoni appliances, custom Italian cabinetry and Caesarstone counter tops.

Carmelo and La La Anthony Selling Condo With Central Park Views

ZillowMarch 23, 2015

CORRECTION 3/23/2015: A previous version of this post said the Anthonys owned the property; they are renting it.

 

Knicks forward Carmelo “Melo” Anthony is recovering from knee surgery, but he may be on the move soon. The rental where he and his actress and reality star wife, La La, live overlooking Central Park just hit the market for $12 million.

 

Built in 1925, the building has just 55 units. A private elevator landing opens directly into the Anthonys’ 15th-floor apartment, which tops 4,000 square feet. It has 5 bedrooms, 4.5 baths plus living, dining and library rooms, as well as a versatile media room and office space.

 

The home boasts high ceilings, solid oak floors and a gas fireplace. Individual thermostats control the temperature in each room, and the bathrooms have radiant heated floors.

 

The luxury kitchen features Dornbracht fixtures, Miele and Bertazzoni appliances, custom Italian cabinetry and Ceasarstone counter tops.

 

Located on 5th Avenue near world-class museums, the building offers a 24-hour concierge, 2,600-square-foot fitness center, children’s playroom, a bike room and parking.

 

Melo and La La reportedly bought an $11-million condo last month in West Chelsea.

 

The listing agent is Lisa Graham of CORE Real Estate.

The week in luxury: A map of NYC’s priciest apartment sales

The Real DealMarch 23, 2015

An interactive map of the top sales in NYC, using Cityrealty data, shows 111 Mercer at number 4 for this week. 

This Fifth Avenue Condo Is the Priciest in Northern Manhattan

CurbedMarch 23, 2015

A $12 million apartment for sale at 1212 Fifth Avenue, a former hospital workers' residence converted to condos in 2011, is the most expensive listing of its kind in the Harlems on both sides of Central Park. The building at the corner of 102nd Street is home to a few ritzy folks, and at the moment Knicks favorite Carmelo Anthony just happens to be renting the 5BR/4.5BA unit for$29,000/month $43,500/month. [UPDATE: The $29K was the initial asking price, but the current rent is $43,500.] The apartment is tenant-free come August, though, and up for bids; it sprawls over 4,000 square feet, and three rooms have Central Park views.

 

According to StreetEasy, it's the most expensive condo on the market in Upper Manhattan plus Morningside Heights (read: above 96th Street on the East Side, and 110th Street on the West). An enormous co-op on Riverside Driveasking $16M takes the cake for most expensive apartment in that area period, though.

1212 Fifth pad is priciest condo listing in northern Manhattan

The Real DealMarch 23, 2015

UPDATED, 4:22 p.m., March 23: A five-bedroom condominium unit currently leased to Carmelo Anthony and his wife hit the market late last week for $12 million, making it the priciest condo listing in northern Manhattan.

 

The full-floor unit at 1212 Fifth Avenue spans 4,000 square feet and features four-and-a-half bathrooms, Curbed reported. CORE’s Lisa Graham has the listing. Meanwhile, a six-bedroom co-op at the Strathmore at 404 Riverside Drive is the priciest unit on the market in the area overall, asking $16 million.

 

Anthony and his wife LaLa’s lease at the 55-unit Durst Fetner Residential-developed property is set to expire Aug. 1. The Durst-Fetner partnership has since been dissolved, as The Real Deal reported.

Carmelo and LaLa Anthony’s UES Rental Hits the Market for $12M

6SqftMarch 23, 2015

Though their lease doesn’t end until August, Carmelo and LaLa Anthony’sUpper East Side/East Harlem rental has hit the market for $12 million, according to the Post. Fear not, though, the New York Knicks star and his wife will not be homeless. They inked a deal last month for an $11 million, High Line-adjacent, full-floor unit at Cary Tamarkin’s new complex at 508 West 24th Street. The couple’s rental at 1212 Fifth Avenue is a 4,000-square-foot, five-bedroom, pre-war condo with exceptional Central Park views.

 

A private elevator opens to the home’s large entertaining area, comprised of the living, dining, and library rooms, as well as a den/media room and office space. The residence has high ceilings, a gas fireplace, plaster coffered ceilings and moldings, solid oak wood floors, solid core doors, and recessed LED lighting. Thermo-pane casement windows are bordered by custom millwork concealing the heat and air conditioning units. Both the state-of-the-art kitchen and the luxurious bathrooms boast high-end fixtures, and the latter comes complete with radiant heated floors.

 

The Anthonys’ move downtown came after a year of touring impressive Chelsea apartments. Their new home has the same contemporary, elegant feel as their former Upper East Side rental.

Renovated Greenwich Village Townhouse Wants $25 Million

CurbedMarch 20, 2015

It's not entirely clear what the brokers mean by "With the spirit of nature" as the inspiration" and "this magnificent home redefines townhouse living by inviting the outdoors inside" (perhaps the fact that the floors are made of wood? From trees?) but regardless, this is a very fancily renovated townhouse right next to Washington Square Park. Good Property bought the building in November 2012 for $9.3 million and tapped Turett Collaborative Architects to renovate it into an enormous single-family home with an elevator, gym, wine cellar, radiant floor heating through, and 1,300 square feet of outdoor space. The house is now asking $25 million.

Top residential agents of the week

The Real DealMarch 20, 2015

Emily Beare and Christian Roger’s closing at 111 Mercer came in among the top 5 deals of the week. 

Carmelo Anthony’s rental hits market for $12M

New York PostMarch 18, 2015

New York Knicks star Carmelo Anthony’s sprawling rental at 1212 Fifth Ave. is going on the market today for $12 million — though his lease doesn’t end until Aug. 1.

 

The five-bedroom in a renovated prewar condo building is a roomy 4,000 square feet. The listing broker is Lisa Graham, of CORE.

 

Anthony and wife LaLa have bought an $11 million unit at 508 W. 24th St. in architect/developer Cary Tamarkin’s new 10-story building, as Gimme Shelter exclusively reported.

CORE’s Tim Crowley Is an Urban Dreamer

Real Estate WeeklyMarch 13, 2015

CORE’s director of new development Tim Crowley wants to bring the city to the suburbs.

 

Crowley, who joined CORE in January from architecture and development firm Flank, has a passion for new urbanism, which isn’t surprising considering the slew of successful projects he’s worked on in the biggest urban center in the U.S.

 

Formerly with Flank, he oversaw marketing and brokerage services for a number of projects in NYC, including sales at 224 Mulberry Street in Nolita, where condos fetched $3,400 p/s/f, and projects 265 State Street in Boerum Hill, 385 W. 12th Street in the West Village, 441 East 57th Street in Sutton Place, The Novare at 135 W. 4th Street, and one of his most notable projects, The Abingdon at 320 W. 12th Street, which broke downtown conversion records.

 

One of Crowley’s biggest passions is the concept of new urbanism, which is the idea of bringing an urban, walkable lifestyle to suburban areas. While in college, Crowley explored the idea in some of his internships, and looks to work on urbanism projects in the future.

 

“The things that are wonderful about New York City and that bring people here and excite people, are the pedestrian lifestyle,” he said. “Being able to walk out the front door and go down the street and go to a restaurant, or get a massage, etc., you can all do without getting in a car.”

 

He was inspired by Andrés Duany, an architect and urban planner who wrote Crowley’s favorite book, “Suburb Nation.” Duany is one of the founders of DPZ, a Florida-based architecture and town planning firm.

 

New urbanism attempts to recreate that experience in suburban environments – creating denser neighborhoods with more diversity, and walkable environments with shared public spaces, and cutting down on the prevalence and dependence on cars.

 

“I’d love to at some point in my career, take the beauty of an urban environment and figure out a way to make it work in suburban environments,” he said. He added that he’d love to eventually do a project with Duany.

 

Crowley grew up splitting his time between South Carolina and Southampton, Bermuda, where his stepfather was the general manager of the Southampton Princess, a luxury resort, and later, when Crowley was attending college, the COO of Tucker’s Point Club Development Company, which developed luxury resorts.

 

Having grown up in a real estate family (his mother was also a hospitality consultant for bed and breakfasts all across the southeast) real estate was always on the horizon for him.

 

Crowley went to the University of South Carolina, where he studied history and real estate finance. His first job after graduating college was at Sotheby’s International Realty in NYC, where he worked in marketing.

 

“My brother lived in New York City when I graduated college and the day I graduated I was bartending at a bar in Columbia (South Carolina) and two friends in law school were driving to New York for winter break and asked if I wanted a ride, and I said I did,” recalled Crowley. “So I got in the car and have been here ever since.”

 

After his stint at Sotheby’s, Crowley worked for Louise Sunshine and the Sunshine Group, before its merger with Corcoran, where he was a jack-of-all-trades – starting as a marketing manager, then project manager, then worked directly with Louise.

 

The position eventually took him to Florida for a project called the Brazilian Court hotel-condo in Palm Beach, where he ended up staying in Florida for awhile until the project was complete. He stayed with the Sunshine Group for four years, and was there during the company’s merger with Corcoran.

 

Following that position, Crowley was looking to get closer the development process and understand how buildings “were capitalized and constructed and delivered,” which is what took him to Flank.

 

He again wore several hats, from project management, to human resources, to payroll.

 

“It’s a small shop so you do a little of everything,” he said. “I was there for eight years, and because we controlled and managed every phase of the real estate development process, I was able to learn a great deal about how deals are structured, and buildings designed, built and sold.”

 

Now at the helm of new development at CORE, Crowley is working on several projects in the works that he can’t discuss yet, but some are boutique projects in “notable” neighborhoods as well as larger projects affiliated with Related Companies.

 

“I liked working on all of them, they all present very interesting challenges,” he said. “I’ve been working on boutique projects with Flank for eight years and it has been incredibly rewarding, you get to create a sense of home in all these apartments, which you don’t necessarily get to do with a high-rise.”

 

However, Crowley also enjoys the challenges unique to larger-scale buildings.

 

“Working on large buildings can be as engaging and interesting, because you’re trying to create an environment that has more shared concepts, and needs to function very well and is luxurious and important on a much larger scale,” he said. “They’re both tremendously challenging and rewarding for different reasons.”

 

Being a part of constructing homes and often conceptualizing retail environments near the homes has always been a passion of Crowley’s.

 

“It’s a very romantic notion,” he said. “Real estate development is one of the very rare industries that can be rewarding from an art perspective and a financial perspective. It’s not like pushing stocks across the screen where the main focus is wealth; our main focus is compelling real environments and 3D spaces that are extraordinarily important and meaningful for the people inhabiting them. Being able to write that narrative is really rewarding.”

 

Crowley, who lives in Tribeca, is an avid surfer and enjoys playing golf at the club he is a member of in Greenwich, CT. He has spent considerable time in Indonesia and Nicaragua and has a trip planned to Nicaragua in April.

Patrick Lilly | 147 West 15th Street, 5N

Modern NYCMarch 09, 2015

$4,000,000

 

Beautifully designed loft on a prime Chelsea block with a flexible layout. Both sunny and quiet, the approximately 2,400-square-foot space has oversized windows facing north with lovely Empire State Building views. A massive living/dining space is open to the kitchen which features high-end appliances, sleek cabinetry and a limestone island. Configured as a 2-bedroom plus den with 2.5 baths, rooms flow into each other with movable walls that function as doors and translucent materials which allow light to permeate into neighboring rooms. The space has a clean, modernist aesthetic which is achieved through grand storage rooms used for dressing, pantries or laundry. Serenity is enhanced by sound- reducing concrete floors within the building, 12-foot ceilings, column-free space and central A/C.

Brokers facing tough choices when portals raise prices for ‘featured’ listings

InmanMarch 05, 2015

Those not willing to pay more for exclusivity must accept ads for competing agents on their listings.

 

When Zillow told New York City-based brokerage CORE in December that the price of "featuring" its listings on the portal in 2015 would be four times what it paid in 2014, the company decided to cancel its ad spend.

 

Instead of paying to feature listings on the site -- blocking advertisements for competing agents in the process -- the brokerage transitioned to Zillow's free Zillow Pro for Brokers program. While that move opened up dozens of listings marketed by CORE's 113 agents on Zillow to ads from other agents, participating in the Pro for Brokers program does provide some additional branding, CORE Executive Vice President Doug Heddings told Inman.

 

CORE's not alone in having to devise a strategy to address rising ad rates on Zillow, Trulia and realtor.com, real estate's most popular search sites for consumers.

 

Inman talked to five brokerages that have recently negotiated new contracts with one or more of the big three portals. All of them said ad rates are on the rise -- particularly on Zillow and Trulia, which appear to be playing catch-up with realtor.com.

 

Brokers who find themselves in similar situations can either pay higher prices for exclusivity, accept ads for competing agents alongside of their listings, or pull their listings altogether. Not an easy choice for many.

 

While real estate agents and brokerages love to complain about the portals, most have been loathe to break off relations entirely, because many sellers expect their homes will be marketed on the sites.

 

When brokerages pay for their listings to be "featured" on Zillow and Trulia, they prevent ads for buyer's agents (left) from appearing alongside of those listings. When they pay to "enhance" listings on realtor.com, inquiries submitted through unbranded lead forms that appear next to listings (right) are directed exclusively to the listing broker, and not to competing agents or brokers.

 

The scale of price increases is hard to pin down. While Inman found only five brokers who say prices are rising, industry scuttlebutt suggests portals are seeking price increases on a more widespread basis.

 

Zillow Group, which took questions on behalf of both Zillow and Trulia, wouldn't say if the portals were indeed raising prices across the board for brokerages to feature their listings.

 

"We develop our product pricing differently in every market depending on a variety of factors," Zillow Group spokeswoman Amanda Woolley said. "We also have many unique partnerships that are tailored to meet our partners’ specific needs, of which we don’t discuss the terms of."

 

If prices are rising, the reasons aren't clear.

 

But it's well documented that the big three search portals can't sell ads or generate leads for buyer's agents on a significant chunk of their listings, thanks largely to enterprise-level featured listing deals they've signed with brokers and franchisors.

 

Listing brokers and agents were paying to "enhance" 42 percent of listings on realtor.com, and site operator Move Inc. was looking into raising prices for its Showcase Listing Enhancements ad product, Move CFO Rachel Glaser said last year on a conference call with investors.

 

Like Zillow, Move declined to answer detailed questions from Inman about its pricing.

 

"There’s no apples-to-apples comparison when it comes to features and pricing models across the different real estate experiences," Move spokeswoman Lexie Puckett told Inman. She added: "Realtor.com attracts the most transaction-ready consumers, and as a result provides brokers and agents with the highest-quality leads and conversion rates."

 

Between 45 and 55 percent of listings displayed on Zillow don't display ads for competing buyer's agents, according to a study conducted last June by PAA Research, a firm that provides insights to stock market investors.

 

By prying brokerages off of their listings, Zillow could open up more ad inventory for its breadwinners: agents.

 

The $239 million that agents paid Zillow for exposure on the portal last year accounted for nearly three-fourths of the company's total revenue. By comparison, display revenue, which includes revenue from broker- and franchisor-level ad deals, totaled just $58.7 million. (Whether ad prices for agents are also headed up will be the subject of a future Inman report.)

 

There's a chance that ad products for brokers and agents will look considerably different at the end of the year when the portal landscape's current upheaval settles down. Zillow Group has been digesting Trulia for less than a month, and News Corp. is still in just its third month of ownership of Move.

 

In a recent Inman guest column, James Dwiggins, CEO of the new franchise brand NextHome, noted rumors have been flying for months that Zillow Group might discontinue broker- and franchisor-level featured listings altogether later this year.

 

Just raising prices could have unintended consequence for the portals, Brian Boero, the founding partner of real estate design and consulting firm 1000watt, noted in a recent blog post. If the price of featured listings on Zillow, Trulia and realtor.com goes up, that could push brokers to search for a new outlet, such as a national broker portal project currently in development.

 

Responding to rising prices

 

In all, Inman spoke to five firms that have recently negotiated renewals of their featured listing ad contracts with at least one of the big three portals.

 

Executives at all of the firms except CORE asked that their firms remain anonymous because they were either in negotiations with one or more of the portals, or expected to be soon.

 

The firms that recently negotiated ad contracts with Zillow or Trulia began those talks before Zillow completed its acquisition of Trulia last month -- the price increases they agreed to don't cover both sites. Some of the firms are still in negotiations with Zillow or Trulia.

 

At some point later this year, Zillow Group, the new entity that houses both Zillow and Trulia, will begin offering a single set of ad products to brokers and agents that will cover both portals, but the firm declined to specify whether new contracts Zillow or Trulia sign with brokerages now cover listings on both portals.

Best Real Estate Trend

Manhattan MagazineMarch 02, 2015

224 Mulberry is included in a piece on the emergency of smaller, boutique buildings in NYC.

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