N.A.R. Faces New Rival

January 25, 2024

What’s in The Shaker today:

  • 💥 N.A.R. Faces New Rival

  • 🏢 Oklahoma's Sky-High Ambition

  • 📈 Atlanta's Squatting Surge

  • 💎 La Dune Mansion's Auction Sale


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N.A.R. Faces New Rival

Mauricio Umansky and Jason Haber, two high-profile real estate agents, are launching the American Real Estate Association (AREA) as an alternative to the embattled National Association of Realtors (N.A.R.).

  • AREA emerges amid N.A.R.'s legal troubles and leadership issues, including antitrust lawsuits and sexual harassment allegations, which have led to the resignation of top leaders.

  • The new association plans to offer a nationwide database of home listings and allow agents to set their own commission rates, challenging N.A.R.'s traditional model.

  • AREA is self-funded by its founders, with plans to raise significant investment and charge lower membership dues compared to N.A.R., aiming to provide a fresh approach to real estate trade.

Oklahoma's Sky-High Ambition

Matteson Capital, a California-based firm, has announced plans to build the tallest building in the U.S. in Oklahoma City, aiming for a staggering height of 1,907 feet.

  • The proposed Boardwalk at Bricktown Tower would surpass the height of any current U.S. skyscraper and become the fifth tallest in the world.

  • The mixed-use project includes a 480-key Dream Hotel by Hyatt, residential units, commercial spaces, and a public observatory, restaurant, and bar.

  • The project's design, a collaboration with architecture firm AO, requires rezoning approval from city officials before construction can proceed.

Atlanta's Squatting Surge

Atlanta is grappling with a significant increase in squatting incidents in rental homes, posing challenges for both large institutional landlords and individual property owners.

  • An estimated 1,200 homes in the Atlanta metro area are illegally occupied, with squatting becoming a major issue for landlords, including industry giants like Starwood Capital Group and Cerberus Capital Management’s FirstKey Homes.

  • Evicting squatters can be a lengthy process, taking up to six months or more due to backlogged court systems and overwhelmed sheriff’s offices.

  • The rise in squatting is partly facilitated by technology, such as self-showings and easily accessible fake lease documents, making it easier for squatters to occupy vacant homes.

La Dune Mansion's Auction Sale

The Hamptons' La Dune estate, once listed for $150 million, sold at auction for $88.5 million, reflecting the fluctuating fortunes of luxury real estate.

  • La Dune, a four-acre estate in Southampton, New York, was auctioned in two parts, with one house selling for $40.5 million and the other for $38.5 million.

  • The property, known for its appearance in Woody Allen's film "Interiors," includes 23 bedrooms, two pools, a sunken tennis court, a home theater, spa, sauna, and two gyms.

  • The previous owner, Louise Blouin, purchased the property in the 1990s for $13.5 million and faced bankruptcy last year, leading to the auction sale.

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