The Next Chapter for Adam Neumann

February 08, 2023

Rise and shine! It's a new day and The Shaker is here to serve you the best mix of residential real estate news. Yummy yummy.

What you should know:

Adam Neumann, former CEO of WeWork, is starting a residential real estate company called Flow.
The company will own and operate apartment buildings in cities like Atlanta, Miami, and Nashville.
The main goal of Flow is to give renters a sense of ownership in the building they live in, with the idea that renters who feel like owners will stay longer and be more profitable.
Flow will have four pillars: a property management company, a real estate fund, a financial services company, and a mechanism to share value with the residents.
Adam Neumann talked about Flow at a conference organized by Andreessen Horowitz, which invested $350 million in the company in August.

Power Buyers Struggle to Stay Afloat

Ribbon Home Inc. was a New York-based start-up that purchased homes on behalf of buyers during the housing boom and sold them back to the buyers at the same price, plus a fee, once they got a mortgage.
With the surge in mortgage rates, some customers backed out or needed more time for financing, leaving the company owning almost 400 homes.
Orchard Technologies Inc., another power buyer, now owns about 200 homes its customers were unable to sell.
These companies, known as power buyers, are struggling in the current market with high mortgage rates and a glut of homes they acquired on behalf of clients.
Some power buyers are optimistic about the housing market stabilizing and are focused on improving products aimed at prospective sellers in a slow market.

92% of wealthy Americans were actively looking to relocate abroad in 2022, according to the 2022 Coldwell Banker Global Luxury Report.
The report attributes the trend to several factors, including the shift to remote work, profitable exchange rates, and a strong US dollar.
The most popular destinations for expats are warm-weather countries where they can live off-grid, with Central America, North America, and Asia among the most alluring locations.
France, Portugal, Belize, Costa Rica, and Panama are especially compelling destinations, particularly for those interested in citizen-by-investment programs or those who plan to rent out their homes.
Many expats purchase multiple properties in a destination country, and some have purchased residences across multiple countries in the past 18 months.

Apartments.com has officially expanded its business to the Canadian market
Apartments.com is the number one rental search platform in the United States and will provide Canadian users with a vast array of rental properties listings
The platform provides tools such as immersive 3D tours of properties, comprehensive neighborhood profiles, building ratings and reviews, and architectural photography
Apartments.com has a large inventory of Canadian properties, which is expected to increase as more property managers are added to the platform
Apartments.com's expansion is backed by the industry's largest professional research team and has the support of leading managers and owners in Canada.

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