StreetEasy sent an email to Agents on Tuesday, Feb 21st, announcing they were officially joining their parent company’s Premier Agent product platform beginning March 1st.
[ Zillow acquired StreetEasy in 2013 for $50 million ]
Brokers in NYC don’t want their listings on StreetEasy alongside Agents who subscribe to the Premier Agent platform, where they get valuable customer leads over the listing agent.
Brokerage chief executives are threatening a boycott if StreetEasy doesn’t change its decision.
Chinese Foreign investors are reeling from a government rule change designed to limit the flow of capital from mainland China.
New York City’s real estate saw record sales volume due in large part to foreign capital from China in the last 3 years, especially in sales of luxury condo units in Manhattan, Brooklyn and Queens neighborhoods.
Will a shortage in Chinese foreign investment slow residential property sales throughout NYC?
Rapidly gentrifying neighborhoods in Brooklyn are causing mass displacement of lower middle class residents.
A large component of these residents are civil servant employees, working either in local, state and federal government positions.
Residents who lived affordably in rental units are finding it hard to pay rental increases of 28% to 33% for the same unit.
Will Queens and other outer boroughs become destinations for the displaced working middle class?
Local politicians facing backlash from voters on real estate development proposed in their Boroughs and Council Districts are formulating a new approach to involve local residents.
Current land use process involves community boards whose members are appointed by the Borough President.
Because members on community boards are seen as political appointees, local residents feel a process where a real estate project is proposed fails to get true community involvement and engagement.
Leaving many disappointed with the role community boards play in what is perceived as a rigged process.
Will the City Council overhaul the current uniform land use review process to include input from community stakeholders first?
A warrant was issued for the arrest of Cristina Montijo in New York’s Southern District for wire fraud and bank fraud in what officials allege was a massive scheme to steal home buyers escrow deposits from fraudulent property sales in New York, California and at least 5 other states.
Montijo and her co-conspirators were charged with stealing nearly $1 million dollars over a 3 year period using phony shell companies.
In fact, authorities were surprised how the defendant was able to use email to deliver wire transfer instructions to attorneys and how often they complied without any due diligence.
How confident are you in the Attorneys you refer in their due diligence with parties involved in your client’s real estate deal?
Each week THE STREET brings you 5 things moving New York real estate.
Which of the 5 in this edition could mean profit or loss to you?
How will you prepare / respond to changes in market factors each item will create?
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