repaircongo83 blog

by Scott Klocksin March 28, 2019

@properties co-founders Michael Golden and Thad Wong

The top brokerage in Chicagoland by market share is about expand its reach.

The arrangement will be the first foray outside of the Midwest for @properties, as well as its first technology licensing venture since announcing an intent last year to sell rights to its software to independent brokerages around the country.

Ansley Development Services, the firm’s new construction sales and marketing arm, will also be part of the partnership, though it will remain owned and operated by Ansley.

Ansley Atlanta will retain its name, though some branding efforts launched by @properties in Chicago will be incorporated into its marketing.

Ansley Atlanta agents will be gradually integrated into using @properties’ proprietary software, which includes marketing, CRM and transaction-management tools.

Ansley Atlanta also will be able to use @properties’ relocation and referral services and its training and coaching resources. In addition, the deal includes joining @properties as a member in Leading Real Estate Companies of the World, a global network of independent brokerages.

According to Ansley, he approached @properties – not the other way around.

“I was going all over the country searching for the absolute best tech to bring back to Atlanta for the use of my agents,” he said. “In my travels I kept hearing about Thad. I cold-called him one day and said I’d like to meet and take you to dinner. We became good friends.”

Wong visited Atlanta a few times after that, Ansley said, and a friendship blossomed.

“What was interesting was that as I got to know Bonneau, it was like a walk down memory lane,” Wong said, referencing their similar backgrounds and philosophies for running a company.

But according to Wong, Ansley was able to climb the ladder faster than he and Golden were. “It took us years longer to get to the point that Bonneau has been able to get to as one of the top firms in his local market,” Wong said.

Ansley Atlanta is among the fastest-growing brokerages in Georgia, and boasted a 64 percent uptick in luxury business in 2018 over the previous year, according to a press release.

As part of the firm’s integration with @properties, Ansley Atlanta agents will be able to get health insurance through the company—something Ansley said he doesn’t think any Atlanta-area brokerages provide. Employees and agents with @properties are already able to get health insurance through the company.

Wong said the integration is expected to happen gradually, with agents focusing on learning one piece of technology at a time, for about a month at a time.

“We have about the first six months mapped out,” he said. “We don’t want to make it so they’re drinking out of a fire hose with too much to learn all at once.”

While he declined to specify an exact timeframe for getting there, Wong said his goal in the new partnership is clear: to grow Ansley Atlanta into the highest-volume brokerage in Georgia.

“We’ll now be able to offer such a well-rounded company that has everything agents and customers are looking for,” Ansley said. “I don’t see how any agent would not be knocking at our door to be part of it.”

Upon some more digging on their Facebook page it looks like Succezz is moving from their longtime home at 1329 S. Michigan down the street to 2214 S. Michigan:

The 1300 S. Michigan Avenue block has seen a flurry of activity and retail moving in - although it seems to mostly be spas and exercise spaces.  Losing the shoe store probably won't hurt this area much.

On the flip side, the addition of Succezz to the changing Motor Row entertainment district (south of Cermak) seems like a good development for the area.  A proven South Loop business moving into a part of the neighborhood that can use a shot in the arm = a positive thing for the south side of the Sloop.

Best of luck to Succezz!

Source: http://www.sloopin.com/2018/11/long-time-shoe-store-succezz-moves-down.html

Remember, you can always get access to the Seattle Bubble spreadsheets by supporting my ongoing work as a member of Seattle Bubble.

The 2018 listings surge continued in July, with on-market single-family inventory hitting its highest level since October 2013.

Here’s the overall summary for July: Sales fell both month-over-month and year-over-year. Listings shot up yet again. Foreclosures are still at all-time lows.

Here’s the snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series:

Since it is still the most interesting thing going on in the market today, let’s start with an update of the inventory charts, updated with previous month’s inventory data from the NWMLS.

The number of homes on the market in King County rose twelve percent from June to July. Year-over-year listings were up 44 percent from July 2017, which is the largest year-over-year listings increase since April 2008.

In Snohomish County the month-over-month inventory increase was smaller at nine percent, and the year-over-year growth was fourteen percent.

Next, let’s look at total home sales as measured by the number of “Warranty Deeds” filed with King County:

Sales in King County fell eight percent between June and July (a year ago they fell eleven percent over the same period), and were down nine percent year-over-year.

If I’m a hopeful home buyer, I’m definitely encouraged by the trend over the last few months, even if the market is still pretty tight right now. At least things are moving in a more favorable direction.

Here’s a look at Snohomish County Deeds, but keep in mind that Snohomish County files Warranty Deeds (regular sales) and Trustee Deeds (bank foreclosure repossessions) together under the category of “Deeds (except QCDS),” so this chart is not as good a measure of plain vanilla sales as the Warranty Deed only data we have in King County.

Deeds in Snohomish dropped nine percent month-over-month (about the same as the same period last year) and were down six percent from a year earlier.

Next, here’s Notices of Trustee Sale, which are an indication of the number of homes currently in the foreclosure process:

Foreclosure notices in King County were down twenty-six percent from a year ago and Snohomish County foreclosure notices were down thirty-eight percent from last year.

Here’s another measure of foreclosures for King County, looking at Trustee Deeds, which is the type of document filed with the county when the bank actually repossesses a house through the trustee auction process. Note that there are other ways for the bank to repossess a house that result in different documents being filed, such as when a borrower “turns in the keys” and files a “Deed in Lieu of Foreclosure.”

Trustee Deeds were down fifty-six percent from a year ago. The only time there have been fewer trustee deeds than we’ve seen over the last few months was late 2003.

Note that most of the charts above are based on broad county-wide data that is available through a simple search of King County and Snohomish County public records. If you have additional stats you’d like to see in the preview, drop a line in the comments and I’ll see what I can do.

Stay tuned later this month a for more detailed look at each of these metrics as the “official” data is released from various sources.

Public Storage has purchased Summerville Self Storage, a 53,859-square-foot Class A facility in Summerville, S.C. Bellomy & Co. arranged the sale of the property on behalf of the sellers, a private equity firm and Absolute Storage Management. The brokerage team also procured the buyer in the deal.

Located at 11055 Dorchester Road, the facility occupies 5 acres just off freeways 642 and 17, approximately 25 miles from downtown Charleston. The area is surrounded by many apartment communities, including Arbor Village, a 240-unit property.

Summerville Self Storage was originally built in 2007 and expanded in 2017. The facility comprises a total of 405 units, ranging from 50 to 420 square feet. The two-building asset features a gate, drive-up access, security cameras and vehicle and RV parking. Additional services include on-site management.

Bellomy & Co.’s brokerage team included Principals Bill Bellomy and Michael Johnson. In August, the duo also arranged the sale of Sentry Self Storage, a 104,024-net-rentable-square-foot facility in Houston.

Image courtesy of Yardi Matrix 

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Two are in Germantown, two in Eastwick and two more are in North Philadelphia —  one in Sharswood and another in Kensington, not too far from Fairhill.

Developers own three of these empty buildings — Sheridan West Academy in Kensington, Germantown High and Fulton Elementary School in Germantown.

Meanwhile, the District handed off management of George Wharton Pepper Middle and Communications Tech High in Eastwick to the Philadelphia Redevelopment Authority. Under an agreement approved last week, the state-chartered agency will manage the buildings’ sale as part of a major master planning effort in the area.

Studies commissioned by the PRA imagine transforming the former high school into a community center and demolishing Pepper, a brutalist icon built in a low-lying bowl-shaped area, but nothing has been finalized.  “The Pepper School site needs additional study due to flooding issues,” said Jamila Davis, a PRA spokeswoman. “We are working on an RFP and hope to have it on the street this summer.”

The empty Sharswood building, General John F. Reynolds School, was bought by the Philadelphia Housing Authority, which plans to eventually reuse it as part of a long-term neighborhood redevelopment plan.

Yet for the neighborhoods saddled with these empty schools, the closures left an open wound that is only getting worse with time.

“We’ve had assaults back there. We’ve had people living back there, people tearing out the copper and metal in the building,” said the Rev. Gregory Holston, senior pastor for Janes Memorial United Methodist Church. He can see the Germantown High School from the window in his office.  

Developer Jack Azran bought the massive building for $100,000 in May 2017 from the developer who first purchased it from the district. He hasn’t yet released development plans, but, to the chagrin of nearby neighbors, leaked marketing documents show a suburban-style discount strip mall.

Azran, who owes hundreds of thousands of dollars in back taxes on the building, declined to comment on his plans for its future. The school is set to be auctioned at a May 15 tax sale because of the unpaid debt. The opening bid is listed as $1,500.

Pew Charitable Trusts researchers who studied similar public school auctions in Chicago and Kansas City warned local officials that vacancy would likely follow closures in neighborhoods already struggling with blight and abandonment.

“Just selling a building doesn’t solve the problem,” said Larry Eichel, director of the Philadelphia Research Initiative at Pew Charitable Trusts. “From the district’s point of view, yeah, they make a little bit of money. From the community point of view, that may not solve anything.”