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Expert: There’s Only One Way to Remain “100 Percent” Cyber Secure

National Association of Realtors® Associate Counsel Jessica Edgerton this week offered a Facebook Live audience what she called “a 100 percent, surefire way that business owners can protect their computer from cybercrime.”

Edgerton good-humoredly recommended closing the computer forever, burying it in the back yard and lighting it on fire. “That is how you secure your computer 100 percent,” she said. “The reality here is that perfect security does not exist.”

Despite the levity of her example, Edgerton made it clear that cyber security is serious business. In a session titled “Cybercrime and Cyber Security,” she noted that by 2019 the global cost of cybercrime will reach $ 2.1 trillion.

So how can real estate professionals actually stay cyber secure?

“We implement best practices, we educate ourselves and we stay vigilant,” Edgerton said.

NAR has worked hard to educate its membership about the hacking threats facing real estate transactions, particularly in the area of wire fraud. To meet that threat head on, Edgerton recommended a range of preventative measures including:

  • Communicating with clients before a transaction happens about the dangers of emailed wiring information.
  • Considering a standard warning notice for clients to sign.
  • Telling buyers to always call the intended recipients of wired funds and independently verifying the phone number before calling.

Edgerton also suggested a number of methods for real estate professionals to ward off hackers such as:

  • Securing email accounts with good passwords, preferably one that includes a phrase, and never one that’s easily guessable such as “password.”
  • Monitoring “junkmail” and “sent mail” email folders for anomalies, such as messages being forwarded automatically.
  • Regularly purging emails and not using inboxes as a “filing cabinet,” especially for emails with personally identifiable information.
  • Only doing business over secured wi-fi.

Acknowledging the complexity of cybersecurity, Edgerton urged participants to consider using a password manager to do all of the above and more.

In addition to email scams, Edgerton noted that text message scams and so-called “ransomware” are growing cybercrime trends. According to Edgerton, 2017 has seen a 250 percent increase in ransomware attacks over previous years.

At the same time, Edgerton reminded the audience that, for businesses, being the victim of a cybercrime can mean serious legal headaches. Edgerton referred to a patchwork of state laws that require businesses to protect their customers online in different ways, as well as efforts by the Federal Trade Commission to crack down on businesses that don’t. The result could mean legal liability and big costs for businesses. In addition to keeping themselves secure, Edgerton recommended studying up on relevant laws to ensure compliance.

To learn more, Edgerton directed participants to NAR’s vast toolkit for getting educated and staying cyber secure in their business.


NAR NewslineNAR Newsline

Steve Roth underwent double bypass heart surgery in August: report

Steve Roth and 220 Central Park South (Credit: Getty Images and CityRealty)

From TRD New York: After suffering a heart incident at a Hamptons golf course in early August, Vornado Realty Trust CEO Steven Roth received double bypass heart surgery at Weill Cornell Medicine hospital in Manhattan.

According to Bloomberg, Roth resumed his duties at the real estate firm after a month of rest, coming back to the office at the conclusion of Labor Day weekend.

Although the U.S. Securities and Exchange Commission does not regulate the health disclosures of CEOs at publicly traded companies, Vornado is widely considered to be more secretive about Roth’s succession plans than other companies of comparable size and influence. Roth has told investors there is a succession plan in-house, but for now the public does not know what that plan is.

Despite that, Michael Franco, the company’s chief investment officer, is a likely pick to lead the company in the future, according to sources who spoke to The Real Deal for a story about Roth last year.

Vornado owns more than 30 million square feet of real estate in New York City and it is currently repositioning 8 million of that at Penn Plaza. It’s also developing one of the most expensive condo projects in history at 220 Park Avenue South. Earlier this year, the company spun-off its Washington, D.C.-area assets into two companies, Urban Edge Properties and JBG Smith Properties. Vornado also owns shares in Toys “R” Us, which is nearing bankruptcy.

During the time Roth was recovering from surgery, President Donald Trump announced he was dissolving an infrastructure advisory council that was to be headed by Roth and developer Richard LeFrak. Roth is one of the president’s most recognizable supporters in the real estate industry. [Bloomberg] — Will Parker


The Real Deal MiamiThe Real Deal Miami

3 Things to Know When Negotiating a Commercial Lease

3 Things to Know When Signing a Commercial Lease

Today’s guest post is by Evan Tarver, a small business and investments writer for Fit Small Business, fiction author, and screenwriter with experience in finance and technology. When he isn’t busy scheming his next business idea, you’ll find Evan holed up in a coffee shop working on the next great American fiction story.

3 Things to Know When Negotiating a Commercial Lease

Commercial leases typically have longer terms than residential leases and have more tenant and landlord clauses. Whether you’re working with a broker or negotiating yourself, it’s important to fully understand a commercial lease before you sign as it can have a significant impact on the success of your business.

Below are the top 4 things you should know about commercial leases that’ll help you negotiate more favorable lease terms:

1. Your Commercial Property Parameters

Before you start negotiating your lease it’s important to fully understand your commercial property parameters. This is because the needs of your business will dictate the types of properties you can lease as well as the terms you can negotiate. Your commercial property parameters should include the following:

  • Ideal customer or employee pool (including location)
  • Commercial property zoning
  • Desired property size (rentable space and usable space)
  • Maximum monthly lease budget
  • Accessibility (foot traffic, vehicle traffic, and parking needs)

By defining each of these commercial real estate parameters, you’ll know the exact type of property you need as well as what you can and can’t negotiate. For example, if you’re a restaurant, you might be able to negotiate landlord build-outs, which are improvements made by the landlord – such as upgrading kitchen appliances – at potentially no cost to you.

2. Lease Types and their Associated Costs

Most people aren’t aware of the fact that there are typically 3 different types of commercial leases. These leases include a full-service lease, net lease, and a modified gross lease. The major differences between these 3 are the costs and fees associated with them as well as the types of businesses who typically sign them.

The Types of Leases

Understanding these different types of leases will give you greater negotiating power. For example, a full-service lease is the most common type of lease for commercial office buildings. This lease is all-inclusive, meaning that the landlord is required to pay for expenses such as utilities, property taxes, insurance and repairs out of the rent he/she receives from the tenants.

By contrast, a net lease can either be a single, double, or triple net lease and is most commonly used for restaurants and retail. Depending on the type of net lease, the tenant will be required to pay for a pro-rata share of property taxes, property insurance, and common area maintenance fees (CAMS) if it’s a multi-tenant building. If there is only a single tenant, the tenant will be responsible for those expenses.

A compromise or a hybrid between the full-service lease and the net lease is the modified gross lease. This type of lease is most commonly used for multi-tenant office buildings. Typically, the landlord is responsible for the major expenses and the tenant is responsible for their directly related expenses. For example, the landlord may pay real estate taxes and insurance and the tenant may pay janitorial and utility expenses for their specific space. The landlord usually has the right to expense pass-throughs using a base year.

Costs Associated with Your Lease

Of course, the type of lease above will largely dictate the costs associated with your monthly commercial lease payment. Still, it’s important to understand the general costs associated with a commercial lease so that you can better negotiate your terms.

The common types of monthly expenses associated with a commercial lease include:

  • Rent (based on a price per square foot)
  • Pro-rata property taxes
  • Pro-rata property insurance
  • General repairs and maintenance
  • Utilities and janitorial services
  • Tenant build-outs (improvements made by the tenant)

While these costs are dependent on the type of lease, some of the costs can potentially be negotiated with the landlord. Of course, certain costs like janitorial services and utilities can’t be negotiated unless you decide not to use the services. It’s important to remember which types of costs are typically associated with each lease type. This will help you better estimate your monthly costs as well as determine whether it’s more cost effective to buy real estate or lease the space.

3. Common Commercial Lease Terms and Clauses

When negotiating a commercial lease, it’s important to be familiar with the lease terms and clauses you might encounter. These terms and clauses will typically dictate the length of your lease, the total monthly costs, annual rent increases, lease terminations, and more. Understanding these terms will help you negotiate a more flexible and cost-effective commercial lease.

 

The key commercial lease terms that you should become familiar with include:

  • Use clause –  Determines the types of businesses that are allowed to use the commercial space. This is particularly important if you expect to sublease in the future.
  • Length of lease – Commercial lease terms typically range from 3 – 10 years.
  • Assignability – A lease is required to be assignable in order for the tenant to sublease the space. An assignable lease can be included in the potential sale of your business.
  • Escalation – Commercial leases will often have escalation clauses that let landlords increase rent annually, around 3% a year.
  • Build-out credits – These credits give the tenant the chance to make improvements at the expense of the landlord.
  • Termination clause – Clause that allows a landlord and/or a tenant to terminate a lease if certain criteria are met.

4. Benefits of Leasing vs Buying Commercial Real Estate

Ultimately, negotiating a commercial lease is only a good idea if leasing commercial real estate is more cost effective than buying a commercial space. Since each space is unique you’ll want to run a cost-benefit analysis on the difference between renting and owning the space.  

Some factors to consider when weighing the options of leasing or buying commercial real estate include:

  • Tax benefits of owning the space
  • Down payment available to purchase the space
  • Will you outgrow the space?
  • Being responsible for maintenance of the property if you own it
  • The freedom to alter the property if you own it

Bottom Line

Overall, a commercial lease can be confusing and it’s important to adequately prepare when negotiating one. In order to negotiate favorable lease terms, you’ll want to know your property parameters, lease types, potential costs, potential lease terms and clauses, as well as the benefits of leasing vs buying commercial real estate.

The post 3 Things to Know When Negotiating a Commercial Lease appeared first on CRE Blog | CommercialSearch.

CRE Blog | CommercialSearch

Here’s how agents do showings safely

Jack Nicholson in “The Shining”

From TRD New York: Lorei Velazco knew she wasn’t supposed to be the first one to enter a building when meeting new potential clients. In 2011, however, when she was looking to list a unit in downtown New Rochelle, the seller insisted she check out the apartment with him.

”We went back and forth a few times, and finally I said, ‘Fine, I’ll just go on up,’” Velazco, an agent at J. Phillip Real Estate, recalled.

As they were walking up the stairs, the man, according to Velazco, said: “When I get you to my empty unit, I want to bite you and tie you up.”

“I turned around and looked at him like, is he serious?” she recalled. “And I could tell in his eyes that he was.”

On the way up, Velazco started knocking on other apartment doors until a woman answered one and pulled her in. She waited to make sure the man was no longer outside and ran out of the building.

Meeting strangers and being alone with them is central to working as a real estate agent. While threats and attacks against realtors are rare, they do happen, and agents told The Real Deal that personal safety is a major factor in how they conduct business. Safety has become a far greater industry-wide priority since the 2014 murder of Arkansas agent Beverly Carter, who was kidnapped and killed by a couple masquerading as buyers. Agents often carry weapons for self-defense, use safety apps on smartphones, and meet clients only in neutral locations to mitigate dangers, industry experts said.

The National Association of Realtors has also stepped up its efforts on safety awareness. It named September agent safety month and is working to gather solid data on the types of dangers that brokers face.

”People used to think that crimes committed against real estate agents were crimes of opportunity, but in fact, they’re predatory crimes,” said Dave Legaz, a former New York Police Department sergeant who is now a broker with Keller Williams. Legaz, who teaches agent safety classes, believes that agents are often reluctant to report crimes out of embarrassment.

“Agents don’t want to come forward and say that they were sexually assaulted or brushed up against in a weird, awkward way or something like that,” he said.

Gut check

NAR’s most recent survey, which was released late last month and included more than 3,200 agents, found that while just 4 percent reported actually being the victims of a crime, 38 percent of respondents said they felt unsafe in the last year.

“I tell [newer agents] to do all their showings before dark.”

It often comes down to instinct. “There are multiple times where you are standing there and someone is intimidating,” said Justine Bray, a broker with Brown Harris Stevens, who said she meets her clients in the lobby of a building and always keeps the door open when doing an apartment showing.

“Waiting in the lobby, you can get the impression if that person might be unsafe,” she said, “so you can say you can’t find a key, or the landlord has canceled the showing.”

Bray, who once felt so uncomfortable showing an apartment on East 72nd Street that she requested the building’s super send someone to the unit until the man left, said she will sometimes check the phone numbers people leave on sign-in sheets to make sure they are legitimate.

Joan Kagan, a sales manager at Triplemint, said “there is a perception that real estate agents have tons of money.”

“That makes us more vulnerable,” she added. “I’ve instructed my agents that there is no deal that is worth sacrificing their own safety.”

However, agents still have to strike a balance between protecting themselves but not being too nervous to chase down a lead. Early-career agents are more likely to push aside misgivings while they are trying to get ahead, brokers said.

“I tell [newer agents] to do all their showings before dark,” said Citi Habitats’ Ronnie Shumake.

And while brokers told TRD safety is a concern for both sexes, it’s something female agents need to especially consider. While just 25 percent of male agents in the NAR survey reported feeling unsafe, the number was at 44 percent for female agents.

”You just always, always, have to have eyes in the back of your head….being a woman going into a house as well, especially at night on a vacant property,” said Laura Copersino, a Douglas Elliman broker who focuses on Queens.

Others said they have strict rules about meeting strangers. “We meet [clients] in the office first — that’s been a practice for me since day one,” said Citi Habitats’ Natalia Padilla, who said if she really feels comfortable enough with someone she will meet them in a public place like a coffee shop rather than the office. “I am a girl and I’m only 5’2” … they prey on women more, obviously.”

“You really have to screen — don’t just take anyone out,” said Michelle Sedlitz, also of Citi Habitats. Sedlitz recalled being approached by a man outside her office early on in her career. The man first flirted with her and then set up an appointment with her to look at homes.

“It was a little uncomfortable,” she said. “I think his interest was me, more than an apartment.”

Getting practical

Several agents and companies said they’ve developed their own ways of handling safety concerns. According to the NAR survey, 44 percent of real estate offices have standard procedures for agent safety, while 52 percent of men and 57 percent of women carry self-defense weapons ranging from pepper spray to Tasers to noisemakers.

The president of the Real Estate Board of New York, John Banks, said he urges brokers to remain aware of their surroundings, and to take “precautionary measures such as actively communicating their whereabouts to their colleagues and any building staff when showing homes, and establishing procedures for emergency situations.”

Greg Harden, co-founder of Oxford Property Group, said his company will do virtual open house tours with Facebook Live and virtual apartment showings on YouTube to avoid having agents constantly open up the homes. At high-end apartments where security is a particularly strong concern, multiple agents will show up for an open house.

“The more eyes you have in the room at the same time, the better,” he said.

Sierra Residential’s Adam Frisch said his company has a broker in the lobby and apartment during showings and said it is important to do open houses by appointment only. He also stressed the importance of screening buyers or tenants before they come to the property. “This will weed out many potentially shady individuals,” he said. BHS recommends against agents holding open houses alone; Triplemint managers have access to all brokers’ calendars; and Mirador Real Estate said it plans to start running safety courses.

At Legaz’s safety classes, he instructs agents to try making the homes themselves safer by removing prescription drugs from the medicine cabinet and removing knives from the kitchen.

“The most dangerous spot in the house during a family dispute is in the kitchen,” he said, “because of those knives.”

Vincent Ferrante of Keller Williams NYC Bronx emphasized the need for agents to understand when someone is just angry versus when they are actually a threat.

“The business is emotional anyway, even if you’re not talking about, like, criminal acts,” he said. “You’re selling someone’s house. Sometimes people are going through divorces, so you’ve got to let people vent sometimes while understanding it’s not personal.”


The Real Deal MiamiThe Real Deal Miami

Get Your Competitive Edge on Pre-Due Diligence 

Today’s guest post is by Leigh Budlong, founder of Zonability. You can connect with her on LinkedIn or email her at [email protected]

The purpose of formal due diligence is well known to all real estate professionals. We’ve all experienced either the first-hand hiring of experts to help mitigate risks or advising clients to do so. It takes time and money with results often bringing up more questions than answers.

In this age of technology, a new approach for gaining insight into important issues that can impact real estate deals quickly and efficiently is now a reality. It means leveraging technology assets to quickly and inexpensively ascertain initial answers to questions that would typically require extensive time and money during a formal due diligence process.

This stage is called pre-due diligence and can help to quickly evaluate a listing you might find on CommercialSearch.  Pre-due diligence sacrifices accuracy in return for speed, but that tradeoff is perfectly acceptable as long as everyone involved is clear about the objectives and capabilities of pre-due diligence vs formal due diligence which involve experts.

 

Consider what it would mean to have your own process around this stage of information gathering and property assessment. How can it be mined to improve your work and business relationships? Can it become your competitive edge?

 

Before going into more detail, my inspiration for this blog post came from a summer read, Phil Knight’s book, “Shoe Dog”. The memoire came recommended by a real estate data executive, and it has all the thrills – and letdowns – that come with building a business and the people you meet along the way.

 

Phil Knight talks about Steve Prefontaine, an American runner from Oregon known from the 1972 Olympics. Known as “Pre”, he was an early endorser of Nike shoes and a real athlete. According to Knight, Pre’s “competitive fire, gutsy race tactics and inherent charisma charmed crowds and inspired up-and-coming runners to stick with the sport and give it their all.” 

 

Who doesn’t like to be inspired, or to inspire others? In reading these words I instantly recognized the traits that make a great athlete also make a successful real estate professional. It takes training, dedication and a positive “can-do” attitude. The training is what pays dividends during a race or match. The same is true for the real estate professional.

 

By being willing to train hard on honing your skills around pre due diligence, you can be better prepared to serve clients and help them succeed. As part of any training, it means approaching the learning curve. In this case, you’ll need to find those technology tools designed for efficiency and use them regularly to get in more reps, to get better in your role.

 

In my role as an inventor of real estate technology called Zonability, I focused on showcasing a method successfully employed when I practiced in real estate as a commercial real estate appraiser and broker (earning both the MAI and CCIM designations).  Rather than spend hours piecing together, our customers instantly assess a property from a pre-due diligence perspective. It employs what I call “the PLE technique”.

 

P stands for physical, L for legal and E for economic. Together, the review of PLE on any property, at the pre due diligence level, provides a solid initial assessment.

  • Physical – property strengths and weaknesses.
  • Legal – find the hidden opportunities and risks.
  • Economic – run numbers to test “what if” scenarios.

At Zonability, our role in pre-due diligence focuses on assessing untapped development potential and uncovering risks associated with zoning regulations which tie to some of the property’s physical attributes, legal and eventually, economic. How do they tie to economics? It is the combination of the land – its size and zoning relative to the existing improvements and what economic benefits they continue to offer in their market.

 

My years of experience as a commercial real estate appraiser and broker helped hone my skills to assess PLE opportunity and risk. I wanted to translate that when I had Zonability developed. Some call it a “highest and best use” starter, others see as a way to hone in on their to-do list – especially those who handle real estate development.

 

Here are highlights:

 

  1. Identify ALL kinds of regulations impacting the parcel. Yes, these fall under the L category (for legal). Our aim is to give these letter/numbers some meaning and include “future land use” plans which really start to touch on E for economics.

  1. Make it obvious what is the zoning landscape around the subject and showcase the parcels’ shapes – this gets into the P for physical as well as L for legal.
    Quickly gather intelligence within a 1/4 mile of the property for existing conditions: zoning category distribution, building size and lot size. Use this information to size up the subject and the ideas about how it might be used which leads to point #3.

  1. Does the property have zotential? Zotential is our way of saying data-driven potential. The reason we opt to use this language is to make it abundantly clear, this is an interpretation, it is not documented in some city file or stamped and ready for approvals. No, it is very much in the early stage – or “pre” – realm where ideas are still being kicked around.


  1. Get the numbers running! Zonability also has a one click “pro forma” that generates an Excel using our zotential estimates. You can set the basics like monthly rent and cap rate range then iterate in Excel.

Real estate professionals have always had a unique opportunity to differentiate themselves from competitors by discussing untapped property potential with their clients. However, before Zonability, the process of calculating untapped potential was slow, frustrating, and expensive given the complexity of regulations involved.

 

The reality is that most people won’t make the effort to do this work manually. However, we’ve repeatedly found that there’s a direct correlation between the difficulty to obtain important data and the opportunity to deliver value to clients.

 

By having your process in place, quickly and inexpensively:

  • Gauge demand, including current a highest and best use analysis.
  • Develop initial marketing, including ballpark pricing and valuation considerations.
  • Work with the owner/stakeholders to set expectations.

At the root of this process, is being able to decide if the deal is worth pursuing or will terms need to be changed as well as a focus on further evaluation?

In order to remember this concept, think of the long-distance runner, Pre, who had to often “dig deep” to find the energy reserve required for deals that take weeks and months to come together. Building relationships focused on problem-solving and not solely on closing the deal are worth the time. These are the types of deals that people walk away from satisfied and wanting to do again. Who doesn’t appreciate the chance to repeat a win?

In summary, offering fundamental real estate information that can’t easily be “googled” is a great way to establish expertise and build trust with clients. Tech driven pre-due diligence is a way to reduce the time and money required to deliver value to clients. Ultimately this leads to better relationships, which is still the basis for success in real estate.

Do you have success stories about having employed such a technique that saved you and your client time and money? If so, I’d like to hear about it.

 

The post Get Your Competitive Edge on Pre-Due Diligence  appeared first on CRE Blog | CommercialSearch.

CRE Blog | CommercialSearch

California leavin’: CalPERS cutting RE investment by 50%

Paul Mouchakkaa

The country’s largest pension system is cutting its real estate investments in another warning sign for the New York commercial property market.

The California Public Employees’ Retirement System plans to invest $ 3.95 billion in real estate in the current fiscal year, which began on July 1. That’s down from $ 4.6 billion last year and $ 7.9 billion the year before — a decline of 50 percent in two years, PERE reported.

And CalPERS isn’t alone. Overall pension fund investment in real estate fell to $ 15.4 billion in the first half of the year, down from $ 21.9 billion a year earlier, according to FPL Advisory Group.

“Four or five years ago, if we gave [managers] $ 500 million, 50 percent would be put to work. This year, it’s looking more like 25-30 percent. Prices are moving up,” CalPERS’ managing investment director of real estate Paul Mouchakkaa said in April. “What does that mean for us? It’s much tighter and a more competitive situation.”

CalPERS managed $ 30.5 billion in real estate as of June 30. Last year it bought the Midtown office tower at 787 Seventh Avenue for $ 1.9 billion, one of the largest investment sales deals of 2016. [PERE] — Konrad Putzier

The Real Deal Los Angeles

A Big Catch: This Las Vegas Home Comes With a $40K Fish Tank

lv-fishtank

Irwin Raymer

Vegas lives large—and that includes the housing market. Homes packed with over-the-top amenities such as bowling alleys and two-screen movie theaters offer entertainment to rival nearby resorts.

The latest amenity worthy of the bright lights of Sin City is a massive $ 40,000 fish tank inside this $ 1,696,000 home, listed with Nickolas Abendroth of Signature Real Estate Group.

Fittingly, the homeowner is Irwin Raymer, one of the stars of the long-running Animal Planet reality show “Tanked,” which follows the exploits of one of the largest aquarium builders in the U.S.

This property was listed in May 2016 for $ 2.4 million. After several price reductions, it was taken off the market in November. It’s back now, with a reduced price. It’s located in Summerlin, a Vegas suburb that has experienced tremendous growth in recent years, with home prices soaring as high as $ 30 million.

FishTankDSC_6065_6_7_8_9-2
Fish tank

Irwin Raymer

By all appearances, the eight-bedroom, seven-bath home is relatively normal—with a crystal chandelier, curved staircase, and high ceilings—until you reach the dining room.

There you’ll find a massive custom fish tank with aquaculture. The tank also serves as a divider between the dining room and home theater. Built in 1995, the 7,350-square-foot house sits on a half-acre lot.

And the next buyer will have a spot to dine on move-in day. Raymer is leaving the custom dining set, mainly because the design matches that of the tank.

“My wife and I sit for hours looking” at the tank, he says. “The tank will be up and running, but (the new owner) will have to supply their own fish.”

What kind of person will be enticed by the tank to make an offer on the home? Someone who “just wants a lovely home and an aquarium to look at,” says Raymer, also pointing to the home’s koi pond and eight-person sauna.

Kitchen9008BaldEagleDrLasVegasNV
Kitchen

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Pool9008BaldEagleDrLasVegasNV
Pool

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Other reasons to snap up this home? An upstairs balcony spanning much of the home’s length, and a backyard with a bar, pool, fire pit, and kitchen. Slate tile flooring throughout the home keeps the place cool even on the blistering days of summer.

WalkinCloset9008BaldEagleDrLasVegasNV
Walk-in closet

realtor.com

Ceiling9008BaldEagleDrLasVegasNV
One of the bedrooms

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Bedroom29008BaldEagleDrLasVegasNV
Another bedroom

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The home’s walk-in closet is suitable for any fashionista or entertainer. Recessed ceilings in the bedrooms are a stylish detail and make the rooms appear bigger than they actually are.

Although the rooms are big, nothing can compare with the scale of the enormous tank downstairs.

The post A Big Catch: This Las Vegas Home Comes With a $ 40K Fish Tank appeared first on Real Estate News & Insights | realtor.com®.

Real Estate News & Insights | realtor.com®News – Real Estate News & Insights | realtor.com®

City Hall open to pumping more money into Bedford-Union Armory project

City Hall may be willing to set aside a little extra cash for the Bedford-Union Armory project to meet demands for more affordable housing. Mayor Bill de Blasio said on Thursday that his administration will work with Crown Heights Councilmember Laurie Cumbo to meet her concerns about the project, Politico reported. “The plan as it’s written now is a sustainable plan that can actually keep that facility open for the community for the long haul […]


The Real Deal New York

Traditional retailers have outperformed Amazon so far this month

Traditional retailers are on track to see their best month in more than a year, even as shares of e-commerce giant Amazon lag. The S&P 500’s retail sector climbed 4 percent since the beginning of September, its best month since July 2016, the Financial Times reported. Shares of Macy’s climbed 9.1 percent after dropping 42 percent from the beginning of the year through the end of August. And Nordstrom, which saw shares drop 7 percent […]


The Real Deal New York

‘Entourage’ Creator Doug Ellin Is Parting Ways With His Beverly Hills Home

Doug Ellin

Jason Kempin/Getty Images

It’s a long way from Queens Boulevard. “Entourage” creator Doug Ellin is now parting ways with his Beverly Hills, CA, home. The $ 10 million asking price is nearly twice as much as the $ 5,930,000 he paid for the place in 2008. Ginger Glass of Coldwell Banker Residential Brokerage is the listing agent.

Brooklyn-born Ellin moved to Los Angeles in the 1990s and, like the premise of his successful HBO show, he struggled to make it in Hollywood, shooting indies and selling unproduced scripts.

In 2004, his luck turned when the series partly based on his life was launched on the cable network. The show about Hollywood hopeful Vincent Chase (Adrian Grenier), who moves from New York to La-La land with his posse of bros, was a hit.

Doug Ellin's Beverly Hills Home
Front exterior

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Ellin’s house is also a hit, and it has all the elements for entertaining your besties. Built in 1936, the gated home has 5,780 square feet of living space, which includes six bedrooms and six baths.

Living room with pool table
Living room with pool table

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Dining room
Dining room

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Chef's kitchen
Chef’s kitchen

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Breakfast area and patio
Breakfast area and patio

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The two-story foyer leads to an open living room with a vaulted ceiling and, naturally, a pool table. The dining room is also part of the open floor plan.

The chef’s kitchen features a Sub-Zero and Wolf range, three ovens, an island, and a breakfast area with french doors that open to the patio.

Rotunda bar in the family room
Rotunda bar in the family room

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Patio with pergola, fireplace and BBQ
Patio with pergola, fireplace, and barbecue

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Salt-water pool
Saltwater pool

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If all that seems a little too formal for your buddies, you can head to the family room, which features a step-down rotunda bar that opens out to the backyard. We’re sure there’s plenty of Turtle’s tequila to go around.

Mrs. Ari, take note. A “fabulous” master suite upstairs includes a sitting room with fireplace, a hotel-like bath with a “huge” walk-in closet, steam shower, and spa tub. There are three additional suites upstairs, and two downstairs, which can function as guest or office space.

Outside you’ll find a patio with pergola, a barbecue area, lounge with fireplace, and saltwater pool.

Ellin, who was head writer for all eight seasons of “Entourage,” also wrote the screenplay for the movie based on the show.

The post ‘Entourage’ Creator Doug Ellin Is Parting Ways With His Beverly Hills Home appeared first on Real Estate News & Insights | realtor.com®.

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