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Clubhouse Could Change The Commercial Real Estate Game – Forbes

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Have you heard about Clubhouse?

It’s the newest, hottest social media site out there. And everyone is talking about it this month.

The New York Times

NYT
wrote about it on February 15. So did the U.K.’s Guardian

UG
. Bloomberg covered it on February 16. And Rolling Stone tackled the topic on February 17.

But since PCMag beat them to it by two weeks, running a full-length story about it on February 2… let’s run with its description.

“This invite-only, audio-based iPhone app is like listening in on someone else’s phone call legally,” long-time tech writer Eric Griffith begins. “Here’s what you need to know about Clubhouse, including how Elon Musk figures into its recent surge.”

He continues with this:

“Here’s the gist: Imagine you have an app on your phone that lets you listen in on other people’s live conversations. But not in a creepy way. These people want to be heard. They may even be famous, or at least interesting or knowledgeable (no guarantee, however). And you may be given the opportunity join the chat.

“Think of it as an audio-chat social network. Or as PCMag’s Jordan Minor says in our review, ‘What if Twitter was a podcast you lived inside of?’”

Intrigued? If you’re not, you should reconsider, especially if you’re into business networking or amping up your profitability potential.

I joined only a few weeks ago, and boy, but am I impressed so far! It’s paid off in droves already, connecting me with some exceptional entrepreneurs. Like Beth Azor.

Let me tell you a bit about her. Who knows, you might even find yourself looking her up on LinkedIn before you finish this article…

Welcome to Clubhouse. Step This Way for Space Tank…

What can I say about Beth Azor? A lot, but let’s start out with how she owns six shopping centers in South Florida.

And before you feel bad for her being in that line of work in this day and age, don’t. This woman not only means business; she knows how to do business with the best of them regardless.

In fact, her other line of work – teaching shopping centers how to fill vacancies – is doing better than ever.

While she’ll work with big-name brands and big-name retail real estate owners, she’s the first to admit that she’s “a big mom-and-pop promotor.” Understanding the value of and for the little guy, it makes sense how she got into the only-so-well-known Clubhouse app late last year.

Beth just isn’t afraid to take a chance when the odds look in her favor.

Once she was on, she found herself in “room” after “room,” having conversations and making connections… until the day in 2021 she found herself in a Shark Tank group. By that, we’re talking about something actually affiliated with the show considering how two sharks were hosting it:

·        Barbara Corcoran

·        Daymond John.

They were allowing people to pitch to them, asking hard-hitting questions just as they would on the show. It was a fascinating platform for them to be on, it worked really well, and it gave Beth an idea.

What if she created her own room for retailers to pitch themselves to commercial real estate landlords?

That’s how Space Tank began, and it’s already had two successful runs, giving businesses the chance to convince big-name – like Simon Property Group

SPG
(SPG) and Tanger Factory Outlet Centers

SKT
(SKT), to name just two – and little-name landlords alike to give them a 90-day store space.

For free.

What a concept, right?

Who Needs Penthouse Access With These Clubhouse Deals?

“What’s the catch?”

That’s the question Beth has heard multiple times now as she promotes this Space Tank idea of hers.

But there really isn’t one. If chosen, businesses have to pay their own insurance and utilities, and take the space as-is. That’s it.

Truly. If those makeshift tenants don’t think the opportunity worth their while at the end of the 90 days, they can simply say, “See ya!”

Of course, the retail landlords’ goal is for them to stay and sign a traditional contract. That’s why they’re offering the opportunity in the first place.

Yet there’s no pressure, legal or otherwise, involved. Which is why so many small and medium-sized businesses are hungry to try it out.

As for the commercial real estate side, this concept has the potential to make an enormous impact on struggling shopping centers and even malls.

Beth has already hosted two successful Clubhouse events now with smashing success. At the first, one person got offers from six different landlords to use their space. Meanwhile, the second – which just happened on February 18 – featured up to 74 landlords.

And you’d better believe she’s already thinking about Round No. 3.

Only Profit Potential in Sight

Before you ask, nope. The landlords who took Beth up on this offer weren’t all Florida-based or looking to fill Florida-specific space.

Everyone knows Florida is open for business and has been for a while now. That might make some health officials concerned, but it makes companies and their employees very, very happy overall.

So you might expect a concept like Space Tank to do at least decently well down there.

To be sure, it is. But Beth assured me that this is a nationwide event, with people participating across the map.

Moreover, while I can’t guarantee this was true about the second call… there wasn’t a single mention of Covid-19 or the pandemic during the first event. It was business as usual – only in an absolutely innovative way.

Want to get in on the next round of innovation? It’s scheduled for March 4 at 7:30 EST, and you can connect with Beth on LinkedIn to get the details.

But you might want to get preparing now, and not just for your perfect pitch. There’s a few other things you need to know about Clubhouse…

Like how, in addition to it being an iPhone-only app for now, you also need an invite. It is a club after all.

Plus, if you do know someone who can send you an invite, you should also have an Instagram or Twitter account. Because you don’t get to automatically speak in someone else’s room. And there’s no instant messaging included.

Instead, you get profile space, where you can list your Instagram and/or Twitter links. And people can reach out to you that way.

In my opinion and experience so far, that little bit of hassle is well worth it though. I’m a big believer already.

There are plenty of real estate opportunities to be opened up on Clubhouse, as I’m finding out every other day. And, like Beth Azor, I most definitely intend to walk through the right ones wherever I can.

I own shares in SPG and SKT.

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Ottawa real estate market sets record in February – CTV Edmonton

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OTTAWA —
Ottawa’s real estate market remained red hot during a cold and snowy February, setting a record for properties sold during the month.

“Resale properties are virtually flying off the shelves,” Ottawa Real Estate Board president Debra Wright said in a news release.

The board reports 1,390 residential properties were sold in February, up from 1,134 in February 2020.

The sales volume for residential properties and condos in Ottawa was $885,592,105 in February, 54 per cent higher than the same month last year.

“Even though our inventory is significantly lower than 2020 – a combined 46 per cent decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021,” said Wright.

“How is that possible? Simply put, properties that come onto the market are selling very quickly.”

February’s sales included 1,028 in the residential-property class, and 362 condominium-properties.

The Ottawa Real Estate Board says the average number of days on the market for a property declined from 30 days in February 2020 to 14 days last month.

The average sale price for a residential-class property was $717,914, an increase of 27 per cent from a year ago. Condominiums sold for an average of $407,671, an increase of 17 per cent from February 2020.

“There is no denying that scarcity is leading to a more rapid price acceleration,” said Wright about the sales volume for residential and condo properties.

“This scarcity combined with buyer’s willingness to pay and compete in this market will continue to drive up the sales prices.”

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Greater Victoria real estate sales, prices surge amid 'mobs' of buyers, low inventory – Times Colonist

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“Mobs” of buyers are viewing homes for sale across the region, putting in offers well above asking prices and waiving inspections as the real estate market continues surging during the pandemic and traditional slower winter months.

Home sales of all types hit a record 863 during February, smashing the previous mark of 780 in 1992, and sailing past the 772 sales in 2016.

article continues below

And prices are climbing.

The average price of a ­single-family home in the capital region breezed past the $1-million mark in June as the inventory of available homes for sale withered.

February’s single-family home average price hit $1.16 million — up from $888,000 during the same month a year ago. Last month’s average was beefed up by the sale of 30 properties that sold for more than $2 million — with 12 of those selling for asking prices and above, said Dustin Miller of 8X Real Estate in Victoria.

He said an equestrian farm in Central Saanich listed for $6 million went $155,000 over asking and there were three ­condominium sales for more than $2 million each, including the penthouse at Hudson Place One, the tallest building in Victoria.

The Victoria Real Estate Board said the benchmark value — or median price without the high and low end of sales — for a single-family home in the region’s core municipalities during February increased year-over-year by 9% to $948,200, a 1.7% increase from the previous month.

The benchmark value for a condominium in the core remained close to last year’s value at $525,400.

Real estate board president David Langlois said the market is caught between constrained inventory and high demand.

“The good news is that we have seen some stabilization in listings and condo pricing between January and ­February, but we continue to see huge pressure on single family homes,” said Langlois. “New listings are snapped up as soon as they are listed.”

That’s resulted in pressure on single family homes, where there is significant competition for desirable homes. “And in our marketplace most homes are desirable … and people are ­competing for properties and pushing prices up.”

There were 1,318 active listings for sale on the board’s Multiple Listing Service at the end of February — 38% fewer than the same period a year ago.

Miller said there are fewer than 400 single-family homes available across the entire system right now. “In a typical year we will see the most amount of inventory go online in April and May, but if the current trend continues, we will see only around half of the number of new listings compared to what was normally seen in the past.”

Kevin Sing of DFH Realty listed a modest, three-bedroom no-step rancher in East Saanich on Thursday for $759,000 and has shown it to nearly 50 prospective buyers over four days. He’s scheduled appointments from dawn until dusk and has received several offers, some unconditional, and several well over the asking price.

Sing said although the federal government’s mortgage stress test has put many younger buyers out of the single-family-home market, empty nesters, older couples who are downsizing or families with students at nearby Camosun College and the University of Victoria are lining up for the East Saanich home.

The demand for real estate seems insatiable, said Sing, and it isn’t just Greater Victoria.

“It’s worldwide,” he said. “I get on regular Zoom calls and everyone is experiencing the same thing, from Manhattan to the Grand Caymans. Unless you’re in a war zone, the demand for housing right now is just ridiculous.

“It’s hard to explain … it seem we have collectively decided [during COVID] that nesting is what we want to do.”

Langlois said the theme for 2021 is going to be inventory — “where does it come from and how much new supply can be approved — so that this situation does not persist.”

“We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership,” he said. “The foreign buyer tax has changed nothing … our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust.”

Langlois said concerns about housing prices and availability should be addressed by supporting new developments in municipalities. “Be vocal with your local council or neighbourhood association,” he said. “These stakeholders hold the power in these negotiations and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”

Miller said buyers and sellers should expect a competitive trend, including “mob-like numbers of people” showing up to see new listings.

He noted “bully offers” being submitted within hours of a property being listed and the waiving of all buyer protection contingencies such as home inspections.

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Greater Victoria real estate sales, prices surge amid strong demand, low inventory; 'mobs' of buyers – Times Colonist

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“Mobs” of buyers are viewing homes for sale across the region, putting in offers well above asking prices and waiving inspections as the real estate market continues surging during the pandemic and traditional slower winter months.

Home sales of all types hit a record 863 during February, smashing the previous mark of 780 in 1992, and sailing past the 772 sales in 2016.

article continues below

And prices are climbing.

The average price of a ­single-family home in the capital region breezed past the $1-million mark in June as the inventory of available homes for sale withered.

February’s single-family home average price hit $1.16 million — up from $888,000 during the same month a year ago. Last month’s average was beefed up by the sale of 30 properties that sold for more than $2 million — with 12 of those selling for asking prices and above, said Dustin Miller of 8X Real Estate in Victoria.

He said an equestrian farm in Central Saanich listed for $6 million went $155,000 over asking and there were three ­condominium sales for more than $2 million each, including the penthouse at Hudson Place One, the tallest building in Victoria.

The Victoria Real Estate Board said the benchmark value — or median price without the high and low end of sales — for a single-family home in the region’s core municipalities during February increased year-over-year by 9% to $948,200, a 1.7% increase from the previous month.

The benchmark value for a condominium in the core remained close to last year’s value at $525,400.

Real estate board president David Langlois said the market is caught between constrained inventory and high demand.

“The good news is that we have seen some stabilization in listings and condo pricing between January and ­February, but we continue to see huge pressure on single family homes,” said Langlois. “New listings are snapped up as soon as they are listed.”

That’s resulted in pressure on single family homes, where there is significant competition for desirable homes. “And in our marketplace most homes are desirable … and people are ­competing for properties and pushing prices up.”

There were 1,318 active listings for sale on the board’s Multiple Listing Service at the end of February — 38% fewer than the same period a year ago.

Miller said there are fewer than 400 single-family homes available across the entire system right now. “In a typical year we will see the most amount of inventory go online in April and May, but if the current trend continues, we will see only around half of the number of new listings compared to what was normally seen in the past.”

Kevin Sing of DFH Realty listed a modest, three-bedroom no-step rancher in East Saanich on Thursday for $759,000 and has shown it to nearly 50 prospective buyers over four days. He’s scheduled appointments from dawn until dusk and has received several offers, some unconditional, and several well over the asking price.

Sing said although the federal government’s mortgage stress test has put many younger buyers out of the single-family-home market, empty nesters, older couples who are downsizing or families with students at nearby Camosun College and the University of Victoria are lining up for the East Saanich home.

The demand for real estate seems insatiable, said Sing, and it isn’t just Greater Victoria.

“It’s worldwide,” he said. “I get on regular Zoom calls and everyone is experiencing the same thing, from Manhattan to the Grand Caymans. Unless you’re in a war zone, the demand for housing right now is just ridiculous.

“It’s hard to explain … it seem we have collectively decided [during COVID] that nesting is what we want to do.”

Langlois said the theme for 2021 is going to be inventory — “where does it come from and how much new supply can be approved — so that this situation does not persist.”

“We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership,” he said. “The foreign buyer tax has changed nothing … our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust.”

Langlois said concerns about housing prices and availability should be addressed by supporting new developments in municipalities. “Be vocal with your local council or neighbourhood association,” he said. “These stakeholders hold the power in these negotiations and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”

Miller said buyers and sellers should expect a competitive trend, including “mob-like numbers of people” showing up to see new listings.

He noted “bully offers” being submitted within hours of a property being listed and the waiving of all buyer protection contingencies such as home inspections.

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