Real eState
Josh Flagg Joins Compass Brokerage, Returns Soon for ‘Million Dollar Listing’ Season 15 (Exclusive)
Josh Flagg is moving to a new home — a new home brokerage, that is.
The celebrity real estate agent and Million Dollar Listing Los Angeles star is joining Compass in its Beverly Hills Office, as Flagg reveals exclusively to The Hollywood Reporter.
“I made the strategic decision to join the top brokerage in the country. Compass’ sterling reputation, extensive network, cutting-edge agent resources, and unwavering commitment to professionalism align perfectly with my values and business goals,” says Flagg in a statement. “With this new partnership, I am confident I will gain access to new opportunities for growth and deliver exceptional results for my clients.” (In 2022, according to RealTrends, Compass did $228 billion in residential sales in the U.S., placing it at No. 1 in the country by volume.)
In a phone interview with THR, Flagg says that he’s bringing more than $400 million in residential listings with him over to Compass. His current listings include a prime property that’s just hit the market for $11.495 million, a Wallace Neff-designed mansion in Bel Air that’s the former estate of Judy Garland. “It’s an exquisite traditional home that’s been completely renovated down to the studs,” says Flagg, who’s also selling The Knoll House in Pasadena, a 1916 mansion designed by Myron Hunt and Gordon Kaufman. “It’s the most expensive house in Pasadena,” he says. “It’s also the biggest house. It’s 32,000 square feet with a 20,000-square-foot art gallery.”
Flagg was long a star agent at Rodeo Realty before moving in 2021 to Douglas Elliman, which remains home to his Million Dollar Listing Los Angeles co-stars Josh and Matt Altman and Tracy Tutor. “While I am grateful for my years at Douglas Elliman, especially my colleagues who are like family, I look forward to my next venture. I love Elliman and wish everyone at the firm my very best,” says Flagg, adding that he doesn’t think his move will affect the Bravo show. “We all have amazing relationships and do business together, I don’t see this changing our dynamic in any way whatsoever.”
As for what to expect in the season 15 of Million Dollar Listing Los Angeles, Flagg says he’s not yet at liberty to discuss the upcoming season. “We don’t have a date yet but it’s coming out very shortly,” is all he would say.
Last year, Flagg got into the media business, launching Estate Media, which focuses on real estate content including video, newsletters and podcasts — former Million Dollar Listing stars James Harris and David Parnes recently joined Estate Media’s talent roster — and he published his third book, The Deal: Secrets for Mastering the Art of Negotiation in late 2022.
He’s also firmly committed to living full-time in Los Angeles, despite buying a house in Miami last summer. “I’ve only been there once for 45 minutes,” says Flagg of the vacation home, which he purchased for $4.25 million along with business partners Adam Rubin and Andrew Shanfeld of private equity and real estate investment firm Carolwood LP.
Flagg lives in Beverly Hills, where he bought a new residence in 2022, a 1926 Italian villa that was listed for $9.2 million and boasts seven bedrooms and more than 7,100 square feet of living space.
Flagg, who regularly makes THR‘s list of Hollywood’s Top Real Estate Agents, specializes in luxury properties in Beverly Hills, Holmby Hills and Bel Air and regularly sets records in the flats of Beverly Hills. He’s repped such clients as UTA’s Tracey Jacobs, Universal Music Publishing Group chairman and CEO Jody Gerson and Tinder co-founder Justin Mateen.
“We’re excited to officially welcome Josh to Compass,” said Compass founder and CEO Robert Reffkin in a statement. “With Josh’s experience and forward-looking approach to his business, I am excited for what he will achieve at Compass.”
In the fall of 2023, the brokerage also unveiled Compass AI, designed to help its agents with creating listing descriptions among other marketing strategies.
Real eState
Greater Toronto home sales jump in October after Bank of Canada rate cuts: board
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
The Canadian Press. All rights reserved.
Real eState
Homelessness: Tiny home village to open next week in Halifax suburb
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Real eState
Here are some facts about British Columbia’s housing market
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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