Latest news with #MillionDollarListing
USA Today
11 hours ago
- Business
- USA Today
'Million Dollar Listing' star Ryan Serhant recruited to sell entire waterfront condo
'Million Dollar Listing' star Ryan Serhant recruited to sell entire waterfront condo Show Caption Hide Caption "Million Dollar Listing" star Ryan Serhant sells Florida condo Former "Million Dollar Listing New York" star Ryan Serhant is representing La Fontana condominium in West Palm Beach, which is up for sale. The owners are hoping the prime waterfront location will attract a developer to demolish and rebuild. A previous deal fell through with a developer who wanted to purchase La Fontana and the neighboring Portofino building together. Rising costs, including a pending fire safety mandate, are motivating factors for selling. Owners at the waterfront La Fontana condominium in West Palm Beach, Florida are putting their entire 140-unit building up for sale after failing to seal deals with two billionaire developers. They've recruited former 'Million Dollar Listing New York' star Ryan Serhant and his firm to represent the 64-year-old building with the idea it would be demolished and replaced by new construction. The address, 2800 N. Flagler Drive, is an attractive location just north of bustling downtown West Palm Beach and sitting directly on the Intracoastal Waterway with nearly three acres of land. It's two miles south of the Lake Worth Inlet, also known as the Palm Beach Inlet, and next to Currie Park, which is currently undergoing a $35 million renovation. La Fontana's association board had previously considered asking for $225 million for the building but there's no sale price set on the current listing, which is being handled off market. 'It's not the building, it's the land,' said La Fontana board President Paul Moreno. 'The general consensus is it will be knocked down and something else will be built.' Celebrity real estate: NBA's Kevin Durant's custom Oklahoma City townhome hits the market — starting at $35 Moreno said the building is current on inspections and in compliance with state safety legislation. But a pending state fire safety mandate to install a pricey new 'engineered life safety system' helped convince some La Fontana owners to sell. 'We're not desperate,' Moreno said. 'But the sprinklers are a ton of work and a lot of money.' La Fontana has been courted by developer Al Adelson and saw some interest from the city's dominant developer, Related Ross, according to Moreno. But Adelson was adamant that he wanted a package deal of La Fontana and its 56-year-old neighbor building Portofino, where there currently aren't enough residents willing to sell. Adelson was offering $150 million for each building. The purchase would have given him a waterfront footprint of about 5.5 acres. Moreno said Ross was looking at a longer timeline for purchase that was "not in compliance" with what the board wanted. Because La Fontana is a co-op — where owners purchase shares in a corporation that owns the entire building — it needs 80% of residents willing to sell. Portofino is a traditional condominium. That means it is governed by rules that say a sale must be approved by 80% of unit owners, but if 5% or more vote no, they can block the sale and another vote can't happen for two years. 'Our owners are pretty content here,' said Portofino board president Michelle Alber. 'We feel like we have a little slice of heaven and if you look at the prices of new construction on the water, it's unobtainable for most of our owners.' Cynthia Witter bought her unit in Portofino for $218,000 in 2003. She also owns a unit at La Fontana that she paid $135,000 for, also in 2003. The cheapest waterfront new construction condominiums in West Palm Beach are at least $1 million. Even with a hefty payout from a developer, it would be a stretch for many Portofino and La Fontana owners to buy a new unit and keep up with association fees and taxes. Still, Witter said she's ready to sell both of her units. 'I think it's an opportunity and my own personal opinion is these units aren't going to go up in value,' she said. 'If La Fontana gets knocked down and starts building, it's going to be awful at Portofino.' Along North Flagler Drive there are at least seven new condominium projects planned or already under construction. Some are as tall as 28 stories, with one trying to go to 31 stories. Christian Prakas, a founding partner of Serhant's Delray Beach office who is helping market La Fontana, said owners there are smart to sell now before the market is saturated with new construction. Serhant also already has someone working on getting city code changes to allow for a taller building on the site. 'This is one of the most valuable spots on North Flagler because it's actually on the water, not across from the water, and has riparian rights, making boat slips possible,' Prakas said. While condo sales in which the entire building agrees to sell were uncommon in the past, that may change with new Surfside safety rules, higher insurance rates and aging retirees. Prakas said this is the first whole building sale Serhant has done in South Florida, although it has brokered similar deals in New York. 'I think we are going to see a massive flood of these coming to the market in the next 10 years as the baby boomers are passing away and their heirs will not want to carry these condos with rising costs and high assessments,' Prakas said. Alber, the Portofino board president, emphasized that while the building is not actively for sale, owners would be willing to entertain offers. 'Who knows what might come our way,' she said. Kimberly Miller is a journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate, weather, and the environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@ Help support our local journalism, subscribe today.
CTV News
20 hours ago
- Business
- CTV News
Beloved Bravolebrity: Mauricio Umansky to visit Halifax for The Agency launch party
One of Bravo's most beloved 'house husbands' is headed for Halifax. Mauricio Umansky first rose to fame through appearances on 'The Real Housewives of Beverly Hills,' which premiered in 2010. As CEO of The Agency – a global, boutique real estate brokerage that has 130 offices in 13 countries – Umansky's brand has also been featured on Bravo's 'Million Dollar Listing Los Angeles' and Netflix's 'Buying Beverly Hills.' In February 2024, The Agency added a Halifax location to its firm and, this Sunday, it will hold its official launch party and ribbon-cutting. 'We wanted to do it last year, but it was so hectic opening up everything and figuring out all the logistics. We obviously want Mauricio to attend as well, so just getting everyone's schedules aligned,' said Megan Landry, managing director at The Agency Halifax. 'We have Burnside Pizzeria and Propeller Beer sponsoring us, so we're going to be serving donairs and beer and anyone that wants to come and meet him can meet him.' Maurico Umansky Maurico Umansky, CEO of The Agency, is pictured. (Courtesy: The Agency Halifax) This will be Umansky's first time in Halifax and his first time trying its official food. 'He's not tried donairs before so that's why we're serving donairs at lunch,' said Landry. 'It's not every day that an owner, CEO of a huge multi-million dollar company will show his face and show up. I have so much respect for him that he is showing up and he supports us and he wants to see Halifax and meet the agents and really get to know where the office is and the location.' The Agency Halifax The founding members of The Agency Halifax are pictured. From left to right, James Goode, Allie White, Brooke Godsoe, Cait Banks, Brehannah Hopgood, and Megan Landry) (Courtesy: The Agency Halifax) The Agency decided to open a location in Halifax after local agents reached out to the company, suggesting an East Coast office. 'They were excited and I think it's just a new opportunity for clients in Nova Scotia just to have a different experience when it comes to selling and buying. It's definitely exciting just for Nova Scotia in general to have such a well-known brokerage come to a smaller province,' said Landry. Umansky is known for representing multi-million dollar properties such as the Walt Disney Estate and the Playboy Mansion. While Halifax may not have the same market as Beverly Hills or Los Angeles, Landry says it's all about growth. 'The Agency is definitely more on the luxury side of things, but Nova Scotia only has so many high-end homes. Whether we're selling a $4-million home or a $400,000 home, we're still giving that white-glove service to every possible client,' she said. 'The Agency's No. 1 slogan is 'collaboration is key,' and so when you're working with us in Halifax, you're not only working with just the Halifax agents, it is also agents from all over the globe.' The Agency Halifax A team photo of the agents at The Agency Halifax. (Courtesy: The Agency Halifax) In addition to the Nova Scotia office, The Agency also has brokerages in British Columbia, Alberta, Saskatchewan, Ontario, and Quebec. 'In Halifax right now we have 12 agents. We still want to keep a small boutique feel, it's more quality over quantity. However, we'll keep expanding. We have an open-door policy and we'd love to invite more agents over,' said Landry. The Agency Halifax will also host an invite-only cocktail event Sunday at its newest listing – three luxury penthouses at The Roy. 'Unlike any other condominium in Halifax – or Nova Scotia – The Roy sets a new standard for luxury living in Atlantic Canada. The penthouses crown this 22-storey landmark with expansive layouts, floor-to-ceiling glass offering panoramic harbour and city views, designer kitchens, spa-inspired bathrooms, and private terraces,' said Landry. 'Residents enjoy 24-hour concierge service and exclusive access to The Roy Club – an entire floor dedicated to resort-style amenities including an indoor pool, gym, spa, theatre, and private lounge spaces, all located steps from downtown and the waterfront.' The public event will be held at The Agency's Halifax office in the Hydrostone from 11:30 a.m. to 1 p.m. For more Nova Scotia news, visit our dedicated provincial page
Business Wire
29-05-2025
- Business
- Business Wire
Top Agent Magazine to Release Esteemed Worldwide Luxury Listing Edition This Fall
LOS ANGELES--(BUSINESS WIRE)-- Top Agent Magazine, the internationally esteemed publication celebrating the most accomplished professionals in real estate, is proud to announce the upcoming release of its Worldwide Luxury Listing Edition, set to debut in Fall 2025. This landmark issue will spotlight the most visually stunning and exclusive real estate listings across elite markets including Los Angeles, New York, Toronto, Vancouver, and other high-profile international destinations. Widely regarded as the gold standard in agent recognition, Top Agent Magazine offers more than a feature — it's an endorsement, a spotlight, and a testament to an agent's excellence and dedication. Agents have called it a 'career milestone,' 'an extraordinary honor,' and 'an outstanding platform for credibility and exposure.' Top Agent Magazine has made notable appearances in mainstream media, including Bravo's The Real Housewives of Beverly Hills, Awkwafina's Nora From Queens on Comedy Central, and has featured agents from hit shows like Selling Sunset (Netflix), Million Dollar Listing (Bravo), Selling LA (HGTV), Buying Beverly Hills (Netflix), and CBS's Big Brother. Its continued presence across popular culture underscores the publication's influence and reach within and beyond the real estate industry. 'We're not only highlighting homes—we're spotlighting a global lifestyle, and the top agents who make that lifestyle a reality,' said Jessica Fisher, publisher of Top Agent Magazine. 'This edition celebrates the pinnacle of luxury real estate and honors the professionals setting new benchmarks of success.' A Trusted Voice in Luxury Real Estate With editions in the United States, Canada, and Australia, Top Agent Magazine is a trusted source for recognizing elite talent and showcasing properties that captivate discerning buyers, investors, and industry insiders. The upcoming Worldwide Luxury Listing Edition continues the magazine's legacy of excellence by offering a premier platform for agents to gain meaningful exposure and connect with a global luxury audience. For more information, visit .
Yahoo
26-04-2025
- Business
- Yahoo
Billionaire Ken Griffin Has Amassed a Massive Real Estate Portfolio—Is It for Profit or Pleasure?
Billionaire hedge fund manager and entrepreneur Ken Griffin continues to build his real estate portfolio, buying and selling properties across the globe. But not just any property will do. Griffin is apparently drawn to real estate deals involving hefty price tags. His recent purchases could shed light on where the moneyed set might turn for their future real estate finds. Markets with the 'Griffin bump' could be perceived as desirable if such a big investor is buying there. However, that is assuming he's not the only person in town snatching up $100 million homes—a danger cited in a recent Wall Street Journal article about Griffin's burgeoning real estate empire and his effect on the luxury real estate market. Nonetheless, Griffin is known as one of the most prolific buyers of retail-price real estate. With that in mind, we decided to take a closer look at some of his recent acquisitions to see how they stack up in profit, loss, or pleasure potential. While still under construction, this is one epic mansion in the making. If Griffin follows through with his reported plans to build a $150 million–$400 million house on 8 of the 27 acres of prime Palm Beach property he purchased in 2023, it will be one of the priciest homes on the planet, coming in at an estimated $1 billion upon completion. Located on South Ocean Boulevard in an area known as 'Billionaires Row,' the dwelling-in-progress will first serve as the residence for Griffin's mother. At a projected 50,000 square feet, the waterfront property has both ocean and lake views, as well as a spa, pool, and abundant gardens. With such an outlay of funds, could this property ever appreciate? That remains to be seen, but that also might not be the point of Griffin's purchases. 'Anyone who aims to build the most expensive property in the world isn't focused on the investment side,' says luxury real estate broker Samantha DeBianchi, of Bravo TV's 'Million Dollar Listing' fame. 'Palm Beach is an elite area of the 'who's who' and home to some of the most spectacular properties in the world—and naturally, Ken wants his property to be the centerpiece.' That being said, DeBianchi says Palm Beach has appreciated an incredible amount just in the past five years. 'There's been a migration from New York and California to areas like Palm Beach, and while I don't necessarily feel California and New York have soured for billionaires, there has been a strong rise in interest and more overall demand and attention in markets like Palm Beach, Miami, etc.—and that's something we didn't see and hear about as much prior to COVID.' The bottom line: While it seems that Griffin's Palm Beach build is not necessarily for investment purposes, it also doesn't hurt that it's in one of today's most coveted and exclusive U.S. markets. Speaking of billionaires, it would seem that Griffin likes to live in buildings or areas that show he's 'one of them.' In New York City, being 'a part of it' means owning an apartment on Manhattan's Billionaires Row—a cluster of ultraluxe skyscrapers and condos in the area around Columbus Circle, 57th Street, Central Park South, and Park Avenue. With his $238 million condo deal for a quadplex spanning floors 50 to 53 at 220 Central Park South, Griffin took the record in 2019 for the highest-priced home ever purchased in the U.S. He's since added two adjacent units on the 20th floor—presumably for guests or staff—bringing his total holdings in this building designed by 'starchitect' Robert A.M. Stern to nearly $244 million. That 24,000-square-foot acquisition not only cemented Griffin as part of Manhattan's billionaires club, it also gave him Sting and his wife, Trudie Styler, as neighbors in the same building. As if that weren't enough, Griffin just purchased another New York City co-op at 740 Park Ave., according to the Wall Street Journal. In February 2025, he picked up the duplex for $45 million from Julia Koch, widow of billionaire industrialist David Koch, in what is known as Manhattan's top co-op building. (Manhattan's top condo, which is 220 Central Park South, is already part of Griffin's real estate portfolio.) So, is this potentially a good investment? 'Billionaires are drawn to markets like New York for a mix of financial, lifestyle, and strategic reasons,' says Scott Bennett, head of specialty asset management for Wells Fargo. 'Prime real estate in these locations can also be seen as a safe haven for capital preservation.' In other words, Griffin isn't likely to lose money by buying big in the Big Apple. For nearly three decades, Griffin's Citadel hedge fund offices were based in Chicago. As such, Griffin has held some impressive properties in his Windy City portfolio. Among his holdings were four full-floor units in the downtown No. 9 Walton condo tower, which included both top penthouses on the 38th and 39th floors. At the time of their purchase in 2017 for $58.78 million, Griffin set another record for the city's highest real estate transaction. However, Griffin seems to have soured on Chicago living. Recently, he effectuated one of the few real estate transactions in which he took a hefty hit, selling the penthouse floors of No. 9 Walton for $19 million—a 44% loss from the $34 million he paid for those two units in 2017. He sold two additional floors in April 2025 for $15.9 million, marking an $8.1 million loss. Griffin also unloaded his 37th-floor, five-bedroom, 7,400-square-foot Chicago Waldorf Astoria residence for $10.2 million in 2022, which was about a $3 million loss. His willingness to let go of these properties at a deficit seems to cement his desire for an Illinois exit. The Chicago area has been experiencing a massive slowdown in the ultraluxury real estate market, according to the Journal. But some of the high-stakes players are still holding steady. Case in point? In a twist of real estate fate, the buyer of Griffin's No. 9 Walton penthouses was none other than Illinois Gov. JB Pritzker—with whom Griffin has apparently had a long-standing feud. The reality is that Griffin took a loss in Chicago primarily due to his desire to sell. For him, that was a greater impetus than profit. Also, losing a few million dollars won't make a dent in his overall portfolio. In 2022, Griffin moved Citadel's headquarters to Miami, and that's led to him reinvesting his Chicago sales into Sunshine State real estate. Not only is Griffin building a 54-story glass tower office building in downtown Miami—which will include two restaurants and a rooftop hotel—but he's also snapping up real estate for himself. A little farther south of downtown, in the Miami-Dade area, Griffin set another area purchase record when he picked up two bay-front houses in Coconut Grove, FL, for $106.9 million in 2022. That's an additional 25,000 square feet of Florida living space (just a casual 12 bedrooms). Then there's the seven contiguous properties (about 6.5 acres) Griffin acquired on Miami's exclusive Star Island, dropping approximately $169 million over several transactions since 2023. Griffin's spokesperson Zia Ahmed told the Journal recently that Griffin mostly purchases 'one-of-a-kind properties and oceanfront lots that are inherently of limited supply and therefore likely to keep increasing in value,' but he also targets areas where he travels for work and that will serve as homes for him and his family for years to come. With longevity in mind, potential climate change might be something to consider when it comes to safeguarding his investments. 'Climate change is real, but billionaires are more focused on the 'now' than the future,' says DeBianchi. 'With that said, because people are more educated on climate change, they are building their properties stronger than before—constructing at higher elevations, raising seawalls, and incorporating better drainage systems.' In fact, the Palm Beach Daily News reports that Griffin is planning to replace the groins—structures that jut out from the beach that trap sand and prevent erosion—in front of his billion-dollar property that's under construction, so he might be keeping an eye on preserving his investments as well as enjoying them. 'When you're spending millions of dollars just on land, you're also going to spend heavily on the right infrastructure and protection for whatever you decide to build,' says DeBianchi. While many of Griffin's real estate purchases center around his work, it's clear he also likes to pick up places to 'play.' There seems to be a trend with some of his recent acquisitions in locations that are less 'metro.' In June, Griffin finalized the purchase of an estate on the French Riviera for $90 million. It consists of at least four structures on Tahiti Beach in Saint-Tropez. Another upscale beach purchase was Calvin Klein's former Hamptons estate right at the beginning of the COVID-19 pandemic for $84.4 million. It's located in the Meadow Lane stretch of Southampton, which is essentially known as 'Billionaires Row at the Beach.' In cooler climes, Griffin has a relatively modest multimillion-dollar home in Aspen, CO. So it's definitely not all work and no play when it comes to Griffin's real estate holdings. However, there may be other motives behind some of his 'pleasure' purchases. 'There is a perceived prestige to owning high-end real estate in these markets, whether it be due to access to luxury shopping, world-class dining and entertainment, upscale beach lifestyles, or proximity to other influential and wealthy people,' says Bennett, of Wells Fargo. 'A show property is more about luxury and lifestyle, wherein the inherent financial returns may be a secondary objective.' Bennett says this might lead to taking on a greater level of risk when acquiring the property in return for the 'status' or personal enjoyment the property affords. The bottom line, however, is that wherever Griffin decides to live, he has more options than pretty much any other human being on the planet, and that's got to be pleasurable. Homebuilding Giant Is Forced To Slash Prices in Florida—as It Highlights Sunshine State's Housing Market Weak Link Can Trump Fire Jerome Powell? 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Yahoo
24-02-2025
- Business
- Yahoo
Victims of LA wildfires who lost their homes are looking to relocate. Here are the top cities they're looking at
The wildfires that ripped through Los Angeles in early 2025 were among the most devastating the region had ever seen. Data from UCLA Anderson School of Management reveals that property and capital losses from the fires could range upwards of $164 billion, with insured losses at an estimated $75 billion. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Home prices in America could fly through the roof in 2025 — here's the big reason why and how to take full advantage (with as little as $10) As of early February, it was estimated that the wildfires destroyed more than 16,240 properties, including residential homes and commercial buildings. The Palisades Fire destroyed 6,822 properties in the Malibu and Pacific Palisades communities and the Eaton Fire razed 9,418. While some homeowners may be looking to rebuild in their communities once the dust settles, others — particularly the wealthy — are looking elsewhere. Celebrity real estate agent Josh Altman of 'Million Dollar Listing' fame says he believes 70% of Palisades residents will not return to that community in the wake of the fires. His wealthier clients can afford to relocate. Many of his Palisades clients ready to move want to stay in California and are looking at high-priced properties in: Santa Monica Brentwood Beverly Hills Lower Bel Air Newport Beach With the exception of Newport Beach, all of these are relatively close to the Palisades area, so Altman's clients may want to maintain a semblance of familiarity. They are among the privileged clientele who can afford to do so. Zillow put the average Santa Monica home value at $1,673,029. For Beverly Hills, it's $3,453,888. In Brentwood, it's $2,758,838. In Newport Beach, it's $3,321,652. And Bel Air has the highest average home value at $3,855,639. The danger of these communities is that they are still in Los Angeles County, which is at ongoing risk of wildfires. However, they may be somewhat safer options than the Palisades, where homes were destroyed because they were located near brush and vegetation. Moving away from that area does mitigate the risk of wildfires somewhat. In contrast, some of Altman's clients are looking to leave California entirely and move to Scottsdale or Las Vegas. They're also looking at lower property costs. Read more: Jamie Dimon issues a warning about the US stock market — says prices are 'kind of inflated.' Crashproof your portfolio with these 3 rock-solid strategies The average home in Scottsdale, AZ costs $827,308. In Las Vegas, it's a more reasonable $425,474. So that may be a destination for displaced wildfire victims who aren't loaded with money. For homeowners of modest means, rebuilding may not be an option due to lack of insurance. Between 2020 and 2022, California insurers declined to renew 2.8 million homeowners policies, of which 531,000 were in Los Angeles County. The Standford Daily reports that more than 100,000 Californians lost access to private homeowner insurance, affecting one in seven homeowners in the Palisades. Even homeowners who have insurance may not be able to rebuild in their communities. Amy Bach, executive director of the nonprofit consumer advocacy group United Policyholders, told CNBC that two-thirds of LA wildfire victims or more are underinsured. And if their insurance won't cover the full cost of rebuilding, they might have to go someplace where it's cheaper to buy or build a home. For those who can afford to rebuild in the Palisades, experts warn that the process could take years due to the region's hilly, rocky terrain. It will take time to collect and remove toxic materials on the surface. Meanwhile toxins, ash and debris from the wildfires seep into the earth and contaminate the water system. "It will probably take months until communities have reliable drinking water again," says Thomas Young, a civil and environmental engineering professor at the University of California, Davis. On top of financial and logistical barriers to rebuilding, the psychological toll of the fires may be driving people to relocate instead of rebuilding in the Palisades. It could take survivors a long time to recover from that trauma. A fresh start somewhere else may not only be a more affordable and safe option, but a preferable one from a mental health perspective. Is your savings account struggling to keep up with soaring grocery prices? Here's how 2 minutes can earn you 9X the US national average — with no monthly fees This self-made $500M real estate mogul reveals his 'essential' US portfolio that he says Amazon 'can't hurt' — here's how everyday investors can copy his secret formula These 5 money moves will boost you up America's net worth ladder in 2025 — and you can complete each step within minutes. Here's how This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
