Adam Neumann, the controversial co-founder of WeWork, has launched a secretive residential real estate startup called Flow, which aims to revolutionize apartment living. Backed by a $350 million investment from A16z, Flow plans to create apartment buildings that prioritize resident satisfaction and community engagement. While early reports suggested groundbreaking features like crypto wallets and rent-to-own options, Flow's focus appears to be on improving the overall living experience through enhanced property management, personalized resident services, and a centralized app. Neumann's vision for Flow aligns with his previous efforts to transform the coworking industry with WeWork.
The residential real estate market in Charlotte County, Florida, has reached a balance in September as inventory increased and prices stabilized. Sales for single-family homes, condos, and townhomes were higher compared to August, with the year-over-year increase attributed to the impacts of Hurricane Ian. Sellers are receiving offers close to their asking price, and there has been a significant increase in new listings. The median price for single-family homes decreased slightly, while the median sale price for townhomes and condos increased. Cash buyers accounted for a significant portion of sales, and the time to sell has increased compared to the previous year. Overall, there is a higher supply of inventory in the market.
Barstool Sports founder Dave Portnoy is believed to have purchased a waterfront estate along Nantucket Harbor for a record-breaking $42 million, making it the most expensive residential real estate sale in both Nantucket and Massachusetts. The property includes two lots that have been developed into a single estate, featuring a main dwelling, guesthouse, and pool. The purchase also includes $2 million worth of furniture and amenities. The buyer is listed as Ferry Views LLC, registered to local attorney John Brescher. The seller was listed as Steven Cohen. Portnoy, who previously owned real estate on Nantucket, has been a frequent visitor to the island.
A house in Clayton sold for $880,000, topping the list of the most expensive residential real estate sales in Johnston County last week. The list includes properties ranging from $487,000 to $880,000, with an average price of $405,600 and an average price per square foot of $176.
Credit strategists at Goldman Sachs expect a more muted impact on residential lending relative to other types like business and commercial. But the gap between cities already seeing home-price declines and those seeing increases will widen, according to Goldman's Chief Credit Strategist Lotfi Karoui. He observed that affordability in weaker markets is still an issue. And if banks tighten standards further, more people with lower incomes and weaker credit scores will be shut out of the market, hurting demand in already struggling cities. Below is a list of 20 cities with the slowest home-price growth from the highest to lowest rates.
