When technology experts compare the current pace of innovation behind the scenes in real estate to the Dot.com Boom of the late 1990s, it’s time to take notice.
By Camilla McLaughlin
Could another tech revolution for real estate be at hand? During the last tech surge, more than a few pundits speculated the agent would become increasingly irrelevant as technology took over most aspects of the job. Today, amid speculation about blockchain, artificial intelligence and other emerging technologies, whispers about the demise of the agent are once again surfacing. But experts say today’s next-gen tech will only make the role of the agent more relevant, particularly in high-value markets.
“Ultimately, relationships remain at the core of real estate, and today they are more important than ever,” observes Stephanie Anton, executive vice president of Luxury Portfolio International.
While attention in recent years has riveted on technology for the home, a wave of innovation with the potential to be even more transformative is on the cusp of altering everything from the way homes are marketed, to access to property data, to the execution of the sale. “We are at the tipping point of change
for real estate. Within three to five years, the entire property landscape will have shifted. Real estate search will be completely remastered, and the industry as a whole will not resemble what it is today,” says Joel Leslie, partner and CEO of Propify, a California startup that was developed in Australia.
The time frame for Leslie’s projection might be optimistic, but there is no doubt that the way properties are bought and sold will change in the not too distant future, perhaps even more dramatically than the mid-1990s when listings and property information became publicly available and searchable online. As a result, new brokerage models emerged; some remain, many do not — but the impact of technology on the way homes are bought and sold endures.
“Technology continues to transform the real estate industry, and particularly in the last few years as we have seen more and more true innovation introduced that can make agents’ lives more efficient, their tasks more automated and their time more effective,” says Stephanie Anton.
“An ever-complex sales process, record home values and elevated consumer expectations require agents to rely on a range of tools from contact management to virtual reality. “In the world we live in today, you truly have to be rigorous to keep up with the ‘latest and greatest,’” shares Anton.
Luxury sellers want “to see that an agent has the tools and wherewithal to expose their home to the buyer groups that have the most potential to purchase. They want to know that it’s being placed in the right places, where luxury buyers are looking. They also want to easily see the work that the agent is doing on their behalf,” says Tom Morgan, who heads up marketing for Gabriels Technology Solutions, a technology provider for luxury real estate brands. Productive agents rely on CRM or customer relationship management software to facilitate and streamline this process and provide detailed reports to clients.
Contacting an agent and discussing parameters of the home used to be the norm when someone decided to buy a home, says Bob Hurwitz, founder and CEO of Hurwitz James Company. Now, that initial contact usually happens after the buyer has done his or her own research on everything from available homes for sale to neighborhood statistics to online value approximations.
“The agent is still absolutely key though, as much of the information online, particularly ‘valuations’ from third-party aggregators, are ludicrous and inaccurate, based on incomplete or faulty data. Additionally, much sales data is not available as more and more listings are sold off market,” says Hurwitz.
Online searches, often on mobile devices, have upped requirements for how properties are presented online. “The days when a photographer would come in and shoot 20 photos are over. It is imperative that photography, VR [virtual reality] tours and video be absolutely of the highest level,” Hurwitz says. To take a unique property to the next level and make the property stand out, Hurwitz has hired an award-winning director to produce visuals.
Disruptive Technologies
When Matterport introduced 3-D technology to real estate imagery, it was a game changer. Once floorplans came off the page, it was possible to get a much better sense of the configuration of a property, and 3-D floorplans invite exploration. Now, pioneering newcomers are making 3-D technology less expensive and possibly applicable to a range of price points. “Apple investments suggest that soon, with the iPhone 11, you will be able to create such beautiful content using a camera in your pocket,” says Anton Yakubenko, co-founder and CEO of GeoCV.
GeoCV offers a high-quality 3-D immersive experience in both tours and floorplans. There is a “true sense of being with realistic depth and HDR [high-dynamic range] photo realistic quality,” explains Jonathan Klein, director of partnerships for GeoCV. “We differentiate ourselves by leveraging 3-D-enabled smartphones and taking an open approach to the data.” GeoCV’s floorplans and tours also include patios, porches and other outdoor connections, giving potential buyers a good idea of the indoor-outdoor synergy of a property.
“Technology continues to transform the real estate industry, and particularly in the last few years as we have seen more and more true innovation introduced that can make agents’ lives more efficient, their tasks more automated and their time more effective.” — Stephanie Anton of Luxury Portfolio International.
It’s A Virtual World
Virtual staging is not new. It was introduced in 2009, but the overall result was less than realistic. New technology means virtually staged spaces appear as real furnished rooms. “With dynamic 3-D augmented and virtual reality capability, buyers, sellers and real estate agents can eliminate visualization barriers using technology to showcase how a space will look fully furnished, but in a more scalable, convenient, cost-effective and personalized way than ever before,” says Pieter Aarts, CEO of RoOomy.
Virtual staging does more than act as a substitute for real furnishings. Some options allow viewers to change the position of a wall or windows. So, buyers can imagine how a property would look if, for example, the landscaping was changed or with a wall knocked out, explains Tim Rose, national sales manager for PlanOMatic, which offers virtual staging, interactive floor plans and 3-D walkthrough.
By collaborating with retailers of home furnishings, RoOomy gives potential owners a preview of what a room would look like with their choice of furniture. Using a design app on their site, buyers and homeowners can also try out various pieces of furniture or an entire scheme in a room, and the results are presented in 3-D. RoOomy also found a place on Architectural Digest’s list of the 20 best home design and decorating apps.
“Suddenly, virtual reality is making it possible for people to visualize a home before it’s built,” says Alexander Hovnanian, area president for K. Hovnanian at Port Imperial Urban Renewal VI, LLC. K. Hovnanian is innovating the way new construction is sold using virtual reality. Buyers tour Nine on the Hudson, a new project in West New York, New Jersey, while the 278-unit condo building is being constructed. Donning VR goggles they can walk the building and preview their future home as well as the views and patios and decks. Distant buyers use their iPad to link to an Opto tour using goggles supplied by K. Hovnanian. So far, the tours have resulted in more than 80 signed contacts from as far away as California.
What didn’t change dramatically during the tech revolution is the way property searches, which typically still require a specific location or geographic area as a delineator, are conducted. A few brands that cater to the affluent, such as Sotheby’s, allow a search by lifestyle, architecture or amenity without restrictions to a specific location.
Future searches for real estate potentially will bypass conventional portals and give access to an even larger number of properties — despite whether they are listed in the MLS — as blockchain technology becomes more widely adopted. Propify is a new social media search platform for real estate that employs blockchain technology. “The future of tech and real estate will make it easier to find the right property and Realtor and broker no matter where you are located. This will happen quickly and with confidence. There is no doubt that the traditional property search websites will not disappear overnight, but they will not be as aggressive as they once were,” says Leslie, who says the social media aspect of Propify has the most appeal for agents right now.
Blockchain and Distributed Ledger
Seemingly bursting on the scene in the last year, blockchain technology was originally developed as a platform for Bitcoin. But blockchain is applicable for many other uses, and is not to be confused with cryptocurrencies. “Blockchain technology is a digitized way to immutably record and share information. Blockchain-based smart contracts have the potential to transform real estate purchases, sales, leasing, financing and management,” says Marci Rossell, chief economist for LeadingRE and Luxury Portfolio. “Fortunately, the average person doesn’t have to grasp the technological details of how blockchain works; they just need to know what it can do for them.”
Some speculate that blockchain could be as transformative as the Internet was. Rossell compares the current climate to the Dot.com Boom of the late 1990s. “Blockchain is in the early stages of its commercial development and application. I expect that, over the next decade, it will be another Internet Wild West out there, with blockchain-related businesses emerging at a rapid rate. And just like the Dot.com Boom, a few will survive, thrive and transform their sectors — like Amazon. But there will also be many lost fortunes on the ideas that don’t work out,” she says.
Several blockchain platforms for real estate have been introduced, including Ubitquity and Propy.
Cryptocurrency Hubbub
Recently, Canter Companies, a San Diego brokerage, listed two properties offering the option of payment in cryptocurrency. Outlining the steps that had to be navigated, including banks and title companies, just to make this offering, CEO Andrew Canter says it was a detailed, but possible, process. Still, he cautions, “It’s early days. It’s something that is evolving every week.”
“Cryptocurrency is really a fascinating addition to the real estate industry,” says Hurwitz, who notes one of his agents just closed a $4.6 million transaction where the down payment was in Bitcoin. “It’s something that would have been unfathomable not too long ago,” he says. “What made it more challenging is that the buyer was actually obtaining a loan and it was necessary to find a sophisticated lender who understood the concept and was able to fund without a problem.”
The appeal of cryptocurrencies for global buyers should not be discounted since they potentially offer the ability to move currencies more securely and with fewer fees. Smart contracts and transactions via blockchain are expected to have appeal in countries where the sales process and property rights are not as secure as in the U.S.
Even though cryptocurrencies are not something most agents will encounter any time soon, major real estate brands and affiliate groups are keeping them on their radar. “Whether you’re skeptical of it or not, it is huge. We have thousands of new millionaires, and there are some new billionaires out there, purely off cryptocurrency. So, it’s something you’ve got to pay attention to,” says Danny Hertzberg with The Jills team at Coldwell Banker Residential Real Estate in Miami, who has briefed agents in his office on the topic. Even though people are marketing properties that say they are willing to accept cryptocurrencies, he says, most of those transactions actually close in dollars. “They’re doing an exchange, you know, prior to the deposit, and they’re exchanging Bitcoin for dollars and doing the same thing before the closing.”
Like Canter, Rossell believes it’s the early days and lots of changes are likely. “When a new technology of any kind emerges, multiple applications often compete for commercial dominance. Think Beta and VHS, or Facebook and MySpace. Real estate-related payment systems are likely to go through a similar process, where multiple systems compete until users coalesce around their preference. And don’t despair if you feel behind the curve on all things blockchain. While the topic burst on the scene late last year, it’s applications to real estate will unfold over many years.”
Julie Barnett & Leigh Barnett
Harry Norman, REALTORS®
141 S. Main Street, Clayton, GA 30525
O. 706.212.0228 | J. 404.697.3860 | L. 404.931.3636 | julie.barnett@harrynorman.com
leigh.barnett@harrynorman.com | www.lakeburtonhome.com
Featured Listing by Julie Barnett & Leigh Barnett
TIGER, GEORGIA
57 Cody Lane
This 7-bedroom, 7.5-bath stately Lake Burton retreat is gracefully positioned on manicured grounds enjoying long range lake & mountain views. The 2-story great room features a vaulted ceiling, reclaimed beams, oak flooring, stone fireplace & floor-to-ceiling windows framing lake views. A lakeside porch acts as an outdoor living room with fireplace, built-in pizza oven and dining area. The chef’s kitchen is equipped with professional appliances, a large island & cozy breakfast nook with fireplace. The terrace level features a family room with fireplace, full kitchen, wine cellar, game room with wet bar & lakeside covered porch. Amenities include: master on main, 3-car garage, detached workshop, 7 masonry stone fireplaces, fenced garden, dog run, 2-stall boathouse.
$5,900,000.
Julie Barnett & Leigh Barnett originally appeared as Elite agents in the Unique Homes Spring ’18: Elite edition. See their page here.
Mariann Cordova
Berkshire Hathaway HomeServices
California Properties
333 Village Main Street, Suite 670, Ponte Vedra Beach, FL 32082
949.307.4040 | MC@SouthOrangeCountyLiving.com | www.SouthOrangeCountyLiving.com
When you work with Berkshire Hathaway HomeServices California Properties, you can expect dedicated real estate experts and a brokerage that is with you every step of the way. We’re here to help you find your perfect, no matter what it may be.
Featured Listing by Mariann Cordova
Coto De Caza, California
Stunning Georgian Equestrian Estate
23111 & 23112 Maravilla Lane
Top quality residence | 6-stall barn | Large pastures
Arena | Guesthouse | Pool & Spa
www.23112Maravilla.com | $15,900,000.
Mariann Cordova originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
Vicki Smith
Coldwell Banker Sky Ridge Realty
P.O. Box 1089 Lake Arrowhead, CA 92352
909.499.9639 | VickiSmith@ColdwellBanker.com | CalBRE# 00853394
Vicki Smith is the top producer for high-end homes at Coldwell Banker Sky Ridge Realty and is a member of Coldwell Banker’s Global Luxury division connecting her with agents, clients and properties worldwide. She is a licensed real estate broker and has been selling luxury homes in Southern California for 30+ years. Vicki’s high level of professionalism and dynamic personality, combined with her large client base has contributed to the fact that 95% of her real estate business comes from repeat clients and referrals. Vicki’s business ethic and strong connections with the brokerage communities in Lake Arrowhead, Los Angeles, and Southern California Desert areas, allows her to implement a Comprehensive Marketing Approach benefiting her clients and their properties through maximum exposure not only in Southern California, but across the country and around the world.
Featured Listing by Vicki Smith
CALIFORNIA
Spectacular Estate
This spectacular estate is perfect for a corporate retreat or large family gatherings. Set on 3 lakefront lots, it features 8 bedrooms including a separate guest or staff apartment. Most all rooms overlook the lake including the dramatic living room and grand dining room. For those who expect only the finest.
$13,750,000
Vicki Smith originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
Kathy Chambers
Coldwell Banker Traditions
4071 Ironbound Road, Williamsburg, VA 23188
757.876.3279 | 757.220.3700 | kathy@CBTLuxuryHomes.com | www.kathychambersrealtor.com
www.cbtluxuryhomes.com
Kathy believes the home selling experience should be personal, memorable, and flawless. With 20 years of experience in the high-end real estate market, her results speak for themselves. Kathy is a superior real estate professional and being part of Coldwell Banker’s Luxury Homes Program “Global Luxury” is a natural fit. She has the intuition of a seasoned professional in that she understands the needs and motivation of both sellers and buyers. In working with Luxury Home clients, Kathy understands the market and the lifestyle offered in the home, the community, and the surrounding area. She is extremely knowledgeable in regards to the subtle details of quality homes and construction. Whether a multimillion-dollar home in a gated community or a rural estate on the waterfront, Kathy brings the skill set and intuition to the table to understand the property, how to present the property, and how to effectively utilize the Global Luxury Marketing Tools that are unparalleled in the real estate industry. These tools allow her to match the right buyer(s) with their dream home. At the end of the day, Kathy can demonstrate the features and benefits of owning the property with the focus and confidence that is the gift of so few. Kathy Chambers and Coldwell Banker’s Global Luxury Homes Program offer a unique and unequalled service model in today’s market place.
Featured Listing by Kathy Chambers
GLOUCESTER, VIRGINIA
Riverwind
40-acre private waterfront estate on a knoll overlooking the scenic York River. Minutes from Colonial Williamsburg, a short sail to the Chespeake Bay and the Atlantic Ocean. Being sold fully furnished. Contemporary residence features 180-degree views of the water that extends 2 miles across, 3 miles down and 10 miles up the York River. MLS 1740232
$5,880,000.
Kathy Chambers originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
1000M, the 74-story, super-luxury high-rise, designed by Helmut Jahn with interiors by Kara Mann, has been the best-selling condominium development in downtown Chicago since launching sales last October.
The 323-unit building, located at 1000 S. Michigan Avenue, across from Grant Park, has paced the new-construction condo market throughout the fourth quarter of 2017 and first quarter of 2018, logging 38 contracts, or roughly a third of all new development sales downtown, noted @properties, the exclusive sales firm for the building.
1000M’s sales are more than double the next fastest-selling development, the 94-story Vista Tower, and represent approximately 34 percent of all development sales downtown. The figures are based on data from two sources: Midwest Real Estate Data, LLC, which operates the Chicagoland Multiple Listing Service, and the 4Q17 Downtown Chicago Condo Report compiled by Intregra Realty Resources.
New-construction inventory remains at historically low levels, while demand for luxury condominiums downtown has surged. Year to date, sales at the upper end of the market have significantly outperformed 2017, both in terms of the number of units sold and the price of those units. A number of recent sales have occurred between $1,300 and $1,400 per square foot, and the sale of the penthouse at 9 West Walton late last year topped $2,000 per square foot for raw space.
At 1000M, condominiums under contract range in price from approximately $600 per square foot to more than $1,000 per square foot, @properties noted.
“Virtually every contract we take at 1000M sets a record over what has previously sold south of Millennium Park. Certainly, at the high end of what we’ve sold, we are shattering pricing records for the area,” said John Goldsworthy of @properties, director of sales for 1000M.
“It shows that the market sees exceptional value in 1000M’s architecture, interiors and amenities, our unobstructed views, and our location on Michigan Avenue. We continue to work through a robust list of interested buyers, and we look forward to a strong spring and summer,” Goldsworthy added.
In addition to its fast start, 1000M has also won several awards, including Modern Luxury Interiors’ Best New Development of 2018 and the 2018 Gold Award for Best Presentation Center from the National Association of Home Builders.
1000M is anticipated to break ground in 2019 and be completed by 2022.
Photos courtesy of Millerhare
Churchill Properties
49 Union Street, Manchester-by-the-Sea, MA 01944 | 169 Bay Road, Hamilton, MA 01982
1.833.MOVING.9 | www.churchillprop.com
Churchill Properties is a full service residential real estate firm offering excellence in brokerage services to Boston’s North Shore communities through our offices located in Manchester-by-the-Sea and Hamilton, Mass. We are members of the elite Leading Real Estate Companies of the World network including 4100 offices and 130,000 agents in 65 countries worldwide. Our unique marketing and sales program utilizes multiple media channels and promotional activities including:
Featured Listing by Churchill Properties
MANCHESTER-BY-THE-SEA, MASSACHUSETTS
Owl’s Nest
Owl’s Nest is a grand residence set on 4.7 acres, with commanding ocean views. Magnificently renovated, this residence has spacious rooms with high ceilings and spectacular original details including finely carved mantelpieces over each of the 6 fireplaces.
$3,700,000.
Churchill Properties originally appeared as an Elite company in the Unique Homes Spring ’18: Elite edition. See the page here.
Candy Swick
Candy Swick & Company
2063 Main Street, Sarasota FL 34237
941.954.9000 | susanfroman@comcast.net | www.candyswick.com
Candy Swick, owner and president of Candy Swick & Company, prides herself on providing each of her clients with hard work and superior outcomes based upon high levels of integrity. She specializes in providing the foundation upon which your Real Estate success will be built. In fact, Candy Swick is noted for setting the standard for quality in Real Estate, having built her reputation in Sarasota from the ground up.
Featured Listing by Candy Swick
Sarasota, Florida
Downtown direct bayfront! Customized residence with magnificent sunsets over the bay. Designer embellished with a private elevator and fine finishes. Vista Bay is a gated community on coveted Golden Gate Point with amenities and security.
$1,395,000.
Candy Swick originally appeared as an Elite agent in the Unique Homes Spring ’18: Elite edition. See her page here.
Real estate experts attribute Cayman Islands’ growth in tourism to an active hurricane season in North America.
Experts in the Cayman Islands real estate industry noticed an increase in flights from key North American destinations in 2017. The tri-island Caribbean nation also recorded its best stay-over visitation figures and hit a real estate sales record of $696 million, increasing by a record-breaking 9 percent in 2017 versus the prior year, according to the most recent property report by Cayman Islands-based independent property consultants, Charterland. Experts say they believe that the increased amount of tourism is driving real estate sales.
Cayman Islands Realtors have also noticed that the increase in air travel and tourism can be partially attributed to an active 2017 hurricane season in North America that left Grand Cayman untouched.
“Last year’s storms brought an influx of people who were previously unfamiliar with Grand Cayman, but this has led to more sales as they have fallen in love with the island and are keen to make here their second home,” said Ruth Gustafsson, an associate broker for Provenance Properties Cayman Islands, the Cayman Islands Christie’s International Real Estate affiliate and the sole real estate brokerage for Dart Real Estate.
The increase in visitation to the Cayman Islands can also be attributed to the Kimpton hotel’s clientele, who are attracted to the island by their loyalty to the brand. The Kimpton Seafire Resort + Spa and the adjacent condos for sale at The Residences at Seafire are popular among tourists who wish to settle down in the Cayman Islands.
The Residences at Seafire is a waterfront 10-story architectural gem. Developed by Dart Real Estate, it houses a collection of 62 distinct residences which marry contemporary Caribbean style with high design. The Residences are exclusively represented by Provenance Properties Cayman Islands, and are offering one- to five-bedroom condos starting at $1.5 million.
The Residences are also located along Seven Mile Beach, a popular tourist destination in Grand Cayman. Seven Mile Beach is the area of choice for real estate sales due to the number of Grand Cayman luxury properties for sale, according to the Charterland report. Data showed 130 beachfront condominiums sold on Seven Mile Beach last year, a 20-percent jump from 2016 purchases.
Photos courtesy of Provenance Properties Cayman Islands
Trudy Stambook
Centre City Properties
220 West “G” Street, Suite A, San Diego, CA 92101
619.252.1944 | Trudy@TrudyStambook.com | www.trudystambook.com
Renown for discreet, individualized client service, Trudy Stambook is a key resource for real estate clients and those actively engaged in the business, development and cultural community in San Diego. First named among the nation’s elite luxury real estate agents back in 1995 by Unique Homes Magazine, and recognized annually ever since.
• Over 30 years of experience as a luxury real estate professional
• Over 20 years of worldwide marketing in 85 countries
• Representing both Buyers and Sellers
• Repeatedly voted Five Star “Best in Client Satisfaction” by readers of San Diego Magazine
Featured Listing by Trudy Stambook
SAN DIEGO, CALIFORNIA
Pinnacle 3402
Pinnacle 3402 offers a wonderful open seamless layout that easily accommodates multiple entertaining options. Inviting al fresco experiences can be enjoyed on generous outdoor terraces while enjoying truly breathtaking views. Featuring 2 master suites, 3.5 baths, family and living spaces, custom office niche and 3 balconies to revel in the best vantage point in the city! Further indulgences can be enjoyed at The Pinnacle Museum Tower with its full complement of services and outstanding amenities. Take advantage of this premier location with countless restaurants, shopping, cultural and sporting attractions, and miles of scenic pathways just steps from your door. Enjoy a lifestyle that is without parallel…the Pinnacle of your life awaits. Offered furnished.
$4,595,000.
