On Friday morning, March 15, star real estate brokers across the country awoke to the news that the embattled National Association of Realtors (Nar), which represents around 1.5 million agents, had made an industry-altering deal. Not only will Nar settle several lawsuits claiming artificial inflation of commissions to the tune of $418 million, but also it will institute rule changes that may bring soaring real estate prices down while decreasing realtors’ commissions significantly.
“Nar has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible,” Nar interim CEO Nykia Wright said in a press release. “This settlement achieves both of those goals.”
So seismic was the news that some of the country’s biggest brokerages refused to comment to The Hollywood Reporter on the deal. If...
“Nar has worked hard for years to resolve this litigation in a manner that benefits our members and American consumers. It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible,” Nar interim CEO Nykia Wright said in a press release. “This settlement achieves both of those goals.”
So seismic was the news that some of the country’s biggest brokerages refused to comment to The Hollywood Reporter on the deal. If...
- 3/16/2024
- by Hadley Meares
- The Hollywood Reporter - Movie News
On Jan. 17, the top power players in Miami and Palm Beach’s hot residential real estate market — where two estates topped the 100 million mark last year — arrived at the Baz Luhrmann-designed Faena Theater in Miami Beach. They were gathered for the inaugural South Florida iteration of The Hollywood Reporter’s signature real estate event, the Power Broker Awards, which honors top-selling star agents across three cultural capitals. The awards event, which The New Yorker has called “The Oscars but for Hollywood Real Estate,” debuted in Los Angeles in 2021 and New York in 2022.
The third city to reach these ranks, Miami earned its place in the proverbial sun for its desirable home market, where sale prices have skyrocketed in the last few years and such names as Tom Ford, Future, Cindy Crawford and Sylvester Stallone have all bought residences in the last few years. “All eyes are on Miami,” said the night’s emcee,...
The third city to reach these ranks, Miami earned its place in the proverbial sun for its desirable home market, where sale prices have skyrocketed in the last few years and such names as Tom Ford, Future, Cindy Crawford and Sylvester Stallone have all bought residences in the last few years. “All eyes are on Miami,” said the night’s emcee,...
- 1/18/2023
- by Jilian Sanz
- The Hollywood Reporter - Movie News
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