BAY AREA BATTLEGROUND

The latest antitrust lawsuit takes on a new state

December 15, 2023

Sponsored by

Edition #13

WELCOME

For the first time in over a decade, the National Association of Realtors saw a drop in membership. Last month, nearly 6,000 agents parted ways with NAR, and both Redfin and Coldwell Banker dropped their NAR membership requirements. 

Whether agents are looking to distance themselves from this year’s NAR drama, or the $6 bump in annual member dues is just one price hike too many, one thing is clear: The NAR is facing an uphill climb to remain relevant, dominant, and profitable in this evolving industry.

SHARPEN YOUR SKILLS

 🔊Today’s Top Podcast Rec:

Millionaires and billionaires are pouring incredible amounts of money into Florida’s coastal real estate markets. But will rising tides sink their biggest investments? That’s exactly what Scott at Real Estate Report set out to learn. In this deep-dive episode, Scott explores rising sea levels, natural disasters, and what the most expensive home in the world suggests about the future of oceanside luxury living.

MARKETS

More lawsuits looming

Last week, the Bay Area became the eighth major battleground in the series of antitrust lawsuits sweeping the industry, less than two months after the Sitzer/Burnett verdict opened the door to copycat cases. 

The latest class-action commissions complaint puts the spotlight again on the NAR, along with big players like RE/MAX, Anywhere Real Estate, Compass, eXP, Keller Williams, and the BAREIS, the primary local MLS platform. And like the Sitzer/Burnett case, this complaint hinges on the Clear Cooperation Policy—a policy which the class representative claims required her to unfairly pay over $50,000 in commissions when she sold her Marin County home in 2020.

While the court documents stopped short of specifying exact damages, the complaint seeks class action status for anyone who paid a buyer-broker commission for any property listed on the BAREIS in the past four years, and could translate to tens of billions of dollars in payouts.

REC ROUNDUP

The Friday Five

📖 Shops with a story. The most stylish gift guide for discerning decorators. 

👀 Seeing circles. Take a tour around Justin Bieber’s old bachelor pad.

👀 Off-beat art. Explore one of the strangest listings Zillowtastrophes has seen lately. 

💡Baby Boomer boom. When they start buying on January 1st, here’s how to be ready.

💡Tracy talks $$$. A masterclass in proving the value of your listing.

WHAT’S NEW FROM ESTATE MEDIA

Will Bill Burr buy?

This Beverly Hills mansion has it all: Sweeping city views, two showroom closets, and a massive infinity-edge pool. But will it impress actor and comedian Bill Burr? Watch Josh Flagg’s latest celebrity home tour to find out whether this listing meets Bill’s brief—and why he has a problem with overly open kitchens.

Villa Diamonte

The $25M Villa Diamonte estate is a dazzling gem of a retreat in Las Vegas’ Southern Highlands. This golf course, complete with eight bedrooms, 13 bathrooms, a karaoke room, custom pickleball court, and a resort-style pool, sits on 1.36 vibrant acres. What better way to wake up in Vegas?

estate-elegance.beehiiv.com/p/villa-diamonte

ESTATE MEDIA NEWSLETTERS

Our full lineup of real estate reads:

The Glennda Gazette. Real estate, real life, in real time. 

WAS the Newsletter Explore interior design advice and inspiration.

Zillowtastrophes. Unique, weird, and wild real estate.

Estate Elegance. Your daily dive into luxury real estate. 

Before we go…

📣 WANT TO REACH 100K+ REAL ESTATE PROFESSIONALS RIGHT IN THEIR INBOX?

Promote your brand with Estate Weekly and get noticed by the leading professionals in the real estate industry. Our subscribers include high-income decision-makers, investors, and key players in the real estate sector. For more information, please email [email protected].

📣 AD

How would one even know? Most financial advisors don’t give you a report card at the end of the year, talking about the ways they helped you beat — or, gasp, underperform — the market.

With Rainbook — a no-cost platform — you can have crystal clear x-ray vision into how well your advisor is performing across a host of critical metrics:

  • Fees — how much are they charging you on a relative basis (including at an investment level)?

  • Performance — how are you doing relative to benchmarks? 

  • Trust — how credentialed and experienced are they?

Critical questions impacting the long term health of your portfolio, Rainbook delivers you the answers.

If your Advisor Score isn’t up to par, Rainbook can pair you with a new vetted advisor to ensure your financial health is in good hands.

CONSUMER SURVEY

Thank you for participating in our survey! Your insights and contributions are invaluable to our ongoing efforts to enhance the real estate industry.