NAR takes on Phoenix Realtors, Elizabeth Warren takes on Elon Musk and no one is taking a Frank Lloyd Wright house. From the wild and wooly world of real estate, here are our Hits and Misses for the week of Dec. 23-27.
Miss: Picking the Wrong Fight. The legal eagles at the National Association of Realtors (NAR) turned chicken when they should have been fierce (the Sitzer/Burnett settlement) but they are now going on the attack against a group that is not at war with them. This week, NAR began charter revocation proceedings against Arizona’s Phoenix Realtors over its new MLS Choice program. NAR falsely claimed MLS Choice was “offering a non-Realtor membership option,” ignoring Phoenix Realtors’ explanation that the program was a fee-based subscription that is allowed under NAR by-laws. At the end of a year where NAR was battered a skein of self-inflicted wounds, the last thing it needed was another major mistake like this.
Miss: Wherefore Art Thou, AREA? One might have thought the start-up American Real Estate Association (AREA) would have made PR hay out of NAR’s action against Phoenix Realtors. Oddly, the rival trade group did not offer a peep of commentary on the matter. And, come to think of it, we haven’t seen or heard anything from AREA since early October when they began soliciting input via email from real estate professionals to become involved in a potential class action lawsuit against NAR’s Clear Cooperation Policy. If AREA wants to be taken seriously as an alternative to NAR, it needs to communicate with greater volume and frequency with its target audience.
Miss: Warren on the Warpath Again. Sen. Elizabeth Warren (D-MA) continued her bickering with Elon Musk, this time criticizing his X post that said, “Delete CFPB. There are too many duplicative regulatory agencies.” Musk’s criticism of the CFPB, which Warren helped to create, is part of his new work as the co-head of the Department of Government Efficiency, but Warren is having none of that. “Whenever billionaires are talking about how they think things would work better for ordinary families, hang on to your wallet,” said Warren, who happens to be a millionaire (but she never talks about that). Warren, of course, didn’t acknowledge Musk’s correct observation about “too many duplicative regulatory agencies” – and most of the CFPB’s duties should be the work of the FTC, SEC, OCC, HUD, DOJ and another half-dozen agencies. And, by the way, what has Warren ever done to help “ordinary families”?
Hit: An American Success Story. Boxing great Floyd Mayweather bought himself a gift for Christmas: a 1,540-square-foot multi-floor property, located at the corner of Sixth Avenue and West 47th Street in New York City’s Diamond District. Said Mayweather in sharing the news of his $20 million purchase: “I used to shop in the diamond exchange as a young adult. I never thought I would end up owning this important property at the entrance of 47th Street. Through hard work and dedication anything is possible.” Mayweather’s humility is an inspiration, and he deserves congratulations on his well-earned success.
Hit: Dollars and Sense. La Rosa Holdings announced this week that it would offer Bitcoin and other cryptocurrencies as a commission payment option for its network of agents. CEO Joe La Rosa stated the company will implement a 2% fee for agents who choose to receive cryptocurrency payments. “In our view, cryptocurrency payments offer faster, more secure transactions with lower fees while providing the potential for income growth through the value appreciation of digital assets,” said La Rosa, who deserves praise for moving forward with this innovative option.
Miss: No Wright Turn. Frank Lloyd Wright is widely considered to be among the greatest architects of the 20th century, but the prestige of owning a Wright-designed home isn’t helping to sell one of his creations that has been on the market for 180 days. The Robert D. & Winifred L. Winn House in Kalamazoo, Michigan, is described in its promotional material as an “exquisite Frank Lloyd Wright masterpiece that epitomizes the fusion of art and architecture … this 1950 Usonian gem is a testament to Wright’s genius.” The residence last changed hands in 2012 for $200,000. Alas, the 2,469-square-foot-residence has already experienced one price cut (from $1.8 million to $1.3 million), and the current owners clearly want to see a return on their investment – especially since they spent $800,000 on renovations including new cement floors, a patio skylight, new interior plywood and updated electrical and plumbing systems. We’ll let you know if this property finds a buyer!
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
Photo by FroggyFrog / Getty Images
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