NAR deal spells end of 6% commissions; 25 minutes with Stefan Soloviev ... and more

The best national real estate stories from The Real Deal. Mar 16, 2024 [Share]( | [View in Browser]( | [$1 for 1 Month](     In today’s newsletter, we look at NAR’s [landmark antitrust lawsuit settlement]( and the impact it could have on the residential industry. Plus, officials issue an [arrest warrant for New York’s “worst landlord](,” a “Million Dollar Listing” star [makes a move](, Stefan Soloviev [talks real estate (and farming)](. These stories and more below.   [NAR strikes landmark deal spelling end of 6% commissions]( It’s been a wild ride for the National Association of Realtors over the past year. But things could be set to finally calm down for the embattled trade group. On Friday, NAR agreed to settle antitrust lawsuits over broker commissions, agreeing to pay a staggering $418 million in damages over four years. Along with the payment, NAR also [committed to policy changes]( to address concerns raised by the lawsuits. The organization will prohibit listing brokers from offering compensation on the MLS. Additionally, it mandates that buyers' brokers disclose both their anticipated commission and the services they offer in written agreements. Nykia Wright, NAR's interim CEO, declared it a difficult but necessary compromise to safeguard the livelihoods of members and their businesses. Perhaps most important, the settlement — should it be approved by the judge overseeing the case — would mark a potential turning point for NAR, which has become something of a pariah in recent years. Questions around the trade group’s effectiveness have become increasingly loud in recent years, with many claiming that it had lost sight of its vision for the residential industry. The organization’s reputation also took a hard hit last year thanks to allegations of sexual misconduct by then-CEO Kenny Parcell. Membership has fallen below 1.5 million, and the bleeding could continue. It certainly has for residential brokerages. Anywhere, Compass, Elliman, Redfin and Zillow all saw their [stock prices plummet]( following the announcement of the settlement. In the meantime, some experts have already begun to predict a sea change in the housing market. Commission costs, long built into the home-selling process, are primed to decrease.     [I'm an image]( [25 minutes with the enigmatic Stefan Soloviev]( Stefan Soloviev took a break from grain farming this week to talk office leasing and East Hampton real estate, as his trophy office property nears a key leasing milestone. [I'm an image]( [“Million Dollar Listing” star agent Josh Flagg jumps to Compass]( “Million Dollar Listing” star Josh Flagg has a new employer. The longtime power agent is joining Compass from Douglas Elliman after three years with the firm. [I'm an image]( [Arrest warrant out for “worst landlord on this planet”]( Daniel Ohebshalom is facing 60 days at Rikers. A New York court issued an arrest warrant for the so-called “worst landlord on this planet” after he failed to correct nearly 700 violations at his properties.   Advertisement   [I'm an image]( [Sponsored Luxury Closet Design and Inspiration from California Closets]( [I'm an image]( [Florida lawmakers criminalize kickbacks and concealing records at HOAs]( Florida lawmakers beefed up laws surrounding homeowners associations, criminalizing kickbacks and hiding records. The move comes on the heels of a huge scandal at the Hammocks HOA. [I'm an image]( [Gural snags FiDi tower at deep discount, as office-to-resi heats up]( A pair of big-names — [Jeff Gural’s GFP]( and [Nathan Berman’s Metro Loft]( — kicked off major office-to-resi plays this week. [I'm an image]( [Did Mark Zuckerberg quietly sell a Bay Area mansion for $30M?]( An entity linked to the Facebook founder recently offloaded a mansion in the Northern California suburb of Woodside for $29.6 million. [I'm an image]( [Kayne Anderson eyes Lincoln Yards amid Sterling Bay’s hunt for capital]( Sterling Bay has $6 billion plans for a megadevelopment at Chicago’s Lincoln Yards. First, it needed the money. Its search for capital led them to the big-hitting California firm Kayne Anderson. [I'm an image]( [Icon to icon: WeWork founder takes in next-generation 3D building printer at SXSWÂ]( Adam Neumann and Bjarke Ingels were on hand for a SXSW presentation on the future of 3D-printed homes in America.   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](