The Future Of Real Estate: Fintech 50 2021

From the abyss of an economy-stopping global pandemic, the U.S. real estate market has emerged as arguably the hottest market in the world. Low-interest rates and a future of working from home, or at least more flexible office arrangements, caused many Americans to relocate to suburban areas with lower costs and a higher quality of life. The pandemic-driven shifts ignited a residential housing boom and novel financial technology played a huge role in the surging market. Among private technology companies, startups targeting the inefficiencies and headaches of the real estate market are surging in value and growing at staggering rates. The process of getting a mortgage has long been considered a tedious slog of paperwork, and there have been few innovations to introduce young Americans to homeownership since the advent of the mortgage bond.

Well-funded startups, including the four on the latest Forbes Fintech 50 list, have stepped up to address this demand, with innovative technology that’s simplifying and opening the real estate market to a new generation. Our Fintech 50 list highlights companies like Blend Labs, with its white-label software that allows mortgages at some of America’s biggest banks to be done in just a few clicks, and Divvy Homes, a landlord that wants to help its tenants become owners. These companies are using technology to redesign the experience of buying, selling and owning property.

Overall, through the use of new technology, there has never been lower friction to buying a home and the transaction costs across the market have plummeted. The pandemic-plagued year also was an opportunity for some innovative former Fintech 50 list members to join public stock markets, including Opendoor Technologies, a so-called iBuyer of homes that went public in December 2020 and now carries a $10 billion valuation.

Here are the financial technology companies revolutionizing the real estate market that made the Forbes Fintech 50 in 2021, including a brief description of what they do, who their users are and how much they’re worth.

Blend

Headquarters: San Francisco, CA

Cloud-based white label software speeds up the mortgage approval process at the nation’s largest lenders, including Wells Fargo and U.S. Bank. Prospective borrowers can link to online bank statements, tax returns and pay stubs. The platform processes over $4 billion in mortgages and consumer loans per day in partnership with 285 institutions.

Funding: $685 million from Coatue, Tiger Global Management and others

Latest valuation: $3.3 billion

Bona fides: Customer base accounts for more than 25% of the $2.1 trillion U.S. mortgage market by origination volume, according to HMDA data; last year it processed $1.4 trillion in loans, more than double 2019’s volume.

Cofounders: CEO Nima Ghamsari, 35; former CTO Eugene Marinelli, 33; former CFO Erin Collard, 41; Rosco Hill, 41

Cadre

Headquarters: New York City, NY

By raising money online and using advanced data analysis to source deals, the online platform enables individual and institutional investors to buy and sell stakes in commercial and multifamily real estate partnerships at lower fees. Also runs a StubHub-like secondary market enabling investors to sell otherwise illiquid holdings.

Funding: $155 million from Andreessen Horowitz, Ford Foundation, Goldman Sachs and others

Latest valuation: $800 million, according to PitchBook

Bona fides: Launched a $400 million fund this year oriented to individual investors, financial advisors and institutions.

Cofounders: CEO Ryan Williams, 33, a 30 Under 30 alum who started investing in real estate while at Harvard; brothers Joshua Kushner, 35, and Jared Kushner, 40, the son-in-law of former President Donald Trump.

Divvy Homes

Headquarters: San Francisco, CA

A digital version of the old rent-to-own model, Divvy buys homes for clients who can’t qualify for a standard mortgage and then becomes their landlord. A 1-2% upfront fee and a portion of monthly rent can be converted into a down payment if the tenant wants to buy later. By the end of three years, customers will have built up as much as 10% equity.

Funding: $175 million in equity from Tiger Global Management, Andreessen Horowitz and others

Latest valuation: $490 million, according to PitchBook

Bona fides: In 2020, expanded from 8 to 16 markets and so far this year, has closed more homes than in all of 2020 or 2019.

Cofounders: CEO Adena Hefets, 34; CTO Nicholas Clark, 38; board member Brian Ma, 35; senior software engineer Alex Klarfeld, 30, a 30 Under 30 alum

Roofstock

Headquarters: Oakland, CA

Real estate investment marketplace that allows everyone from first-time investors to global asset managers to evaluate, purchase and own single-family rental homes. Roofstock One, launched in 2019, sells partial stakes in professionally managed homes for as little as $5,000 a share.

Funding: $153 million from SVB Capital, Canvas Ventures, Khosla Ventures and others

Latest valuation: $600 million

Bona fides: More than $3 billion in transactions have been done through the platform.

Cofounders: CEO Gary Beasley, 55; chairman Gregor Watson, 41; chief development officer Rich Ford, 53

Origination: https://www.forbes.com/sites/margheritabeale/2021/06/08/the-future-of-real-estate-fintech-50-2021/?sh=70cf9bb92c31

202111June06/14/2021Real Estate

How to Find the Perfect Neighborhood

Looking for the best area to live is not an easy choice, and the process is almost as hard as finding the perfect house or apartment. Choosing the right neighborhood is important since you will live in this place for a long time, and if you are thinking about purchasing a house, this will be at the top of your list. Knowing about crime rates, amenities, excellent school districts, and access to playgrounds (if you have a family) is fundamental.

Photo: Hummingbird Group – Condominium in Middlesex – New Jersey

First, consider making a list of your or your family’s necessities. This way your search will be easier, you will visualize everything you need on paper, and to help you with your list, check out our post Creating a List to Find a New House.

Online Search

Your first step is to search online about the community you want to live in. This includes Google street views, local parks, distance from the center of the city, your work, and last but definitely not least, look up the crime rate in the area. It’s paramount to know if you are moving to a safe place.

A nice neighborhood generally has exceptional schools, so if you have kids, this is essential for the area you are moving to. Pay attention to this and you will find a friendly community to raise your children!

Take a look around the neighborhood

Searching online about the community you want to live in is your first step, but after that, what you should do is to spend time in the area you want to move to. Look around, observe how the houses are, streets, traffic, cleanliness, sidewalks, if there are abandoned buildings, or people living in the streets. The secret here is to visit the neighborhood at different times of the day and the week, and you will see how it really is.

Traffic

Consider how far are you going to be from your work, your commute, how the traffic is in rush hour, or if you want to spend time in traffic. Second, take into account if there is easy access to public transportation — subways, bus stops, taxis, distance to the airport, etc. All that is important to keep in mind, this will be your daily life after all, so make sure that you have the best infrastructure, which will reduce stress in your everyday life.

Amenities

Do you like to have close access to grocery stores, restaurants, cafes, and the gym? If there are bars close to you, how noisy will it be on the weekends? Is the family-friendly neighborhood too quiet or does it have everything you need? Consider these questions, and it will save time in the future when running errands.

If you are the kind of person who likes to be involved with the community, it is nice to see if the area has libraries, activity centers, churches, etc.

Property Value

Whoever is purchasing a house, consider paying attention to the value of the house, how much it has increased in the last 5 years, and ask some real estate agent about projects for the future in the area. Regarding taxes, you need to know how much you will have to pay and how this will increase, so make sure that will be in your moving budget.

Now you have everything you need to find the perfect location to move to. Make sure you have all the items in your list checked off!

202105May05/05/2021Real Estate

Take a Look at 10 Sustainable High-End Homes For Sale in New York

Across the Big Apple, these posh properties equally embrace design and the environment

Luxury living in New York is going the way of green. A small but increasing number of new buildings in the city are built with sustainability in mind and have an eye on design at the same time.

A decade ago, sustainable apartments were unheard of in New York, according to Steven James, the CEO of Douglas Elliman, New York City. “Today, the idea is not totally commonplace but definitely increasing, especially in very upscale high-rises where no expense was spared during the construction,” he says.

Douglas Elliman lists several thousand residences a month in the city, says James, and around 5% include eco-friendly features, compared with virtually zero five years ago. “We’re talking about properties that run well into the seven figures,” he says.

Located in the heart of FiDi, 77 Greenwich 15D boasts eco-friendly interiors designed by AD100 architect Deborah Berke

77 Greenwich, 15D

77 Greenwich is a 42-story tower in the Financial District with interiors by AD 100–ranked Deborah Berke and a pleated glass wall façade that provides panoramic water views from each of the 90 apartments. The condominium, slated to open this summer, is around 30% more energy efficient than standard buildings in the city because of features like glass in lieu of artificial light and a variable-flow heating and cooling system that’s twice as efficient as regular systems. Each residence also has air filters that provide a dedicated outdoor air supply. Amenities include a roof deck, children’s playroom, gym and bike room. This 15th floor unit has 2 bedrooms, 2.5 bathrooms, light wood floors, marble baths and unobstructed Hudson River views. All of the appliances are energy efficient.\

Price: $2.075 million

Bed/Baths: 2 bedrooms, 2.5 bathrooms

Square Footage:1,371

The Lantern House in Chelsea features interiors by Thomas Heatherwick marking his first residential project in the states

Lantern House, Penthouse 1019

Located in Chelsea, Lantern House is Thomas Heatherwick’s first residential project in North America and will be ready for occupancy this summer. Human health and clean living are top priorities: Every unit features a high-efficiency water filtration system, air filters to minimize contaminants, an energy-efficient heating and cooling system, and insulated window frames that minimize the use of air conditioning and heat. Lantern House amenities include a pool, gym, garden and roof deck. This penthouse is notable for its oversized bay windows overlooking the city skyline, high ceilings, an airy great room with a fireplace, and a 900-square-foot rooftop terrace on the second floor with a kitchen and refrigerator. The en suite bedrooms are generously sized while the master suite is in its own wing and has two walk- in closets.

Price: $12.97 million

Bed/Baths: 4 bedrooms, 4.5 bathrooms

Square Footage: 2,810 plus a 900-square-foot terrace.

70 Little West 12th Street 23B in the Visonnaire building boasts lots of green features including a rooftop garden.

70 Little West 12th Street, 23B

In Battery Park City, the Visionaire is a LEED-certified glass tower that has a light footprint but doesn’t skimp on design. The building was partly constructed with recyclable materials, and half were sourced from within a 500-mile radius. Additional green elements include a high-efficiency air filtration system, the use of natural gas, eco-friendly paints in the public spaces and apartments, and native landscaping in the rooftop gardens, which are not treated with pesticides and are irrigated using harvested rainwater. Amenities include a rooftop terrace, lounge, gym, and pool. With two bedrooms and baths, this apartment sees plenty of natural light thanks to the floor to ceiling windows, spanning 45 feet long. The views of the city and Hudson River are hard to beat, and the open kitchen cum living area is ideal for entertaining.

Price: $2.24 million

Bed/Baths: 2 bedrooms, 2 bathrooms

Square Footage: 1,311.

50 Clinton Street 3C on the Lower East Side comes with 10 foot high ceilings filled with natural light

50 Clinton Street, 3-C

Constructed in 2016, this Lower East Side condominium has several appealing amenities including a gym, a rooftop terrace with grills, and a bike room. Reminiscent of a stylish European flat, this third-floor residence with 10-foot-high ceilings is full of eco-friendly features such as solar shades that help minimize energy use, energy-efficient appliances, an emphasis on natural light, and LED lighting. The unit has large windows with views of lower New York and a kitchen counter with barstools. The master bathroom is a retreat with its chevron-patterned white marble, soaking tub. and floor-to-ceiling glass shower.

Price: $2.05 million

Bed/Baths: 2 bedrooms, 2 bathrooms

Square Footage: 1,128

Charlotte of the Upper West Side contains 7 full floor units each crafted with sustainably sourced materials

Charlotte of the Upper West Side

One of the first new residential buildings to be constructed in the Central Park Historic District in the past 30 years, Charlotte of the Upper West Side has seven sustainably designed full-floor residences; listings will be live this spring. Each features its own energy recovery ventilation system that delivers fresh filtered outside air to each room of the home and is crafted with sustainably sourced materials; the wood frames, trims, flooring and millwork, for example, are certified by the Forest Stewardship Council (FSC) as meeting its worldwide standards of environmentally responsible forest management. The showpiece in all the units is the sprawling kitchen-living-dining room with floor-to-ceiling windows. All the bedrooms are airy while the master suites have 20-foot terraces overlooking the private garden. The building’s amenities include a gym, a pet spa, and additional storage for each residence.

Price: Starting from $11 million

Bed/Baths: Starting from 4 bedrooms, 4.5 bathrooms

Square Footage: Starting from approximately 3,750 square feet, plus private outdoor space

The panoramic views at 2 River Terrace 18D

2 River Terrace, 18D

Situated in Battery Park City, Riverhouse is a LEED-certified condominium with low carbon features such as twice-filtered air, filtered water, sustainable construction materials, and nontoxic paints. The apartments all have energy-efficient appliances, teak cabinets made with sustainably sourced wood, insulated windows, and an abundance of natural light, which helps cut down on energy use. Amenities include a gym, a pet spa, a library, a lounge, a yoga studio, and a pool. With a loftlike feel, this three-bedroom, 3.5-bath home is notable for its high ceilings and has a large entry hall plus an open design living room cum kitchen. The master bath is a standout with its frameless glass shower, soaking tub, and teakwood marble finishes.

Price: $4,200,000

Bed/Baths: 3 bedrooms, 3.5 bathrooms

Square Footage: 1,982

Origination: https://www.architecturaldigest.com/story/take-a-look-at-10-sustainable-high-end-homes-for-sale-in-new-york