NEW DELHI: DHFL allegedly diverted funds worth over Rs 14,683 crore through nine real estate firms controlled by then chairman-cum-managing director Kapil Wadhawan, director Dheeraj Wadhawan and businessman Sudhakar Shetty, where they had financial interests, the CBI has alleged.

The role of these real estate firms — five belonging to Shetty’s Sahana Group and four others — have come under the Central Bureau of Investigation’s (CBI) scanner in a Rs 34,615 crore scam in Dewan Housing Finance Corporation Limited (DHFL) as it has surfaced that loans to the companies were allegedly disbursed under the instructions of Kapil Wadhawan and Dheeraj Wadhawan, officials said.

The Union Bank of India, which has approached the CBI, has alleged that Amaryllis Realtors, Gulmarg Realtors and Skylark Buildcon owe Rs 98.33 crore, and Darshan Developers and Sigtia Constructions owe Rs 3,970 crore as outstanding towards DHFL. All five companies belong to the Sahana Group, the officials said. It is also alleged that Darshan Developers and Sigtia Constructions were controlled by the Wadhawans.

The outstanding amount towards Creatoz Builders is Rs 1,192 crore, towards Township Developers Rs 6,002 crore, towards Shishir Realty Rs 1,233 crore and towards Sunlink Real Estate Private Limited Rs 2,185 crore, the officials said.

A portion of the money was diverted to companies controlled by former promoters Kapil Wadhawan, Dheeraj Wadhawan and the Sahana Group, where they also had prima facie financial interest, the officials said.

The funds were part of Rs 42,871 crore of public money raised from banks in the form of loans and subscriptions in non-convertible debentures, which were allegedly “misappropriated” by DHFL, they said.

The funds were then diverted to DHFL group entities and the Sahana Group through fraudulent loans issued without due diligence, in the absence of adequate securities and falsification of account books, the officials alleged.

Besides the companies that have been named in the FIR, the CBI will also look into the role of the auditors of DHFL, the group companies of its promoters and Sahana Group companies, they said.

The agency will probe how large-value loans were given as Other Large Project Loans (OLPL) but shown as small loans in “Bandra Books” and were not reported by the statutory auditors and the internal auditors in their reports, the officials alleged.

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There’s an irrefutable truth to be found in people’s search habits, and a new survey shows exactly which way the wind is blowing this summer when it comes to home decor.

For the 2022 Houzz Emerging Summer Trends Report, this home design site sifted through three months’ worth of its search results from January to March 2022. Then, the site compared that data with the same time period last year to see which design fads were on the rise—and which were on the wane.

As expected, many of the most popular upgrades continue to reflect a COVID-19 pandemic theme. The toilet paper shortage was one we all shudder to recall, so it’s little surprise that searches for “bidets” are up 14% from last year. And with remote work lingering for many at least part of the time, searches for “cloffice” are still going strong, too (up 76%).

Yet many of the most sought-after home trends of today might be a bit more surprising. If you’re thinking of starting a renovation project soon or you’re just curious about what’s hot right now, check out these popular design fads for some fresh ideas this summer.

Brightly colored front doors

Photo by Glenn Layton Homes

We’re finally inviting family and friends into our homes once again, and fixing up the first thing they’ll see is top of mind. Folks have pushed plain ol’ black and blue doors aside in favor of searching for “red front doors” (up 22%) and “green front doors” (up 55%).

And the knob that came with the house you bought is getting replaced, too, per the report. “Front door handle” searches are up 46%. No more standard-issue hardware!

‘Japandi’ kitchens and bathrooms

Uncluttered, neutral, and very calming are the main themes of “Japandi” style, a mashup of Japanese and Scandinavian design aesthetics. (Ellen DeGeneres and Kanye West are both professed fans of the look.)

Homeowners are embracing this style’s natural fabrics and bamboo as they search for “Japandi kitchens” (up twice as much as last year) and “Japandi bathrooms” (up three times as much).

“Another of our studies on bathroom trends found that people are seeking a space for rest and relaxation, and the top features they want are cleanliness, a lack of clutter, and greenery—all hallmarks of Japandi style,” explains Mitchell Parker, Houzz senior editor.

And if you’re thinking of listing your home anytime soon, Japandi is a smart move, says Susan Jakubowski, a real estate agent with Premier Sotheby’s International Realty in Cornelius, NC. “It’s a very modern look, and modern is highly desirable, clean, and shows well.”

Barndominiums

Photo by The Wadsworth Company

Searches for “barndominium” (a portmanteau of “barn” and “condominium”) are up 154% (and “barndo kitchens” are up almost as much—138%). Chip and Joanna Gaines helped propel this look to the fore when they featured it a few years back on their show “Fixer Upper.”

A barndominium is a wholesale conversion of an old barn into a home, explains Parker. It salvages the familiar rooflines and interior beams for a rustic-chic style. These kitchens are appealing to those who want to try the trend in a small way, with the same vaulted ceiling and open floor plan.

Just keep in mind that a barndominium is likely too specific to sell easily, says Jakubowski, “unless you find the right buyer who will love this type of home.”

Hardy, drought-tolerant plants

Photo by Gravel and Green

Many homeowners are facing the reality of living in areas with drought conditions, says Parker. Searches for “drought-tolerant landscaping ideas” increased an impressive 99%, in part because caring for these designs requires less water and time.

These environmentally friendly options can “improve drought resilience as well as thrive on 20% less water than a traditional landscape, especially if you opt to plant native foliage,” explains Cassy Aoyagi, president of FormLA Landscaping in Los Angeles.

Hot-weather-loving, hands-off plants are definitely a draw in the Sunshine State, according to Charlina McGee, a real estate agent with Sotheby’s International in Naples, FL, whose buyers are mostly in the area during the winter.

“As snowbirds, they want to spend time golfing and boating rather than doing yardwork,” she says.

Kara Harms, a design and lifestyle blogger at Whimsy Soul, credits TikTok with helping to fuel the hardy landscaping trend.

“Users are sharing information on drought-tolerant plants, native flowers, and how to attract bees to the yard—all of which are far better for the environment than a traditional mowed lawn,” says Harms.

Dog-friendly design

Photo by Hierarchy Architecture + Design, PLLC 

Not every pandemic puppy was returned to the pet store! Instead, folks are sticking with Fido and even investing in the pet’s comfort as they seek out “dog feeding station” ideas (up 55%).

Alas, these pooches have proven hard to train as many seem to be destroying upholstery in their wake. To fix it, searches on fur-friendly “chair seat covers” are up an incredible 429%!

Midcentury materials galore

Photo by risa boyer architecture

No home style is more searched today than midcentury modern, especially “midcentury modern kitchen ideas,” which soared an eye-popping 576%. And even very specific materials connected to this look showed some real traction, including the looped yarn material “bouclé” (up 149%) and “curved sofas” (up 31%).

But the mother of all midcentury modern detail searches is “kit kat tile,” perhaps for a new backsplash or to cover the shower in a new Japandi-inspired bathroom. Kit kat tile is shaped like the candy of the same name—long and slender—and searches for it are on fire, to the tune of 797%! Who knew?!

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With rising inflation nibbling away at our pocketbooks, it makes sense that many Americans might be tightening their tool belts around the house and dabbling in a bit more DIY projects.

Yet alas, many of these intrepid homeowners end up mired in a stressful and frustrating mess.

At least, those are the latest findings of a recent survey by home services site Angi, which analyzed more than 150,000 posts on Twitter containing the term “DIY.” From there, Angi then fed these tweets through a TensiStrength tool to estimate their stress levels, and to determine which DIY jobs caused the most mental anguish of all.

Curious about which particular home projects will make you toss your wrench, grab your phone, and rage-tweet that you’d wished you’d hired a pro instead? Here’s a look at the 10 most stressful DIY projects you might want to avoid.

Most stressful DIY projects

1. Unclogging drains
2. Fixing a leaky pipe
3. Unclogging a toilet
4. Fixing a dishwasher
5. Cleaning a gutter
6. Fixing a leaky tap
7. Repairing gutters
8. Repairing doors
9. Fixing a washing machine
10. Fixing a patchy lawn

“The biggest thing that stands out in this list is that 8 out of 10 of these projects involve water, which makes sense since you need water for so many daily tasks like laundry, cooking, and cleaning,” says Tony Mariotti, a real estate broker and founder of RubyHome in Los Angeles. “And with the potential for water damage, the stakes—and stress levels—are raised.”

Khari Washington, a real estate agent at 1st United Realty & Mortgage in Riverside, CA, agrees, noting that “fixing clogs and making repairs are essential for a livable home. Plus they aren’t fun, creative, or planned, which adds to the stress level.”

Plus, anything gloopy or sticky in a drain or gutter is just gross—and might require some special equipment to fix that you might not have on hand. Per Mariotti, you need an auger to fix a clog the right way, but most folks don’t own one.

“Pouring Drano in will help a minor clog, which isn’t a tweetable event, but a severe or intractable clog might rise to this level,” he points out.

The overall takeaway? “DIY projects can be intimidating, especially if you’re not handy by nature,” says Jeanine Boiko, a DIY pro who learned the ropes by watching YouTube videos but would be the first to say it was not always easy going.

And the least stressful DIY jobs around the house? Not surprisingly, they’re mostly cosmetic fixes that beautify the home.

Least stressful DIY projects

1. Putting up a shelf
2. Upholstering
3. Fixing a drawer
4. Fitting a carpet
5. Laying a patio
6. Repairing the deck
7. Fixing a chair
8. Tiling a bathroom
9. Fixing a light
10. Removing carpet

Tile, carpet, and furniture are big themes on this list, since the stakes are a bit lower and the time frame doesn’t need to be as rushed. Plus, repairs involving chairs, drawers, and lights are tasks you can easily save to do on the weekend.

“Hanging a shelf isn’t a necessary job, and it can be done when you have a moment in your schedule,” says Washington. “Plus it won’t affect your home’s habitability.”

Where Americans are most stressed about DIY projects

Geography plays a role in DIY stress levels, too. According to the report, Indiana suffers the most DIY angst, with 21.4% of tweets in this area exhibiting stress over the task at hand. Right behind the Hoosier State is Rhode Island and then Mississippi. Other top offenders are Maine, Wyoming, and Colorado, which gave some real estate pros pause.

“I’m surprised by the DIY stress in Wyoming and Colorado as I always picture people who live there as hardy and self-reliant—plus they sit right next to Utah and Idaho, some of the least stressed states for DIYers,” says Mariotti.

Older housing stock in certain areas might also play a role, as it leads to more frequent repairs. That is apparently the case with Pittsburgh, a city that is cursed with the highest levels of DIY-related stress of all.

Most stressed-out cities for DIY projects

1. Pittsburgh, PA
2. Fresno, CA
3. Santa Clarita, CA
4. Saint Paul, MN
5. New Orleans, LA
6. Stockton, CA
7. Kansas City, MO
8. Cincinnati, OH
9. Virginia Beach, VA
10. Anchorage, AK

Washington noticed that his own area of Riverside County in California doesn’t have the stress levels that some of the tonier California locations do: “There are a lot of blue-collar workers here, and they tend to be handier so that probably explains it.”

Least stressed-out cities for DIY

1. Honolulu, HI
2. Tulsa, OK
3. Tampa, FL
4. Madison, WI
5. Raleigh, NC
6. Fremont, CA
7. Riverside, CA
8. Plano, TX
9. Irvine, CA
10. Orlando, FL

On the other hand, there are very few angry tweets related to DIY jobs coming from the Aloha State, which might be due to Honolulu’s easy-breezy life in general. When you can head to the beach to surf after work, that broken door jamb just doesn’t loom all that large.

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Though developers used to build single-family homes and townhomes to sell them, a growing number today are building them as rentals. They’re targeting people who want the advantages of living in a house in a low-density suburb—more space, a backyard, good schools—but either can’t afford a big down payment or just don’t want to shoulder the burden of owning one. Rising mortgage rates could boost demand for build-to-rent housing further by pushing up borrowing costs, making it harder for some buyers to afford a home purchase.

“Lynd still believes the build-to-rent space has plenty of legs, as 45% of all renters desire to own a home but cannot afford one,” Lynd Group CEO A. David Lynd said in the statement. “Climbing interest rates have made the dream of ownership even farther out of grasp. Increasing prices and rates are pushing more renters to choose single-family rental communities as they seek to fulfill their desired need for housing.”

The Oswego development will feature two- and three-bedroom units between 1,559 and 1,747 square feet with monthly rents starting at $2,700. The homes include a fenced-in backyard with patio, basement and two-care garage. The complex at 137 Dorset Ave. will include a clubhouse, fitness area and swimming pool.

Lynd raised some of the equity for the project through CrowdStreet, a crowdfunding firm. In February, Lynd sought to finance the development with $14.9 million in equity through CrowdStreet, about $800,000 of its own equity and $47.2 million in debt, bringing the project’s total cost to $62.9 million, according to CrowdStreet marketing materials at the time.

Instead, Lynd raised $5.3 million from 77 investors through CrowdStreet, according the CrowdStreet website. Lynd provided the balance of the equity with the $66 million construction loan coming from Steeprock Capital, a Greenwich, Conn.-based lender, a Lynd spokesman said. He did not provide more details about the financing or explain why the cost of the project increased from the earlier amount.

Developers, including big homebuilders like Lennar and PulteGroup, have been investing heavily in build-to-rent housing around the country for the past few years. In January, two Chicago-based firms, Harrison Street Real Estate Capital and Core Spaces, formed a $1.5 billion joint venture to build rental subdivisions in markets including Denver, Dallas and Nashville. The venture is also exploring a project in west suburban Chicago.

Several rental townhome developments have opened here over the past several years, including Ashwood Place, a 60-unit property in Aurora. But most build-to-rent developers, especially those  that build single-family homes, so far have bypassed the Chicago area, said Erik Doersching, executive vice president and managing partner at Tracy Cross & Associates, a Schaumburg-based consulting firm.

Doersching was aware of only one local single-family project: Clublands of Antioch, a 110-unit development under construction in Antioch on the Wisconsin border. Leasing at Clublands begins later this summer, he said.

Given the strong demand for single-family rental housing, Doersching expects to see more of the projects here in the future.

“It is a promising sector of the market,” he said.

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The price of Portland area homes continues to climb: Comparing 2022 to 2021 through May, the median sale price has increased 12% from $490,200 to $549,000, according to the latest report from the regional listing service RMLS.

How can home shoppers find the most bang for their buck? Location is always the number one factor in evaluating residential real estate, followed by condition, age, number of rooms, lot size, upgrades and renovations.

When comparing similar homes in a neighborhood, professionals also consider the size of a home and the asking price per square foot.

In the Portland area, the average sale price per square foot is $349, up 13.5% since last year, says the real estate marketplace Redfin.

The price per square foot is calculated by taking the price of the home and dividing it by the square footage of living space. An example: The 1965 ranch-style house at 8221 S.E. Marigold St. in Milwaukie is for sale at $450,000. Divide the price by the square footage of 1,290, and the price per square foot is $349.

What can you find for less than Portland’s average sale price of $349 a square foot? Fixer-upper homes typically have the lowest price per square foot as seen with:

• A 63-year-old, daylight ranch-style house with 3,976 square feet of living space is in need of restoration. The 0.28-acre lot at 6754 S.W. Canyon Dr. in Southwest Portland’s West Slope neighborhood is for sale at $498,500, which breaks down to $125 a square foot.
• For $153 a square foot, a buyer can make an offer on the property at 7123 S.E. Rhone St. in Southeast Portland’s Foster-Powell neighborhood. The asking price for the 1913 Foursquare fixer-upper with 2,548 square feet of space: $390,000.
• The $369,900 asking price for a bungalow with 2,370 square feet of living space in need of upgrades at 8523 N. Newman Ave. in North Portland’s Portsmouth neighborhood is $156 a square foot.

Not all homes with low square footage prices are fixer-uppers. A 2009 Craftsman-style house at 2840 N.E. Rocky Butte Road in Northeast Portland’s Madison South is $236 a square foot.

See the list of homes for sale at less than Portland’s average per square foot by using Redfin’s sorting filter.

Here’s a sampling of Portland houses for sale that have a low price per square foot of living space:

2924 N.E. Glisan St. is for sale at $167 a square foot by Jordan Matin with Andy Wilcox of Matin Real Estate.Matin Real Estate

$167 a square foot: 2924 N.E. Glisan St. is listed at $525,000. The bungalow, built in 1909 on a 4,356-square-foot lot in the Kerns neighborhood, has two bedrooms, one bathroom and 3,148 square feet of living space.

The attic and basement can be finished for more living space, according to marketing materials. There is a covered patio and the fenced backyard has space for gardening and outdoor activities.

“Charming bungalow that’s close to everything with ample opportunities for sweat equity and creating a space of your own,” says listing agent Jordan Matin with Andy Wilcox of Matin Real Estate.

1605 N.E. 47th Ave. is listed for sale at $196 a square foot by Carmel Siler with Tyler King of Windermere Realty Trust.Windermere Realty Trust

$196 a square foot: 1605 N.E. 47th Ave. is listed at $499,900. The bungalow, built in 1924 on a 4,356-square-foot lot in the Hollywood neighborhood, has five bedrooms, two bathrooms and 2,547 square feet of living space.

The home has hardwood floors, a formal dining room and a fireplace.

The finished garage could be a home office or studio, and the finished basement could be a vacation rental or private living space for a member of a multigenerational family, according to marketing materials.

“This charmer is ready for a rehab,” says listing agent Carmel Siler with Tyler King of Windermere Realty Trust. “The flexibility of this home makes it a great investment for any buyer while also enjoying all the amenities Hollywood has to offer.”

2034 N.E. Flanders St. is listed for sale at $226 a square foot by Teresa Toner of More Realty.More Realty

$226 a square foot: 2034 N.E. Flanders St. is listed at $750,000. The Craftsman bungalow, built in 1913 on a 4,791-square-foot lot in the Kerns neighborhood, has five bedrooms, one bathroom and 3,323 square feet of living space.

The original list price was lowered by $49,000 on June 6, 2022.

The home has century-old details such as box-beam ceilings, built-in cabinets, wood floors, leaded glass windows and vintage fixtures. A seismic retrofit as well as energy-efficient insulation, wood windows and a new roof in 2020 are some of the recent upgrades.

The basement has enough ceiling height to finish it as extra living space, according to listing agent Teresa Toner of More Realty. There is also a two-car garage.

“Located close by some of the city’s best dining, the property with commercial-mixed use 3 (CM3 zoning) gives potential for other uses,” says Toner.

523 N.E. Knott St. is listed for sale at $231 a square foot by Claire Paris of Paris Group Realty.Paris Group Realty

$231 a square foot: 523 N.E. Knott St. is listed at $675,000. The two-story house, built in 1900 on a 5,662-square-foot lot in the Eliot neighborhood, has three bedrooms, one bathroom and 2,920 square feet of living space.

The garage and basement might be permitted as an accessory dwelling unit (ADU) for additional living space, according to marketing materials.

“This perfect, well-maintained Victorian has soaring ceilings, Douglas fir floors, a newly renovated kitchen, spiral stairs, skylights, a cozy breakfast nook overlooking the Edenic backyard and spacious bathroom,” says listing agent Claire Paris of Paris Group Realty.

1734 N.E. 47th Ave. is listed for sale at $248 a square foot by Lisa Mehlhoff of Chastel Real Estate.Chastel Real Estate

$248 a square foot: 1734 N.E. 47th Ave. is listed at $699,000. The Craftsman, built in 1917 on a 4,791-square-foot lot in the Rose City Park neighborhood, has four bedrooms, 2.5 bathrooms and 2,820 square feet of living space.

There is an income-producing accessory dwelling unit (ADU) with a side entrance. Original features include built-in display cabinets, etched glass and wood floors.

Outside, there is a covered porch, deck, gazebo and two-car garage.

“Close to hospital, freeways, eateries and Max line,” says listing agent Lisa Mehlhoff of Chastel Real Estate.

3510 N.E. 19th Ave. is listed for sale at $252 a square foot by John McKay with Renee King of Premiere Property Group.Premiere Property Group

$252 a square foot: 3510 N.E. 19th Ave. is listed at $850,000. The Colonial Revival-style house, built in 1925 on a 4,791-square-foot lot in the Sabin neighborhood, has four bedrooms, 2.5 bathrooms and 3,369 square feet of living space.

A separate accessory dwelling unit with one bedroom, full bathroom and a living area can be rented for income, according to marketing materials.

The home also has original picture rails, period French doors and built-in features. The newly updated kitchen has granite countertops and freshly painted cabinetry.

The garden has berry patches and fruit trees.

“Opportunity galore with this beautiful Colonial in the perfect location,” says listing agent John McKay with Renee King of Premiere Property Group.

3413 N.E. 33rd Ave. is listed for sale at $252 a square foot by Susie Hunt Moran with Josue Velasquez of Windermere Realty Trust.Windermere Realty Trust

$252 a square foot: 3413 N.E. 33rd Ave. is listed at $849,000. The Craftsman house, built in 2013 on a 4,791-square-foot lot in the Alameda neighborhood, has three bedrooms, 2.5 bathrooms and 3,366 square feet of living space.

The open floor plan leads to the kitchen with stainless-steel appliances. The primary suite is positioned to frame views and the third floor has a bonus room.

The backyard deck allows for outdoor entertaining.

“Welcome home to easy living in one of Portland’s most sought-after neighborhoods,” says listing agent Susie Hunt Moran with Josue Velasquez of Windermere Realty Trust.

3517 E. Burnside St. is listed for sale at $254 a square foot by Leslee Dirk of ERA Freeman & Associates.ERA Freeman & Associates

$254 a square foot: 3517 E. Burnside St. is listed at $1.3 million. The English Tudor-style house, built in 1933 on a 7,405-square-foot lot in the Laurelhurst neighborhood, has four bedrooms, 2.5 bathrooms and 5,116 square feet of living space.

The kitchen opens to a family room and nook area. Decorative leaded windows were installed in the den. The primary suite has a dressing room. The basement has a Prohibition-era speakeasy-style bar and lounge.

There is also an oversized garage.

“Designed by Ewald T. Pape, the house has curved archways, coved ceilings, mahogany woodwork, custom wrought-iron railing and curved stairways,” says listing agent Leslee Dirk of ERA Freeman & Associates.

1833 N.E. 48th Ave. is listed for sale at $256 a square foot by Hope Beraka of Think Real Estate.Think Real Estate

$256 a square foot: 1833 N.E. 48th Ave. is listed at $765,000. The Arts & Crafts bungalow, built in 1925 on a 4,791-square-foot lot in the Rose City Park neighborhood, has two bedrooms, two bathrooms and 2,993 square feet of living space.

The list price was just lowered by $10,000 on June 17, 2022.

The renovated house with a large porch has hardwood floors, a wood-burning fireplace and French doors that lead from the dining room to the entertainer’s deck. Neil Kelly remodeling company updated the kitchen.

“With a big basement brimming with potential and a massive garage, this home is ready to expand,” says listing agent Hope Beraka of Think Real Estate.

3514 N.E. Fremont St. is listed for sale at $257 a square foot by Doug Landers with Carol Ann Landers of John L. Scott NE Portland.John L. Scott NE Portland

$257 a square foot: 3514 N.E. Fremont St. is listed at $695,000. The English Tudor-style house, built in 1929 on a 4,791-square-foot lot in the Beaumont-Wilshire neighborhood, has three bedrooms, two bathrooms and 2,701 square feet of living space.

Cedar siding clads exterior walls and inside, the front rooms have coved ceilings and picture molding. The main level has hardwoods like oak flooring and Douglas fir stair steps, and a mostly original bathroom with a porcelain tub and linen closet. The lower level is partially finished with 7-foot-tall walls.

“Transform this sophisticated living space into an eye-catching English home,” says listing agent Doug Landers with Carol Ann Landers of John L. Scott NE Portland.

— Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

More on the Portland and Oregon real estate market:

• Rebuilt West Hills fixer-upper with ‘defund the police’ and graffiti on crumbling walls is for sale at $2 million

• Portland lumberman’s preserved 1907 Colonial Revival mansion is for sale at $2.4 million

• A tycoon, then Russians owned the Queen Anne-style mansion in Portland’s affluent King’s Hill district

• Bootleggers are part of the fascinating history of the 1893 Levi Hexter mansion in King’s Hill

• Architect Richard Campbell’s 1966 modern chalet in SW Portland is for sale at $1,465,000

• Off-grid estate near Roseburg is on the auction block at $2.5 million

• Modernist architect Neutra’s rare, restored Oregon house is for sale at $3,750,000

• Architect John Storrs’ midcentury modern house for sale in Hillsdale’s fabled ‘Storrs Quadrant’

• Midcentury modern architect William Fletcher’s first Portland house is for sale for the first time

• Portland homes designed by Pietro Belluschi come with camaraderie

• Oregon’s ‘Terrible Tilly’ lighthouse on private island for sale at $6.5 million

• Two Pearl District townhouses in former train station are for sale, starting at $1,575,000

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Future opportunity for the real estate industry isn’t about tech adoption, property market shifts or even fee discussions. It involves solving your client’s struggle, according to social scientist Nigel Dalton.

And that struggle will change, he says, as new generations enter the market and technology advances. But if you can find the roadblocks that stand in the way of transacting or renting property, that’s where there’s an opportunity to innovate and future-proof your business.

As the former Chief Inventor for REA and a current social scientist at global consultancy ThoughtWorks, Nigel has a deep insight into both tech and social trends.

He notes the pace of change is gathering momentum, and it’s only likely to continue in the years to come.

In this Elevate podcast with Elite Agent Managing Editor Samantha McLean, Nigel examines some of the tech and social trends which are emerging now, what’s likely to happen in the next 10 years, and also beyond.

He shares how that will impact real estate, and why agencies need to start preparing for the shift.

Nigel notes those changes include Baby Boomers exiting the property market, the rise of Gen Z in the workplace and real estate market, and the increasing integration of the online and offline world.

And Nigel says he’s concerned for the industry if they believe the next 10 years will be anything like the decade that has just been.

It won’t be predictable, it won’t be all laid out, it won’t be about plugging the gaps with technology.

Instead, it will involve knowing your customer, understanding their struggle and finding new and innovative ways to better cater to their needs.

It will also involve seizing on the local advantage rather than being overwhelmed by global trends.

“This is not a war of global companies versus local camps. Ignore the globals, they cannot get down to your neighbourhood. Big companies are terrible at local, but you’re brilliant. Exploit that and solve the struggle.”  Nigel Dalton.

Nigel and Samantha also discuss:

• How generational change will reshape the property market over the coming years, with a disenfranchised cohort coming in and the property rich Baby Boomers bowing out.
• Why the pace of change is rapidly accelerating, what the future is likely to hold and how a five-year plan will soon be irrelevant.
• The rise of the metaverse, how Gen Z has been embracing it for years and why agents are mistaken if they think it’s not about real estate.
• How Gen Z will reshape the real estate workforce and why they will be an incredible asset to the industry, but only if you can find the right way to motivate them and cater to their needs.
• How 2050 is now closer than 1990 and why you should have this front of mind when preparing your business for the future.
• Why true innovation lies in paying attention to your customer’s experience, while getting “into the weeds” of really running a company.
• Key examples of how real estate businesses are seeing their customer’s struggle and creating innovative ways to assist.
• Why time is your client’s most precious asset and how this gives agencies an opportunity to claw back decreased commissions via additional services.
• How to approach automation, and why it pays to be careful about what’s automated and what’s not.
• Why employees need a map of where they’re going, and an idea of the progress made rather than just turning up ‘for another day at the salt mines’.
• Nigel’s favourite question to ask about the future of real estate, and the mindset it helps reveal.
• How and why agencies can embrace real opportunity when they choose to be the best player in their neighbourhood

And much, much more…

Nigel Dalton will be on hand at Elite Retreat from 31 July to 3 August, helping attendees reimagine the future of real estate and embrace the tech and social trends emerging.

You can find out more about Elite Retreat and the lineup of speakers and experts attending here.

Links and resources mentioned

Connect with Nigel

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Now that summer is here, it makes sense that real estate watchers have turned their attention to Maine.

Maine is known for being frosty for over half the year, but the warmer weather reminds us of the magnificence of its natural beauty. And this week’s most popular home on Realtor.com® is about as magnificent as you can get in the far northeast corner of the country. The sprawling waterfront estate also happens to be the state’s most expensive home for sale.

Recently renovated “down to the studs,” the $10.5 million mansion sits on over 3 acres just outside Portland. Amazing views of the azure waters compelled clicks from all over the country as folks dreamed of a luxurious getaway.

You also clicked on a double A-frame home in Ohio, a private island on a lake in Missouri, and a fully furnished home on Florida’s Panhandle with sumptuous water vistas.

For a full look at this week’s 10 most popular homes, simply scroll on down.

Price: $879,900
Why it’s here: This ready-made retreat on a parcel of 8 acres is perfect for fishing, because it comes with a shared 4-acre pond.

The 4,078-square-foot, five-bedroom home was fully remodeled last year. Updates include a chef’s kitchen with quartz countertops, custom woodwork, and a finished basement with a kitchen. The oversized primary suite comes with a dual shower and copper tub.

Lawrenceburg, IN

(Realtor.com)

Price: $90,000
Why it’s here: This bargain of a three-bedroom home sits on 2.5 acres.

Built in 1908, the 1,950-square-foot house features high ceilings and beautiful hardwood floors. The house, barn, and shed will need some TLC, but the views from the tranquil wraparound porch can’t be beat.

Fairmont, NC

(Realtor.com)

Price: $225,000
Why it’s here: This double A-frame home is in the middle of a total makeover.

A new owner will need to complete renovations on the four-bedroom home. Sitting on an acre lot, the residence features walls of windows and a primary suite with a cathedral ceiling and a fireplace.

Springfield, OH

(Realtor.com)

Price: $1 million
Why it’s here: It’s your chance to build the home of your dreams on your very own private island.

Located in the Lake of the Ozarks, the island is part of the Twin Islands and close to many popular restaurants and entertainment venues. The island features 880 feet of lakefront that has already been permitted for a dock.

Sunrise Beach, MO

(Realtor.com)

Price: $229,000
Why it’s here: This 3-acre property comes with an antique farmhouse, storage buildings, a shop, chicken coops, and a tobacco cabin.

Built in 1882, the home has been updated over the decades, and now offers beautifully refinished floors, high ceilings, and exposed beams. A spacious primary suite has a fireplace, cathedral ceiling, and massive walk-in closet with a storage island.

Danville, VA

(Realtor.com)

Price: $385,000
Why it’s here: Built in 2017, this four-bedroom home has abundant curb appeal.

You can take in the beautiful views from the wraparound porch or head out back and cool down in the above-ground pool.

The modern house features nine-foot ceilings, a two-story great room with an electric fireplace, and a primary suite on the first floor. For additional storage or space to tinker, there’s also a pole barn on the 2-acre lot.

Louisville, KY

(Realtor.com)

Price: $495,000
Why it’s here: It’s a bargain mansion! This gorgeous home features plenty of modern updates to complement its historic and ornate details.

Built in 1907, the four-bedroom house offers 3,744 square feet of space, which includes a renovated kitchen with a butler’s pantry and a wet bar. There’s also a formal dining room, sitting room, and library.

Dublin, GA

(Realtor.com)

Price: $995,000
Why it’s here: This fully furnished waterfront home offered for under a million bucks has million-dollar views of the Florida coast.

The three-bedroom house also boasts a landscaped yard and a new front deck with stairs. A vaulted great room features bay views, and the first-floor primary suite has a screened-in porch. Each of the two bedrooms upstairs comes with a private deck.

Saint George Island, FL

(Realtor.com)

Price: $850,000
Why it’s here: This century-old charmer sits on 3 acres with a mature orchard of apple, plum, apricot, and cherry trees.

Built in 1908, the six-bedroom home features two fireplaces, hardwoods, and built-ins for storage. Many updates have already been completed, but the listing states there are a few cosmetic projects the new owner can complete over time. Outside, there’s a gazebo, two covered porches, and a courtyard.

Idaho Falls, ID

(Realtor.com)

Price: $10,500,000
Why it’s here: It’s the most expensive home in Maine, and it just landed on the market this week. The luxury spread with sublime oceanfront views is located about 15 minutes from Portland and a couple of hours from Boston.

Measuring 13,307 square feet, the home comes with 10 bedrooms, most of them coming with a private balcony. Luxe amenities include an indoor diving pool and a chef’s kitchen with a seven-burner gas range. Three additional dwellings on the property offer revenue potential.

Falmouth, ME

(Realtor.com)

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• Ghana’s real estate industry has undergone major changes which are determining its current trend in the foreseeable future
• The industry has been affected by both positive and negative developments such as economic growth and the COVID-19 pandemic respectively
• The current trend of the real estate market will influence the price of property, areas where houses are built and what kind of people will be able to afford a home

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The real estate industry in Ghana has been steadily growing over the years irrespective of the occasional negative developments it goes through. In this article, YEN.com.gh highlights how the industry will take shape and what people can expect for the next ten to fifteen years.

Affordable housing project by the Government of Ghana. Photo credit: Ghana Web. Source: UGC
Source: UGC

Impact of COVID-19 on the Real Estate Economy

There have been reported cases of a sudden increase in the number of reported COVID-19 cases. If this continues, it may affect the prices of homes if there is to be another lockdown. During the COVID-19 pandemic lockdown period, the land, sea and air ports were closed which affected the import of building materials by estate developers.

Read also

3 Things People Must Know Before Going to See a House

This means that the prices of the remaining building materials on the market will skyrocket which will lead to a surge in the price of properties that are put up for sale.

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More People Will be Able to Buy Homes Using Mortgage Providers

People at a bank to secure loans. Photo credit: Ghana Financial Market. Source: UGC
Source: UGC

Mortgage facilities and financial institutions are making it possible for many people to buy homes by taking a home loan. This means that people will be paying up for property on a monthly basis as opposed to paying outright cash for the whole cost of the house.

More Affordable Homes on the Market

Affordable housing project by the government of Ghana. Photo credit: Ghana Web. Source: UGC
Source: UGC

Another alternative to buying houses that are pocket-friendly is the affordable housing projects which are funded by the government. Ghana, Namibia and South Africa are a few names among many governments that are providing affordable housing for the less privileged and the working middle class in the country.

Read also

3 Ways Tenants Can Protect Themselves from Bad Landlords

3 Ways Tenants Can Deal With Terrible Landlords in Ghana

In an earlier article, YEN.com.gh wrote about how tenants can deal with terrible landlords. It does not have to come to fist fights but it is important for tenants to put their foot on the ground and face property owners squarely in demanding that the right thing is done.

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Source: YEN.com.gh

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NEW DELHI: The country’s largest lender SBI has raised its deposit and lending rates following the Reserve Bank’s repo rate hike last week.

SBI said interest rates have been raised by 0.20 per cent on domestic term deposits of below Rs 2 crore for select tenors.

The revised interest rates on retail domestic term deposits (below Rs 2 crore) come into effect from June 14, 2022, State Bank of India (SBI) said on its website.

For deposits of 211 days to less than 1 year, the lender will offer interest rate at 4.60 per cent, as against 4.40 per cent earlier. Senior citizens will be offered an interest of 5.10 per cent as against 4.90 per cent earlier.

Likewise, for domestic term deposits of 1 year to less than 2 years, customers can earn interest of 5.30 per cent, up by 0.20 per cent. For senior citizens, the interest rate will be higher by similar margin at 5.80 per cent.

On tenor of 2 years to less than 3 years, SBI has raised the interest rate to 5.35 per cent from 5.20 per cent, while senior citizens can earn 5.85 per cent as against 5.70 per cent earlier.

The lender has also revised the interest rates on domestic bulk term deposits of Rs 2 crore and above for select tenors by up to 0.75 per cent.

For tenors of 1 year to less than 2 years, customers having bulk deposits will earn interest at 4.75 per cent from 4 per cent earlier, with effect from June 14, 2022. For senior citizens, the new rate will be 5.25 per cent as against 4.50 per cent.

“Premature penalty for bulk term deposits for all tenors will be 1 per cent. It will be applicable for all new deposits including renewals. The revised rates of interest shall be made applicable to fresh deposits and renewals of maturing deposits,” SBI said.

The Reserve Bank of India (RBI) had last week hiked the repo rate by 0.50 per cent to 4.90 per cent. Repo is the short term lending rate RBI charges to the banks.

SBI has also revised by up to 0.20 per cent the marginal cost of fund based lending rates (MCLR) with effect from June 15, 2022.

The benchmark one-year MCLR has been revised upwards to 7.40 per cent from the existing rate of 7.20 per cent. Most of the consumer loans such as auto, home and personal loans are linked to MCLR.

The overnight to three-year tenor MCLRs have been raised to 7.05-7.70 per cent.

SBI has also raised the repo linked lending rate (RLLR) with effect from June 15, 2022, according to its website.

The revised RLLR will be 7.15 per cent plus credit risk premium (CRP), as against the existing 6.65 per cent plus CRP.

The MCLR system came into effect from April 1, 2016, shifting from the older framework, for better transmission of interest rates to customers.

From October 1, 2019, all banks have to lend only at an interest rate linked to an external benchmark such as RBI’s repo rate or treasury bill yield. As a result, monetary policy transmission by banks has gained traction.

A number of banks have raised rates following RBI’s repo rate revision on June 8.

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Naomi Heaton didn’t set out to become a property expert: she actually started her career in advertising, joining the agency Leo Burnett as a graduate trainee straight out of Oxford University in the 1980s. It was only after putting down the deposit on her first home, in London’s Camden Town, that – in her words – she “got the property bug”. Having developed a successful sideline in buying, decorating and selling properties (“I found I could do it well not by spending more, but simply by doing it better”), she decided to quit advertising in order to focus on her own business.

Such were the origins of the London Central Portfolio (LCP), founded in 1990, which went on to become a leading property firm operating in prime central London, offering a wide range of services that include real-estate investment, acquisition, development, refurbishing and interior design. “There was a lot of innovation along the way, and that really came down to observing what was happening in a particular market and how we could serve that market better,” explains Heaton, who grew the business from a one-woman show to a team of about 30 people managing assets worth more than a billion pounds. Although the pandemic and Brexit inevitably hit LCP hard, in that both slowed the influx of overseas residents and investors into London, Heaton is confident that the model remains robust. “Prime central London is always a safe haven, because it’s a centre of culture and education, and it’s a wonderful cosmopolitan city.”

The bar area at The Other House

Courtesy

Although Heaton remains closely involved in LCP as its chairman, she appointed the former head of Foxtons Andrew Weir to the position of CEO in 2020 in order to focus on her newest venture, The Other House, which builds on her intimate understanding of real-estate trends in the capital. Billed as a series of ‘Residents’ Clubs’, the innovative properties – the first of which has just launched in a historic building in South Kensington, with the second set to open in spring 2024 – combine the feeling of a residential home with all the benefits of staying in a hotel or visiting a private members’ club (a cocktail bar, a cafe, a spa and gym, meeting rooms and exclusive party spaces are among the facilities on offer). “The idea is that it feels like a place where you can relax and be yourself, but it’s also somewhere you can entertain and enjoy hotel-level service,” says Heaton.

With bids underway on several other properties across London, Heaton has big ambitions for the project’s growth. Here, she shares advice on how to lead large-scale projects and teams successfully…

The kitchen area of one of the club flats

Courtesy

The three most important qualities for a good leader are…

To listen, motivate and innovate, while showing passion, dedication and commitment.

My personal strength as a leader is…

The ability to inspire my team to believe in the vision and mission of our business, as well as in themselves and their contribution. It’s so important to make people feel that they can break any glass ceiling. My team really understand they are part of an amazing journey and that they can make a genuine difference to its success.

The biggest priority for my business right now is…

Opening The Other House and disrupting the hospitality market as we know it, creating a completely new sector that is far more relevant to the current generation of travellers. They’ve been involved at every stage, taking what was a concept on a piece of paper to an 126,000-square-foot entity that has just opened its doors in South Kensington.

I’m mitigating risk by…

Pursuing our unique business model, which I believe counteracts many of the risks other players in the hospitality sector are facing. We’ve hit a sweet spot where we’ve really been able to tune in to what people want post-pandemic, which is flexible travel. We also have tech built in to all our operations, both in terms of the way the team interacts and our offering to guests.

I keep my team motivated by…

Sharing my own passion and vision for the business, but also getting people involved and letting them take ownership of the project by contributing ideas. I also make sure to have one-to-one meetings with all of my staff so that they feel valued and can see opportunities for career progression.

The hardest decision I’ve had to make as a leader was…

When I was given the opportunity to become CEO of The Other House and launch the brand, I had to decide whether to hand over the reins of LCP or to sell the business. In the end I decided that for the love of the business, and what it delivered to my clients and my team, I couldn’t sell it – it was just too difficult to divest myself of something I’d built over so many years. That’s why I appointed a new CEO, and I look forward to seeing the company develop under new stewardship.

The worst mistake I’ve ever made as a leader was…

No single mistake stands out, but what I have learnt is that you can easily get hit by the consequences of an unexpected series of events. What you can predict you can avoid; what you can’t predict, you simply have to manage your way out of.

An effective leader will always…

Nurture success in their team and take pleasure in their achievement, while challenging them to bring better ideas to the table and suggest novel ways of developing the business. And most importantly, a good leader will always listen.

An effective leader will never…

Expect people to give more than they do themselves.

My role model for leadership is…

My former boss at Leo Burnett, who managed me when I was a graduate trainee and whom I followed to Saatchi & Saatchi. She later become chairman of the London office and CEO and chairman in New York. She inspired me through her passion, dedication, commitment and love of the business.

The one piece of advice I’d give to a new leader is…

Believe in yourself and go with what you think. People who succeed don’t follow the mainstream. You will hit many roadblocks along the way, but always search for a way around them because the solution is often better than the original direction.

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