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Shopping for Brooms

When your floors are littered with dirt, wood shavings or spilled cereal, having a well-designed broom and dustpan at the ready can make the cleanup a lot easier.

“When you’re doing work, it’s more pleasurable to use something that’s properly designed,” said Taylor Levy, who, with her husband, Che-Wei Wang, runs CW&T, a Brooklyn design studio that won the National Design Award for product design from the Cooper Hewitt, Smithsonian Design Museum this month. “Details matter, because tiny frustrations and tiny pleasures add up.”

Functionality is important, of course, but so are aesthetics. Why? Because you’ll be more inclined to leave a good-looking broom out in the open rather than burying it at the back of a closet.

americanbroomshop.com

lostine.com

darlingspring.com


goodeeworld.com

jaysonhome.com


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CoStar Group, Inc. Announces Pricing of Common Stock Offering

WASHINGTON–(BUSINESS WIRE)–CoStar Group, Inc. (Nasdaq: CSGP) (“CoStar”) announced today that it has priced its offering of 10,656,436 shares of its common stock at a price of $70.38 per share. Goldman Sachs & Co. LLC and J.P. Morgan are acting as joint book-running managers for the offering. The offering is expected to close on September 20, 2022, subject to customary closing conditions. CoStar expects to use the net proceeds of the offering to fund all or a portion of the costs of any strategic acquisitions CoStar determines to pursue in the future, to finance the growth of its business and for working capital and other general corporate purposes.

The shares are being offered pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (“SEC”). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Before you invest, you should read the prospectus in the registration statement and other documents CoStar has filed with the SEC for more complete information about CoStar and this offering. Copies of the prospectus supplement and preliminary prospectus relating to the offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone at (866) 471-2526, facsimile at (212) 902-9316 or by emailing prospectus-ny@ny.email.gs.com or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmchase.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities will be made only by means of the prospectus supplement and the accompanying prospectus.

About CoStar Group, Inc.

CoStar Group, Inc. (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information and analytics. Founded in 1987, CoStar conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Ten-X provides a leading platform for conducting commercial real estate online auctions and negotiated bids. LoopNet is the most heavily trafficked commercial real estate marketplace online. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com form the premier online apartment resource for renters seeking great apartment homes and provide property managers and owners a proven platform for marketing their properties. Homesnap is an industry-leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and reinforce the agent-client relationship. Homes.com offers real estate professionals advertising and marketing services for residential properties. Realla is the UK’s most comprehensive commercial property digital marketplace. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. CoStar Group’s websites attract tens of millions of unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada and Asia. From time to time we plan to utilize our corporate website, www.costargroup.com, as a channel of distribution for material company information.

Forward-looking statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about CoStar’s plans, objectives, expectations and intentions, and other statements including words such as “hope,” “anticipate,” “may,” “believe,” “expect,” “intend,” “will,” “should,” “plan,” “estimate,” “predict,” “continue” and “potential” or the negative of these terms or other comparable terminology. Such statements are estimates reflecting our judgment, beliefs and expectations, not guarantees of future performance. They are subject to a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. More information about potential factors that could cause results or other outcomes to differ materially from those expressed or implied in the forward-looking statements can be found in CoStar’s Annual Report on Form 10-K for the year ended December 31, 2021, Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and preliminary prospectus supplement, dated September 14, 2022, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, and the company’s other filings with the SEC available at the SEC’s website (www.sec.gov). CoStar assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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Prospective Home Sellers and Buyers Retreated in August as Mortgage Rates Approached 6%

SEATTLE–(BUSINESS WIRE)–(NASDAQ: RDFN) — Seasonally-adjusted new listings of homes for sale fell 8% from July to August to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prior to the pandemic, we hadn’t seen so few homes hit the market since November 2012.

Mortgage rates climbed from 5% at the beginning of August to 6% by the end of the month, pushing many homebuyers out of the market. This sharp decrease in demand gave the buyers who were left some additional negotiating power and softened home prices a bit, but caused many potential home sellers to hold off on listing. As a result, the market as a whole is relatively balanced between buyers and sellers, but there’s very little activity in terms of homes being listed and sold.

“When mortgage rates were below 3%, sales and home prices soared. The market was like a game of musical chairs with buyers vying for too few homes,” said Redfin Chief Economist Daryl Fairweather. “As mortgage rates approached 6%, almost everyone left the party. Now the market is more like a middle school dance where a small number of buyers and sellers are pairing up during a slow song.”

While we may be in a housing recession, the slowdown in sales is not a sign of a bubble bursting, Fairweather went on to explain:

“The bottom line is that homeowners don’t need to sell in this environment. They locked in rock-bottom mortgage rates last year and are sitting on piles of equity. The jobs market remains very strong, so there’s little risk that mortgage delinquencies or foreclosures will rise significantly. It would take a severe—not soft—recession to send homeowners into distress. We will have to wait and see if the broader economy steers towards normalcy or recession in the upcoming months.”

National Highlights

Market Summary

 

August 2022

 

Month-Over-Month

 

Year-Over-Year

Median sale price

 

$406,900

 

-1.3%

 

7.1%

Homes sold, seasonally-adjusted

 

500,100

 

-1.7%

 

-19.5%

Pending sales, seasonally-adjusted

 

489,200

 

0.2%

 

-17.3%

New listings, seasonally-adjusted

 

534,322

 

-8.2%

 

-20.2%

All Homes for sale, seasonally-adjusted

 

1,524,400

 

-1.1%

 

2.7%

Median days on market

 

26

 

5

 

9

Months of supply

 

2

 

-0.2

 

0.6

Sold above list

 

37.6%

 

-9.6 pts

 

-14.3 pts

Median Off-Market Redfin Estimate

 

$417,800

 

-0.9%

 

18.2%

Average Sale-to-list

 

99.9%

 

-1.1 pts

 

-1.7 pts

Average 30-year fixed mortgage rate

 

5.22%

 

-0.19 pp

 

+2.38 pp

† – “pp” = percentage-point change

Metro-Level Highlights

Competition

Prices

Sales

Inventory

To view the full report, including charts, metro-level data and methodology, please visit: https://www.redfin.com/news/august-housing-market-slowed-by-high-mortgage-rates/

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, instant home-buying (iBuying), rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 6,000 people.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email press@redfin.com. To view Redfin’s press center, click here.

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What’s a Back Kitchen and Why Has It Gotten so Popular?

In May, about 30 eighth graders gathered around the large island in an Indianapolis kitchen to belt out “The sun’ll come out tomorrow” to celebrate a successful school production of “Annie.” About 60 parents cheered them on, spilling out onto the patio.

For Jayme Moss, the host who opened her home to the guests, the moment marked another milestone: not a single dirty plate, tray or bowl tarnished the photos or videos. The sizable mess that comes from serving pasta and cake to a crowd of 90 was hidden in her back kitchen, a smaller room tucked behind the main one.

“Normally you take that picture or video and there would be stuff all over the kitchen,” said Ms. Moss, 49. Instead, “everything was in the back.”

Khloe Kardashian’s backlit beige pantry, a shrine to packaged goods. The expectations are now high for a room that once housed brooms and large packages from Costco. “People want to walk in and shop their pantry,” Ms. Clark, the homebuilder, said.

vacation rental company, spent $2 million renovating their 5,000-square-foot home on the Jersey Shore, removing a second staircase to make room for the back kitchen, which they call the “messy kitchen.” They call the front kitchen, which opens to the dining area and overlooks the water, the “pretty kitchen.” The pretty kitchen has an island with a waterfall countertop, sleek cabinets and a gas range. The messy one has a second refrigerator, a second dishwasher, an electric range, a microwave and all the countertop appliances. The property is listed for $5.5 million.

The two kitchens never felt like separate spaces to the Barrys, but instead like work stations that flowed together. Last spring, the couple had friends over for a Mediterranean night with chicken, lamb and beef kebabs. “Some people were cutting peppers and zucchini, others were making salads,” Mr. Barry, 60, said. “Everyone was just kind of working as a team, but was able to spread out.”

When the couple’s children were still living at home, the family of five would often find themselves cooking in tandem, moving between rooms from the air fryer to the griddle to the stove, and pulling food from the refrigerators in both spaces.

“If you cook and you enjoy cooking and you hate clutter, it’s kind of the perfect thing,” Ms. Barry said, adding, “For us, as a family that cooks together, it’s a really important part of our life.”

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The NRP Group, Willton Investment Management, Mayor Jordan Celebrate Grand Opening of 354-unit Motiva

GREENBELT, Md.–(BUSINESS WIRE)–The NRP Group, a vertically integrated, best-in-class developer, builder, and manager of multifamily housing, Willton Investment Management, a real estate-focused family office investment company, and Greenbelt Mayor Emmett V. Jordan, today celebrated the grand opening of Motiva, a transit-oriented, amenity-rich community of 354 upscale apartment homes in the City of Greenbelt, Maryland.

“Willton Investment Management, the City of Greenbelt and the Prince George’s County Park and Planning Staff and Planning Board have been amazing partners,” said Joe Torg, Senior Vice President of Development at The NRP Group. “They were deeply invested in bringing this project to fruition and making sure the delivery was successful. The meaningful municipal input from citizens, locals, and the city, helped create a vital partnership. This collaboration is truly what brought Motiva to life.”

Motiva marks the third successful lease-up in the Washington D.C. metro area for The NRP Group’s Mid-Atlantic office and the second Prince George’s County project for The NRP Group and Willton Investment Management. The community is already over 80 percent leased and property managers are actively fielding applications to fill the remaining residences.

Located 14 miles northeast of Washington D.C., the City of Greenbelt is increasingly attractive to people who work at the nearby University of Maryland, the adjacent Capital Office Park, the adjacent U.S. District Court, and the employment cores in Silver Spring and New Carrollton. Motiva residents benefit from the community’s close proximity to Greenbelt Metro Station and the new Purple Line, which connects Prince George’s County with Montgomery County and Bethesda. Additionally, Greenbelt Metro is located directly adjacent to the Capital Beltway. Residents can also take advantage of a bike share program for convenient transportation.

“Motiva experienced rapid lease-up due to the demand for high-quality, walkable, and transit-oriented communities in the Washington D.C. metropolitan area,” said Josh Wooldridge, Senior Vice President of Development at The NRP Group. “The upscale amenities coupled with easy commuting options makes Motiva ideal for working professionals.”

Designed to meet the local want for upscale rental options, Motiva features four stories of high-end studio, one-, two-, and three-bedroom, pet-friendly apartment homes, with amenities that include a resort-style pool, two state-of-the-art fitness centers, business center, dog park and pet spa, community clubhouse, and stand-alone garage parking.

“Thinking back to when the City of Greenbelt was first planned, the concept was all focused on placemaking and the idea of having people living within walking proximity to access where they work, nearby recreational amenities, and schools. This is something that this apartment community really mirrors,” said Emmett V. Jordan, Mayor of Greenbelt. “The NRP Group has the same legacy of placemaking and building community, and the spaces and amenities here embody the same values that were important to the founders of the city.”

Eagle Bank provided construction financing for Motiva.

About The NRP Group

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.

Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

About Willton Investment Management

Willton Investment Management is a New York City based real estate office focused on multifamily investment across the United States. The firm focuses on joint ventures with high caliber sponsors who have a proven track record for success. For media inquiries or to learn more about Willton Investment Group, please visit www.willtongroup.com.

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Instant Reaction: Mortgage Rates, September 15, 2022

Mortgage rates surpassed 6% this week. According to Freddie Mac, the 30-year fixed mortgage rate rose to 6.02% from 5.89% the previous week. Unyielding inflation continues to push up mortgage rates, reaching their highest level since 2008. As a result, the monthly mortgage payment has increased about 60% compared to a year ago.

There is no doubt that these higher rates hurt housing affordability. Nevertheless, apart from borrowing costs, rents additionally rose at their highest pace in nearly four decades. Although first-time buyers need to spend about $100 more for their monthly mortgage payment than their rent, first-time home buyers should consider that their monthly mortgage payment is not adjusted to inflation. This means the monthly mortgage payment remains the same during the loan period. However, if rents rise about 5% for the next couple of years, these buyers will have to pay about $100 extra for their rent than their current monthly mortgage payment.

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Is That Bathroom Remodel Worth It?

We all want to customize our homes to suit our tastes, be it with curtains, paint color or wallpaper. But when that extends beyond décor into remodeling, it can become expensive. Bathroom renovations are the most common and, along with kitchens, among the priciest projects to take on.

Is it worth the money? A study by House Method, a website that provides guides and information for homeowners, examined the value of bathroom remodels to help answer the question. To put it simply: For a gut bathroom renovation, the answer is usually yes.

In 2022, the study reports, the average full bathroom remodel costs $26,574, for which homeowners can expect a return on investment upon resale of roughly 60 percent — about $15,944. In all 50 states, an average bathroom makeover increased a home’s resale value by more than enough to pay for the renovation.

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LoadSpring Solutions and Blattner Technologies Announce Strategic Investment Agreement

BURLINGTON, Mass.–(BUSINESS WIRE)–LoadSpring Solutions, Inc., the enterprise market leader in project platform solutions, has accepted a strategic majority interest investment from Blattner Technologies. Blattner Technologies is on a mission to be the leading provider of Predictive TransformationTM services and tools in the data analytics, artificial intelligence, and machine learning industries.

LoadSpring’s partnership with Blattner Technologies aligns with our industry focus on digital transformation and advancing data usability, analytics, machine learning, and artificial intelligence. Blattner’s focus on AI and predictive technologies will help lead to our customers’ next generation of advancement.

“Today’s investment announcement will enable LoadSpring to rapidly expand its vision of driving the project controls industry to a future where it aspires to be. This new partnership, including the additional board membership, will accelerate our platform development and AI/analytics technology innovation to enable faster geographic and industry expansion, truly unlocking LoadSpring’s potential. Together, our expertise in providing global cloud solutions for project-based organizations and our new partner’s expertise in building companies will provide next-generation solutions for our customers,” states Eric Leighton, President and CEO of LoadSpring Solutions, Inc.

Blattner Technologies’ CEO Russ Blattner says, “LoadSpring has the resources and tools to complement the list of companies Blattner Technologies is acquiring in our mission to build a predictive transformation model that takes our customers from the basics of data management and analytics to operationalizing AI/ML and true predictive analytics throughout an organization.”

LoadSpring’s global office locations and executive management teams will remain in place, with Eric Leighton continuing in his leadership role as President and CEO. Blattner Technologies representatives Russ Blattner and John Leschorn, along with Terrance Berland, co-founder of Unicorn & Lion, LLC, will join the LoadSpring Board of Directors, providing operational and technology vision to drive customer solutions into the future.

“This investment combines secure technology infrastructure and next-generation tools and analytics to create a truly distinctive solution offering for customers. This is an industry trend that will continue as organizations better understand the power of controlling and mining their data and look for partners that can bring them complete solutions, not just pieces,” says Terrance Berland, a member of the Forbes Technology Council.

About Blattner Technologies

Nashville, TN Blattner Technologies – Building on a 115-year legacy of innovation by the Blattner family of companies, Blattner Technologies is on a mission to be the leading provider of Predictive TransformationTM services and tools in the data analytics, artificial intelligence, and machine learning industries.

About LoadSpring

Founded in 1999, LoadSpring is a global project management provider obsessed with offering advanced managed cloud services. LoadSpring delivers expert project management and control solutions, fast data and business intelligence access, and hundreds of best-of-breed project-based applications. Data safety is assured through SOC 2 Type II security certification, providing an impenetrable cloud environment. LoadSpring customers and partners get higher productivity and ROI through our proprietary project platform while reducing the burden on their IT departments.

For more information, contact Stacey Witt at switt@loadspring.com

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