The dizzying, bionic two years of a record-setting sales pace in Ottawa’s real estate market has certainly slowed and realtors describe a return to normal levels.
That return to normalcy though has stirred up fears and many misconceptions, says Taylor Bennett of Bennett Property Shop Realty.
Bennett is the co-host of The Bennett Real Estate and Wealth Show on Newstalk 580 CFRA and regular contributor to CTV Ottawa’s News at Noon.
“I spend a great deal of my time acting as a therapist for people who are worried about the market,” says Bennett
He says he hears many myths and misconceptions, many times a day, every day from nervous clients. He wants to correct them to help quell clients’ anxiety.
Taylor Bennett on Five Current Myths
Myth: “Sales are down, the market is crashing”
“While sales are down compared to last year, it’s important to put the last year into context – 2021 was the best year for real estate, setting both sales and price records,” Bennett says.
“So, a comparison to the best year on record is like comparing an NHLers season stats to Wayne Gretzky’s best year – it’s not going to look very successful. But when you pull back and take a broader look, we are currently on the same pace as we were in 2019 – the third best year on record.”
Myth: “There are no more multiple offers, I can low-ball sellers”
“While it’s true that there are fewer multiple offers than before, there are still some occurring on well-priced and unique homes. But even in transactions where it’s one seller vs one buyer, on average, homes are selling for $10,000 more than their list price so buyers should be prepared to pay the asking price,” Bennett said. “However, buyers do get an advantage as they now have the opportunity to perhaps work in a condition or two for added protection.”
Myth: “Homes are taking longer to sell, sellers are panicking”
“Homes are, in fact, taking 55 per cent more time to sell; but to add some context, the average days-on-market has increased by only one week from 13 days to 20. Again, we have become accustomed to seeing homes sell in less than a week, but that was extremely unusual for Ottawa,” Bennett says.
“In June 2019, on average it took over 35 days for a home to sell, and that was considered exceptionally quick at that time. Plus keep in mind, that there is a difference between the selling date and the closing date – many sellers are looking for closing dates in the 90-day range, so if a sale takes a few weeks longer they still have ample time for their desired closing date.”
Myth: “I missed the best opportunity to sell. There are no more record-setting prices”
“Since the end of 2019, prices in the Ottawa market have increased by over 64 per cent (From $441,693 to $727,556)! That type of growth would normally take almost 10 years to achieve, but it took only 30 months,” Bennett said.
“So, if you are still thinking of selling, while you may not set a record price for your neighbourhood, if you bought your home before 2019, your home has likely increased well beyond the value it would be if Ottawa had its typical increases.
“But it’s important to keep in mind that setting a record price doesn’t necessarily mean you made the most profit – even though you may sell for less than your neighbour, if you paid less and/or put less money into your home (renovations, updates, etc.) than it’s likely your return-on-investment would be far greater than your neighbour.”
Myth: “With mortgage rates on the rise, people will default on their mortgages”
“The rising interest rates have undoubtedly had an impact on the market. In fact, that was one of the major reasons why the mortgage interest rates were increased, to help stabilize the markets. But mortgage rates are roughly at the same level that they were in 2019 – again, the third best year on record. The most recent increase was announced last week at 100 basis points, or one per cent. While one per cent may seem like an insignificant number, that rise decreased buying power by 10 per cent! But these increases weren’t announced overnight, many homeowners and buyers were able to lock in at the lower rates before they increased,” Bennett said.
“More importantly, when approving a mortgage loan, banks use a qualifying rate – which is approximately two per cent higher than your actual mortgage rate. Being risk-averse, banks build in this ‘buffer room’ to protect against an increase in the mortgage rates – which is precisely what is happening now. Which means, this recent rate increase shouldn’t impact current homeowners or any buyers who are working with a full-service brokerage and have locked in a guaranteed rate with a mortgage pre-approval. However, if you are a potential buyer shopping on your own and you simply used an online mortgage calculator to get pre-approved, it’s unlikely you have a guaranteed rate and this recent increase will have an impact on your purchase.”
facebook.com/AdventureCrewCincinnati
Thousands of kayakers, canoers and other person-powered boaters will descend on the Ohio River on Aug. 6 for the annual Ohio River Paddlefest.
Launched in 2001 by a group of friends, the fest has grown from 275 attendees to more than 2,000 and is centered around two different paddling opportunities: the Paddlefest Classic (9-miles) or Paddlefest Mini (4.5-miles).
“We’re excited to once again host paddlers for this hallmark community event, the nation’s largest paddling celebration,” Miriam Wise, director of support and engagement for Adventure Crew, which produces Paddlefest, says in a release. “With two distances to choose from, the event is accessible to paddlers of all skill levels.”
Both the 9-mile and 4.5-mile routes depart from the Schmidt Recreation Complex in the East End. Put-in begins at 7 a.m. and paddlers can opt to race or take their time on the route, as long as they are out of the water by noon, when the Ohio River will reopen to motorized traffic.
Paddlefest Mini participants exit at the Public Landing downtown while Paddlefest Classic paddlers continue down the river to the Gilday Recreation Complex in Riverside.
A Finish Line Festival will be set up at Gilday from 9 a.m.-2 p.m. with music from The Sunburners, MadTree beer and food trucks.
In advance of Saturday’s paddling event, Paddlefest weekend kicks off Friday with the Outdoors for All Expo. This pre-party takes place at the Schmidt Recreation Complex — the boater launch point — from 4-9:430 p.m. on Aug. 5.
The free event features outdoor exhibits, demos and hands-on fun in addition to live music, MadTree beer and food trucks. Buy or sell outdoor gear at the on-site market, check out the kids zone and listen to local bands Gabbard & Co., Tracy Walker and The Tillers.
Rain and storms are forecasted for the Greater Cincinnati area this week, but event producers say Paddlfest will go on rain or shine — as long as river conditions are safe.
“We’re monitoring this week’s weather and will notify all registrants in the event of a change or cancellation,” Shauna Steigerwald, communications and events manager for Adventure Crew, tells CityBeat.
All Paddlefest paddlers must register to participate at ohioriverpaddlefest.org/registration. The 9-mile paddle is $75 for adults and $25 for youth. The 4.5-mile paddle is $70 for adults and $20 for youth.
Participants can either use their own kayak, canoe or paddleboard or rent one at the time of registration. Don’t wait till the last minute if you plan on renting a boat, as rental boats are limited and sell out every year, according to the event.
Proceeds support Adventure Crew, a nonprofit organization focused on providing outdoor recreation experiences for local youth.
“Funds raised through Paddlefest help us get more city teens outdoors for recreation activities, like paddling. So not only is Paddlefest a great time, it lets participants support a great cause — sharing their love of nature with teens who might not otherwise have access,” says Wise.
Paddlefest races start 7 a.m. Aug. 6. The Finish Line Festival runs 9 a.m.-2 p.m. Aug. 6.
Put-in takes place at the Schmidt Recreation Complex, 2944 Humbert Ave., East End. The Finish Line Festival is at the Gilday Recreation Complex, 3540 Southside Ave., Riverside.
Get more info and register at ohioriverpaddlefest.org.
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Friday, Aug. 5
World’s Longest Yard Sale
This weekend will be a treasure hunter’s paradise as the World’s Longest Yard Sale returns for its 35th year. The annual event, also known as the “127 Yard Sale,” stretches along the 127 corridor from Gadsden, Alabama up to Addison, Michigan — and right through Covington and Cincinnati. From Aug. 4-7, more than 2,000 vendors will be set up along roadsides, in RV parks and campgrounds, in antique malls and more to sell anything and everything. Check out a list of major vendor stops at 127yardsale.com. And swing by MainStrasse in Covington from 9 a.m.-5 p.m. Aug. 6 and 7, where vendors will be set up along Sixth Street, or the Northside Summer Market, with vendors set up from 9 a.m.-2 p.m. Aug. 6 along Hamilton Avenue. Get more info about the MainStrasse yard sale at facebook.com and more info about the Northside Summer Market at northsidesummermarket.com.
Glier’s Goettafest
Glier’s Goettafest continues this weekend at Newport’s Festival Park with insane eats, cold beer, live music, kid-friendly games and the world’s only goetta vending machine. Gorge on more than 50 different sweet and savory goetta-infused dishes ranging from goetta nachos and deep-fried goetta cheese coneys to goetta brownies and a goetta donut sandwich. 5-11 p.m. Aug. 4 and 5; noon-11 p.m. Aug. 6; noon-9 p.m. Aug. 7. Free admission. Newport’s Festival Park, Newport on the Levee, goettafest.com. Read CityBeat‘s story for everything you can eat at Goettafest.
St. Bernard German Luau
Originally launched in 1971, this popular neighborhood festival was recently resurrected by the Village of St. Bernard and the St. Bernard Recreation Department. The weekend-long party features a pig roast, live music, food trucks, games, a celebrity dunking booth, a dog costume contest and German Luau beer pails from Wiedemann’s. 5 p.m.-midnight Aug. 5; noon-midnight Aug. 6. Free admission. Vine Street, St. Bernard, facebook.com/stbgermanluau.
Holy Cross-Immaculata Summer Festival
This favorite summer church festival boasts live music, boozy drinks and an air-conditioned casino room. Head up to Holy Cross-Immaculata in Mt. Adams on Friday and Saturday to enjoy food vendors, a bevy of drinks (craft beer, wine, cocktails), festival games, a special family-friendly “Kids Alley,” a silent auction and raffle. The Dukes Band plays Friday and Union Son plays Saturday. A shuttle will run to the fest from the Rookwood Restaurant parking lot. Proceeds benefit Holy Cross-Immaculata Parish. 5 p.m.-midnight Aug. 5 and 6. Free admission. 30 Guido St., Mt. Adams, facebook.com/hcichurch.
Frisch’s Mobile Roller Rink
Get ready to strap on some skates and tap into your retro roller skating-persona because Frisch’s Mobile Roller Rink is popping up on Court Street Plaza this weekend. The 9,000-square-foot rink originally debuted over Memorial Day weekend to honor Frisch’s 75th anniversary, with a nostalgic nod to how popular roller skating was back when the local chain was founded. Bring your own skates or rent some and get ready to roll. Food and drink vendors will also be on hand. Reservations are not required. 4-8 p.m. Aug. 5; noon-8 p.m. Aug. 6; noon-6 p.m. Aug. 7. $2 admission; $5 skate rental fee. Court Street Plaza, Downtown, facebook.com/mobilerollerrink.
Lebanon Blues Festival
The 23rd Lebanon Blues Festival takes over downtown Lebanon this weekend. There will be 10 bands performing throughout the weekend, including Bob Margolin with Pinetop Perkins, Keith “T-Bone” Colbert and the Leroy Ellington Band. In addition to live music, the fest promises a classic car show, a craft beer garden, artisan vendors and food offerings ranging from barbecue to dessert. The fest suggests attendees bring their own lawn chairs. Proceeds benefit the Lebanon Optimist Club community organization. 5-10 p.m. Aug. 5; 11 a.m.-11 p.m. Aug. 6. Free admission. Downtown Lebanon, lebanonbluesfestival.com.
Outdoors for All Expo
Prep for the Ohio River Paddlefest on Saturday with the Outdoors for All Expo at the Schmidt Recreation Complex — the launch point for Paddlefest boaters. The free event features outdoor exhibits, demos and hands-on fun in addition to live music, MadTree beer and food trucks. Buy or sell outdoor gear at the on-site market, check out the kids zone and listen to local bands Gabbard & Co., Tracy Walker and The Tillers. 4-9:30 p.m. Aug. 5. Free admission. Schmidt Recreation Complex, 2944 Humbert Ave., East End, ohioriverpaddlefest.org.
Saturday, Aug. 6
Ohio River Paddlefest
Thousands of kayakers, canoers and other person-powered boaters will descend on the Ohio River on Saturday for the annual Paddlefest. Launched in 2001 by a group of friends, the fest has grown from 275 attendees to more than 2,000 and is centered around a 9- and 4.5-mile paddle down the river. The river will be closed to motorized traffic until noon for racers or casual paddlers to make their way from the Schmidt Recreation Complex in the East End to either the Public Landing (4.5-mile stop) or the Gilday Recreation Complex in Riverside (9-mile stop). A Finish Line Festival will be set up at Gilday and will include food vendors, music, local beer and exhibitors. Paddlefest proceeds benefit Adventure Crew, a nonprofit that helps get Greater Cincinnati teens get out into nature. Races start 7 a.m. Aug. 6. Finish Line Festival runs 9 a.m.-2 p.m. Registration is $20-$25 for youths and $70-$75 for adults. Schmidt Recreation Complex, 2944 Humbert Ave., East End, ohioriverpaddlefest.org.
Dashboard Confessional and Andrew McMahon in the Wilderness at the Andrew J Brady Music Center
It’s about to be a very emo Saturday night at the Andrew J Brady Music Center. Dashboard Confessional and Andrew McMahon in the Wilderness are co-headlining this local show with openers Armor for Sleep. Get ready to sing along. 5:30 p.m. doors Aug. 6. Tickets start at $39.50. Andrew J Brady Music Center, 25 Race St., Downtown, bradymusiccenter.com.
WestSide Market
More than 100 local vendors will be taking over the area around Westwood Town Hall on Saturday. Shop independent makers and small businesses while enjoying food trucks and bites from artisan food vendors. There will also be a free workout class and kid-friendly activities. 10 a.m.-3 p.m. Aug. 6. Free admission. Westwood Town Hall, 3017 Harrison Ave., Westwood, westsidemarketcincy.com.
CatVideoFest at the Esquire Theatre and Mariemont Theatre
Do you spend an inordinate amount of time scrolling through adorable animal videos on social media? See the feline-centric cream of the crop at the CatVideoFest this weekend. According to an event description from the Esquire Theatre, the film festival is a “compilation reel of the latest and best cat videos culled from countless hours of unique submissions and sourced animations, music videos, and classic internet powerhouses.” An international event, the CatVideoFest does screenings at theaters around the world, all to benefit local cat rescues and animal welfare organizations. Cincinnati’s CatVideoFest events will benefit The Scratching Post in Silverton, a self-described nonprofit “no-kill, no-cage shelter for stray and abandoned cats.” 1 p.m. Aug. 6 at the Esquire Theatre, 320 Ludlow Ave., Clifton. 4 p.m. Aug. 7 at the Mariemont Theatre, 6906 Wooster Pike, Mariemont. $10. esquiretheatre.com; mariemonttheatre.com.
Sunday, Aug. 7
Art on Vine
The Art on Vine pop-up maker market featuring local vendors and artisans is moving this month. It will now be held on Court Street Plaza instead of Fountain Square, but will still boast its collection of more than 80 local makers. The move coincides with the Frisch’s Mobile Roller Rink pop-up on the plaza. Art on Vine will return to Fountain Square in September. Noon-6 p.m. Aug. 7. Free admission. Court Street Plaza, Downtown, artonvinecincy.com.
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The World's Longest Yard Sale Returns to Ohio and Kentucky for 35th Year | Things to Do | Cincinnati
This weekend will be a treasure hunter’s paradise as the World’s Longest Yard Sale returns for its 35th year.
The annual event, also known as the “127 Yard Sale,” stretches 690 miles along the 127 corridor from Gadsden, Alabama up to Addison, Michigan — and right through Covington and Cincinnati.
From Aug. 4-7, more than 2,000 vendors will be set up along roadsides, in RV parks and campgrounds, in antique malls and in front yards to sell anything and everything along the route, which goes through Michigan, Tennessee, Georgia, Alabama, Ohio and Kentucky.
According to the 127 Yard Sale website, the event began in 1987 when a county executive in Jamestown, Tennessee “planned the event to encourage travelers to bypass interstate highways such as I-40 and I-75 in favor of scenic routes that would take them through rural communities and allow them to experience what the small towns and cities had to offer.”
127yardsale.com has a list of major vendor stops, including Covered Bridge Antique Mall in Mount Healthy. But local neighborhoods are also hosting their own 127-centric yard sales.
MainStrasse in Covington is hosting a yard sale pop-up from 9 a.m.-5 p.m. Aug. 6 and 7. Vendors will be set up along Sixth Street. Get more info about the MainStrasse yard sale at facebook.com
The Northside Summer Market is also taking place this weekend. There will be yard sales spread along Hamilton Avenue from 9 a.m.-2 p.m. Aug. 6 along Hamilton Avenue. Get more info about the Northside Summer Market at northsidesummermarket.com.
And learn more about the World’s Longest Yard Sale at 127yardsale.com.
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Kim and Jim Mahoney had lived at their Mount Pleasant home for less than a year before they learned Foxconn was coming to town.
Now, five years after the Foxconn plan was announced, the Mahoney’s remain in their house — but not for long.
On Monday, the Mount Pleasant Village Board discussed the sale of their property, 10640 S. Prairie View Dr., during a closed session. The board didn’t take any action, but it’s the first time the sale has been discussed since the massive and ultimately ill-fated development was announced in 2017.
The couple said they’ve made attempts to sell the home in the past, but they accused the village of giving them low-ball offers.
“We have been willing to sell since day one, but we were unwilling to allow them to abuse their eminent domain authority for the benefit of a wealthy foreign corporation,” Kim Mahoney told Wisconsin Public Radio in 2019.
The village has maintained that they’ve paid $50,000 per acre of land and 140 percent of appraised value for homes in the development area.
The Mahoneys, who live in Foxconn project area one, used to live in a subdivision that had 13 houses.
Kelly Gallaher, a spokesperson for local watchdog group A Better Mount Pleasant, said she believes the sale was “long overdue.”
“We don’t know the details of the offer yet, but I congratulate the Mahoneys for persevering until they received what they believe is fair,” Gallaher said in an email.
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The Mahoneys and village officials declined to comment for this story because of the pending sale.
In January, the village settled the last eminent domain lawsuit filed in 2018 by homeowners whose land was taken by the municipality to make room for the manufacturing facility — which has never fully materialized.
Village officials said the land, owned by Rodney and Catherine Jensen, was needed for road expansion. But the Jensens refused to move, instead filing five federal lawsuits.
State law says municipalities have the power to acquire private property using eminent domain as long as there is fair compensation and the property will be used for a public purpose. This is typically for road improvements, or sometimes to take control of dilapidated property.
Records obtained by WPR and analyzed by Wisconsin Watch show the village threatened eminent domain against some homeowners, saying their property was needed for road improvements. But in some cases, those plans changed or were dropped even before the homes — some of them newly built — were bulldozed, state records show.
The lawsuit claimed the road project being used as the reason for eminent domain was a pretext to make the Jensens sell land “which will not be directly utilized for the road and utility expansion project so that it can be conveyed to Foxconn, or held for Foxconn’s benefit.”
On a recent afternoon,
Roopal Patel,
fashion director of Saks, walked into an apartment on Fifth Avenue in New York, greeting
Silvia Tcherassi,
a Colombian fashion designer, with a hug. A model walked around in a dress from Tcherassi’s new collection, as groups of women sat on the couches, sipping cappuccinos.
The scene occurred at a private membership club called Fasano Fifth Avenue, and it’s one of the latest to generate buzz in the city. With the rise of private events and smaller gatherings across the globe, it makes sense that members-only clubs are seeing a surge in popularity.
Now, a crop of new clubs, like this one, which opened earlier this year, are making their debut.
“The pandemic increased demand for private club memberships as individuals sought out the safety, privacy, and exclusivity,” says
Jeff Morgan,
president and CEO of the Club Management Association of America, adding that there has been “unprecedented new member interest” across the U.S.
A recent report from private club consulting firm GGA Partners said that 34% of members saw their clubs as more important since before the pandemic, mostly due to maintaining friendships. Roughly 73% of members use clubs to connect with friends.
“Private clubs offer a much more convenient and intimate option to meet friends, clients, or family,”
Zack Bates,
CEO of Private Club Marketing, a marketing consultancy firm that works with member-based clubs, said late last year. “These clubs can communicate directly with individual members on a much more personal level than, say, a public restaurant or bar.”
Fasano Fifth Avenue.
Courtesy of Fasano
Exclusive Allure
Fasano Fifth Avenue is set in a 143-year-old townhouse facing Central Park. It’s the U.S. debut of Brazilian hospitality brand Fasano, known in South America for its five-star properties. The New York outpost is a private club with duplex apartments that can be rented, suites that can be reserved, and a gym, sauna, and bar, which hosts special events for members. Membership is by invitation only from other members, which is then reviewed by the club’s Board of Approval. For a stay here as a member, rates start at roughly $6,000 per night for the duplex residences, which also go for $100,000 a month.
Meanwhile, on Park Avenue South, Chapel Bar is a members-only spot set in a stylish, renovated 19th-century church, right beside the photography museum Fotografiska. The location is open exclusively to patrons of the museum or members of NeueHouse, a co-working space.
Both are owned by CultureWorks; the company’s CEO,
Josh Wyatt,
calls Chapel Bar a “sanctuary for culture.” Annual membership to become a Patron member, which grants nightly access to Chapel Bar and a variety of experiences at Fotografiska, is $2,500.
Scheduled to open in May, the Aman Club is a new private club on the 14th and 15th floors of the new Aman New York, a five-star hotel on Fifth Avenue and 57th Street, where guests can use the Cigar Lounge, Wine Library, and the Aman Spa, with more dedicated spaces for members at the Swiss-owned hospitality brand’s other locations globally.
A Space for Work and Play
New trends for city-based private clubs are far different than their country
club counterparts. For one, many clubs are adapting to the work-from-club trend—whether its top of the line tech or secluded areas for Zoom calls and cozy environments for work meetings.
“There’s certainly been a global yearning, post-lockdown, to reconnect, to exchange ideas, to feel rooted in the culture of a city, and, most of all, to feel a sense of community again,” says
Jennie Enterprise,
the founder of Core:, a private club in New York.
The initiation fee ranges from $50,000 to $100,000 and the annual membership fees are $15,000 to $18,000, depending on the category (there is a waiting list, and there currently are 1,500 global members).
In London, a new members-only club and working space for wellness professionals called Until caters to self-employed health and well-being professionals, such as personal trainers, therapists, and acupuncturists. The co-founders,
Alex Pellew
and
Vishal Amin,
will soon open their 9,500-square-foot space in the city’s SoHo neighborhood.
The Aster in Los Angeles is a new club and hotel opening this June. Overlooking the Hollywood sign, there’s a pool, workspaces, pink-hued lounges, and ample palm trees. It also boasts a recording studio for musicians.
Nearby in West Hollywood, The Britely opened in spring 2021 inside the Pendry West Hollywood hotel, with two restaurants by Michelin-star chef
Wolfgang Puck.
It features a poolside bar and interiors designed by the Martin Brudnizki Design Studio.
A private event hosted at Core.
Courtesy of Core:
Style and Celebrity
Private club Zero Bond, set in the heart of NoHo in New York, is a go-to spot for the city’s new mayor,
Eric Adams,
and celebrities including
Pete Davidson,
Tom Brady,
and
Kim Kardashian,
according to the New York Post. Since opening in November, it has quickly become one of the most stylish places in the city, boasting conference rooms for meetings,
several restaurants, bars, and a private event space for members. The club currently has a waiting list for membership.
Casa Cipriani,
set in Manhattan’s Battery Maritime Building, a Beaux-Arts structure built in 1906, was co-created by Thierry Despont and the Italian Cipriani family, which owns 30 restaurants across the world. The property is home to 47 rooms and suites with views, a spa, and wellness and fitness center.
While clubs of yore were more for older people in high-ranking positions, they are increasingly popular with millennials and Generation X, who are more likely to work remotely, says Bates of Private Club Marketing.
“Some would say older millennials were finally shedding their hoodies and ripped jeans for members-only access,” Bates says. “In fact, I believe it’s the clubs who’ve adapted to allow a more casual dress code and stylish Instagrammable decor that really gave private clubs less of the stuffy feeling of their father’s time.”
This article appeared in the June 2022 issue of Penta magazine.
That’s a wrap. Director James Burrows, a co-creator of the TV show “Cheers,” is putting his Los Angeles estate on the market for $38 million.
The roughly 4.3-acre property is located in a Bel-Air gated community, according to listing agents Linda May and Guy Levy of Hilton & Hyland. Mr. Burrows and his wife, Debbie Burrows, purchased the property for about $11.94 million in 2004, records show.
A bathroom with a fireplace in the primary suite.
Jim Bartsch
There are six bedrooms in the main residence, plus a separate guesthouse.
Jim Bartsch
The main house is around 12,600 square feet.
Jim Bartsch
The kitchen of the main house.
Jim Bartsch
The two-story entry foyer has limestone floors and a stacked staircase.
Jim Bartsch
Built around 1990, the house is set back from the road, with a roughly ¼-mile private driveway and motor court. The estate also contains a separate guesthouse, pool and tennis court.
Mr. Levy said the couple took the roughly 12,600-square-foot home “down to the studs” after purchasing it nearly two decades ago. Working with architect Oscar Shamamian of Ferguson & Shamamian Architects, they essentially rebuilt the property. Michael Smith, who worked on the Obama White House, designed the interiors, which include a two-story foyer with limestone floors and a wine cellar that holds about 3,000 bottles. There are six bedrooms in the main house, including staff quarters. The primary suite has a wood-burning fireplace, a wraparound terrace, two bathrooms—one with a fireplace—and two closets, each with its own balcony.
James Burrows at his Bel-Air home.
Photo:
Ryan Lowry for WSJ. Magazine
Mr. Levy said the property sits on top of a ridge line with city, ocean and canyon views. The pool area has a pavilion with a fireplace and built-in bar and grill.
The couple has decided to sell so that they can travel more, Mr. Levy said. They own two homes in Wellington, Fla., which they purchased for $2.52 million in 2015 and $999,000 in 2018, according to public records. Last year they paid $15 million for a mansion in Laguna Beach, Calif., and they also bought a home in La Quinta, Calif., for $3.25 million in 2020.
In addition to “Cheers,” Mr. Burrows directed sitcoms such as “Friends,” “Will & Grace” and “Frasier.” He has won multiple Emmy Awards and recently published a memoir, “Directed by James Burrows,” chronicling his career in TV.
Write to E.B. Solomont at eb.solomont@wsj.com
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Editor’s note: A lot happened this week, so here’s your chance to get caught up. Read on for the week’s most popular headlines. Looking for the best things to do this long holiday weekend? Find that list here.
1. Art of Banksy comes to Dallas in immersive event with signature secrecy. Street artist Banksy has always been known for his secrecy, and Dallas will get a taste of that when the new immersive art exhibition, Banksyland, comes to the city for two weekends, June 24-July 4.
2. Rare authentic sushi restaurant Tatsu Dallas debuts in Deep Ellum. A new restaurant from a critically acclaimed sushi chef has opened in Deep Ellum: Called Tatsu Dallas, it’s an edomae-style restaurant from chef Tatsuya Sekiguchi, located in the recently renovated Continental Gin Building at 3309 Elm St., and it opened on May 25.
3. 3 new developments add 456 ‘starter’ homes to booming Dallas suburb. A building boom of new homes is beginning in one fast-growing Collin County city: Meritage Homes is building a total of 456 homes across three new communities in Melissa.
4. Dream Hotel brand enters Texas with cool new boutique hotel in Frisco. Frisco is getting a new boutique hotel from a brand that’s new to Texas: Called Dream Frisco, it’s from New York-based Dream Hotel Group and will open as part of Firefly Park, a 230-acre mixed-use development that will also include offices, retail, homes, and restaurants.
5. Enchanting Dallas dinner party whisks Family Place patrons to Provence for the evening. On a picture-perfect evening May 12, 175 guests gathered in the Nasher Sculpture Center Garden for an elegant outdoor “Evening in Provence.” They were there to raise crucial funds for the Dallas-based family violence agency The Family Place.
DraftKings Lands New Bull as Profitability Nears. This Analyst Also Likes Penn.
Text size
Casinos are traditionally unaffected even in a recession scenario.
Ethan Miller/Getty Images
DraftKings and Penn National Gaming stocks will outperform the market by selling additional products to their existing customers, according to a new research note.
JMP analyst Jordan Bender on Tuesday initiated coverage on the gaming companies with a Market Outperform rating. He cited the market positions of
DraftKings
(ticker: DKNG) and
Penn National Gaming
(PENN) and sees an opportunity for both companies to sell from one channel to another, known as cross-selling.
DraftKings’ stock was down 2.9% to $13.20 on Tuesday whereas Penn National was up 0.8% to $32.58.
“For DKNG, iGaming is the obvious cross-sell,” said JMP’s Bender. DraftKings iGaming products like
Rocket
and Spanish21 are variations of real-life casino games that can be played online. Although they are geared toward a slightly different demographic, the analyst believes the company can use its growing marketplace to offer other services like to sell sports apparel and leverage its customer base.
Another reason for Bender’s rating was DraftKings’ market exposure. As North American online sports betting continues to grow and gets legalized in more states, Bender believes the company will be able to sustain its market share as one of the top-three U.S. players. Additionally, specialized products, like its partnership with micro-betting company SimpleBet, could help exceed long-term internal revenue targets, the analyst said. He forecasts it could reach $2.87 billion by 2023, more than 2% versus consensus.
Besides JPM, Jefferies analyst David Katz reinstated coverage of DraftKings (ticker: DKNG ) at a Buy just over a month ago, saying the risk/reward was highly favorable.
For Penn National, Bender likes that the company has leveraged its position between its casino database, and its acquired online assets Barstool Sports and theScore, managing to cross-sell to the different customer groups. These channels have proven to lower customer acquisition costs, he said,
Bender thinks there is an upside to Penn National’s shares even in a recessionary scenario. Casinos have traditionally been unaffected by inflation, gas prices, and downturns given the convenience of a regional casino and the entertainment it provides for a low spend, he said. Penn’s revenue only fell 3% during the financial crisis, according to Bender.
Katz agrees with Bender. Over a month ago, he wrote that he believes in “the relative benefit of regional gaming in uncertain times.”
Penn National has also managed to maintain its market share in the past year in the face of high levels of industrywide marketing and promotions. “We attribute the sticky market share to a more loyal Barstool player and casino database [and..] believe this bodes well as elevated marketing and promotion spending declines over the next year.”
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
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