Roger Alford’s time at the Department of Justice (DOJ) may have been brief — much to the relief of the real estate industry — but that doesn’t mean he doesn’t have thoughts on his time there. 

Alford, a law professor at Notre Dame who served as an expert witness testifying against the real estate industry in the Sitzer/Burnett suit, was appointed deputy assistant attorney general in the DOJ’s Antitrust Division in early April. He held the same position during the first Trump administration. However, Alford was dismissed from the DOJ in late July. 

At the Tech Policy Institute Aspen Forum on Monday, Alford said he “loved” his time at the DOJ. But based on his time there, he believes there is currently a battle occurring between “genuine MAGA reformers and MAGA-In-Name-Only lobbyists.” 

“It’s a fight over whether Americans will have equal justice under [the] law, or whether preferential access to our justice system is for sale to the wealthy and well-connected,” he said. 

According to Alford, true MAGA Republicans, which he considers assistant attorney general Gail Slater to be, are working to remain true to the idea of equal justice under the law.

“Antitrust enforcement that applies equal justice under the law can prove that the DOJ is not for sale and deliver tangible results for millions of Americans,” he said. 

Alford said he is speaking out to restore integrity to the DOJ, and with it being still within the early days of the administration, he feels like the problem can be corrected. As Alford sees it, the issue is that Attorney General Pam Bondi has “delegated authority to leaders like her Chief of Staff Chad Mizelle and Associate Attorney General nominee Stanley Woodward who do not share her commitment to the rule of law and to one tier of justice for all.”

“With the DOJ led by a mix of officials with varying commitments to restore integrity to the Department of Justice, good may yet prevail, but at least with respect to senior DOJ oversight of antitrust enforcement, we are on a path toward injustice,” he wrote.

Antitrust laws are “nuisances or obstacles to overcome”

According to Alford, the MAGA-in-name-only lobbyists view antitrust laws as “nuisances or obstacles to overcome.”

“Rather than the legitimate lobbyists who have expertise and perform traditional functions of education and engagement, corrupt lobbyists with no relevant expertise are perverting actual law enforcement through money, power, relationships and influence,” he said. 

Alford accuses these lobbyists and those at the DOJ who are in their pocket of being swayed by special favors. 

“The ‘rule of lobbyists’ is to care deeply about benefits they can extract in transactional relationships with perceived friends,” he said.

If what Alford calls the ‘rule of lobbyists’ is allowed to prevail, he argues that this will lead to instability and a lack of uniformity when it comes to how antitrust law is enforced.

“Violations of antitrust laws impose grave risks to companies, including criminal prosecution, massive civil penalties, company breakups, and the blocking of mergers. Lawyers and their clients need a stable and predictable environment to do business,” Alford said. “I personally have heard lawyers say that the political uncertainty of this Administration is more difficult than the predictable but hostile environment of the Biden Administration.”

DOJ v. NAR

As the Trump administration prepared to take office, the real estate industry, which has been hampered by antitrust lawsuits for the past five years, was optimistic that the antitrust environment would look a bit different than it did under the Biden administration. 

While the DOJ has continued to express its belief that upfront offers of buyer broker compensation from either the seller or the listing broker create an anticompetitive environment, at least for the National Association of Realtors (NAR), the antitrust lawsuit load has lightened.

This summer NAR, as well as other real estate organizations and companies, were dismissed from three antitrust lawsuits, all which dealt with NAR’s three-way membership agreement and access to the MLS. Additionally, the DOJ has refrained from becoming involved in any of the real estate industry’s ongoing antitrust lawsuits via an amicus curiae brief or a statement of interest. 

However, NAR and the real estate industry in general, still remain targets for antitrust lawsuits, including one filed last week by Jorge Zea, a real estate broker in Florida, accusing NAR, local associations and MLSs of steering buyers to using buyer’s agents. 

“Little appetite for antitrust enforcement”

“By all indications there is very little appetite for antitrust enforcement from the DOJ,” Francis X. Riley, a partner at Saul Ewing LLP., said. “You still need your statutory disclosures if you are doing a merger and you still do a first request, but in terms of a second request or more formal investigations, we aren’t seeing that.” 

Riley believes this is foreshadowing a looser approach to consumer-related antitrust issues.

“They just aren’t doing anything,” he said. “They are letting these mergers go through with really limited investigations or limited exchange of information, and this sheds light on the fact that the DOJ is not going to be active in antitrust enforcement actions.” 

Instead, Riley believes consumer lawsuits will have to take the lead when it comes to antitrust lawsuits, which is what appears to be happening in the real estate industry.

However, given the DOJ’s history with NAR, it remains to be seen if the agency will continue to stay away. Additionally, it is unknown if the DOJ’s apparent easing of antitrust scrutiny on NAR is due to the trade group’s lobbying efforts as Alford alludes to, or if the Trump DOJ simply has a lesser appetite for antitrust enforcement. 

Greater Hobart has 11 suburbs where a first-home buyer can secure a house with less than $70,000 in savings.

New research from MCG Quantity Surveyors shows the most affordable option is Gagebrook, where a FHB purchasing a typical $380,000 house would need to have $44,840 in the bank.

That would cover a 10 per cent deposit of $38,000 plus $6840 in lenders’ mortgage insurance.

Many lenders require a 20 per cent deposit to avoid LMI, although government-backed schemes such as the First Home Guarantee could allow a FHB to avoid the insurance.

For those with a $50,000 deposit, there are just two suburb options. For savers with 100,000 in the bank, over two-dozen areas open up.

After Gagebrook, the city’s next most affordable suburb was Bridgewater, where a young buyer needs $49,560 in savings to buy a median value house, followed by New Norfolk ($54,280), and Clarendon Vale and Risdon Vale ($54,870).

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A compounding issue is a stock shortage in these areas.

There is not one house for sale in Gagebrook, only one listing in Clarendon Vale, and a home that is double Bridgewater’s median price.

Meanwhile, MCG analysis shows a 20 per cent deposit for Hobart’s average home is now worth 93 weeks of the typical family’s wage.

This figure has more than doubled compared to just 40 weeks in 1975. It’s also risen by 35 weeks in the past 10 years.

A deposit in 1975 was $5170, now it is $133,000.

MCG Quantity Surveyors director Mike Mortlock said high home prices relative to incomes meant 20 per cent deposits became unrealistic for many new buyers years ago.

The difference was that today, even saving up a much lower deposit was becoming a challenge at current prices, he said.

“Even putting together a 5 per cent deposit in some areas is getting difficult. It can still be a lot of money and take an average earner years to save,” Mr Mortlock said.

REIT president Russell Yaxley said saving for a deposit takes dedication and commitment.

He said it was the first big step for first-home buyers.

“Federal and state governments see this and are helping in a number of ways, from lower deposits, shared equity and stamp duty exemptions,” he said.

“Even with government assistance, it does require commitment and dedication to save and may take years.”

If a house is too expensive, a unit could be a more affordable option, Mr Yaxley said.

“Units are an excellent opportunity, demand is rising for more efficient, lower-maintenance homes, and it’s a perfect entry point to the market,” he said.

Mr Mortlock noted that home prices are going up much faster than wages.

“And until we build more housing, we’re going to be talking about the same thing in a few years. Only the problem will be even worse,” he said.

Mr Mortlock said first-home buyer incentives, such as the federal shared equity scheme and other state-based programs, were a good development “in theory” but in practice would likely exacerbate the deposit burden by lifting prices.

“First-home buyer schemes often increase prices by encouraging buyers to spend more. They do not address the root of the problem, which is that we are not building enough,” he said.

Research by comparison website Finder shows an increase in young homebuyers purchasing with help from family.

It found, this year, almost 17 per cent of FHB relied on financial help from their parents, up from 11 per cent in 2022.

Personal finance expert, Sarah Megginson, described the “bank of mum and dad” as one of the biggest unofficial lenders in the country.

“For many young Australians, homeownership feels like a dream that won’t be realised, unless you’ve got parents who can tip in some financial help – sometimes up to six figures,” she said.

DEPOSIT CHANGE OVER TIME

Year, Hobart median, Deposit, Wages, Weeks required

1975 $25,850 $5170 $130 40

1985 $55,500 $11,100 $300 37

1995 $106,750 $21,350 $500 43

2005 $246,875 $49,375 $800 62

2015 $355,000 $71,000 $1234 58

2025 $665,000 $133,000 $1430 93

WHERE YOU CAN BUY A HOUSE WITH UNDER 70K IN THE BANK

Gagebrook $380,000 median, $44,840 upfront costs

Bridgewater $420,000 median, $49,560 upfront costs

New Norfolk $460,000 median, $54,280 upfront costs

Clarendon Vale $465,000 median, $54,870 upfront costs

Risdon Vale $465,000 median, $54,870 upfront costs

Chigwell $477,499 median, $56,343 upfront costs

Primrose Sands $480,000 median, $56,640 upfront costs

Warrane $551,000 median, $65,018 upfront costs

Claremont $553,500 median, $65,313 upfront costs

Glenorchy $565,000 median, $66,670 upfront costs

Berriedale $590,000 median, $69,620 upfront costs

Source: MCG Quantity Surveyors Home Deposit Multiples report

The post Hobart homes in reach with $45k savings appeared first on realestate.com.au.

A luxury beach house that featured in the acclaimed drama series Fake, starring Asher Keddie and David Wenham, has hit the market in Lorne.

Prominent architect Rob Mills originally designed the striking Ocean House has a holiday home for his own family and friends.

He sold the six-bedroom, five-bathroom hideaway at 2A Tradewinds Ave, Lorne, for $4.8m in November, 2020, during the height of the Covid coastal price boom.

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It’s now back on the market with $4m to $4.4m price hopes through Great Ocean Road Real Estate, Lorne agent Karen Stribling.

The home’s bold concrete form, sweeping ocean and bushland views has made the 1.29ha property a high-earning holiday rental.

Its scenic private setting also drew Fake producers when scouting locations for the 2024 television series.

Described as “one of Australia’s finest beachside residences”, the tri-level house throws convention out the window with curved bedrooms and sculptural concrete walls.

A circular rooftop sun terrace with an outdoor bath is its crowning glory.

Ms Stribling said the beachside home, positioned on an unusually large town allotment, had been perfectly sited to maximise both privacy and perspective.

“The front of the home presents a clean, elegant look – but the moment you step inside, it’s absolutely breathtaking; a real piece of art,” she said.

“It’s got a beautiful mix of timber and concrete and, in particular, his architecture has a real distinct style,” Ms Stribling said.

“You’ve got expansive glass that draws your gaze straight to the ocean, and at the rear, a beautifully private bushscape — it’s like living inside an oil painting.”

Stucco matched to the bark colour of surrounding trees, limed blackbutt ceilings and rustic concrete benches are among bespoke details that earned the house a swag of interior design awards.

There’s even a round bed in the circular main bedroom suite.

“It is being sold with most of the furniture. Basically everything has been designed to fit the particular space,” Ms Stribling said.

“With two full kitchens and a self-contained guest wing, the house works perfectly as either a multi-generational holiday home, a full-time residence, or a desired holiday rental. It’s only 100m from the water, tucked away in a quieter part of town.”

The post Luxe Lorne pad featured in Asher Keddie drama Fake listed for sale appeared first on realestate.com.au.

LUX Real Estate Company ERA Powered has expanded with the acquisition of Vail Real Estate Center, the firm announced this week.

The Cherry Creek North, Colorado-based brokerage — founded and led by Emily Duke — will now have a presence in one of the state’s most competitive resort markets.

Founded in 2013 by longtime Vail residents Gil Fancher and Ted Steers, Vail Real Estate Center developed a reputation for serving high-end buyers and sellers.

Both Fancher and Steers will remain with the company — with Fancher taking on the role of supervisor of the Vail, Colorado, branch.

“Over the last two years, Ted and I have talked about what it would take to move our company to the next level,” Fancher said. “We have been enormously successful as an independent brokerage, but we’re excited about the greater resources and reach LUX provides. This partnership allows us to give our agents even more tools to succeed and our clients even more opportunities.”

Steers echoed those sentiments.

“Joining forces with LUX means we don’t have to continue on our journey alone,” he said. “We’ve always wanted to do better for our agents and clients, and this partnership paves the way for future success for all of us.”

Since 2022, Duke and her team have represented more than $250 million in sales across the Denver metro and Front Range.

In 2023, the brokerage affiliated with ERA Real Estate.

“We are thrilled to partner with Gil and Ted, whose names are synonymous with trust and expertise in Vail,” Duke said. “Together, we are bringing the best of both worlds to this market: the reach of a global brand and the warmth of a boutique firm.”

For eXp Realty, artificial intelligence (AI) is not a side project — it’s a company-wide mandate.

Following a session at HousingWire’s AI Summit where eXp chief technology officer Sumanth Kamath talked about how the company was utilizing digital twin technology, HousingWire sat down with  eXp CEO Leo Pareja and International Director Felix Bravo to find out more about how the brokerage is building digital twins into everyday workflows — allowing executives, staff and agents to work faster and smarter across global time zones.

“I was talking to someone who was interested in joining the leadership team, and they said, ‘Hey, I would love to lead kind of AI implementations,’” said Pareja. “I didn’t get that. They said they thought it’s like evangelizing. I said, ‘No, it’s everyone’s job. That is literally everyone’s job requirement.

“We fully believe that we are going to be AI native. And so, whether you’re a frontline person or a senior person, were building stuff that they all wanted and can put to use. It’s all here. It’s not something scary. I think the folks who will embrace it will outperform the ones who don’t.”

Bravo said eXp founder Glenn Sanford built one of the company’s first twins — setting off a wave of experimentation.

“We didn’t know what was going to come of it,” he said. “We didn’t know exactly what we were building. We just knew that there was really great new technology out there that made an everyday user or non-technical user capable of accomplishing really incredible things. And so we started playing with it, and from that came the digital twin that Glenn made, and then I decided to make one.”

Removing bottlenecks

Pareja has also built his own digital twin, trained on decades of speeches and articles.

“There’s a GPT of me that the team uses quite a bit, and so that one was really loaded with all of the keynotes I’ve ever done, anything I’ve ever written, and so it has a really, really good grasp on my voice,” Pareja said. “So, the marketing team can write something and then say, ‘Make it sound like Leo.’

“All of us are guilty in our daily workflow of being our own bottleneck. So if you have team members, direct reports, someone you report to — who can have a quick digital conversation with someone on the team and give a quick assessment — that’s a win.”

AI at work

Pareja pointed to Fyxer AI — an email companion that drafts responses in an agent’s tone — and recounted a recent use story from Houston-based agent Brandon Snyder.

“Brandon received a message on a Saturday while he was doing family stuff, self-described nerdy stuff, if he tells you the story,” said Pareja. “He got an email, and it went something like, ‘I asked ChatGPT who the most investor-friendly Realtor in Houston was and it gave me your name.’”

Pareja said the Fyxer AI digital twin email responder drafted an email and went into Synder’s Google Meet to identify available appointments for that week.

“Brandon opened up his phone while he was doing family stuff, said, ‘Oh, this is pretty good,’ and responded right away just like that,” he said. “This happened on a Saturday, and I want to say two to four weeks later, they were approved for a single-family home.”

Global scale, guardrails

For Bravo, the power of digital twins is in empowering staff worldwide — especially in regions where time zones complicate communication.

“I was able to create the digital twin on top of that, to superpower those teams, where it’s not just our regional leaders who have access to me at certain times a day,” he said. “Now it’s all the staff, no matter if you’re an executive, if you’re an onboarding analyst, whatever level you are within the organization, you have access to a thought partner of mine.”

But he stressed that guardrails remain in place.

“The twin doesn’t change the decision rates,” he said. “Everyone within any business or organization has different levels of decision-making capabilities. Every leader has defined guardrails and the twin doesn’t overstep that. A human leader is jumping in for context beyond data or policy.

“The twin can help them think through things, but it still requires that human connection and touch for us to make that decision together.”

Back to the future of digital twins

Digital twin technology was originated by Dr. Michael Grieves back in 2002. In an interview with HousingWire, Grieves, the chief scientist of advanced manufacturing and executive vice president of operations at the Florida Institute of Technology, said he was struck by the excitement eXp executives have expressed about the technology.

“Obviously, I’m quite pleased. I am surprised because, quite frankly, I kind of put this together for the idea of product life cycle management as we were moving from a functional, centric view of the world, where everybody had their own data modeling,” he explained. “So, seeing this model come to come to life, if you will, it’s pretty cool, I have to say.”

Grieves sees a number of applications for digital twins in real estate, including having a digital twin of a house, which could give homeowners direct feedback.

“If I had a digital twin of my house, I would love to know where everything is. The ability of offering you a digital twin when you bought a house would be a huge deal. It could really drop cost of renovations.”

Grieves also sees potential to reshape the economics of property ownership and construction.

“We are seeing digital twins at a larger scale for smart building, smart city stuff,” he said. “But I think the real estate market could absolutely benefit from having digital twins, even of residential housing. There’s predictive maintenance and telling people, ‘I think you need a new furnace. Here is the digital twin of your house, and it’s showing the fact that the furnace is going to fail next winter.’ I mean, that would be a huge opportunity.

“If you could basically move into a Metaverse and see a bunch of houses without ever having to drive around as at least a first pass, that would be a big seller.”

Bravo and Pareja said they’d be eager to communicate with Grieves about his career work and nuances of digital twin tech.

“Maybe we can even have our digital twins have a chat,” said Bravo. “It’s awesome to hear (Grieves is) happy with what we’re doing. It’s all happened really fast. We’ve been sort of on the forefront of a lot of it, and people are inventing new things all the time, whether it’s ChatGPT or whatever other AI tool. That’s what I think our biggest strength has been, getting really creative with it from the start and never shying away.”