This week in the homeworld, an extremely unpredictable housing market resulted in a new generation of real estate agents– a group that deploys tarot card readings, manifestation rituals and chakra unblocking techniques to ease the home buying process. Whatever happens next, stay in the know with our weekly roundup of headlines, launches and events, recommended reading and more.
For a beloved tech company, the epic rise may finally be over. Although Compass has built its reputation as a real estate industry disruptor, the brand now faces many of the same setbacks as its competitors amid a cooling real estate market and looming recession. As Braked reports, the company’s stock price fell to $3.53 last Wednesday, down from its initial public offering of $18 in 2021. The latest price change comes after announcing earlier this month that Compass would lay off 10% of its workforce, consolidate some offices and suspend mergers. and geographic expansion plans. In reducing its operations, the company joins other brokerages, including major player Redfin, which have recently made layoffs.
In June, a jury awarded Wisconsin manufacturer Raffel Systems nearly $107 million after deciding that Chinese furniture giant Man Wah Holdings stole its intellectual property. Now, Man Wah USA is fighting back with a detailed letter distributed to its retail customers, in which the company disputes the claims made by Raffel Systems by outlining the “false claims” and “corrections,” reports Furniture today. At a recent press conference, Man Wah also announced that he had hired a lawyer Lanny Davisformer lawyer of President Bill Clintonto investigate “illegal and unfair trade practices” with the Federal Trade Commission and the International Trade Commission.
Barcelona-based sustainable construction startup 011h has completed a $25m Series A funding round, Tech Crunch reports. The Spanish company aims to reduce manual labor and carbon dioxide emissions in the construction process by digitizing and streamlining construction, while incorporating regenerative materials like solid wood, which offers a strong, low-emission alternative carbon to concrete and steel. According to 011h, the model has already been successfully applied in a project with developer Renta Corporación, in which carbon production was reduced by 90% compared to conventional methods; now, the funding will allow the company to further develop its platform, system and team, with a view to possible international expansion.
The Federal Reserve raises interest rates to fight inflation, The New York Times reports, driving up mortgage costs and rental prices in the process. New lease rents rose 14.1% through June, according to online marketplace Apartment List, down from last year’s 17.5% increase but still well above from the 2-3% annual rate that was common in pre-pandemic years. Despite the Fed’s longer-term goal of stabilizing the economy, the immediate effects of rising borrowing costs could be sustained inflation, as rent-related costs account for almost a third of the measure of consumer price index inflation.
Small business owners could face a tougher tax season this year, thanks to a new provision in the American Rescue Plan Act of 2021. As Inc. reports, the minimum reporting threshold for peer-to-peer payment platform transactions has been reduced from $20,000 (or 200 transactions) to just $600, which means businesses that use platforms like Venmo, Cash App, PayPal and storefronts like Etsy and eBay can receive 1099-K forms this year. Although the requirement for businesses to report income to the IRS is not new, the law may increase the risk for small business owners of facing audits if they do not report their income correctly.
After the U.S. Supreme Court’s decision last month in West Virginia v. Environmental Protection Agency, which limits the federal government’s power to reduce carbon dioxide emissions from power plants, the American Institute of Architects has issued a statement against judgment. Co-signed by the CEO Lakisha wood and president Dan Hart, the statement called the decision “a setback in the fight against the climate crisis” and promised to strengthen the organization’s commitment to supporting elected leaders who recognize the urgency of climate change. “The AIA urges Congress to give EPA the tools necessary to enable the agency, and the entire federal government, to significantly and holistically reduce and eventually eliminate greenhouse gas emissions. greenhouse gases that cause climate change,” the statement read. “The architects’ oath to protect the health, safety and welfare of the public demands nothing less.”
Launches & Collaborations
Used furniture marketplace Kaiyo has announced that it is now offering its services on the West Coast. Through the expansion, the company will allow those in the greater Los Angeles area, including Beverly Hills, Venice, Santa Monica and more, to buy and sell used parts from top brands, while offering also a pickup to buyers from its factory in Chino, California.
Online interior design platform Decorist has announced the launch of a new feature that facilitates 30-minute video consultations between platform designers and clients. For $59 per session, users can schedule a virtual meeting with a Decorist professional to seek advice on everything from furniture sourcing to room layout and remodeling ideas, and will receive a follow-up report. custom detailing other recommendations.
California cabinetry brand Semihandmade is expanding its offerings to cater to general retail market cabinetry after a decade of customizing its products as upgrades to the Ikea kitchen system. Semihandmade for All now offers its designs for any cabinetry system, giving designers and homeowners access to its door and drawer fronts available in over 35 colors and styles.
Courtesy of Denvir Enterprises
Denvir Enterprises, a multiline agency based in Los Angeles, has added six new brands to its portfolio. New additions include modern furniture company Amigo Modern, based in Los Angeles; Pátzcuaro, the Mexican textile brand Candor Home; Cerámica Suro, ceramic tile studio based in Guadalajara, Mexico; European carpet manufacturer Ege by Talk Carpet; Marly, a New York-based self-watering planter company; and Mexa, a commercial-grade table and seating company based in Guadalajara, Mexico.
After Imogen West-Knights sublet an apartment that scored high on the millennial apartment bingo card– a game created to call forth various stalwarts of the generation’s inner taste, like neon signs and Eames knockoffs – she vowed to make the next place she would inhabit distinctly her own. When she finally furnished her own apartment, she realized that it shared many of the same decorating choices as her peers’ new homes. For The GuardianWest-Knights investigates the phenomenon of generational design, questioning whether or not our design choices are truly a product of their times.
After a meteoric two-year boom, the US real estate market has hit a wall. As the pandemic propelled demand to record highs, rising inflation and soaring mortgage rates began to cool sales, causing a dramatic reversal from the buyer’s market to the seller’s market. For The New York Times, Ronda Kaysen breaks down the current state of the market, consults with experts on the best advice for buying and selling right now, and investigates how we got here.
Homepage Photo: Used Furniture Marketplace Kaiyo has announced that it is now offering its services on the West Coast. | Courtesy of Kaiyo