It’s Zillow for the 1%.
Forbes is debuting a high-end home listings platform for multimillion-dollar homes around the globe, the media company announced.
Beverly Hills-based brokerage founder Jeff Hyland, of Hilton & Hyland, and Bonnie Stone Seller, the former CEO of Christie’s International Real Estate, will be at the helm of the new elite home-buying marketplace.
The home-buying startup, which listed 802 homes for sale on Tuesday, will target high-net-worth home buyers and connect them with agents. The price range currently starts at $2 million and extends to properties listed at more than $160 million.
Unlike other real estate platforms like Zillow and Redfin, the new Forbes venture is "not merely a listing tool for agents – it offers direct and measurable access to potential high-net-worth buyers through Forbes’ worldwide media penetration," Hyland said in a statement. The real estate platform will bring in revenue from listing fees, membership dues and agents who are not members.
More Americans are on the hunt for luxury homes during the pandemic. Sales for high-end homes surged 42% in the third quarter compared with a year ago, an October report from Redfin brokerage suggests. That was the biggest spike the market has seen in sales since 2013.
"The luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings, but this isn’t a normal recession," Redfin chief economist Daryl Fairweather said in a statement in the report. "Remote work, record-low mortgage rates and strong stock prices during the pandemic are allowing America’s wealthy families to gobble up expensive houses with home offices and big backyards in the suburbs."
Some of those suburbs where sales are seeing significant spikes include Sacramento and Riverside, Calif., Portland, Ore., and West Palm Beach, Fla.
Sales of medium-priced homes, meanwhile, rose just 3%, while sales of affordable homes declined by 4.2% during the coronavirus pandemic, according to the Redfin report.