The Registry Review: June 20, 2022

Page 1

Vol.44, No.25

www.thewarrengroup.com

W E E K O F M O N D A Y, J U N E 2 0 , 2 0 2 2

THE REGISTRY REVIEW NEW HAMPSHIRE’S STATEWIDE REAL ESTATE & FINANCIAL NEWSPAPER A Publication of The Warren Group

WEEKLY SALES OF NOTE

R E A L E S TAT E C O A C H

Lebanon 25 FOOTHILL ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,600,000 B: Aam Lebanon Residences S: Altaria Hotel LLC Mtg: Bank of New England $1 Use: Hotel, Lot: 113670sf

Wolfeboro 212 SPRINGFIELD POINT RD . . . . . . . . . . . . . . . . . . . $4,500,000 B: Paul Heckler Tr, Tr for Heckler 2013 FT S: Douglas Clarke Tr, Tr for D&M Maizel Clarke LT Mtg: Change Lending LLC $3,000,000 Use: 5 Bdrm Ranch, Lot: 30492sf

East Kingston 8 FREEMAN ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,400,000 B: Kingswood Farm LLC S: Kapac Farm LLC Use: Residential-multiple Bldgs, Lot: 7370788sf

Meredith 4 WAGON WHEEL TR. . . . . . . . . . . . . . . . . . . . . . . . . . $3,150,000 B: Carla B Ward Tr, Tr for John B Mangaro Jr T S: Scott M Stratton Tr, Tr for Warren K Stratton FT

Andover 130 OLD COLLEGE ROAD . . . . . . . . . . . . . . . . . . . . . . $2,850,000 B: Anirban Basu & Melissa Spencer S: Lisa I Costa Tr, Tr for Lisa Ihde Costa RET

Sunapee 21 QUARRY RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,500,000 B: Ian D Hecker & Sharon W Hecker S: Janice Crean Tr, Tr for Janice Crean RET

Lebanon 213 MECHANIC ST . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,450,000 B: Nous Trois LLC S: 213 Mechanic St Assoc LLC Mtg: Ledyard Natl Bk $1,175,000 Use: Retail-service, Lot: 65340sf

Tamworth TURKEY ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,400,000 B: White Lake Woods LLC S: Harold W Cook Tr, Tr for Sugar Pine T Mtg: Harold W Cook $1,920,000

New London 782 PLEASANT ST. . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,300,000 B: John E Hughes Tr, Tr for 782 Pleasant Street RET S: Deborah H Gilmore & Thomas R Gilmore

Manchester 205 PINE ST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,280,000 B: Pine St 205-213 LLC S: 205-213 Pine Street LLC Mtg: Northway Bank $1,824,000 Use: Residential-multiple Bldgs, Lot: 10320sf

DOJ-NAR Lawsuits Open Up a Can of Worms for Agents, MLS Services Agency’s Clear Objective Is to Force Buyers to Pay Own Commissions BY BERNICE ROSS SPECIAL TO THE REGISTRY REVIEW

S

ince the early 2000s, the United States Department of Justice has investigated and challenged the NAR rules and practices governing commission sharing on multiple listings services alleging they violate the Sherman Antitrust Act that bans businesses from colluding or merging to form a monopoly. It’s becoming increasingly apparent that the DOJ’s ultimate goal is to force buyers to pay their own commissions. How would the real estate industry change if buyers had to pay a commission to the agents representing them? Currently, no one at the DOJ or NAR wants to make the MLS go away. The havoc that would wreak would be catastrophic. My concern, however, is unintended consequences. The primary purpose of the MLS since its inception has been to share listing data and the amount of commission the seller or listing agent is willing to pay to the buyer’s agent. If you force buyers to pay their own commissions, then what is the purpose of the MLS? With shared compensation ending, how is the MLS any different than a portal? Over the last few years, MLSs have been positioning themselves as the ultimate data source, not just platforms for offering shared compensation.

Number of Condo Sales

3 4 5 5 6 7 9 10 12 13 14 14 14 14

500

400

REAL ESTATE RECORDS COUNTY

with access to the maximum number of listings that match their buyer’s search criteria. Portals like Zillow and Realtor.com are at risk in this scenario because both companies are expanding based upon a referral-fee based model dependent upon shared compensation. An end to shared compensation would mean both companies would have to do a major pivot to find other revenue resources to replace their current model.

450

INDEX PG

Even without commission-sharing, however, the MLS is still invaluable to both buyer and seller agents. On the listing side, maximum exposure to the marketplace through the MLS helps the listing agent to quickly reach all those buyers’ agents who may have a buyer for the property while also helping the listing agent fulfill their fiduciary duty. On the buyer’s agent side, the MLS system makes it easy for them to provide their buyers

New Hampshire Market Statistics

North Hampton 31 OLD LOCKE RD. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,850,000 B: Leslie Drescher & Miles Walker S: Cynthia I Mcclure & Ryan J Mcclure

Brokerages would have to restructure, agents and MLSs reconceptualize their roles if lawsuits force changes in compensation practices.

TRANSACTIONS THRU

Belknap �������������������������� 06/03/22 Carroll ���������������������������� 06/03/22 Cheshire ������������������������ 06/03/22 Coos �������������������������������� 06/03/22 Grafton ���������������������������� 06/03/22 Hillsborough ������������������ 06/03/22 Merrimack ���������������������� 06/03/22 Rockingham ������������������ 06/03/22 Strafford ������������������������ 06/03/22 Sullivan �������������������������� 06/03/22 Bankruptcies Lien & Attachments Foreclosure, Mortgagee & Other Lien Auctions Requests for Bids & Proposals

350 300 250 200

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Apr. May May June June July July Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Dec. Dec. Jann Jan. Feb. Feb. Mar. Mar. April Apr. Apr. ’21

’22

Number 500 500 of Sales 450 450 400 400 350 350 300 300 250 250

200 200

Continued on Page 16

Apr. Apr. ’17

Apr. Apr. ’18

Apr. Apr. ’19

Apr. Apr. ‘20

Apr. Apr. ‘21

Apr. Apr. ‘22

Year

Number of Sales

Change Prior Year

Apr. 2017 Apr. 2018 Apr. 2019 Apr. 2020 Apr. 2021 Apr. 2022

370 425 457 320 365 295

-2.63% 14.86% 7.53% -29.98% 14.06% -19.18%

q Statistics based on condo sales of more than $1,000 q Source: The Warren Group

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