In the home world this week, a wildly unpredictable housing market has spawned a new generation of real estate agents — a group that uses tarot card readings, manifestation rituals, and chakra unblocking techniques to aid in the home buying process. Whatever happens, stay tuned with our weekly digest of headlines, launches and events, recommended reading and more.
For the tech company darling, the epic rise may finally be over. While Compass has built its reputation as a disrupter in the real estate sector, the brand now faces many of the same setbacks as its competitors amid a cooling housing market and the threat of a recession. As Curbed reports, the company’s stock price fell to $3.53 last Wednesday, down from its IPO of $18 in 2021. The latest price shift comes after an announcement earlier this month that Compass would lay off 10 percent of its staff. , some offices would consolidate and pause its mergers and plans for geographic expansion. In scaling back business, the company is joining other brokers, including major player Redfin, who have recently taken layoffs.
In June, a jury awarded Wisconsin-based manufacturer Raffel Systems nearly $107 million after deciding that Chinese furniture giant Man Wah Holdings had stolen its intellectual property. Now Man Wah USA is hitting back with a detailed letter distributed to its retail customers, in which the company is challenging allegations made by Raffel Systems by outlining “false claims” and “corrections,” Furniture Today reports. In a recent press conference, Man Wah also announced that it had hired attorney Lanny Davis, former counsel for President Bill Clinton, to work with the Federal Trade Commission and the International Trade Commission to investigate “illegal and unfair business practices.”
Barcelona-based sustainable construction startup 011h has completed a $25 million Series A funding round, TechCrunch reports. The Spanish company aims to reduce manual labor and carbon dioxide emissions in the construction process by digitizing and streamlining construction, while using regenerative materials such as solid wood, which provides a sturdy, low-carbon alternative to concrete and steel. According to 011h, the model has already been successfully applied in a project with developer Renta Corporación, which reduced CO2 emissions by 90 percent compared to conventional methods; now the funding will enable the company to further build its platform, system and team, with a view to eventual international expansion.
The Federal Reserve is raising interest rates to tackle inflation, The New York Times reports, driving up mortgage costs and rents. Rents for new leases rose 14.1 percent through June, according to the online marketplace Apartment List – down from last year’s 17.5 percent increase, but still well above the annual rate of 2 to 3 percent that was common in pre-pandemic years. Despite the Fed’s long-term goal to stabilize the economy, the immediate effects of rising borrowing costs could be continued inflation, as rent-related costs make up nearly a third of the consumer price index inflation measure.
Small business owners may face a more complicated 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 dropped from $20,000 (or 200 transactions) to just $600, meaning companies using platforms like Venmo, Cash App, PayPal, and storefronts like Etsy and eBay will be 1099 this year. -K forms can be received. While the requirement for companies to report their income to the IRS is not new, the law may increase the potential for small business owners to undergo audits if they do not report their income correctly.
Following last month’s U.S. Supreme Court ruling in the West Virginia v. Environmental Protection Agency case — which limits the federal government’s power to reduce carbon dioxide emissions from power plants — the American Institute of Architects issued a statement against the pronounciation. The statement, co-signed by CEO Lakisha Woods and President Dan Hart, called the decision a “setback in the fight against the climate crisis” and promised to strengthen the organization in its commitment to supporting elected leaders who recognize the urgency of climate change. “AIA urges Congress to provide EPA with the tools necessary to enable the agency and the entire federal government to meaningfully and holistically reduce and ultimately eliminate greenhouse gas emissions that cause climate change” , the statement reads. “Architects’ oath to protect the health, safety and well-being of the public demands nothing less.”
Used furniture market Kaiyo has announced that it is now offering its services on the West Coast. Through the expansion, the company will enable those in the greater Los Angeles area, including Beverly Hills, Venice, Santa Monica and more, to buy and sell pre-owned pieces from top brands, while also offering buyers the option of takeout. at the Chino, California facility.
Online interiors platform Decorist has announced the launch of a new feature that enables 30-minute video consultations between the platform’s designers and clients. For $59 per session, users can schedule a virtual meeting with a Decorist professional to ask for tips on everything from furniture buying to room layout and renovation ideas, and receive a personalized follow-up report with further recommendations.
California-based cabinet brand Semihandmade is expanding its offerings to fit cabinets from the general retail market after a decade of tailoring its products as upgrades to the Ikea kitchen system. Semihandmade for All now offers its designs for any cabinet system, giving designers and homeowners access to the door and drawer fronts available in over 35 colors and styles.
Custom ceramic tile mural in The Hammer Museum by Jorge Pardo and Cerámica SuroCourtesy of Denvir Enterprises
Denvir Enterprises, a multiline agency headquartered in Los Angeles, has added six new brands to its portfolio. The new additions include Los Angeles-based contemporary furniture company Amigo Modern; Pátzcuaro, the Mexico-based textile brand Candor Home; Guadalajara, Mexico-based ceramic tile studio Cerámica Suro; European carpet manufacturer Ege from Talk Carpet; New York-based home watering company Marly; and Guadalajara, Mexico-based commercial table and chair company Mexa.
After Imogen West-Knights sublet an apartment that ranked highly on the Millennium Apartment bingo map — a game created to evoke various pillars of the generation’s interior tastes, such as neon signs and Eames knock-offs — she vowed to next place she lived clearly her own. However, when she finally furnished her own apartment, she realized it shared many of the same decor choices as her peers’ new homes. For The Guardian, West-Knights explores the generative design phenomenon, musing on whether our design choices are truly a product of their time.
After two years of rapid growth, the US housing market has hit a wall. As the pandemic pushed demand to record highs, rising inflation and rising mortgage rates began to cool sales, causing a dramatic turn from a buyer’s to a seller’s market. For The New York Times, Ronda Kaysen provides an overview of the current market situation, consulting experts on the best buying and selling advice right now, and exploring how exactly we got here.
Homepage photo: Used furniture market Kaiyo has announced that it is now offering its services on the West Coast. † Thanks to Kaiyo
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