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Real Estate Roundup 3.25.20 – Real Estate Daily Beat

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Coronavirus (Credit: Lee Health)

Real Estate Roundup:

Major Story: Senate leaders and the Trump administration reached agreement early this morning on a $2 trillion stimulus package to deal with the economic impact of the Coronavirus epidemic. (WashingtonPost)

Coronavirus Coverage

  • The Federal Housing Finance Agency will suspend mortgage payments for landlords affected by the coronavirus, expanding its support of renters in addition to homeowners. The program applies only to multifamily owners with Fannie Mae and Freddie Mac loans, and on the condition that they do not evict tenants affected by the coronavirus fallout. (CO)
  • Mortgage companies are bracing for a severe cash crunch when Americans who lose jobs and income because of the coronavirus pandemic stop making payments on their home loans. The companies, such as Quicken Loans Mr. Cooper Group, expect a wave of missed payments from borrowers as early as next month that will force them to come up with tens of billions of dollars on short notice. While nobody could foresee the pandemic that triggered the current crisis, Fed economists have long warned about the nonbank service industry’s ability to withstand a liquidity shock. (WSJ)
  • Keep your eyes on the condo marketExtell Development has halted construction on Central Park Tower (AKA 217 West 57th Street). The 95-story condo tower was expected to sell more than 20 units for $60 million each. Extell has also closed its sales and leasing offices for most of its projects, though it will deliver contracted condos at One Manhattan Square, One57, and the Lofts at Pier Village. (CO)

Stock Market update

The Dow Jones Industrial Average surged more than 11% Tuesday, its biggest one-day gain since 1933, on signs that lawmakers were nearing a deal on a giant stimulus package to ease the economic fallout from the coronavirus pandemic. Speculation about the breadth and depth of an impending global recession continue to weigh on investors.

  • Heard on the Street: “This is classic bear-market moves… It doesn’t feel like there’s massive relief and confidence out there.” (WSJ)

Dated deal news

Kaufman Organization and AXA Investment Managers have closed on their acquisition of 56 West 22nd Street from the Blum family for $48.5 million. The Flatiron office building spans 67,000 SF, and is about 55 percent occupied. (CO)

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Real estate market seeing new challenges amid COVID-19 pandemic – CityNews Edmonton

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CALGARY (CityNews) – Buyers are not able to go into homes, and sellers are taking them off the market as they quarantine.

The real estate industry has been deemed an essential service and can carry on but now, buyers, sellers, and agents are navigating a contactless world in a market full of unknowns.

“A lot of my buyers have just decided to put everything on hold, there’s a lot of uncertainty with how their down payments may be with affected by RRSP’s (and) job uncertainty,” said real estate agent Joseph Burke. “We’ve also seen some listings come off whether people are being quarantined or concerned about their overall health.”

In Alberta, COVID-19’s impact on oil prices is also set to have a major effect on the market.

“We may not get hit with the crisis as hard as they are in Italy, but the economic side of things, with oil dropping as fast as it has and all of that, that’ll be what will affect us on the real estate side,” said Burke.

Homebuyers were already advised to take precautions during open houses, not touching surfaces and keeping distance but there’s been a directive from the Alberta Real Estate Association to discontinue them beginning this week.

“Our realtors are getting very creative in doing videos and showing the property in other manners however typically people still want to feel and be in the home,” said Diane Scott with Royal Lepage Solutions.

Because it’s only been weeks since a societal shift began, the true impact of COVID-19 is still not completely apparent.

“What we are yet to see, is the economic impact will be from this pandemic on the real estate market. As the data starts to come out we’re gonna start to see where those trends are going and how it will affect us moving forward,” said Burke.

Despite a time of uncertainty, Diane and Joseph say it’s creating unique openings.

“There will be an opportunity for you as a seller especially because you’re going to have less competition in the early stages of it, buyers will be looking at your home versus 5 other homes, instead of 50 other homes,” said Burke.

“It’s a great opportunity, our prices are lower, there’s inventory out there, so if they’re in a rental, for instance, it would be a very good time to start looking to buy,” said Scott.

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Toronto real estate sales plunge as coronavirus weighs on market: Realtor – BNNBloomberg.ca

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Canada’s largest real estate market “hit the brakes” in the last full week of March as sales plunged and sellers pulled listings in the face of the COVID-19 crisis, according to a Toronto-based realtor.

What had been a gradual softening in Greater Toronto Area sales after a strong February turned decidedly negative last week, with sales down 37 per cent compared to the same period last year, John Pasalis, president of Realosophy Realty, told BNN Bloomberg in email.

There was also a 27 per cent increase in cancelled listings as the economy absorbs record job losses as entire industries come to a near standstill in an attempt to slow the spread of the virus.

“The market has definitely hit the brakes,” said Pasalis. He added some of those cancelled listings may end up getting relisted at a different price.

Despite the plunge in sales, Pasalis notes “the market is still quite stable because new listings are also on the decline.”

Numbers compiled by Realosophy Realty show new listings for the region fell by 33 per cent last week.

While last week’s average Toronto home price of roughly $856,000 is up about nine per cent year over year, annual price appreciation had been running stronger at the end of February into early March when there were more high-end homes being sold.

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Real estate market seeing new challenges amid COVID-19 pandemic – CityNews Calgary

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CALGARY (CityNews) – Buyers are not able to go into homes, and sellers are taking them off the market as they quarantine.

The real estate industry has been deemed an essential service and can carry on but now, buyers, sellers, and agents are navigating a contactless world in a market full of unknowns.

“A lot of my buyers have just decided to put everything on hold, there’s a lot of uncertainty with how their down payments may be with affected by RRSP’s (and) job uncertainty,” said real estate agent Joseph Burke. “We’ve also seen some listings come off whether people are being quarantined or concerned about their overall health.”

In Alberta, COVID-19’s impact on oil prices is also set to have a major effect on the market.

“We may not get hit with the crisis as hard as they are in Italy, but the economic side of things, with oil dropping as fast as it has and all of that, that’ll be what will affect us on the real estate side,” said Burke.

Homebuyers were already advised to take precautions during open houses, not touching surfaces and keeping distance but there’s been a directive from the Alberta Real Estate Association to discontinue them beginning this week.

“Our realtors are getting very creative in doing videos and showing the property in other manners however typically people still want to feel and be in the home,” said Diane Scott with Royal Lepage Solutions.

Because it’s only been weeks since a societal shift began, the true impact of COVID-19 is still not completely apparent.

“What we are yet to see, is the economic impact will be from this pandemic on the real estate market. As the data starts to come out we’re gonna start to see where those trends are going and how it will affect us moving forward,” said Burke.

Despite a time of uncertainty, Diane and Joseph say it’s creating unique openings.

“There will be an opportunity for you as a seller especially because you’re going to have less competition in the early stages of it, buyers will be looking at your home versus 5 other homes, instead of 50 other homes,” said Burke.

“It’s a great opportunity, our prices are lower, there’s inventory out there, so if they’re in a rental, for instance, it would be a very good time to start looking to buy,” said Scott.

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