A report from the Review Journal in Nevada. “Close to 60 percent of the homes for sale in the Las Vegas Valley have been on the market for more than a month, according to Redfin. Shay Stein, a Redfin real estate agent based in the valley, said overall the market could be described as ‘stagnant,’ adding that there is a disconnect between home sellers and home buyers right now. ‘There are more listings hitting the market, but a lot of them aren’t in good condition or they’re not in a desirable neighborhood, and sellers are pricing unrealistically high,’ she said. ‘A lot of sellers are willing to let their home sit on the market until they get the price they want, and a lot of buyers aren’t willing to pay sky-high prices when mortgage rates are still high.’ Around two-thirds of the homes for sale in the U.S. have been on the market for more than a month, which is a whopping 60 percent increase from June of last year, according to Redfin.”
A press release. “‘In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger share of homes than last year,’ said Realtor.com® Senior Economist Ralph McLaughlin. ‘These are signs that the housing market is healing from an unhealthy state and becoming more balanced.’ While all 50 of the top metros saw share of listings with price cuts increase year-over-year, the metros that saw the most include Denver (32.4%), Austin (31.4%), and Tampa (30.6%).”
CBS News Miami in Florida. “Years after the Surfside collapse, South Florida is in a condo crisis. Upcoming safety deadlines are pressuring condo owners to pay more than they can afford. ‘I am being forced out,’ exclaimed Sue Casey. Casey said she has lived in her Hollywood condo at Carriage Hills for the last 12 years. Casey showed CBS News Miami a letter from May on behalf of the condo association that revealed she has a lien placed on her property, which could be foreclosed on because she has yet to pay more than $20,000 for the special assessment and late fees. She said the proposed payment plan exceeded her fixed income, explaining that she had ‘no wiggle room’ on where to put a roof over her head. Casey added that she’s trying to sell her condo, even though she’s unsure where she will live after she’s out.”
“The special assessment handed down at Carriage Hills pushed Casey to put her retirement home on the market, hoping for a miracle before a potential sale. ‘People out there need help and are probably in worse shape than me,’ Casey said as she began to tear up. ‘So, you know, I can’t be too give me about this, but if there was anything that anybody could do for me, you know, you have my 100% attention.’”
The Union Tribune in California. “San Diego’s home price gains were stopped in their tracks for the first time this year in June. Any slowdown in June is rare because it is typically referred to as the ‘summer buying season.’ Mark Goldman, a real estate analyst with C2 Financial Corp., said there is a strong case to be made that home prices are at their peak or, at least, that the pace of growth will slow. He didn’t think the market would crash, or even that prices would change much, but it was hard to ignore the key indicators. ‘I used to tell my students, ‘The signs are everywhere,’ he said of increased for sale signs. ‘When the market is red hot, properties aren’t available for open houses. Now you are seeing three to four signs when you go to the market on Sunday, when you didn’t see any before. My point is that that starts happening when the inventory starts backing up.’”
The Westside Current in California. “The Weingart Center, a local nonprofit agency that helps the unhoused population find permanent housing, is under scrutiny following its latest social media post. The post, which boasts about relocating a homeless woman and her dog from Florida to Los Angeles, has ignited a fiery backlash among local residents and raised serious questions about the organization’s approach to addressing the city’s homelessness crisis. One commenter questioned, ‘That’s great for Jamie, but why is someone from Florida getting housing before one of the many living on our streets?’”
“The Weingart Foundation has provided conflicting information about the facility’s operations. Promotional materials promised a site not serving as an acute care mental health or substance treatment center, yet the website lists services including substance abuse support and mental health care. This contradiction has left residents like Jacobs alarmed about the potential for on-site drug use. ‘So, people are going to be moved in who have drug problems and allowed to use drugs inside the facility? That’s crazy,’ local resident Bob Jacobs added.”
KRON in California. “Mayor London Breed issued a ‘Journey Home’ executive directive on Thursday vowing to prioritize ‘relocation support’ that will move more people experiencing homelessness, or suffering from drug addiction, out of San Francisco. The directive requires all city departments and staff to offer relocation services before providing any other city services, including housing and shelter. The mayor said, ‘While we will always lead with compassion and we have made significant expansions in housing and shelter, we cannot solve everyone’s individual housing and behavioral health needs. We’ve made significant progress in housing many long-time San Franciscans who became homeless, but we are seeing an increase in people in our data who are coming from elsewhere. Today’s order will ensure that all our city departments are leveraging our relocation programs to address this growing trend.’”
The Boston Globe. “The intersection of Massachusetts Avenue and Melnea Cass Boulevard has been ground zero in the city’s homelessness and opioid crises for years. The city has repeatedly attempted to clean up the area, but the vices these blocks are known for always return. For Tasha Reed, a 37-year-old who grew up in Dedham, the toughest part about living on the streets is the uncertainty. There is random violence, yes, but one of her main concerns is figuring out a way to score drugs to get high. ‘Not knowing what’s going to happen, it’s scary,’ she said. ‘I’ve done a lot of stuff I never thought I would to get high.’”
“‘The drug dealing at Mass. and Cass is still occurring,’ said Steve Fox, chair of the South End Forum, an umbrella group for civic and business organizations throughout the neighborhood. ‘That’s the marketplace.’ Fox pointed to a raft of recent complaints in the South End, ranging from homeless encampments in Southwest Corridor Park, to human feces in a dog park, to a man passed out in an alley off Northampton Street who needed to be revived with Narcan. ‘It’s now moved into the neighborhoods,’ Fox said of the quality of life problems that accompany the drug market. ‘It hasn’t gone away.’”
The New York Post. “A new migrant shelter will open next month at a former college dorm building in the Bronx’s swanky Riverdale section — angering some local residents who fear the ‘neighborhood will be destroyed.’ As furniture was being moved inside the facility on Wednesday local residents fumed over the soon-to-be shelter. ‘I can tell you all the people in my building are pissed off,’ added neighborhood resident Gerri, 71. ‘A lot of people are talking about leaving, but it’s probably mostly talk. I can’t leave so I’m just going to hope for the best.’ ‘The neighborhood will be destroyed, I have to get out,’ said Nicole L., a US resident of 30 years after spending her first 43 in the former Soviet Union. ‘I see a lot of people moving away from New York City. I think it is probably for these reasons.’”
Arlington Now in Virginia. “The demise of an anticipated development project at a busy Columbia Pike intersection has left a social and economic void in South Arlington. It has also left many fingers pointing at an unnamed grocery tenant — which evidence suggests may have been an Amazon Fresh — for its role in the project’s failure. Once home to thriving local businesses, Fillmore Gardens Shopping Center lost almost all its commercial tenants following the approval of a new apartment building back in March 2022. With promises of 247 units of housing, a ground-floor grocery store and valuable community benefits, the project was meant to strengthen an existing hub of activity on the Pike.”‘
“But then came the delays. The crumbling retail bays and loss of commercial vibrancy at the intersection of Columbia Pike and S. Walter Reed Drive remain a sore subject in the neighborhood. Doubts about the future and demands for accountability abound. ‘This has been an absolutely devastating blow to Penrose and our community and our neighborhood culture here,’ Alex Sakes, president of the Penrose Neighborhood Association, told ARLnow. ‘Everybody in this neighborhood… is totally devastated by this, and beyond frustrated.’ Sol Schott, owner of Acme Pie Co., bristles when asked about the mostly vacant strip mall down the street from his business. ‘It’s just ridiculous,’ he said. ‘It’s the small businesses, and the mom-and-pop places that are just trying to make a living, that are getting screwed by their poor planning.’”
The Real Deal on Texas. “A storm’s brewing for Cyclone Investment Group. Two of the multifamily investor’s San Antonio properties, The Grove and Westlake Villas, have been scheduled for August foreclosure sales, according to Bexar County records. The properties include 600 apartments purchased for $70.5 million, or $117,500 per unit, just two years ago. Cyclone had planned on a standard value-add play, according to a fundraising memo circulated to potential investors around the time of the acquisition. The firm felt the previous landlords, a ‘social impact investing firm,’ were keeping rents between $300 and $450 below those at comparable properties.”
“Cyclone planned to spend about $10,000 per unit at the 1980s-vintage apartments, while raising rents by 4 percent each year. After three years, it would sell or refinance at an implied value of $107.7 million, leading to $31 million in net proceeds, the memo concluded. Those plans did not come to fruition. San Antonio’s rents fell 1.3 percent last year and are expected to fall 3 percent this year, according to MRI ApartmentData. A glut of new supply has significantly challenged landlords’ abilities to increase rents. Now, both apartments are scheduled for foreclosure, and Cyclone appears to be facing wider issues. The company’s website is expired, and several representatives did not return requests for comment. Last August, the firm was sued for negligence at apartments it owned in New Jersey, where conditions grew so bad that one building racked up 235 violations and was condemned, forcing tenants to move out with almost no notice.”
The Globe and Mail in Canada. “A Toronto condominium developer that moved in residents before it obtained occupancy permits is facing new calls for accountability over alleged construction deficiencies. Residents of the 11-storey building at 859 The Queensway have reported flooding on the top floors and the ground floors, water spraying through an electrified exit sign, as well as failing mechanical systems such as air conditioning and automated garage doors. None of the allegations have been proven in court, and First Avenue did not respond to requests for comment.”
“The claim filed by Richard K. MacGregor of Miller Thomson, alleges, for instance, that the mechanical penthouse on the building was not waterproofed as was outlined in the architectural drawings: ‘Bare concrete walls have been left exposed, and have cracks due to shrinkage. The cracks now allow water penetration on windy days, and because no waterproofing was installed, constant cleanup and potential water ingress damage has been incurred.’ The condo included the City of Toronto as a defendant in the claims as ‘a result of failures by the City of Toronto to identify building code deficiencies prior to closure of building permits and/or occupancies.’”
“‘The AC broke down multiple times – I lost count after the fifth time – and one time it was down for a whole weekend, which was during a heat wave, obviously with a newborn they are at higher risk,’ said Melanie Lima-Robeiro, whose child isn’t yet a year old. Some of the owners are on a group chat that fills with new issues every week. ‘One gentleman on the 11th floor, he had a crazy flood that ruined his drywall and his washroom,’ she said. ‘A lot of the stuff is similar, it gets you thinking where is this building going to be in five years?’ said Ms. Lima-Robeiro. ‘My husband said, ‘We’re the little man and they are wealthy, so they don’t really care.’ It’s hard to fight against them.’”
The Journal in Ireland. “Families who are waiting to move into a new affordable housing estate in north Dublin are facing major delays in getting the keys to their new homes, with no date in sight for when they will be able to move in. A total of 52 new homes are part of the long-awaited estate at Hayestown in Rush. Part of the government’s affordable housing scheme, it is being jointly delivered by developer Manley Construction and Fingal County Council. Some of the families were told that the houses would be ready in January but, over six months on, they still have no date for when they can move in. ‘It’s been chaotic. We’re just waiting in limbo and paying rent when we could be paying the mortgage,’ would-be resident and communications manager Aisling Shanley told The Journal.”
“They were required to pay a €5,000 deposit to the developer. ‘They said they’d keep us posted but they haven’t kept us posted,’ Shanley said. ‘Before that they were pushing and pushing for mortgage approval [from buyers] and we got them that from our side.’ Kate Byrne, another person who has secured a home in Hayestown, said she feels like they have gotten a ‘raw deal’ over the homes. She called it a ‘madness reflective of the overheated and badly managed’ housing market. She and her three children have been ‘living in each others’ pockets’ while being forced to stay with her own parents as they await the completion of the homes.”
From Sun Live. “CoreLogic’s updated, hedonic Home Value Index (HVI) showed a 0.5% fall in values across New Zealand in July – the fifth monthly fall in a row – taking the total decline from February’s ‘mini peak’ to 2.5%. The median value across all stock nationally now sits at $827,515, with the fall from February’s figure ($848,713) equating to around $21,200. Values remain about 16% below the boom-time peak of $982,918 in January 2022, although they’re still approximately 19% higher than the pre-Covid level.”
“‘In an environment where economic growth is subdued and unemployment rising – with a knock-on sentiment effect even for those that are employed – it’s logical to expect that the housing market would reflect this,’ says CoreLogic NZ chief property economist Kelvin Davidson. ‘In addition, the stock of listings available on the market remains at multi-year highs, giving credit-approved buyers the power when it comes to negotiating a deal and agreeing a price. In that context, it’s not surprising at all to see that transactions are taking longer and vendors are having to give some ground to secure a sale.’”
“The renewed weakness in Auckland’s property market has filtered to all of the key areas, with falls in values across the board in July. Even after the recent up-and-down patterns in Wellington’s market in the past 6-9 months, the bigger picture is still one of the most striking in the country; with values remaining 18-21% lower than the peaks of the post-Covid upswing. ‘No doubt some savvy buyers will be eyeing up opportunities for property bargains around the wider Wellington area, given that values remain significantly below the previous peaks. That said, planned reductions in public service employment remain a compelling reason for caution about the Wellington market in coming months. All parts of NZ are currently looking at elevated levels of listings, putting pricing power in favour buyers.’”