A report from the Columbia Basin Herald in Washington. “The real estate market is evening out in Quincy, according to real estate agent Tom Parrish. The median price of a home in Quincy is $412,000, a little higher than the $394,900 average for Grant County. Most homes for sale in Quincy are in the Paradise Park and Jackrabbit Estates developments, either recently built or under construction. ‘If you’re looking at a $400,000-$500,000 home, and look at the income that is required, even with a two-household income, that can create (problems), because the lender is looking at debt-to-income ratios,’ Parrish said. ‘So, depending on any individual buyers … your payment per month, unless you’re putting down a pretty good down, is going to be pretty hefty. $3,000-a-month payments is not unusual, unless you’re putting down 20-30% down. Then that issue becomes, do people actually have that kind of money?’”
“Down payments are one area where Quincy is doing well, according to figures from ATTOM. According to a recent report, the median down payment in the United States was $64,000 in June 2024, the last month for which data were available. The median in Washington was a jaw-dropping $130,000. In the Quincy market, however, the median down payment is just over half what it was a year earlier, $26,000 compared to $49,050 in July 2023.”
The Brunswick News in Georgia. “There was a time a few years ago when Realtors like Sandra Branch of Signature Properties were navigating bidding wars on houses they listed. The inventory of homes for sale in the Golden Isles was low and borrowing money was cheap as interest rates were historically low. ‘2021 was crazy,’ said Branch. ‘That’s when we would have multiple offers all the time, and some people offering more than asking price.’ Three years later, the heat has cooled, but only a little. The Golden Isles housing market is still strong, Branch said, stronger than most other places in the state. ‘We’re not seeing the multiple offers much anymore,’ Branch said. Branch said homes that stay on the market longer are where people are starting to see prices drop, but only slightly. ‘The prices haven’t really come down, except for when houses are on the market for months,’ Branch said. ‘Even then, they are seeing small reductions.’”
12 News in Florida. “The Martin County Sheriff’s Office (MCSO) is warning of the dangers of traveling criminals after a multi-state manhunt that ended in Jensen Beach. MCSO arrested Justin Najdawi, 33, who they say made his way through Arkansas, Texas, Alabama, Georgia, and Florida while attempting to evade a criminal warrant for sexual assault and possession of child pornography. MCSO learned that Najdawi was staying in a vacation rental on northeast Marguerite Street, which is near downtown Jensen Beach. Neighbors in the area tell CBS12 News the rental was an Airbnb. Sheriff Snyder says this case should serve as a warning for those renting out their properties.”
“Jensen Beach resident, Eva Digioia has lived in the neighborhood Najdawi was staying at for years. She says several of her neighbors are turning their properties into Airbnb’s. ‘Right on this one block with eight houses, there’s three Airbnb’s,’ she said. She added hearing about Najdawi’s arrest makes her nervous about the several rental properties surrounding her, saying, ‘now, I’ll be looking around before I come home or whatever, now that you know that this can happen.’”
Your Life Choices. “Airbnbs and similar peer-to-peer booking systems burst onto the scene in 2008 to connect property owners with travellers seeking a cheap alternative to traditional accommodation. Along the way, the brand became a bit tarnished. Whole properties – especially in popular tourism centres – were given over to the platform. Even the people at the top agreed it had lost its way. ‘It wasn’t about empty homes, it was about people staying with each other,’ chief executive and founder Brian Chesky told travel news site Skift. The values got ‘watered down,’ he added. ‘If I could do it over again, I would hold onto those values.’ Then there was the price gouging. Customers were selecting their accommodation, only to find a series of fees when they got to the last booking page including, in some cases, cleaning ‘fees’ of up to $400. I think I speak for many people when I say I don’t want to spend the last day of my holiday cleaning up a property I have already paid for.”
KVUE in Texas. “When it comes to searching for the perfect place to call home, Austin might just be the place – for renters. This analysis compared 10 major U.S. metros, placing Austin at No. 1. As of July, Austin’s starter homes cost roughly $3,588 monthly versus rental prices at $1,468. This means Austinites saved more than $2,100 when renting compared to buying their first house. While Austin finds itself in first place, it’s not the only U.S. city where renters get more for their money. Coming in second is Seattle, followed by Los Angeles, Nashville, Phoenix, Columbus, Dallas, San Francisco, New York and Boston. Of those, Dallas is the only other Texas metro on the list, with an average purchasing price of $2,788 per month versus a rental price of roughly $1,481.”
Palo Alto Online in California. “Palo Alto, Los Altos and Menlo Park, in particular, are starting to see even more homes hit the market as the busier-than-normal summer winds down. Palo Alto, in particular, witnessed a nearly 40% increase in listings compared to last summer. In Palo Alto, the high-end market also has shown considerable activity, with listings priced over $7 million increasing by 40% and actual sales rising by 38%. It’s worth noting, however, that half of these 18 sales involved properties that had been intermittently on the market for several years, some dating back as far as five years and ultimately selling at prices well below the sellers’ initial expectations. A 90-year-old home on a sprawling 20,000-square-foot lot in Professorville, for example, was originally listed for nearly $12 million in May 2019. The price was subsequently reduced to $8.8 million in 2020, reintroduced to the market at $7.8 million in April of this year, and finally sold for $7.2 million to a local family.”
The Epoch Times. “Mike Coffman, the mayor of Aurora, Colorado, has spoken out after video footage was published online allegedly showing Venezuelan gangs taking control of various apartment complexes across the city. He said he believes the gang members allegedly taking over the apartment buildings are Venezuelan, noting that the buildings are also home to a high ‘concentration’ of Venezuelan illegal immigrants. The mayor said he’s also investigating how and why there is such a high concentration of Venezuelans in the three buildings. ‘Somebody placed them there, is it an agency of the federal government, perhaps using some of our local nonprofit partners here as a conduit?’ he said. He later took aim at the federal government. ‘It is my understanding that Venezuela does not share criminal histories with the United States, so it’s very difficult to vet them at the border, yet they’ve been allowed to come in anyway,’ Coffman said.”
CBS Colorado. “Officials in Aurora have begun to acknowledge the presence of Venezuelan gang activity in their Colorado city after the release of a terrifying surveillance video. For Cindy Romero, living at 12th Avenue and Dallas Street has become a daily struggle against escalating violence and neglect. Life deteriorated into a nightmarish ordeal, marked by frequent encounters with crime and what she calls a lack of support from the city and police. She first noticed a gradual increase in crime in her part of the Denver metro area about a year-and-a-half ago. It got worse over the last three months. She reported seeing people move automatic weapons and engage in shootouts. ‘I’ve seen handguns, rifles with scopes, and other firearms. It got so bad that bullets even went through my friend’s apartment and hit my car,’ Romero said.”
“Despite frequent calls to 911, the police response was nearly nonexistent. ‘The police would call me and say they weren’t coming unless it was a severe crime,’ Romero said. ‘When I called the police to report a shooting, one officer asked if I had considered moving. If I could have afforded to leave, I would have.’”
Investigative Journalism Foundation. “The ads are all over Facebook, boasting high ‘targeted’ annual returns for investors in Canadian real estate projects — anywhere from 15 or 17 per cent to more than 30 per cent. These developers and investment companies, based mainly in Ontario or B.C., hint at a chance for regular people to snatch a small piece of the massive profits that have flowed from the country’s real estate market in recent years. ‘Consider a new approach to real estate investing beyond buying a condo,’ one ad reads, offering regular folks an opportunity to ‘become a real estate developer,’ with annual targeted returns of 20 per cent. Another advertises 31-per-cent annual targeted returns, saying the investment provides a route to ‘become a Toronto real estate investor without the hassle of being a landlord.’”
“Questions about the ads for these types of real estate investments come after a long string of problems for another developer claiming high returns on Facebook. In a story first brought to light by the IJF, Vancouver’s Cynterra Group has faced numerous lawsuits from contractors over non-payment of bills for its projects, leading to two arrest warrants for its CEO. There have been legal claims from some unhappy investors as well. Cynterra and its predecessor Evest Funds have marketed investment opportunities in several developments planned for the Okanagan region, the Victoria suburb of Langford and Mexico. To date, just one of those projects has been partially completed, and after a new court filing last month, three are now in foreclosure proceedings.”
“In response, provincial securities regulators say they have tightened disclosure requirements. Investors are also required to sign a form warning them the investment is risky and they could lose all their money. For now, Gail Henderson, a law professor who researches financial regulation at Queen’s University in Ontario. advises anyone thinking of investing through an offering memorandum to approach with extreme caution. ‘Ask yourself, if I lost all of this — the full amount of what I’m putting in — would I still be okay? Don’t invest more than you can afford to lose,’ she said.”
The Globe and Mail in Canada. “For aspiring buyers in Ontario’s cottage country, the turn to the fall market can bring a change of rhythm. Sellers, who are often in no rush during the halcyon days of summer, become more focused after Labour Day. This year, more lakeside dwellings are sitting on the market compared with past years pick and bidding contests have mostly evaporated against a backdrop of higher interest rates and uncertainty about the economic picture. Buyers have some time to breathe before making a decision. Sales of waterfront properties in July came in 42.9 per cent below the 10-year average for the month, according to the Lakelands Association of Realtors, which covers a wide swath of northern Ontario cottage country. The median price for waterfront properties in July tumbled 23 per cent from the same month last year to stand at $809,000 for Lakelands, which includes portions of such well-known communities as Muskoka, Haliburton, Georgian Bay Townships and Lake of Bays.”
Near Shore Americas. “The repeal of Argentina’s controversial rent control law dramatically reshaped the country’s housing market, leading to a sharp decline in rental prices and a surge in available properties. President Javier Milei overturned the law in December of 2023, which had been introduced by his predecessor, Alberto Fernández. Local media indicate that the supply of rental properties surged by an astonishing 211.9%, while real prices have fallen by 26.6%. The repeal has empowered property owners and tenants to negotiate contract terms freely, including duration, adjustment indexes and currency types. By June 2024, the supply of rental apartments had more than doubled compared to pre-repeal levels, with prices reflecting this shift, showing a cumulative decline of 26.6% by mid-2024.”
News Talk New Zealand. “Homeowners who bought in a Whangārei housing development say their dreams have been shattered by anti-social behaviour after a whole stage of the subdivision was sold to Kāinga Ora for social housing. But builder Barrett Homes says the project provides much-needed homes in the area, and people are still keen to buy in the development. For homeowners Tina and Adam Davis, whose Tiaki Rise home is on the edge of stage four, the social housing cluster has left them feeling locked in their home. One neighbour with gang affiliations constantly wore a balaclava and, on one day, threatened Tina he would burn their house down. That neighbour has since been moved on by Kāinga Ora but the fear remains for the couple in their 50s, as does problems with loud music, loud vehicles and cars parked all over the street, they say.”
“The new home was meant to be a quiet neighbourhood for their early retirement, but all of that was ‘destroyed’ with the Kāinga Ora development, Adam said. ‘We didn’t see ourselves out on the street battling gang members,’ he said. ‘It’s added an extreme level of stress.’ Tina said had the couple known about the Kāinga Ora development, they would not have bought their house. They now cannot afford to sell, after being told by a real estate agent their home is worth $100,000 less than what they paid.”
From Barron‘s. “China is trying to stabilize its currency and put a floor on sinking bond yields—while also loosening rates—and its mixed messaging is complicating efforts to revive the economy. For investors, the troubles in the property market are a continued concern. While policymakers’ plans in May for a mechanism to allow local governments to buy developers’ unsold inventory and convert it to affordable housing sparked some optimism, Charlene Chu, a debt expert and senior analyst at Autonomous Research says the takeup rate has been very slow, with perhaps not even 10% used yet. ‘Some local governments are pushing trade-in of existing homes for new home programs but they are small in scale because they don’t have money to fund a big expansion—and Beijing is reticent to spend a significant amount on anything in terms of property so the market continues in this spiral,’ she says.”
“And that is worrying to investors—and global companies—who are seeing continued signs of economic instability as households bear the brunt of a hobbled property market. ‘They may have a stable financial system but a very unstable consumer situation,’ Chu says. ‘The presale model for developers essentially meant they were raising money from households and they have defaulted en masse on the households. Allowing this to go on means a lot of impaired assets on the household, which is a key economic headwind.’”