A report from Arlington Now in Virginia. “The numbers don’t lie, folks. In our Just Reduced world, where just months ago, there were a dozen (at the most) homes with reduced prices each week in Arlington County, we’re now seeing approximately three times that amount on a regular basis. Of course, given the current climate, there is a level of uncertainty and, for some folks, some very tricky and difficult scenarios.”
“But, if you are fortunate enough to be in a buying position right now, there are certainly some advantages. This influx of reduced properties means the sellers out there right now are being a bit more aggressive to get their homes sold. And, these Just Reduced prices are only the beginning.”
From Westfair Online in Connecticut. “Realtor Richard Higgins Jr. has a message for Bradley Cooper fans: The actor has not bought a mansion in Fairfield. And while the story has brought more attention to Cooper, it has also put a renewed spotlight on Higgins’ 17,735-square-foot property, which came on the market in November 2018 for $28.5 million and has twice seen its listing price slashed, most recently in June to $19.9 million.”
The Los Angeles Times on Arizona. “Even among Frank Lloyd Wright’s scores of iconic properties, this sweeping spiral house still stands out. The Arizona home, which the celebrated architect built for his son David in the 1950s, just sold for $7.25 million. The deal wraps up a two-year effort to sell the estate, which originally listed for $12.95 million in 2018 before a price cut last year brought the tag down to a buck shy of $10 million.”
The Tampa Bay Times. “More homeowners in Florida and nationwide became delinquent on their mortgage payments in the second quarter compared to the first, according to the Mortgage Banker Association. In particular, the Federal Housing Administration loans used to help lower-income and first-time buyers afford a house saw a record-breaking spike. Nationally, the delinquency rate for such loans increased to about 15.7 percent — the highest percentage since the association starting measuring in 1979.”
“In Florida, that number was even higher, at 16.8 percent. The state saw one of the greatest increases between the first and second quarters in the nation, along with New Jersey, New York and Hawaii — all states with a prevalence of tourism and hospitality jobs. New Jersey had the highest delinquency rate on Federal Housing Administration loans, at just more than 20 percent.”
From Chicago Now in Illinois. “On Thursday ATTOM Data Solutions released their July 2020 Foreclosure Market Report. All hell is sure to break loose once the moratorium ends at the end of August since we have near record unemployment and, according to CoreLogic, 7.3% of mortgages were delinquent in May compared to only 3.6% last year. Why CoreLogic is only now showing May data is beyond my comprehension but you can only imagine that it’s going to get worse from here on out.”
“As I’ve been saying it’s really strange that the number of Chicago homes in foreclosure continues to decline despite the inability of the servicers to complete foreclosures. During July we had another 378 unit decline, which is the biggest drop in 6 months. I guess it’s possible that foreclosed homeowners are able to redeem their homes out of the foreclosure process? In this environment? Seems highly unlikely though. On the other hand it could be short sales that are clearing the shadow inventory I guess.”
From KDKA in Pennsylvania. “Governor Tom Wolf extended the relief period to renters and homeowners as many people have lost jobs during the coronavirus pandemic. Experts say a tsunami of evictions may be on the horizon. ‘The house is in forbearance, a kind of foreclosure, and we don’t know if we’re going to lose the house,’ said David Ogrodowski, who has also been out of work through the pandemic. Ogrodowski is a landlord who says he needs the rent money his two properties provide but because of the moratorium, he cannot collect from one tenant.”
“‘I don’t have an income, I’m unemployed,’ Ogrodowski told KDKA.”
The New York Times. “The number of apartments for rent in New York City has soared to the highest rate in more than a decade. There were more than 67,300 units available in July across the city, according to StreetEasy, the most apartments available in any month since the listing site started tracking rental inventory in 2010. In June and July combined, more than 120,000 apartments were for lease, a nearly 26 percent increase over the same months in 2019.”
“‘The pain to the New York City economy is profound,’ said Jonathan J. Miller, the president of Miller Samuel Real Estate Appraisers & Consultants. ‘Record vacancy over the past 14 years, coupled with both a rising market share and amount of concessions provided by landlords, all tell the same story that outbound migration from Manhattan is real.’”
“Mr. Miller said apartments will most likely continue to flood the market as people who are struggling financially do not renew their leases. ‘Looming evictions and landlord mortgage defaults are going to be significant,’ Mr. Miller said.”
From New York 1. “From Midtown to Wall Street, it’s not quite a ghost town, but there’s not much hustle or bustle. These days ‘The Fearless Girl’ stares across a mostly empty plaza outside the New York Stock Exchange. ‘It just seem to be spiraling further and further out of control,’ said Rosetta Wines owner Shermon Peters. Peters says before the pandemic 10,000 people an hour would rush by his store on their way to Wall Street jobs every morning. ‘Now in the morning it’s so quiet I actual count, and it averages around 50 people an hour,’ he said.”
“James Nelson of Commercial Real Estate Firm Avison Young, says landlords and lenders have allowed companies to defer rent payments and some businesses have been able to pay partial rents through the federal Paycheck Protection Program. ‘The big question is once that dries up and once the lenders say ok it’s been six months, what are we doing here?’ Nelson asked hypothetically. ‘If those tenants aren’t back and paying rent, I think that’s where the challenge is.’”
From Cap Radio on California. “Californians who have fallen behind on housing payments due to the coronavirus are set to lose protections and could face evictions beginning Sept. 1 — unless state lawmakers step in. Sen. Melissa Melendez (R – Lake Elsinore) warned some banks could seek lump sums from landlords and borrowers and asked whether ‘it’s realistic to assume a renter is going to come up with a year’s worth of rent’ due at the end of the grace period.”
“Property owners say neither piece of legislation goes far enough to protect landlords and ensure they get paid. In a statement, the California Rental Housing Association’s Jack Schwartz called them ‘overbroad legislative proposals that will lead to bankruptcies of rental housing owners since they fail to provide any real financial relief for owners who have not been paid.’”
The Daily Mail on California. “The house where Robin Williams lived for six years has reduced its price by $1.25 million, after almost 10 months on the market. Just north of San Francisco, via the Golden Gate Bridge, the six bedroom, 6.5 bathroom, 6,500 sq ft house was put on the market in November 2019 for $7.25 million. It’s asking price has now been dropped to $5.995 million.”
The Los Angeles Times on California. “Houston Astros owner Jim Crane has unloaded a base on the Monterey Peninsula, selling his home in Pebble Beach for $21 million. That’s a roughly 45% discount from the original 2017 asking price of $37.9 million.”
From Enstarz. “Miley Cyrus’ net worth has been making her fans scream. But now that she is alone again, how does it affect her value? In 2017, she reportedly had an estimated net worth of $200 million. However, as of writing, Celebrity Net Worth reported that Miley Cyrus’ net worth for this year plummeted to $160 million. Miley has not divulged the reason as to why her net worth decreased over time or where the $40 million went. But it is worth noting that she underwent surgical procedures these past few years and even sold some of her properties.”
“In February 2020, Miley sparked concerns after silently selling her pad in Malibu for almost half of its original price. Her fans thought that time that the singer might be facing financial struggles after her divorce from Liam. According to records, Miley bought the contemporary two-story pad for $2.5 million in 2016. However, she sold it for only $1.7 million — an almost $1 million loss!”