2020 Poised to Be a Year of Ups and Downs for Real Estate Amid Covid-19
Market expected to get healthier in late summer before dipping again later in year. Read More
BY THE NUMBERS
TRENDING TODAY
LISTING OF THE DAY
This Secluded Estate in South Carolina’s Blue Ridge Mountains Overlooks a Famed Golf Course
Outdoor living spaces include a main level terrace with retractable screens and an oversized patio. Read More
DESIGNER'S CORNER
How to Design With an Elephant in the Room—Literally
Sometimes the more eccentric, the better. Read More
NEWS BITES
Home Sales, Prices Rose in Greater Fort Lauderdale, Florida, in Q1 of 2020 The greater Fort Lauderdale area of Broward County was on track for a solid start to the year before the coronavirus pandemic took hold, according to new data from the Miami Association of Realtors. Total home sales in Broward County were up 3.4% year-over-year in the first quarter of 2020—with mid-market ($400,000-$600,000) and luxury sales ($1 million and above) driving the bulk of the growth at 18.9% and 26.7% sales increases, respectively. The median sales prices for single-family homes and condominiums in the county also saw a boost to begin the year with annual jumps of 7% and 6.6%, respectively. World Property Journal
Buyer of HK$23 Million House Sues Developer Over ‘Defective’ Home Hong Kong property developer Stanley Investments, part of the Cheung Kong Group, is being sued by buyer Bruce Lee Chun-pong for a breach of sales terms on a HK$23 million (US$2.96 million) home at the Crescendo development on San Tam Road in Yuen Long. Mr. Lee purchased the property in 2017 with the plan to move in before the 2018 Lunar New Year but was unable to do so due to continuous water seepage, colonies of white ants, prolific fungi, and most troubling, a gas leak due to damaged gas pipes, according to court documents. South China Morning Post
Small Landlords Call for U.S. Government Support Amid Covid-19 Epidemic With renters facing financial crunches and increased calls for rent strikes, smaller landlords are looking to the U.S. government for help as the prospects of mortgage payments and property taxes appear more daunting. About half of America’s 43 million rental units are owned by small businesses, and while about one-third of multi-family apartments have mortgages backed by a federal agency that has agreed to some form of forbearance, according to the National Apartment Association, there is, as of yet, no plan for property tax forbearance, which could hit homeowners with fees, penalties and liens. The Real Deal
Covid-19 Cuts Into Mumbai’s Luxury Real Estate Market The global coronavirus pandemic is taking its toll on India’s most expensive real estate market. Wealthy buyers are taking a wait-and-see approach to luxury projects in and around Mumbai—a current Covid-19 hotspot. "Luxury property market in south central Mumbai has been witnessing downward pressure to the tune of 20%-25% owing to oversupply over the last 2-3 years," said Himanshu Parikh of Himanshu Realty, a realtor operating in south and central Mumbai. "And post-Covid-19, clients are seeking 10%-15% discounts over the already discounted price and that is making it difficult to conclude deals." Mr. Parikh doesn’t expect the luxury market to rebound for at least six to nine months. The Economic Times
AROUND NEWS CORP
How Real-Estate Agents Close Deals During Coronavirus [The Wall Street Journal]
Builders Rise as Housing Market Gets Back to Work [The Times of London]
Seachange Desires Boom Due to Covid-19 [news.com.au]
Renovating During the Pandemic: Should You Move Forward or Stop the Work? [realtor.com]