A report from CNBC. "Just last week, Zach Jacobs and his wife had 95% of their Tampa, Florida, Airbnb’s dates booked for the next three months. By Sunday, that number had dwindled down to 5% as the coronavirus outbreak began to spread throughout the U.S. 'We went from a fantastic outlook for the next three months, to absolutely devastating — every single reservation disappeared,' said Jacobs, who estimates he and his wife have lost more than $5,000 in cancellations. 'We will have to get very creative on paying the bills and keeping the mortgage paid.'"

"Airbnb hosts like Jacobs are beginning to feel the impact of the coronavirus pandemic following a change by the company to its cancellation policy that has allowed guests traveling over the next month to receive full refunds on their bookings, overriding existing policies put in place by hosts to protect themselves in such situations. That change has already cost Airbnb hosts in California, Florida, Kansas, Utah, Michigan and the state of Washington to lose thousands of dollars in reservations, numerous hosts told CNBC."

"'We definitely empathize with guests and know this is out of anyone’s control,' said Christa Sprague, who rents four apartments in Detroit with her husband. 'But for us, our business and our livelihood just got canceled.'"

"Airbnb has built goodwill with hosts since its launch in 2008, but if the company doesn’t do something to help out its hosts, it risks alienating many of them, said Henry Harteveldt, travel industry analyst at Atmosphere Research Group. 'If that happens in enough cities and enough places, obviously Airbnb starts to lose properties, they start to lose availability and their overall utility declines,' Harteveldt said. 'It could create a downward spiral.'"

From Forbes. "In the final quarter of 2019, luxury real estate in the U.S. rallied both in sale volume and price. Then, the coronavirus gripped the world. In Chicago, while affordable luxury residences in the $750,000 price range are performing well, 'in the luxury market, we're not getting any showings on anything,' says Matt Laricy, managing broker of The Matt Laricy Group. In Houston, Texas, 'currently, most of the market is in a state of shock or denial, the first two of the seven stages of grief,' says Paige Martin, Keller Williams broker."

"If demand starts to slack, Alec Traub, agent and Los Angeles team manager with Redfin, says he expects sellers, especially developers, to lower prices and be more flexible. '[Developers] need to sell because their money is tied up or they have hard money loans that they need to pay off,' he says. 'They don't necessarily have the luxury of time, especially if they have the sense that in the short term, it's going to get worse before it gets better.'"

"Last week, Traub helped a buyer put a $5.3 million offer on a property asking $5.9 million. Over the weekend, though, he had to revise the offer down to $4.8 million. '[The buyer] called me and said, 'I'm still interested in the property, but I don't want to offer $5.3 million anymore,' says Traub. 'He said, 'Look, with everything that's going and just with the stock market alone, I'm worth less now. I can't pay $5.3 million anymore.'"

"In New York City, Barbara Fox of Fox Residential echos Traub’s observations. 'This is a really, really bad thing,' says Fox. 'We need to have our deals closed. We need them for our sellers and for our buyers. Brokers need their deals to close because we need to make some money too.'"

The South China Morning Post on New York. "Luxury homeowners and developers in New York are putting multimillion-dollar abodes on sale, confident that deep-pocketed investors will pay top dollar for exclusive property, even as the coronavirus pandemic threatens to push the US economy into a recession. But some market observers doubt such property will find buyers amid a glut in supply of high-end condominiums and a recent downturn in US stock markets."

"'The New York market is experiencing oversupply right now, and this is in part because of the tremendous amount of development that took place after the financial crisis in 2008,' said Ilyse Dolgenas, special counsel at law firm Withers’ New York real estate team."

The Real Deal on Florida. "A troubled Hollywood Beach condo-hotel may be heading to auction, where its lender could acquire the property for $43 million. The Costa Hollywood Beach Resort filed for Chapter 11 bankruptcy protection in September, five months after its lender, Madison Realty Capital, sought to foreclose on the property. The development group, led by Moses Bensusan, is now seeking court approval to liquidate the 326-unit property at 777 North Ocean Drive in an auction."

"New York-based Madison Realty loaned the development group $70 million in 2016. In April, the lender filed a foreclosure suit against the development group and its principal Bensusan, alleging the group was in default of $41 million. The property’s assets are valued at $50.5 million, according to the liquidation plan. Madison Realty claims that it owns 52 unsold units along with the condo association, according to the liquidation filing last week. The lender could end up owning the building, since it has a secured claim of $47 million on the property, according to the liquidation plan."

"Construction at the condo-hotel started in 2013, and the developer began marketing the condos to investors in South America and Argentina. It opened in October 2018. The auction would come as the hotel sector is reeling from the impacts of coronavirus and people are canceling hotel reservations. Condo-hotels, which allow investors to own individual hotel units, are growing out of favor with investors. Some planned condo-hotels, such as the Palm House and the 550 Seabreeze Hotel project in Fort Lauderdale Beach, have run into trouble."

"The foreclosure filing could signal growing indicators of distress in South Florida’s real estate market. Such indicators include an increase in residential home foreclosures and in vulture funds raising money."

The Dallas Morning News in Texas. "James Gaines, chief economist for the Real Estate Center at Texas A&M University, said the key to housing markets’ health will be job and income recovery after the worst of the pandemic is over. 'I can’t see us avoiding another wave of foreclosures, but I’m not at all certain about the extent,' he said. 'Government is going to bend over backwards on forbearance.'"