A report from Multi-Housing News. "Multi-Housing News talked to Brown Harris Stevens’ first CEO, Bess Freedman, about the luxury real estate market in the time of COVID-19. How was New York City’s luxury real estate market before COVID-19? Freedman: Before the coronavirus, we had been in a strong buyer’s market for three years."

From Mansion Global on New York. "An apartment in Manhattan’s SoHo neighborhood that once belonged to fugitive Malaysian businessman Jho Low is now in contract, according to records on StreetEasy. The three-bedroom, four-bathroom condo on Prince Street first listed in July 2019 for $9.9 million, and the last asking price, set in January, was $8.5 million. Mr. Low purchased the Prince Street apartment for $13.8 million in 2014, according to records."

From Banker and Tradesman. "The National Association of Realtors says its weekly flash survey of its members shows no sign homesellers still on the market are panicked and lowering prices in a hurry. Nearly 3 in 4 of the 2,915 Realtors who answered the survey – conducted nation-wide on April 19 and 20 – said their clients haven’t reduced listing prices to attract buyers. Of the sellers who are dropping their home’s price, most are only doing so by less than 5 percent with a smaller number dropping their price between 5 percent and 10 percent."

"The survey found 87 percent of respondents reported some decline in buyer interest in their market, with 40 percent reporting buyer interest has halved. For the buyers that remain, 64 percent of Realtors who took the survey said buyers they work with are expecting a drop in prices in their market with the largest share – 24 percent – expecting a 5 percent to 10 percent drop."

The Ahwatukee Foothills News in Arizona. "The lingering scarcity of Valley homes for sale continues to bedevil homebuyers, keeping home values where they’ve been before the pandemic-fueled economic meltdown, experts say. Worse for buyers, prices continue to creep upward, according to the Cromford Report, the leading authority on the Phoenix metro housing market. Cromford noted that the success rate for listings – how quickly homes sale – fell from 89 percent to 82 percent after March 21, when many businesses closed. But, it added, '89 percent is abnormally high and 82 percent is still a long way above average.'"

"'We have never seen prices decline when listing success rates are above 65 percent,' it said. 'In fact, apart from a few isolated instances, price declines tend to follow listing success rates below 50 percent.' Realtor.com senior economist George Ratiu noted, 'Sellers are recognizing the economic downturn is already a lot deeper than expected.' Still, while the economy has slowed home price increases dramatically, they’re not falling. Ratiu said, 'Demand is already evaporating and, with that, prices will absolutely decline.'"

From Forbes. "Industry experts discuss today’s California real estate market. Compass California President Mark McLaughlin and CoreLogic’s Deputy Chief Economist Selma Hepp answer key questions on the market. What advice do you have for sellers who must sell now? Mark McLaughlin: Be prepared to a dramatic shift from a sellers’ market to a motivated buyers’ market. The survey results show for properties between $500,000 to $2.9 million that 63% of Northern California Compass agents and 55% of Southern California agents think post stay-in-place pricing will be down 5% to 10%. For properties over $3 million, that number may be down by more than 10 %."

"Selma Hepp: Everyone is asking of course what’s going to happen to prices? Once we see updated numbers sellers who need to sell will most likely have to reduce the asking price."

The Real Deal on Florida. "The $975 million commercial mortgage-backed securities loan for Jeffrey Soffer’s Fontainebleau Miami Beach has entered special servicing, presenting new challenges for Miami-Dade County’s largest resort. The CMBS loan is backed by 846 hotel rooms at 4441 Collins Avenue. It went into special servicing on March 30, according to data provider Trepp."

"Brett Mufson, president of Fontainebleau Development, said the hotel is in talks with its lenders, bond holders and servicers regarding modifying the hotel’s loan documents. The special servicer status 'by no means should be interpreted as our loan being in default or that we are behind on any payment,' he wrote in an email to The Real Deal."

"'As a matter of procedure, upon receiving a Borrower request for a modification the Master Servicer transfers the loan to the Special Servicer who will run point on those discussions,' Mufson said, later adding that, 'We view all our lenders as partners and now more than ever it’s important to work hand-in-hand to ensure a smooth transition back to normalcy.'"

"The loan, originated in November, is the largest CMBS hotel loan in South Florida, according to Trepp."

From King 5 News in Washington. "One-third of renters in America missed April rents, and it's causing a strain between them and their landlords. Many landlords say they are also struggling -- with no help in sight. Kyle Woodring, the trade group's director of government affairs, says a vast majority of the nearly 6,000 members are mom-and-pop landlords. Some own income properties just to afford to live in Seattle, and now they are in double trouble as they pay their tenant's rent and their mortgage."

"'Most of our members are not in the business of rental housing,' said Woodring. 'It's an investment that they've secured for their family or for their retirement. They've chosen to sort of invest in their community.'"

The Houston Chronicle in Texas. "Foreclosures are often regarded as neglected bank-owned dwellings in need of a lot of work. But a recently foreclosed home that just hit the market at 326 Park Laureate does not fit that mold. The 5,842-square-foot, five-bedroom home in Houston's prestigious Memorial area, a wooded enclave filled with million-dollar properties, is now for sale at just under $1 million: $999,999. Just last fall it was on the market for $1.399 million."

"With a 20-percent down payment and 4-percent interest rate and a 30-year mortgage, this dwelling would cost roughly $7,889 per month. Not the typical bank-owned property price, but still a far cry from what houses in this part of Houston typically list at. Do you think it's a bargain or still pricey for a foreclosed building?"