A report from CNBC on New York. "New leases for Manhattan apartments plunged by 71% in April, and vacancies soared as the rental market froze amid the coronavirus pandemic and more residents left the city, according to a new report. The vacancy rate climbed to its highest level in 14 years. 'People leaving the city is definitely part of it,' said Jonathan Miller, CEO of real estate appraiser Miller Samuel."

The Miami Herald in Florida. "An undisclosed buyer from New York City bought an 11,544-square-foot unit for $11 million at the 62-story One Thousand Museum on Friday, said Karen Elmir, luxury real estate advisor with the Brickell-based Elmir Group, a Cevera Group brokerage firm. The unit was listed for $16 million. but closed after a 31% price reduction. 'The luxury market is doing well. Wealthy buyers are taking advantage of the market for price negotiations,' she said."

"The unit sold below a recent comparable sale. The New York buyer dropped about $952 per square foot — well below the $1,810 per square foot price soccer star David Beckham paid for his 11,046-square-foot penthouse in One Thousand Museum in late March."

From Colorado Public Radio. "Tim Rhodes and his family operate six properties with 400 rental units in total in Colorado Springs. This has been his primary income for more than 20 years. Two months into the pandemic, he said he’s already lost about 12 percent of his typical revenue. 'I have lost sleep over thinking about my family, my business, and people that depend on me for their livelihoods,' he said. 'It’s definitely stressful.'"

"Jennie Rodgers is the Denver market leader for Enterprise Community Partners, a nonprofit designed to encourage affordable housing development. She is worried that without intervention, it’s only a matter of time before things get worse. 'We could see foreclosures on many multifamily properties,' Rodgers said. 'Depending on when landlords have purchased their property and their debt, those properties could go into foreclosure.'"

From Multi-Family Biz. "Four Mile Capital, a privately-held real estate investment firm based in Louisville, CO, has acquired the Avalon Springs Apartments, a 141-unit multifamily community in Louisville, KY. Avalon Springs, built in 2018 and currently 99% leased, sits on almost 18 acres of land. 'We were therefore able to create value right out of the gate by buying below replacement cost,' said Andrew Jumbeck, VP of Acquisitions for FMC."

From St Louis Today on Missouri. "This is where T.E.H. Realty purchased the first of 12 large apartment complexes in the St. Louis region. And five years later, Springwood Apartments is one of the first of the properties headed to auction. Colliers International recently listed Springwood as a 'Significant Value-Add Opportunity' that will have an opening online bid of $350,000 on June 8. It was a market that T.E.H. Realty dove into across the Midwest. But after becoming one of the largest providers of low-income housing in the St. Louis area, the firm became mired in foreclosure, receivership and bankruptcy cases."

From Bisnow on California. "Investors looking to snag distressed apartments and multifamily properties across Southern California during the coronavirus pandemic may have to wait a bit longer or go somewhere else. 'There's a perception out there that if I jump into the market today, I'm magically going to pay 20% less. That is not an unrealistic desire to want to do that,' Universe Holdings CEO and Chairman Henry Manoucheri said."

"'The fact is, there's been very few transactions done since [the pandemic], and the adjustments I've seen is about a 5% number. The 20% number is not out there yet. There is still a huge disparity,' he said. 'Any seller used to the pricing four months ago is not going to sell unless they are really, really motivated.'"

The San Francisco Chronicle in California. "In 2005, the owners of 2820 Scott Street bought the hundred-year-old property with the goal of turning it from a 30-room boarding house back into a single-family mansion. The multiyear renovation required an almost complete rebuild. In fact, the size could sometimes be a deterrent when showing it to buyers, according to listing agent Olivia Hsu Decker. 'Some buyers used to complain that 2820 Scott has far more space than they would ever need,' she said."

"The home has been on and off the market several times since 2016, at anywhere from $29.5 million to $27.5 million in 2019. They had a $25 million offer in escrow at the end of last year that fell through, she said, through no fault of the property. In the spring, when shelter-in-place restrictions went into effect, Decker said her owners could see the writing on the wall and quickly agreed to a price cut, chopping the price by a whopping $6.5 million to $21 million."

From WFAA in Texas. "Southlake-based Bloomfield Homes is building and selling homes in more than 40 residential communities throughout North Texas. That development on South Hampton Road will have 286 houses priced from the high $200s to the low $400s, said Don Dykstra, chairman of Bloomfield Homes. Q: What are the negatives? A: The negative is we’re seeing cancellations due to job loss and to general buyer nervousness. It’s still a very fluid market, but there’s a lot of business being done."

The Mail Tribune in Oregon. "Residential home sales dropped 26% in April compared to the same month last year as COVID-19 impacted the local real estate market, according to the Rogue Valley Association of Realtors. 'The 26% shows a distinct turn. What we don’t know yet is if we will see a May decline. My gut feeling is yes,'” said Colin Mullane, spokesperson for the association. Buyers will be testing the market to see whether sellers will come down, said Mullane. 'Buyers will be looking to low-ball, but supply isn’t supporting the market,' said Mullane."

From KTNV in Nevada. "Las Vegas Realtors President Thomas Blanchard says there's been a small dip in housing prices, and says not to hesitate if you're looking to buy. 'Whether it goes down on the short term, it’s eventually going to rise up on the long term,' says Blanchard."

"If you’re wondering how apartment rents are doing, the Nevada State Apartment Association (NVSAA) says those prices have started to drop, as well. 'With stay-at-home orders in effect since mid-March and many local residents dealing with layoffs and pay cuts, the economic engine that fuels housing momentum has stalled,' says Susy Vasquez, NVSAA Executive Director. 'We expect to see more dramatic changes to these statistics in the coming months.'"

From Forbes. "The real estate industry is filled with its share of ups and downs. In an unstable market, property values may plummet without a moment's notice. While we're not facing the same kind of issues we met a decade ago, today's plunges in the market can be worrying for a real estate investor buyer. Members of Forbes Real Estate Council look at the vital considerations you should make before investing in a real estate property during unstable market conditions."

"'Price your uncertainty. Make assumptions as to worst-case scenarios for bad debt (delinquencies) and vacancy. Then adjust the price until the deal works for you. For example, a worst-case scenario is 40% of delinquencies and 25% vacancy. With a $5 million price cut, returns are 7% cash-on-cash. You have to be ready to take a risk here, and be prepared to get low or no returns in the short term.' - Ellie Perlman, Blue Lake Capital LLC."

"'Market upheaval will inevitably create market opportunity. Motivated sellers will reveal themselves and having an ear to the ground, so to speak, will allow these opportunities to be present.' - Jeff Brown, Tahoe Mountain Realty."

From Reuters. "Japan’s SoftBank Group Corp reported a stunning $18 billion loss at its giant Vision Fund, pushing Masayoshi Son’s conglomerate to a record loss and highlighting the deepening crisis at its portfolio companies from the global downturn. The disastrous 1.9 trillion yen ($18 billion) operating shortfall at the Saudi-backed Vision Fund, including losses of almost $10 billion at office-sharing firm WeWork and ride- hailing app Uber Technologies Inc alone, left SoftBank with its worst annual loss of 1.4 trillion yen."

"'The coronavirus is an unprecedented crisis,' a notably downbeat Son told an earnings presentation, comparing it to the Great Depression. Appearing far more subdued than usual, Son said some of his tech unicorns had fallen 'into the valley of the coronavirus.' 'I believe some of them will fly over the valley,' he added, standing beside a slide depicting cartoon unicorns dropping into a hole as a lone winged unicorn escaped to the other side."

"The crisis has pushed the Vision Fund’s portfolio underwater, with its $75 billion investment in 88 startups worth $69.6 billion at the end of March. The $100 billion fund had already delivered two consecutive quarters of losses before being upended by the outbreak. SoftBank provided scant detail on which companies saw writedowns but offered a sector breakdown showing investments in construction and real estate were worth less than half of cost price, with flagship transportation investments also underwater."