A report from Summit Daily in Colorado. "People in the short-term rental business are still looking toward the future with anxiety and trepidation as the county’s ban on short-term lodging looms over their financial stability. Patty Whetham owns Breckenridge Rental, a short-term rental hosting company. She said all of her income comes from her business and that she’s anticipating a 50% decrease in revenue for the year. 'That’s my business,' she said. 'One hundred percent of my Breckenridge Rental income is based on short-term rentals.'"

"Mervyn Davies, who owns two properties in Keystone and one in Frisco, said a little more than one-third of his retirement income relies on those properties. 'For the first time ever, we’re having negative earnings,' he said."

The Philadelphia Inquirer on New Jersey. "As the Shore pushes forward with plans for a Gov. Phil Murphy-blessed reopening, and with some towns allowing short-term rentals as early as May 26, and opening up hotels and motels in June, and people are pouring into Shore towns, others who would never have second-guessed a Shore vacation are, let’s say, still debating. 'I think people are scared,' said Kelly Stipa Mull, of Norristown, a Realtor juggling multiple cancellations. She said she has refunded all deposits despite being so far unable to rebook even in typically peak weeks."

"She’s sympathetic to those who canceled. But she says she needs the $25,000 in rents to pay the mortgages on her two Shore properties. 'One person feels they can’t take off now because they just took all this time. But the biggest thing is the fear.'"

"Jarred Kessler, CEO of EasyKnock, a firm that buys real estate and leases back to owners, says the high-end second-home market will be fine, especially as people continue to flee cities. It’s the more middle-class destinations, and investors, that get caught in a squeeze. Property owners who may be balking at returning deposits may be coping with their own tight circumstances. 'The owners not able to deliver the deposit, they’re very much under water right now,' he said. 'A lot of people have one or two properties, and that’s how they’re making their living.'"

The New Hampshire Business Review. "New Hampshire housing advocates, landlords and developers told the Governor’s Office for Emergency Relief and Recovery last week that the coronavirus threatens to wreak havoc on the rental housing market, placing tenants and landlords at risk of financial hardship and further weakening an already staggering economy. Sheridan Lloyd, a landlord in Somersworth, said flatly to the panel: 'Assure landlords aren’t foreclosed, and therefore, tenants lose housing, housing stock doesn’t get maintained, home prices go down, taxes go down, town goes down.'"

The Tysons Reporter in Virginia. "Plans for an apartment building and office tower in Tysons are on hold as the coronavirus pandemic continues to wreak havoc on the economy. Macerich, the operator of Tysons Corner Center, owns half of the Tysons Tower office building and Vita apartment building outside the mall. Macerich’s CEO Tom O’Hern said during earnings calls in late 2019 and early 2020 that Macerich was under contract to sell its 50% interest of Vita for roughly $82 million."

"But during the first-quarter conference call on Tuesday, O’Hern said that discussions to sell the apartment building stalled when the pandemic hit the U.S.Scott Kingsmore, the CFO, said that Macerich collected about 26% of its billed rent in April and, as of May 8, had received about 18% of the May rent. Macerich, a publicly-traded real estate investment trust, has seen its stock nosedive from $60 per share in December to roughly $6 since March — the same price as its low point during the 2008 recession."

The Gainesville Sun in Florida. "A luxury student housing complex planned to open in Midtown just across from the University of Florida campus has filed for bankruptcy, citing uncertainty caused by the COVID-19 pandemic as one reason. Midtown Campus Properties LLC, managed by Oscar Roger, of Miami, filed for Chapter 11 bankruptcy on May 8, according to court documents from Florida’s Southern District."

"The company is at the helm of Midtown Apartments, a 310-unit student housing apartment complex currently under construction at 104 NW 17th St. Midtown Campus Properties said the ability to lease out its apartments is uncertain during the pandemic because the agreements would be contingent on whether UF reopens its campus to students."

From Bloomberg on New York. "The Hilton Times Square occupies a normally busy stretch of 42nd Street. Now, the sidewalks are empty and the hotel's owner is warning investors it may surrender the property. The global hospitality industry is facing the worst downturn in its history, and New York, the epicenter of the coronavirus outbreak in the U.S., is poised for a painful recovery. Even when travel resumes, the Manhattan hotel market's reliance on international travel and large conferences will make it hard for owners to cover debt payments and labor costs."

"'There's too many rooms, the hotels are too dependent on group business, and the union negotiated a wonderful contract for itself,' said Jonathan Falik, chief executive officer at JF Capital Advisors. 'It's tough to think how they can all survive.'"

"Already, the pandemic has forced Sunstone Hotel Investors Inc. to write down the value of the Hilton to less than the $77 million mortgage on the property, according to a May 11 filing. The loan matures in November, and Sunstone is exploring options, including handing the hotel over to the lender. Payments were late on about $1 billion in commercial mortgage-backed securities used to finance New York hotels in April, according to data firm Trepp. Even before the pandemic, Manhattan hotel owners complained that new development and competition from Airbnb made it difficult to boost prices."

From Mansion Global. "New York City’s real estate market slowed down significantly in the first quarter, even before the coronavirus fallout, said a leading trade association. In the first three months of 2020, the number of residential sales-including condominiums, cooperatives and one-to-three-family buildings-dropped 16% citywide year-over-year, from 10,382 to 8,702 sales. This marks the lowest level since the fourth quarter of 2011, according to the Real Estate Board of New York."

"As of March 31, the average home price in New York was $1.01 million. The average sales price of a condominium was $1.5 million, down 15% year-over-year. In Manhattan, there were 849 condo sales in the first quarter, down 15% year-over-year. The average condo price was $2.4 million, falling 24% compared to the same period last year. The average sales price saw the steepest decline in Tribeca, where the average dropped from $7.1 million to $3.8 million, representing a 46% decrease year-over-year."