A report from Los Angeles Magazine in California. "'The hysteria over what’s happening right now is simply out of line with reason and reality. The Great Recession was driven by the collapse of a $15 trillion subprime bubble. Back then the housing market was vastly overinflated, we had a massive oversupply of housing and record consumer debt and a record low savings rate. None of that is happening now,' — Christopher Thornberg, Ph.D, Founding partner, Beacon Economics."

"The rampant Hamptons-ization of Pacific Palisades has helped drive real estate values up in Sunset Mesa, an enclave above the Getty Villa that has escaped much (but not all) of the East Coast mania. 'In the ’80s the neighborhood was known for its rowdy skateboarders, but now it’s a well-kept gem, almost a time capsule with its 1960s homes,' says resident Margot Jones. 'Three years ago the average price was $1.6 million. Now it’s around $2.5 million and more.'"

From Hollywood Life in California. "HollywoodLife EXCLUSIVELY spoke with four experts in the high-end house market. Q: On average, what percentage do you think Kylie and Travis saved by purchasing a home now? Katie: 'Kylie Jenner’s home was first listed last summer at 55 million and she purchased it for 36.5 million. She did an outstanding business move by purchasing her home for 18.5 million less than the original list price. Travis Scott got his home for a steal when it was originally listed for $42 million and he purchased it all cash for $23.5 million. An amazing decrease of $18.5 million.'"

"Q: Do you think they (Kylie and Travis) got a good deal? Yawar: 'One thing I will say about today’s market is that there is room for negotiation. We have literally been in transactions where we have been able to renegotiate terms after escrow has it opened. This really wouldn’t have been possible six months ago. Overall, I would say there are certain sections of the luxury market where someone can save 10 percent-15 percent on pricing since the pandemic has hit.'"

The North Bay Business Journal in California. "The median price for homes sold in Sonoma County this May was $640,000, according to MLS data compiled by Compass. The high point since March 2019 came last August, when the median climbed to $670,000. Marin County’s median price jumped to $1.2 million in May, up from April’s $1.13 million but falling slightly short of the previous May’s $1.23 million. Napa County saw a little leveling in its median this past May to $618,000, dropping $82,000 from the previous month and $92,000 from the prior year."

"And despite the dip, some real estate agents said they are seeing a silver lining as new buyers pour into the Wine Country market with inquiries. 'Our market is on fire now. We’re writing offers on our cars — like 2000,' Napa agent Jill Levy said, citing 'pent-up demand' as a contributing factor to a recent surge in business."

The Real Deal on New York. "The contractor that oversaw construction of one of Manhattan’s tallest condo towers claims the developer refuses to pay his $14 million bill. And now the firm wants to force an auction for some of the building’s units in order to get paid. Plaza Construction, the general contractor on Ian Bruce Eichner’s Flatiron District condo development, filed a lawsuit Friday seeking to foreclose on a $14.4 million mechanic’s lien the company placed on the building at 45 East 22nd Street two years ago."

"The complaint filed in Manhattan Supreme Court lists 24 condo units Plaza wants 'sold at public auction' in order to recoup its losses — including the tower’s full-floor 60th floor condo, which is listed on StreetEasy with an asking price of $15.4 million. Plaza’s move to foreclose is the latest hitch at the 83-unit luxury project, where Eichner has struggled to sell pricey apartments since the once red-hot market turned south."

From Mansion Global on New York. "After months of single-digit numbers of high-end homes going into contract each week, 12 Manhattan homes priced at $4 million and up found buyers last week, according to Monday’s report from Olshan Realty. But compared to last year, contracts and sales volume are still way down. Donna Olshan, president of Olshan Realty and author of the report, points out that in the last 13 weeks, 53 contracts were signed at $4 million and above, totaling $427.6 million. During the same 13-week period last year, 272 contracts were signed, totaling $2.6 billion."

"In addition to the drop in sales and volume, there’s been a year-over-year drop in asking price to sale price as well as an increase in days on the market. The average drop from original asking price to last asking price over the last 13 weeks was 16%. The average days on market was 677 days, compared to last year, when the average price drop was 9%, and the average days on market was 461."

The Dallas Morning News in Texas. "The growing pandemic caused Texas home sales in May to drop to their lowest level in eight years. The declines in statewide and national home purchases increased last month after initial downturns in April. And the Dallas and Houston areas saw the largest drops in home sales among Texas’ major metro areas."

"'The month of May marked the housing market’s deepest decline thus far during the ongoing COVID-19 pandemic,' Dr. James Gaines, chief economist for the Real Estate Center at Texas A&M University, said in a statement. 'Texas’ existing home sales plummeted 32% year over year on top of a 22% slide in April.'"

The Los Angeles Times on Texas. "Gregg Popovich is preparing his team for a playoff run in Orlando, but the Spurs coach is still eyeing some real estate action in Texas. The five-time NBA champion just trimmed the price of his San Antonio mansion to $3.1 million. It’s been a tough sell for Popovich; he first asked $4.5 million for the property in 2018 before relisting it for $3.5 million last summer."

The Reported Times on Colorado. "The COVID-19 outbreak has had a significant impact on the vacation real estate market. Facing volatility and uncertainty, property owners have been confronted by mass cancellations that have led many to make hard choices about whether to sell their properties or weather the storm. 'If you are the owner of a short-term vacation rental, your rental income is likely to fall,' said Jean Wheaton of The Wheaton Team which specializes in Monument and Colorado Springs Real Estate. 'Many use income derived from vacation rental fees to pay off debt on their investment properties. If those proprieties remain vacant, their mortgage payments could be impacted.'"

"'As they struggle to fill vacancies, more and more Airbnb hosts are choosing to sell their properties,' said Wheaton. 'Any time you have a lot of similar inventory hitting the market, it’s going to create more options for buyers, resulting in more affordable prices.'"

The Wichita Eagle in Kansas. "Much like Wichita’s housing market, which is booming, the multifamily sector also is doing well. 'Overall, it’s remained strong with both occupancies and sales transactions, and we’re seeing new development continue, possibly at a slower pace, though,' said Jeff Englert, a multifamily specialist at NAI Martens. One of the biggest areas of new apartment activity is in the area around Wichita State University with student housing. In 2019, the new properties on campus accounted for 32% of new ones in the market. Now, Englert said, 'You start wondering if it’s being overbuilt.'"

From QUAD 8 in Illinois. "The 21 to three vote ends 181-years of county involvement in caring for the sick and aged. Hope Creek was sold to Infinity Health Care for $4 million. The center was initially listed for $19 million, that figure represents the debt the county had related to the nursing home. That price dropped to $4 million. The board say COVID-19 played a role in the drastic price drop. 'Nursing homes are a hotbed of COVID activity, so unfortunately that offer for $6 million didn't pan out.'"

The Associated Press. "Americans are likely to see more 'for rent' signs in the coming months as many businesses devastated by the coronavirus pandemic abandon offices and storefronts and potentially end a long boom in the nation's commercial real estate market. The swift emptying of commercial space marks a sharp departure from the real estate market that boomed in New York, Chicago and other cities in recent years. The effect on landlords and local economies could be disastrous."

"'The outlook isn’t good. There are going to be defaults and losses,' said Matt Anderson, managing director of Trepp, a data and research firm."

"One out of 5 loans tied to hotels is now delinquent, as are 1 in every 10 loans for retail properties, according to Trepp. Moody’s Analytics forecasts a record office vacancy rate of 19.4% by the end of the year, up from 16.8% last year. Some real estate experts and landlords see this as just another boom-and-bust cycle, although the bust is happening at lightning speed."

"The same trajectory can be expected for restaurant space. Broker Stephen Siegel expects thousands of restaurants across the country to fail. 'It will be a year or two before the restaurant market comes back, before everyone feels comfortable again,' said Siegel, head of the brokerage division of real estate firm CBRE. 'Retail is on life support. It already was,' Siegel said."