A report from ABC 7 in California. "Walking through San Francisco's South of Market and Financial District feels like a ghost town. 90-percent of the city's workforce is working from home and people are leaving the city. One pocket hit the hardest? South Beach. According to an ABC7 data analysis of real estate data, there are 147 luxury condos on the market in South Beach. Real estate agents Neil and Daryll Canlas of The Canlas Brothers explain it varies depending on where you look in San Francisco. 'Comparing it to the last 5 years, it's really unheard of… it's so rare for any to come up,' Canlas said."

"In just the last two days, 25 people posted on the Rincon Hill (South Beach) Nextdoor feed stating they are moving out of South Beach citing everything from, 'work from home,' 'high costs,' and 'there's nothing to do.' There's plenty of supply in Soma, South Beach, and Mission Bay. Of the more than 1,300 active listings in San Francisco, nearly one-third are in those areas. With inventory high, prices are taking a slight dip."

"'We'll continue to see a vacancy rate, because people don't need to live in the city,' Canlas said. No need to live or work in the city, especially as some companies are gone for good. We know that from San Francisco's building vacancy rate. ABC7's data analysis shows at the end of last year, vacancy rates were 5.4 percent. Now, vacancy rates are nearly 10 percent."

From Heavy Entertainment on California. "Josh Altman of Million Dollar Listing Los Angeles is one of the most successful real estate agents in the business. But sometimes even he can be caught off-guard, especially when a client is willing to consider an offer that is significantly lower than the list price. According to a preview of tonight’s episode, Altman lists a property in the famous Bird Streets neighborhood in the Hollywood Hills."

"The property at Oriole Way, despite its opulence and stunning views, has a history of sitting on the market. According to Redfin, the property was sold in March 2008 for $4.45 million. Those owners must have completed major renovations because when the house was listed again more than six years later, the price had multiplied by eight. According to Fortune, the Oriole Way house was listed for $32 million. The magazine described the property as perfect for a 'young Hugh Hefner-wannabe' but questioned in the article title, 'Why can’t this $32 million Hollywood dream home sell?'"

"The Altman Brothers appear to have signed on to represent 9133 Oriole Way in January 2019. The house was listed for $29 million but did not sell. It was taken off the market in late May 2019. Altman relisted the house the following month with a dramatic price drop. The new price was $21.995 million. He sold the house in August 2019, but for a steep discount. As noted on the Altman Brothers website, the home was sold for $16.515 million in August 2019."

"The Real Deal reported in October 2019 that the Bird Streets contained several extravagant homes that were sitting on the market. The outlet appears to have been referencing the Oriole Way property when it reported that a mansion on Oriole was purchased for $16.5 million in late August 2019. The Real Deal noted that the price was nearly 40 percent less than what the previous owner had paid for it."

From 6 Sq Ft in New York. "Anyone who follows the NYC real estate market knows that there are deals to be had right now. CityRealty compared sale listings in January to those last week and found that the overall listing price among Manhattan condo, co-op, condop, and townhouse listings has fallen an average of 11 percent to $2,175,000 in the past seven months. And when it comes to specific neighborhoods, Lincoln Center, the Upper West Side neighborhood mainly centered around the 60s, saw prices fall the most at 32 percent. Murray Hill was next at 26 percent, followed by Beekman/Sutton Place at 22 percent."

"CityRealty found that there are 26 percent more sales listings now than there were at the beginning of the year. Despite the uptick in listings, the 11 percent drop in listing price comes after months of buyers being unable to view homes in person, along with general uncertainty about the market. According to CityRealty’s data, there are 14 neighborhoods and sub-neighborhoods that have seen above-average listing price drops since January 4, 2020. They are as follows."

The Real Deal on New York. "HNA Group has sold a third condo unit at One57 at a significant loss, the latest in a long-running series of trophy dispositions for the once high-flying Chinese conglomerate. An entity affiliated with the firm sold a 67th-floor unit at Extell Development’s Billionaires’ Row tower for $17.2 million, property records show. That’s a 43 percent loss from the $30 million the company paid for the 4,500-square-foot pad in 2015."

"HNA grabbed the spotlight with splashy purchases of trophy towers including 245 Park Avenue and spent a reported $45 billion from 2014 to 2017 on real estate and other assets. In 2018, HNA began selling off its holdings outside of China amid pressure from the Chinese government, which was cracking down on debt-laden companies making big plays abroad with capital controls."

"HNA picked up at least four condos at Extell’s 93-story tower during its buying spree, and the sale of unit 67A is its third for well under the purchase price. In May, HNA’s New York-based subsidiary Pacific American Corporation sold a unit on the 88th floor for $19.4 million less than it paid in 2015. Earlier that month, another affiliate sold a unit on the 66th floor for $12.3 million less than it paid in 2014."

"'It doesn’t represent the real-world price,' Extell’s Gary Barnett said, though he admitted feeling frustrated about the deals, given that Extell is still trying to sell sponsor units. 'We’ve already taken the damage in the market.'"

From The Stranger in Washington. "A report from Apartment List says that rent’s dropped .4 percent over the last month — so a unit that was $2,000 is now $1,992, what a steal! A Zillow report looks back a bit further, noting that median rent has dipped a whopping $18 since March. But a quick check of Zillow’s apartment listings, which note when rent has declined, shows that some units have dropped by as much as a couple hundred dollars after sitting unoccupied for months."

"One reason for Seattle’s drop could be that rent was always way overpriced here, so we’re seeing a slow collapse of a bubble that was too ridiculous to sustain. Other overpriced cities are seeing similar declines: Rent is down by about 4% in San Francisco, and 3% in New York and Boston."