A report from Geekwire. "'We’re running naked through the jungle with a Bowie knife clenched between our teeth, which is the way Redfin was born to be,' CEO Glenn Kelman told analysts. 'We’re omnivorous. We’re going to try to take share on the big markets and in the small markets. We’re hiring everywhere. It’s like those bears you see in Yellowstone Park. They eat the garbage, the blueberries, they eat everything.'"

"Redfin also continues building out its RedfinNow home-buying business that resumed last month after a pause due to the pandemic. RedfinNow brought in $72.1 million in revenue last quarter, up 81%, with a loss of $1.1 million."

The Wall Street Journal on Florida. "Billionaire hedge-fund manager Cliff Asness has sold his Miami Beach penthouse for $22 million, a significant loss from the $26 million he paid for it just two years ago, according to a person familiar with the deal. Mr. Asness had listed the beachfront unit for sale late last year asking $29.5 million. In the second quarter, the number of closed luxury condo sales in Miami Beach dropped more than 50% year over year, according to a report by Douglas Elliman."

"The Miami market is facing an oversupply of product, climate change fears and cooling demand from foreign buyers, particularly from South America. 'Sellers have to slash prices to get deals done,' said Peter Zalewski, a principal with Miami real estate consulting firm Condo Vultures."

From Socket Site in California. "Having hit a 10-year seasonal high last week, the number of homes on the market in San Francisco, net of new sales and contract activity, has ticked up another 3 percent to 1,470, representing 150 percent more homes on the market than at the same last year (580) and equaling the recession-era inventory levels which were driving the market in early August of 2008 and 2009."

The Orange County Register in California. "Almost 10 years of sustained rent hikes came to an end in Los Angeles and Orange counties during the spring, thanks in part to the coronavirus pandemic and to new construction. An uptick in vacancy rates is one reason rent is softening, experts and industry representatives say. The drop in Los Angeles County is typical of what landlords are seeing in big coastal markets like New York and San Francisco, said Greg Willett, chief economist for RealPage. Willett said about 7,600 renter households moved out of their apartments in L.A. and Orange counties this past spring."

"'We know individuals are leaving their apartments,' added Fred Sutton, the L.A. regional spokesman for the California Apartment Association, a landlord trade group. 'The prices are not going up because they’re not filling the units.'"

"Rent growth already started shrinking five years ago. 'We were in late innings, or even extra innings, of the real estate cycle,' said Nicholas Dunlap, a senior VP at Irvine-based housing provider Avanath Capital Management. RealPage figures show nearly 16,000 new apartments were completed in the four-county region this past spring — 10,000 of them in L.A. County alone. Almost 38,000 more are under construction, more than 31,000 of them in L.A. County. Since new apartments tend to have higher rents, many high-end complexes started offering concessions, like move-in specials, to lure more tenants."

From CNBC. "America’s glitziest and most expensive retail districts are losing tenants, and rents are in a free fall. The pressures from the Covid-19 crisis will likely have a lasting impact on shopping streets such as Michigan Avenue — better-known as the 'Magnificent Mile' — in Chicago, the Las Vegas Strip, and Rodeo Drive in Los Angeles, to name a few. It is already beginning to play out with the changes taking place throughout the New York City retail scene, serving as a leading indicator of what’s to come in other major metros, real estate analysts predict."

"Some of these changes were already shaping up before the Covid-19 crisis. Rents on Prince Street in the SoHo neighborhood saw the biggest declines, according to CBRE, tumbling 37.5% year-over-year to $437 per square foot from $699 per square foot — and falling below $500 for the first time since 2014. 'In the U.S., certainly you will see that what was once perceived as a luxury block in any major city is no longer exclusively luxury,' said Naveen Jaggi, the president of commercial real estate services firm JLL’s Retail Advisory team. 'We will see an extension of what happened in 2008 and 2009, which left American consumers shifting toward value more aggressively.'"

From Loop North News in Illinois. "With tens of thousands of people following state and city guidelines to stay at home, downtown Chicago hotels are posting soaring vacancies and managers are slashing room rates. And, the once-booming Airbnb market is sputtering in the Windy City. One top Chicago Airbnb manager revealed that the city’s once-thriving business is off 30 to 50 percent, and thousands of future reservations have been canceled."

"While some luxury downtown hotels are reducing room rates from the $300-per-night range to as little as $69 per night, apartment landlords who formerly hosted swank, completely furnished Airbnb units are quickly redrafting 2020 marketing plans with a shift to leasing apartments on six-month and one-year standard lease."

The Tribune Democrat. "For much of the year, State College and its nearly 42,000 residents rank as Pennsylvania’s 17th largest city by population. The increase comes largely from Penn State football, which drew an average of 105,678 fans to Beaver Stadium in 2019. Hotels, restaurants, retail establishments and other area businesses rely on football weekends to support their bottom lines. As such, a modified or perhaps even canceled 2020 football season will have a sweeping financial impact on the region."

"The Big Ten Conference announced July 9 the cancellation of all non-conference games for its 14 member institutions. The move leaves Penn State with two fewer home games for 2020. Jeff Harman has owned The Stevens Motel for 57 years. Harman will lose the income that would have been generated from the previously scheduled Kent State (Sept. 5) and San Jose State (Sept. 19) games."

"Full cancellation of the football season will be even more debilitating. Guests of The Stevens Motel have already booked all rooms for the 2020 season. 'It will eliminate 100% of those rentals,' Harman said. 'I lose everything. It is a 100% total loss as far as the football game goes.'"

"In 2019 alone, State College property owners brought in $2.2 million by renting their homes out to visiting fans through the popular Airbnb vacation rental service. Liam Goble owns five single-family homes in State College he rents out during the football season to fans. He’s rented on Airbnb for four years. 'By this time last year, I was almost fully booked up for the football season,' Goble said. 'I might have one game filled up right now. It is dead.'"

"For some in the State College Airbnb community, they’ve already unlisted their properties for short-term stay during the football season and have transitioned to long-term rentals. 'I’m in touch with a bunch of hosts locally, and I know a lot of people are pulling their properties off Airbnb, trying to get long-term renters in,' Goble said. 'Just with the uncertainty across everything that’s going on, they just want to lock in somebody in their rentals, so there are a lot people pulling – from what I hear, the people I talk to – their Airbnbs and just making them more traditional rentals.'"