A report from 4WWL in Louisiana. "Many operators of short-term rentals in New Orleans are seeing a dramatic drop in bookings during the pandemic. 'So that’s become a real problem especially for the host that purchased properties as a function for paying for their mortgage. If they purchased a double they’re going to owner-occupy one side and Airbnb the other,' said Angie Lutrick, a agent with Entablature Realty. She says one of her clients is now trying to sell her short-term rental. 'She’s able to keep her home, she’s got another Airbnb through that home, but for the people that this is their home and their income, this is going to have devastating effect,' Lutrick said."

From Business Den in Colorado. "A Country Club mansion has yet to find a buyer more than a year after its owner lost his short-term rental license — and the list price was just slashed by more than $500,000. The 7,800-square-foot home at 410 N. Marion St., known as Marion Manor, is now listed at $4.99 million, down $680,000 from the original 2019 pricing of $5.68 million."

From Westfair Online in Connecticut. "The 152-acre Sherman estate of real estate executive and art dynasty heir David Wildenstein and his jewelry designer wife Lucrezia Buccellati has seen its listing price slashed from $8.5 million to $6.9 million."

From Drovers on Kansas. "Asking price for the Crocker Springs Ranch, located in Chase County, Kan. has been reduced to $7.095 million, according to listing agent Hall and Hall. The 3,300-acre ranch is located in the heart of Kansas’ Flint Hills where cattle ranching is the community’s dominant economic driver. The ranch was first listed in July 2019 for $8.58 million."

The Miami Herald in Florida. "Gianluca Vacchi, Instagram sensation and board member of Industria Macchine Automatiche, bought a $24.5 million home on Sunset Islands in Miami Beach. The property went under contract in June, after a 9% price reduction from the original listing price of $27 million. Developer Morabito Properties CEO Valerio Morabito bought the property in 2012 for $5.6 million and built the home in 2019. Construction cost about $21 million. Morabito listed the home in December 2019."

From Socket Site in California. "With inventory levels in San Francisco having just hit recession-era levels, the number of homes on the market which have undergone at least one official price cut has ticked up another 20 percent in the absolute over the past two weeks to over 400. As such, there are now nearly 300 percent more reduced listings on the MLS than there were at the same time last year, over eight times (8x) more than there were in July of 2015, and the most reduced listings since the end of 2011."

From Forbes on New York. "Two years after selling a three-story penthouse for $59 million, one of the most expensive sales in Manhattan at the time, the developer of a luxury building on the High Line in Manhattan has steeply discounted the remaining four apartments, with the price of one full-floor unit overlooking the elevated park dropping by more than 50%."

"The units at The Getty Residences in Chelsea had been on the market for the last three years. The units range from a 3,312-square-foot, three-bedroom, 3 1/2-bathroom that had its price cut about 42% to $9.4 million to a 3,816-square-foot, three-bedroom, 3 1/2-bathroom apartment with a balcony dropping 43% to $13.8 million. Ran Korolik, vice president and partner of developer Victor Group, said the price cuts reflect the current real estate market."

"'We recognize that the New York City luxury real estate market is currently in a much different place than it was even a year ago,' Korolik said in a statement. 'Therefore, we are taking a proactive approach by significantly reducing the prices on the remaining homes at The Getty Residences to reflect today’s environment.'"

"In an exclusive interview with Forbes, Korolik said after the coronavirus pandemic upended the market, he hoped a 'dramatic reduction (would) get people to come and transact' in what he calls a 'trophy building.' 'We could have cut the prices by 20%,' Korolik said. 'We just want to move forward.'"

"Jonathan Miller of Manhattan appraisal firm Miller Samuel says the new development prices have been recalibrated since the market began correcting. 'There has been a broad range of discount severity across new development which is largely related to how aggressive the developer set prices,' Miller said."