A report from Bisnow. "Landlords are under pressure, and optimism is in short supply among mom-and-pops and midsized owners. 'It's a dire situation,' MassLandlords Executive Director Douglas Quattrochi said. 'Landlords are also dipping into their savings. I've talked to many folks who are seniors, and they're tapping into retirement funds to keep going. Their property was supposed to be part of their retirement income, but it's become a net loss.'"

"California Rental Housing Association President Sid Lakireddy said he is hearing from a lot of landlords who want out — out of being a landlord or, in some cases, out of California. 'I get calls from people who want to quit,' he said. 'I spoke to an owner of about 100 units recently. This month, he said, non-collection was 7%, and he expects that number to rise. He wanted to sell.'"

From Realty Biz News. "Question from Brad and Angela: Hi Brian, We don’t know if we are typical landlords but tenants missing multiple rent payments are threatening our financial security. We both work day jobs with a combined income that is a little above $225,000 (before taxes). Over the past six years, we have bought six rentals (4 houses and 2 condos). We own one house outright but have mortgages on the other five. Two renters are three months behind in the rent and one is two months behind. Obviously, the drop in cash flow is killing us financially. We’ve gone from collecting monthly rents totaling $8,875 down to $4,200. After mortgages, taxes, insurance, and utilities, we have negative cash flow of about $700 each month. Our rental properties were providing us with an additional income of over $3,000 each month, but for the last several months we’ve been paying out of our reserve fund and that will soon be gone. How do we stop bleeding money before it gets worse?"

"Answer: Hello Brad and Angela. You’re not alone. Many landlords are really starting to feel the pinch and there is no indication when things will get better. My suggestion is that you keep the communication positive because we are all in this together. Brad and Angela, you see where this is going; we all need to work through this together. Ask your mortgage companies what options they can help with. Just by reaching out, you might be able to convince them not to declare you defaulted on the loan."

The Real Deal on New York. "A Upper East Side condo conversion just sold at auction, a possible sign of distress in New York City’s real estate market. Jason Carter of Carter Management Corp. paid $51 million for the 65,000-square-foot, 14-unit project at 305 East 61st Street, according to Commercial Observer. Developer Mitchell Marks’ conversion of the former art facility had a projected sellout of $105 million."

"Marks and his partners bought the property for $40 million in 2016 in an all-cash transaction. But the development quickly ran into trouble after the partners filed lawsuits against each other and the project could no longer meet its debt service payments, according to CO. The project is still under construction but is nearly complete. The project represents one of the growing signs of distress in Manhattan’s commercial real estate market as lenders seek to file foreclosure suits or projects head into bankruptcy."

From Mansion Global on New York. "Manhattan’s high-end real estate market saw a slight—relative—uptick last week, with 14 homes entering into contract in the week ending Sept. 20, according to the weekly luxury report from Olshan Realty. The median asking price of the 14 homes that went into contract last week was nearly $6.2 million. The average days on market was 521, and the average discount from original ask to final listing price was 20%."

"The priciest home to find a buyer last week was a triplex penthouse condo at 520 West 28th Street, designed by Zaha Hadid, which was sold by the developer, Related. The apartment, now complete, was sold off of floor plans. The apartment—last asking $24.95 million—had undergone a serious price cut from its original $50 million price tag."

The Daily Camera in Colorado. "How long before some force will be needed? From the smallest to the largest commercial landlord — and the banks that hold the mortgages on their properties — that question is beginning to be heard six months into the COVID-19 crisis. 'There are rumblings starting now about the current state of affairs,' said Jim Ditzel, managing partner at Niwot-based Summit Commercial Brokers. 'The impact is in progress.'"

"Banks and landlords alike have been forced to begin foreclosure proceedings or other legal actions. A Comfort Inn and Suites in Johnstown is at risk of foreclosure after lender FirstBank said it was behind on its remaining loan of just under $6.4 million. Lender Pine Financial Group is foreclosing on property owned by a commercial real estate broker in Broomfield. And Ten Eleven Pearl LLC, the landlord for Swedish outdoor retailer Fjallraven’s Boulder store, sued the brand in late August, accusing the company of not paying rent from April through August. It wants $127,381 in damages and is asking Boulder District Court to repossess the 3,830-square-foot property."

The Denver Post in Colorado. "The apartment market will likely continue to struggle in the months ahead, said Shane Ozment, vice chairman with Newmark Knight Frank Multifamily. 'We aren’t seeing a lot of rent growth anywhere in the metro,' said Ozment. The federal eviction moratorium the remainder of this year means apartment landlords, especially in older buildings, face additional income losses, adding to their woes."

The Enterprise Record in California. "For the real estate market as a whole, as of the last two months, 'we’re kind of flat,' Coldwell Banker Real Estate’s Carl Henker in Chico said. The median listed price of homes in Chico is $345,000 although the final sale price averages at $322,400. There is the possibility that the extension of the eviction moratorium by Gov. Gavin Newsom until Feb. 1, 2021 could impact landlords not collecting as many rents from their tenants."

"'That could create some problems down the road because if small landlords are not collecting rent, they still have to make house payments,' Henker said. 'It could put more homes on the market.' However, 'There have been quite a few price reductions in the market … some people are still overpricing them when they put them on the market.'"

From SCV News in California. "Several landlords have filed a lawsuit against the state, Los Angeles County and multiple Southern California cities, including Santa Clarita, over eviction bans, seeking reimbursement for unpaid rent due to COVID-19 eviction-protection ordinances. No 'mortgage moratorium' has been established either, the plaintiffs allege, adding that it has resulted in 'many (having) had to move money from other investments to service the mortgages,' reads the lawsuit."

From Los Angeles Magazine in California. "Rental units in some of L.A.’s most expensive and luxurious buildings are bearing the brunt of what economists call 'downward pressure.' The result? The cost of leasing so-called Class A rental properties—sleek apartments with amenities including Spin gyms, poolside cabanas, and dog spas—is headed down as vacancies increase. 'To this point in the pandemic, high-end luxury apartments are faring much worse than other segments of the market,' says Steve Basham, managing analyst at CoStar Group. 'There are a limited number of renter households that can afford luxury apartments in L.A., so competition is more intense at the top of the market. On top of that, virtually every new project that is built in L.A. is a Class A luxury project.'"

"Hope + Flower, another newly completed luxury high-rise with a wellness center and sauna pavilions, is offering up to ten weeks rent free for a 24-month lease. 'This doesn’t mean DTLA is going to die as a viable economic unit,' says Stuart Gabriel, professor of finance at UCLA’s Anderson School of Management. 'Ultimately, this was happening anyway because it has simply become too expensive.'"

The Orange County Register in California. "New Home Co., a small Orange County-based homebuilder, has seen signed contracts double so far this summer as it focuses on lower-priced housing. The company, once known for its high-end housing, now offers a broader price range among its homes. Its average selling price in the year ended June 30 was $826,000 vs. 2016 when it peaked at $2 million. Two of its newer Southern California projects are Nova in Rancho Cucamonga, 135 homes with a $400,000 average price, and Sterling in Rancho Mission Viejo, where 60 homes have an average $1 million price tag."

The Real Deal on California. "Steep price cuts are part of selling luxury real estate in Los Angeles. But rarely is a nearly nine-digit listing cut in half the same year it hit the market. That’s what happened with a 9,000-square-foot Mediterranean-style mansion at 1142 Calle Vista Drive in Beverly Hills. Nearly nine months after hitting the market for $98 million on Jan. 1, the home’s price has been slashed to $49 million."

"At that price point, a 50-discount is about as common as a pool that doesn’t have the word 'infinity' in front of it, and is a clear sign the pandemic has shattered whatever was left of 'aspirational pricing.' Los Angeles luxury sellers will periodically cut a smaller percentage off an asking price every six months or so until they get more bites. For example, over a similar period from February to September, Eli Broad dropped the asking price on his Malibu beach house by 17 percent, from $75 million to $62 million."