A report from the Bay Area Newsgroup in California. "A federal court has authorized a receiver to seize control of the properties and operations of bankrupt Bay Area developer Sanjeev Acharya and his real estate firm, which are the focus of a wide-ranging fraud case launched by securities regulators. Receiver David Stapleton of Stapleton Group was ordered by U.S. District Court Judge Susan Illston to take over all of the assets of Acharya and the company that he heads, Silicon Sage Builders."

"The action further undermines Acharya’s real estate empire in the Bay Area, a meltdown that came to light in December when the Securities and Exchange Commission filed a fraud complaint against Acharya and Silicon Sage Builders. 'The SEC has submitted extensive evidence, including investor declarations, showing that defendants have likely engaged in fraud with regard to the offer and sale of securities,' Illston wrote in a court order posted on Feb. 10."

"An estimated 250 people who paid about $119 million to invest in projects launched by Acharya and Silicon Sage Builders face the prospect that they were defrauded through a financial web woven by the real estate developer, according to the SEC’s complaint."

From Fintech Zoom on New York. "In a sign of the increasing pressure faced by Manhattan’s condo developers, the Elad Group is selling a large block of the remaining units at its Hell’s Kitchen new development for roughly $90 million. It’s believed to be one of the first big new-development bulk condo deals of the cycle, and could foreshadow more deals of its kind as sponsors look to move on from challenged projects."

"Elad, headed by Israeli businessman Yitzhak Tshuva, is in contract to sell 70 units at its Charlie West tower to Tishman Realty for $87.37 million, sources familiar with the agreement told The Real Deal. The purchase price works out to about $1,100 per square foot, a significant discount from the listed price for condos in the building. The average price for the 11 units currently in contract at the tower is around $1,850 per square foot, according to StreetEasy."

"The developer’s deal with Tishman could be a sign of more to come, as new development sponsors have become increasingly open to selling condos at struggling projects for a discount and moving on. For sponsors, such moves can often wipe out any remaining equity in the project. But for the bulk buyers, it represents an opportunity to come in at a time when large blocks of apartments can be picked up for a discount, then sold at below-market pricing."

From KLAS in Nevada. "Even with the state and federal eviction moratoriums in place, thousands of valley residents face the threat of losing their homes, data obtained by the I-Team shows. Tina, who lives in Las Vegas and who did not want to reveal her last name, told the I-Team’s David Charns, holding back tears. With no job and facing eviction, Tina is like thousands of others across the valley."

"Tina showed the I-Team documents indicating her landlord, whose name is concealed through a trust, attempted to create a payment plan with her, but Tina said the trust now wants to sell to avoid bankruptcy."

From Yahoo Finance. "The year 2020 was, in many ways, a home buyer’s dream. Unfortunately, all of this occurred during a global pandemic, which made the housing recovery uneven. In some markets, prices shot higher, making it easy for sellers to unload their homes. However, other markets suffered greatly, due to a combination of business closures, population flight, evictions and/or high levels of unemployment."

"GOBankingRates analyzed the 95 largest metropolitan housing markets according to Zillow’s Housing Data and found the 20 hardest places to sell a home. Primary factors considered were the difference between list and sale prices, average price cut and average number of days on Zillow. The resulting list of 20 cities is ranked in reverse order, with the most difficult city in which to sell a home listed last."

"Depending on your point of view, these cities could represent opportunities for buyers, as sellers that have a tough time getting their list price are likely to drop it. However, if sellers keep dropping their prices in a market, it can start a downward spiral, meaning your home price could fall below what you paid for it."

From Better Dwelling in Canada. "Thousands of Toronto’s short-term rental investors may call it quits. An Ipsos Survey, commissioned by the Toronto Regional Real Estate Board (TRREB), shows how investors plan to navigate the city’s new short-term rental rules. Only a third feel their investment won’t be impacted by the new rules. The remainder either plan on selling, or finding long-term tenants for their units. This could mean a lot of new housing supply will hit the market over the next year."

"The biggest group said they would sell the property over the next year, coming in at 40% of respondents. A much smaller, but still substantial, 26% of investors said they’ll look for long-term tenants. This can add a lot of supply to the market without any additional building. Analysts like FairBnB estimate between 14,000 and 20,000 short-term rentals in Toronto. Using the survey to estimate, that could mean between 5,600 and 8,000 units would go to market. Another 3,640 to 5,200 units may go to rental. This can add almost a year of housing supply, in just a few months."

"One important note is this particular type of sale is a net benefit to supply. When investors sell, they aren’t likely to buy another place immediately, unlike homeowners. Toronto isn’t just expecting investors to sell short-term rentals either. The same survey found a significant number of general investors plan to sell over the next year. For the first time in a very long-time, Toronto’s real estate market may be well supplied."