A report from Local Profile on Texas. "Located at Lebanon Road and the Dallas North Tollway, the 175-acre Wade Park development was envisioned as the crown jewel of Frisco’s vaunted '5 billion dollar mile.' Yet instead of that picturesque scenery, Wade Park now resembles a cross between an abandoned dump and a bombed-out shell of a Wild West town. There are no shops, no restaurants, no high-end condos; just a gravel pit and a small smattering of half-finished buildings caked in soot."

"'It is a cesspool,' Frisco’s Kathy Hill told a local news station in September 2020. 'I’ve been here for over two years, and the only thing that has changed is the hole is only getting deeper and smellier and the weeds are back. We were supposed to have this great development and I thought the value of my home would skyrocket. But, instead, it’s an eyesore.'"

From KXAN in Texas. "The Austin City Council could vote as soon as Thursday to approve three residential towers in the Rainey Street District. 'Those 440 residences; that’s almost equal to the total number of properties for sale on MLS in a 10-mile radius of this site,' said the building’s developer, Kevin Burns."

The South Florida Business Journal. "The developer of the One Thousand Museum luxury condominium tower in Miami could lose its unsold units to a foreclosure lawsuit. Motcomb Estates filed an $82.7 million foreclosure complaint against 1000 Biscayne Tower LLC, along with guarantors 1000 Biscayne Mezz LLC and Gilberto Bomeny. The lawsuit aims to seize the 15 unsold units in the condominium, at 1000 Biscayne Blvd. Prices in the 84-unit building start at $5 million, making it the most expensive condo in Miami’s central business district."

"According to the complaint, 1000 Biscayne Tower LLC reached three forbearance agreements with its lender between June 2020 and August 2020. The final forbearance agreement stated the loan was due for repayment Oct. 16, 2020. The complaint alleges the borrower failed to repay the loan in full by that date, and currently owes $82.7 million in principal, plus interest and fees."

The Los Altos Town Crier in California. "Mounting legal action against a Los Altos developer continues to cast doubt on construction of a 196-unit housing development at 5150 El Camino Real. A loan company filed Friday to send the property into receivership, one of many interconnected filings involving Dutchints Development LLC. Dutchints purchased the 3.8-acre 5150 El Camino property for $48 million in 2018. According to court documents, Tashjian told investors the 5150 El Camino property was worth as much as $85 million and that they could expect to earn 50% profit on their investments annually. Investors claim there has been no payout and no movement on the project since approval of the project’s tentative map."

"Investors claim in court documents that ECR Group LLC became insolvent as early as April 2019 and alleged that Tashjian concealed his financial situation from the group. 'The question is, will there be some assets for the victims?' said Los Altos attorney Harry Price, who represents local investors in Dutchints projects."

The Bold Italic in California. "Over the past year, San Francisco has turned into a full-blown renter’s market. As people made their way out of the city to more spacious pastures, rents began plummeting and many locals (myself included) took advantage of 'pandemic pricing' by either moving to a new place with lower rent or negotiating a rent reduction with their landlord. Over the past year, rents in the city have dropped up to 35%. Craigslist and Zillow are filled with $2,200-a-month listings for one-bedrooms and studio apartments dipping well below $1,800."

"'$2,200 for a one-bedroom with several gorgeous Victorian rooms and new kitchen appliances two blocks from 24th Street. This seemed unreal to me. Before the pandemic, I wouldn’t know if I could competitively find a place alone without having at least $4,000 a month to spend on rent, so I went for it. I even got a discount of half off on the first month. The landlord frankly seemed desperate to fill the apartment, which had been vacant for some time.' — Heather."

From Block Club Chicago in Illinois. "A.M. 1980, a seven-story apartment complex at Milwaukee and Armitage avenues, opened in 2018, around the same time several other similar buildings popped up around the Milwaukee Avenue corridor. Before the pandemic, the 132-unit building was almost at full capacity, leasing agent Douglas Leader said. But as of early March, the building was only 85 percent occupied, which is considered low."

"For months, the A.M. 1980 developer was offering big concessions, including two and three months free rent, $1,000 Visa gift cards and no move-in fees, Leader said. But the concessions are not unique to this developer or to Logan Square. It’s quite the contrary, Leader said; such incentives are being used by developers and leasing agents across the city during the pandemic to be competitive and to avoid lowering rents."

"'It’s pretty much across the city. Some buildings are doing up to four months free. There’s some insane concessions going on,' he said."

From WTOP. "The average apartment rent in D.C. is down 13.3% from a year ago, the seventh-sharpest decline among the 100 largest U.S. metro areas. Average rents in Arlington County are down 13%. 'D.C. continues to be one of the markets with the most significant year-over-year rent drops in the entire country,' said Rob Warnock at ApartmentList."

"The largest year-over-year drops in rent have been in the most expensive rental markets, down 26.1% in San Francisco, down 20.8% in New York and down 19.5% in Seattle."

From the Oregonian. "A decade of rapid apartment construction across Portland is coming to an abrupt halt, with permits for new multifamily projects down an astonishing two-thirds last year. The number of multifamily permits issued for constructions with five or more residential units dropped by two-thirds in Portland last year, with the city issuing permits to build fewer than 1,500 new apartments, according to data. The city had issued developers permits to build an average of 4,600 new units per year in the preceding five years."

"Other cities saw declines in multifamily permitting activity last year, too, but the drop in Portland was particularly acute. The number of multifamily permits issued declined 42% in Seattle, 26% in Salt Lake City and 23% in Denver, but rose 34% in Austin, 52% in Nashville and 89% in Sacramento, according to preliminary data from the U.S. Department of Housing and Urban Development."

"A building binge helped moderate Portland rent increases over the last few years. The influx of new units coming on the market, coupled with the fallout from the pandemic, contributed to vacancy rates in Portland rising to 7% last year and 15% downtown, according to CoStar. Many new buildings coming on the market over the last two years have had to offer concessions to attract renters, which have pushed rents down for those buildings. The vacancy rate was 34% for properties built in 2019 and 2020."

The Commercial Observer on New York. "Extell Development Company, one of the city’s most visible luxury developers, reported a loss of $206 million in 2020, as a result of falling property values, higher financing costs, and the sale of some of its holdings and interests, according to its annual financial report on the Tel Aviv Stock Exchange. While the amount represented the total loss across its properties in the Tel Aviv portfolio, Extell’s share of the loss was $190 million, according to a spokesperson."

"The loss occurred even as Extell completed its crown jewel, Central Park Tower, the tallest residential building in New York City, and began closing on its 179 ultra-luxury condos early this year, according to the report. Extell also completed a large condo development in Downtown Brooklyn, the 483-unit Brooklyn Point, in 2020 and negotiated significant financing deals across its portfolio, including the recent close of a $146 million inventory loan at The Kent, another condo tower in Brooklyn; a $17 million inventory loan at supertall One57 on Billionaires’ Row; and a $380 million mezzanine loan on Central Park Tower."

"But as prices fell and sales slowed during the coronavirus pandemic, the expense of maintaining and financing its properties ate away at Extell’s bottom line. Despite the progress at Central Park Tower, Extell is now expecting to make $1 billion less at the property than it did in 2018. It revised down its expected gross profits at the 95-story tower by 17 percent from the estimate in 2019, and more than 60 percent from 2018."

"Extell also launched leasing for a 441,000-square-foot office building in East Harlem and continued to sell condos across its other projects, such as One Manhattan Square, One57 and The Kent. Sales appear to have picked up in 2021, although a condo at One57 resold at a record 51 percent loss in January, TRD reported."