A report from Mansion Global. "The New York City apartment of the late Broadway producer James M. Nederlander has closed for more than $11 million after selling at auction earlier this year. The sale closed about two weeks ago for $11.044 million, according to Whitney Didier of Douglas Elliman, who represented the buyers. Nederlander bought the 4,500-square-foot apartment in 2006 for $13.47 million, property records show. Nederlander’s estate first listed the apartment for $27.5 million in 2019 and it was most recently asking $16.99 million, according to listing records."

From The Oregonian. "Not every home for sale is flying off the market at record prices. Interest in downtown Portland’s luxury condos has fallen so much that next-door neighbors are snapping up an adjacent unit to expand their living space. High-rise condominium buildings are no longer beacons to home shoppers who were once willing to pay soaring prices and fees for concierge services, never-ending views and walkability to social and cultural pleasures."

"Penthouses and luxury condos are valued at less than they were before the coronavirus pandemic shutdown and last year’s civil unrest in the streets, according to experts, including Nick Krautter of City and State Real Estate, who analyzes Portland’s top-tier condo market for investors and commercial clients. While the median sale price for homes across the Portland area has vaulted 10% in the last year, penthouse properties priced or sold for $2 million or more, while only a handful, lost as much as 18% in value, from an adjusted $970 per square foot before March 15, 2020, to $799 on average to the end of last year, found Krautter."

"In the $2 million and more condo market, six sales closed in the last 12 months (for 10% below list price on average) and seven are on the market, said Krautter. That represents a year’s worth of inventory."

The Los Altos Town Crier in California. "The 196-unit, high-density housing project at 5150 El Camino Real, approved by the Los Altos City Council in 2019, can move ahead even if the original developer is no longer involved. The 3.8-acre property is currently in receivership due to the ongoing financial struggles of Dutchints Development LLC. The Los Altos-based Dutchints and its managing director Vahe Tashjian face numerous legal challenges alleging mismanagement and misappropriation of investor funds. Dutchints is in default on its $41 million loan on the property, secured in 2018."

"The approved project calls for 172 condos and 24 townhouses, with 28 of them affordable. Approvals also included plans to convert an adjacent 24,000-square-foot lot at 745 Distel Drive into a park. That property – offered in exchange for paying park in-lieu fees – has gone through foreclosure, according to property records. Absent the park, the developer is on the hook for an estimated $9.5 million in park in-lieu fees."

"A Santa Clara County Superior Court judge April 28 granted a preliminary injunction preventing Dutchints from selling the 5150 El Camino property until lawsuits are settled. 'It is abundantly clear that defendant Vahe Tashjian has grossly mismanaged (the 5150 property) despite having raised at least $21 million in investments and private loans, and receiving eight offers to purchase the property,' attorneys for numerous investors said in April 21 court documents."

"Plaintiffs fear they are 'at risk of losing their entire investment,' according to court documents. Tashjian denied the allegations, blaming the pandemic of the past year for financial troubles, which he vowed to rectify. 'Defendants … argue that plaintiffs should wait and see whether Mr. Tashjian can somehow negotiate a sale of the property that will make everyone whole,' the plaintiffs said in court documents. 'This argument is ludicrous and, frankly, delusional.'"

The Globe and Mail in Canada. "When real estate agent Angela Hogben launched a three-bedroom house onto the Hamilton real estate market with an asking price of $499,900, she braced for an onslaught. 'I had a ton of showings – I didn’t get a single offer,' says the agent with Re/Max Escarpment Realty Inc. Ms. Hogben listed the house in April with an attention-grabbing asking price and set an offer date for one week later because that’s the strategy that has successfully sold many properties for huge premiums in the city west of Toronto."

"In Hamilton, Barrie, Guelph and other Southern Ontario cities, agents who were seeing upwards of 25 offers on some properties and price gains of more than 30 per cent over the past year, are shifting strategies as they adjust to a cooler market."

"Ms. Hogben calls the market in and around Hamilton 'spotty' these days. As each week goes by, more sellers are watching offer night come and go with a couple of lowball bids – or none at all. 'Agents say, ‘My clients don’t want to compete,’ she explains."