A report from the Seattle Times in Washington. "The Seattle-area housing market remained lethargic in November, as high interest rates converged with the typically slow season. A luxury Alki condo building announced in late November it would cut prices by up to 20% for the next six buyers if the buyers are under contract before the end of the year and close by Jan. 31, among other perks. 'It’s a sign of the times for developers right now, but we need to do what it takes to meet the market,' James Wong, CEO of the project’s developer Vibrant Cities, said in a statement."

The Real Deal on Illinois. "Battle tactics such as name-calling typically reserved to election campaigns for public office has seeped into a Chicago condo board contest, as homeowners grapple with a contentious bulk sale of their building to the city’s biggest deconversion player. The $96 million potential sale of the 310-unit building at 200 North Dearborn Street has been stalled for more than a year, and residents are stuck in oblivion. Plus, the condo board this summer filed lawsuits against holdout unit owners who have so far allegedly refused to sign closing documents despite a vote approving the deal. The cases are moving through Cook County court."

"Condo owner Alonya Udartseva said at this point, she doesn’t care if the sale goes through or not. But she wants the board to either back out or put pressure on the buyer to close the deal because the pending sale prohibits her from selling her condo individually. 'Something needs to happen. I cannot be in limbo anymore,' Udartseva said."

KATU in Oregon. "When you pull up to Mark Dahl's home in Southeast Portland, it's clear he's proud of his property. But after more than three decades in his house, Dahl has regrets. He now calls his neighborhood in Lents 'a slum.' Dahl is angry about what's happening just a quarter of a mile down the road on Southeast Knapp, just below Knapp Falls and the Indian Creek Natural Area; trash, tents, RVs, and chopped-up cars stretching all the way to Southeast Flavel. 'Frustrated. Totally disgusted is what I feel because I shouldn't have this three blocks from my home when I pay property taxes,' said Dahl."

"It's the same situation around the corner near Johnson Creek, where camps have been growing along the I-205 Multi-Use Path. KATU reporters talked with a man named 'Q,' who told us he's been homeless and living in the area for four years. 'My habit has the best of me,' said Q. 'It's like a cold glass of water on a hot day. No matter who you are, you're gonna drink that cold water and vice-versa, drugs.' We asked Q what he would do if someone offered him housing away from Johnson Creek. He told us he wouldn't take it. 'I like it out here,' said Q."

The Des Moines Register in Iowa. "Daniel Pettit painted himself as a bold and adventurous developer, who appeared to have not only a Midas touch but a heart of gold. A one-time mayoral candidate in Waukee, Pettit announced some of that city’s most ambitious projects before the pandemic hit. But the 43-year-old also had an appetite for lavish things, buying a mansion worth at least $2.4 million with a nine-hole golf course and fishing pond in Johnston, a $1 million painting from pop artist Rob Prior in Miami, and a Bugatti Chiron Super Sport, a rare sports car, from Texas. And as 2023 draws to a close, Pettit finds himself drowning in financial trouble, hounded by lenders and unhappy former investors and wanted by the law after being held in contempt of court in three civil court cases."

Bisnow on Texas. "Dozens of real estate-related entities and properties associated with a Dallas-based developer facing fraud charges were ordered into receivership by a federal judge, according to a new report. U.S. District Judge Brantley Starr placed in receivership 54 entities with ties to Timothy Lynch Barton, president of development firm JMJ and CEO of real estate investment firm Carnegie Development, CoStar reported. Barton was indicted on seven counts of wire fraud, one count of conspiracy to commit wire fraud and one count of securities fraud in September 2022. He has pleaded not guilty."

"The indictment alleges that Barton traveled to China to convince investors to spend millions of dollars on home lots in areas of Dallas-Fort Worth that Barton said were highly sought after, inflating the cost by as much as 195%. In some instances, he never actually purchased the property, according to the U.S. Attorney’s Office for the Northern District of Texas. The Chinese investors were promised two years of interest payments, followed by a return of their initial investment at the end of the second year, the news release says. Barton allegedly paid interest payments to early investors with later projects’ investment funds, paid commissions out of investor funds and funneled investors’ money into unrelated projects. Investors lost more than $26M in the scheme, according to the indictment. The charges against Barton carry a combined maximum sentence of 180 years."

Te San Jose Spotlight in California. "A Silicon Valley developer is scaling back its plans for a massive and controversial development of offices, housing, retail, dining and park spaces on the site of the former Vallco Mall in Cupertino. Representatives with Palo Alto-based Sand Hill Property Company said high interest rates, rising costs and project delays have forced a cut back and redesign of major elements for The Rise, long planned for a vacant 50-acre site. 'Within the industry, no one is immune to what the market is imposing on any of us right now,' Reed Moulds, managing director for Sand Hill, told San José Spotlight. 'The pressure is coming on both ends, both in terms of costs, and declining values and the growth prospects are down. In order to continue to move forward, you need to make, in certain cases, drastic changes.'"

The Waterloo Record in Canada. "Two Kitchener developers owed more than $100 million but had less than $300 in their bank account when they lost control of their unfinished, 15-storey condominium tower on Weber Street East, a new report says. The report provides more detail around the financial meltdown of the Elevate housing project, before lenders persuaded a court to order the project into receivership in October. Receivership assigns control to a court appointee who can sell assets to pay outstanding debt. Development partners Werner Leuschner and Kamal Patel pre-sold all 177 units in the unfinished tower plus 325 units in other proposed towers before they ran out of money, court documents indicate."

"The developers have not responded to interview requests left with people at addresses listed as their residences. 'I'm not the spokesperson for that project,' a man said Tuesday, shutting the door on a reporter who asked if he is Patel. Condo buyers in the first tower agreed to pay an average of $470,000, according to a list of buyers and prices. Down payments averaged $92,000. The receiver has hired a Toronto company to protect the unfinished tower from weather damage. The stalled project owes more than $100 million, mostly to lenders but also to tradespeople who say they went unpaid, the new report says."

The Globe and Mail. "Westbank Corp., a prominent Canadian developer known for its ambitious architecture, is facing problems at several projects in Toronto and Seattle with contractors claiming millions of dollars in unpaid bills. The number of lawsuits and liens has been piling up over the past year – a particularly difficult period for the industry as borrowing costs and construction expenses soar. More than two dozen construction and trade businesses have been fighting with Westbank over unpaid bills. The allegations have not been proven in court. Craig Macklin, president of Lumbermens Credit Group Ltd., which provides credit risk intelligence for the construction industry, said that while he can’t speak directly to Westbank’s financial position, late payments are becoming increasingly common in the development industry."

"'In this environment, the length of time it takes for someone to pay a vendor is being drawn out,' he said. 'It’s the cascading effect of less credit and more expensive credit.' His point is simple: When sub-trades can’t pay their own bills, they can’t help finish delayed building projects. That is the case for Iris Window, the Seattle drapery supplier that is waiting to get paid by Westbank. Iris Window has struggled to make money on jobs that were contracted at a fixed price that was quickly overtaken by rising inflation and labour costs. Westbank’s King Toronto condominium project, for one, has been delayed again because its window-wall contractor, Integro Building Systems Inc., was declared bankrupt on Aug. 31."

From Bloomberg on the UK. "Two of London’s priciest mansions, on the market for a combined £475 million ($602 million), are struggling to sell as high interest rates and a tough tax environment curb investment. Hui Ka Yan, founder of embattled real estate firm China Evergrande Group, almost sold his Rutland Gate mansion this year for about £200 million — £25 million below asking price, according to a person familiar with the matter. The Knightsbridge property, which holds the distinction of being London’s priciest home, was under offer from a Middle Eastern buyer before negotiations broke down. The Chinese tycoon had two luxury houses in Hong Kong seized by creditors last month as a debt crisis at Evergrande continues to erode his wealth."

"A one-hour walk from Rutland Gate, through Hyde Park and the affluent Marylebone district, leads to The Holme, a 40-room mansion in Regent’s Park. The property was formerly owned by the Saudi royal family but is now in receivership following a lapse of a loan. Despite dozens of visits from prospective buyers this year, the sellers have yet to receive an offer close enough to the £250 million asking price, according to the person familiar. On a summer tour of a dozen properties across Knightsbridge and Kensington with a client searching for a home valued up to £15 million, four of the sellers were prepared to break even or accept a loss, according to Jo Eccles, managing director at buying agent Eccord. 'This can be a bitter pill to swallow,' she said."

ABC News in Australia. "Hundreds of residents of a Gold Coast high-rise have been told to find somewhere else to live weeks before Christmas after an electrical fault caused the entire building to lose power. All 219 units in the tower have been without power for more than two weeks. The 35-floor tower, which is opposite the Star Casino on the Gold Coast Highway, was said to cost $150 million when it opened in early 2018. A 30-night stay in a two-bedroom apartment at a nearby hotel costs up to $20,000, according to booking websites. A resident who had lived in two apartments in the building said he had been forced to lease a unit in a neighbouring apartment complex. 'It's a joke,' he said. 'I am going to give them a bill for whatever accommodation I'm up for and if they don't want to pay it I will get a lawyer.' The man said residents were warned not to speak to the media because it would adversely effect the value of their property."

Stuff New Zealand. "Buyers waiting for the return of their deposit from a stalled housing development have had the company put into liquidation. Marc and Christy Tan-Pipe put down a deposit of $175,000 in 2021 for a home in the Red Hills area of Massey, which was meant to be one of more than 100 affordable homes developed on the site by Reed Myers. But Marc Tan-Pipe said as the years went by and there was no progress, they changed their minds. When the sunset clause date passed on December 30 last year, they informed the developer they wanted to pull out. The contract allowed for them to receive their deposit back immediately but this did not happen."

"'As far as I’m aware it’s still a truck yard,' Tan-Pipe said. 'All the other buyers in our Facebook chat say there’s been no development. As far as I’m aware nothing is happening, it’s a mess right now.' Tan-Pipe said he was waiting for the first liquidator’s report on the two companies. 'We've got a baby on the way so that money would be really handy right now.'"