A report from Realtor.com. "One of the best things about the Thanksgiving holiday is the incredible shopping opportunities, and this year even homes in some of the most desirable cities in the U.S. are seeing their prices slashed. We found five heavily discounted homes that have had price cuts of at least $100,000. But far from being backroad bargains, these properties are actually in some of the country’s most sought-after locations: America’s biggest cities. From a heavily discounted Manhattan marvel to a fabulous Phoenix abode, there’s a real estate steal to suit every taste this holiday season. 12014 Dermott Dr, Houston, TX. Price: $589,000. Recently reduced by $110,900: This brand-new build originally hit the market a few weeks ago for $699,900. 1220 Smithwood Dr, Los Angeles, CA. Price: $2,350,000. Recently reduced by $300,000: This multifamily residence originally hit the market a few weeks ago for $2,650,000."

The Palm Beach Post. "The condo market in Florida is set to shift dramatically and condo owners need to act quickly to ensure the tides don’t turn too far against them. For many older projects the increasing cost to repair and maintain are not justified by the market value of the units, which for many projects are decreasing. Florida condo owners, hear this bluntly: the window to sell has probably closed. Existing condo sales are down significantly when compared to last year and the median price of a condo over 30 years old has decreased. Even if buyers were looking for condos with sky-high COA fees (which they’re not), banks are going to be hard-pressed to consider lending on a building with such upside down economics as some of these units face. More sellers are coming to the market but buyers simply aren’t interested."

"Because of the value of the underlying land, in many cases, developers can actually offer unit owners significantly more than the market price of the unit. It’s time condo owners stop seeing themselves as property owners, and start seeing themselves for what they are: landowners. It’s do or die time for condo owners, who need to come together to stave off financial collapse. For many condo owners, united you stand and divided you fall — and the time to stand is now."

Silicon Valley in California. "Serenity at Larkspur is, in many ways, your standard luxury apartment complex. Perched on the golden hills of Marin County, it offers views of the San Francisco Bay and Mount Tamalpais. Residents have access to a long list of amenities. Rent isn't cheap. A one-bedroom goes for $3,004 — high but in line with the market. Except Serenity at Larkspur isn't supposed to be a market-rate apartment building. In 2019, it was acquired by Catalyst Housing, a developer that received a tax break from the city of Larkspur in return for what it described as affordable housing, setting rents at levels that low- and moderate-income renters could afford."

"The deal came together via an obscure government agency that Catalyst helped create, the California Community Housing Agency, also known as CalCHA, which issued tax-exempt municipal bonds on behalf of Catalyst to finance the $226.5 million deal. The city agreed to exempt Serenity from property taxes, about $2.4 million each year, and in return Catalyst converted the apartments into what it calls 'essential housing' — agreeing to cap rents at levels affordable to those making 80% to 120% of the area median income, or about $109,680 to $164,520 for a single person."

"Since 2019, private developers such as Catalyst have used CalCHA's bond-issuing powers to buy 13 luxury properties around the Bay Area and more in Southern California. Cities from Berkeley to Antioch enthusiastically signed on to the CalCHA program, forfeiting a collective $21 million in annual property taxes. But rental discounts have been minimal and sometimes nonexistent. A Bay Area News Group analysis of public CalCHA financial documents and rental data for market-rate properties found that nearly half of the CalCHA 'essential housing' units in the Bay Area charge higher per-square-foot rates than their market-rate counterparts."

"But the huge amounts of debt that facilitated these deals could be their undoing. Several CalCHA projects are in financial distress. As is common for municipal bond issuers, CalCHA stocked each project's reserves with issued money to meet the first few years of interest payments. A few years in, those reserves are dwindling, and some of the properties aren't generating enough rental income to cover their debt service. In recent months, Serenity at Larkspur, Annadel in Santa Rosa and Twin Creeks and Mira Vista Hills in Antioch all reported in public disclosures that they have less cash than what their investors required them to keep on hand. Public disclosures show that CalCHA and Catalyst are considering renovating some of Serenity's units so they can charge higher rent, then 'temporarily' opening up leasing to people making over 120% of area median income. Cities like Larkspur won't get any say in how those negotiations shake out."

The Detroit Free Press. "If General Motors and Dan Gilbert can’t secure the public funding they say they need to revamp the struggling Renaissance Center, the automaker says it’s prepared to demolish the five towers it owns and bear the full cost. By threatening to tear down the group of skyscrapers that includes Michigan’s tallest if taxpayer support doesn't come through, the developers are trying to force their vision on the public, said Detroit-based urbanist and University of Michigan architecture professor Craig Wilkins. Gilbert and GM are seeking $250 million in subsidies for their $1.6 billion plan to 'right-size' the 5.5-million-square-foot complex while adding public space and improving walkability between Detroit’s riverfront and downtown."

"Tearing down the five GM-owned towers would likely represent the largest voluntary skyscraper demolition in world history. Such demolitions are rare nationally — even more so if a building is structurally sound."

The Globe and Mail in Canada. "Fence sitters in the Toronto-area real estate market are in a fickle mood at the moment. It’s a peculiar state where aspiring buyers are holding off for lower borrowing costs or a better deal at the bargaining table at the same time they fear rival buyers may not show the same restraint. Near Avenue Road and Lawrence Avenue West, Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., sold a house on Deloraine Avenue in Bedford Park with multiple offers and a premium to the asking price. Another house on the same street, listed with a different agent, quickly sold after that. 'When a sale like that happens, it makes people think that maybe the market is about to take off again,' he says. 'A lot of buyers are like sheep – when they see other people doing things, they jump in.'"

"Mr. Kutyan listed a four-bedroom detached at 87A Bedford Park Ave. early this year with an asking price of $3,385,000. It sold conditionally in the summer for $2.75-million but the deal fell apart when the buyer got cold feet. After a series of reductions, the sellers agreed on Sept. 30 to an asking price of $2.749-million. The three-storey house sold on Oct. 11 for $2.707-million. 'I’ve been at it since March,' he says of the arduous process. Mr. Kutyan points out that market fundamentals are markedly different now from years past. 'Prices are flat. They’re not going anywhere and I don’t think they’re going anywhere any time soon.' In addition, Ontario and British Columbia show more stress than other provinces. In Ontario, mortgage delinquency rates have surpassed the province’s prepandemic level."

The Telegraph. "For more than 20 years, Britain’s property market soared. Average house prices have risen from £85,000 in 2000 to £291,000 today, a 242pc increase, according to the Office for National Statistics. But the party may be coming to an end. Wages have stagnated since the financial crisis, while property prices have soared. In 2009, the average property in England cost 6.4 times the average salary; today it costs 8.3 times more, according to the ONS. More sellers are reducing their asking prices, amid the increasing realisation that there is a gap between their valuations and what buyers are willing – or able – to pay. 'The days of buying for financial gain are gone, a fact people are struggling to come to terms with,' says Charlie Lamdin, who runs BestAgent, a network of estate agents."

Radio New Zealand. "A financial adviser has been ordered to pay clients $87,000 after helping them set up a 'deception plan' that meant they borrowed $100,000 more than they admitted to their lender. In early 2022, the couple wanted to buy an investment property. Their mortgage adviser approached a non-bank lender on their behalf, inquiring about a loan using the equity in their home. In March of that year, the couple had an offer accepted on a property for $796,000, subject to finance. The lender told the adviser it would approve the loan if the couple could show they had savings or cash of $100,000."

"They said the adviser told them to get a family member to sign a gift certificate saying he would gift them $100,000. The properly was settled in April. By October, the couple was having trouble paying the loan and told their adviser. Early this year, the two-year fixed period on the loan came to an end and their interest rate increased from 5.4 percent to 9 percent. 'With great regret, [the couple] decided they had no option but to sell the investment property,' FSCL said in its case note. 'To add to their stress, the value of the investment property had dropped with the market so, although they purchased it for $796,000, they were only able to sell it for $728,000.'"

"FSCL said it was fair that the couple and the adviser should bear half of the losses each. It said the couple lost $164,000 including loss in the value of the investment property, less 15 percent to account for market forces outside the adviser's control, the interest they paid and the losses from the cost of buying and selling the property such as a builder's report and real estate agent fees. FSCL said the adviser should pay $82,000 plus $5000 for non-financial losses."

The Daily Telegraph in Australia. "Sydney home prices have shown signs of peaking and are beginning to fall in some areas as buyer demand cools and increased listing volumes pressure sellers to drop their expectations. Economists told The Daily Telegraph the changed horizon for interest rates may be contributing to an increased sense of hesitancy from home seekers. And any sense of FOMO, or fear of missing out, would likely have evaporated after a surge in property listings over spring, which gave those buyers who were transacting much more choice. 'The market has turned on a dime,' said prominent auctioneer Chris Scerri. 'The best homes are still selling well but, with everything else, the price has to be right … some vendors are coming in too high and they’re struggling.'"