We Are Still Doing The Wile E. Coyote Thing Where We’re Walking On Air And Holding Up A ‘Help Me’ Sign
A report from Fox 13. "Some real estate experts worry the market could be seeing a troubling trend of Canadians who have homes in Florida selling their properties. Vincent Arcuri, a realtor who owns Real Brokerage in Tampa, believes most families will be patient but explained why the news is worrisome. 'To alienate that group of people would have a huge negative impact. Especially with it being the last thing Florida needs right now after the hurricanes and the insurance crisis, is to have a large group like that deciding to put their properties on the market in an already flooded market,' Arcuri said. Arcuri added that most Canadians in Florida own condominiums, and he believes selling now would be short-sighted. 'Because you've got an overabundance [of condos], there's more inventory now than there's been in the last 25 years,' Arcuri said."
KUSA in Colorado. "The Denver Metro Association of Realtors reports new-build inventory at a 15-year peak, with builders offering incentives to clear standing stock. 'Homebuilders are anxious to negotiate — this is a chance to pick up a deal,' said real estate expert Lane Lyon."
Texas Standard. "The Texas Real Estate Research Center at Texas A&M University says that 'conditions have shifted in favor of homebuyers.' Yanling Mayer, a housing economist at the research center, joined the Standard with a look at the market. Q: I was reading the other day that there had been something like a house buyer strike across the nation because people just could not deal with the interest rates, and that was forcing sellers to slash prices on resales. Has that started to ease up just a bit? A: We have not seen that. What we are seeing is we are still seeing a lot of price discounts, more than one in two homes. I think the actual number is actually higher, since I don’t have the number right in front of me. There are just so many price discounts in home sales.'"
"Q: These are broadly considered, I think, more secondary markets compared to, say, Dallas and Austin certainly and Houston, San Antonio. I would guess, what, because prices are better in those secondary markets? A: That is correct, because we are seeing a lot of price markdowns in the secondary market, but we are seeing the same trend in the new homes market as well. In College Station, not so much when you look at the new home sales. But yes, it’s broadly consistent because homes are selling slower. So, you are seeing discounts in existing home sales as well as in your home sales.'"
Center Square on Illinois. "The city of Chicago is selling empty lots for $1 while spending more than $800,000 per unit on affordable housing. Chicago Department of Planning and Development Commissioner Ciere Boatright said the total value of the 405 lots placed on sale last week is $26 million, with some properties available from the city for a dollar. Boatright said it is important for the city to get the vacant lots back on the tax rolls. 'Most of the properties were acquired by default, often by demo and tax liens, sometimes decades ago,' Boatright said. Mayor Brandon Johnson touted his development plans with Boatright and other city officials at the formal opening of Auburn Gresham Apartments, an affordable housing complex on the city’s South Side. The $47 million project includes 58 units, placing the per-unit taxpayer cost at $810,345."
Los Angeles Times in California. "Bill Essayli, the newly appointed U.S. attorney for Los Angeles and surrounding areas, on Tuesday announced the formation of a criminal task force to investigate potential fraud and corruption involving local homelessness funds, saying there will be arrests if federal laws have been broken. The U.S. Attorney's Office in L.A. took particular aim at Los Angeles County in a news release announcing the task force, citing millions of dollars in federal funds that have been allocated to address homelessness and a recent court-ordered audit that found major flaws in homeless services. Essayli weighed in regularly on the issue of homelessness when he was a state legislator, referring derisively to what he called the 'homeless industrial complex.' 'We have already spent $23 billion on homelessness and there’s nothing to show for it,' he said on X at the time. 'The money is going to build overpriced apartments and to enrich politically connected 'non-profits.'"
Mission Local in California. "How rough is the state of San Francisco’s bereft downtown? Rough enough that the city’s longtime chief economist deploys a metaphor not from the academic canon but, rather, the chaotic realm of Warner Bros. cartoons. 'Right now we are still doing the Wile E. Coyote thing where we’re walking on air and holding up a ‘help me’ sign,' says Ted Egan. 'The laws of physics haven’t yet kicked in. Or, in this case, the laws of economics. But they are called ‘laws’ for a reason.' Desperate and/or intransigent building owners or operators unable or unwilling to offer market-realistic rents are going to eventually bite the bullet, go into foreclosure or otherwise come to real-estate Jesus."
Cincinnati Business Courier in Ohio. "Four out-of-state real estate investors have been sentenced in an extensive, multiyear conspiracy to fraudulently obtain multimillion-dollar loans on commercial and multifamily properties, including a long-standing apartment complex in Cincinnati. Moshe 'Mark' Silber, 34, of New York, and Fredrick Schulman, 72, of New York, were sentenced for their respective roles in a conspiracy to commit wire fraud affecting a financial institution. Silber was sentenced to 30 months in prison, while Schulman was sentenced to 12 months and a day in prison, to be followed by nine months of home confinement."
CBC News in Canada. "Hitender Sharma was driving from Toronto to Windsor last month when he got a phone call from a private investigator that made him turn his car around. The investigator told Sharma his holding company had been hijacked by fraudsters looking to gain access to the mortgage-free commercial property Sharma's company owns in Mississauga. Their aim? To cash in on millions of dollars in equity by financing or selling the land. 'It was shocking,' said Sharma. 'We have all the investment here, [the property] is worth more than maybe $12 million and this will disappear.' It turns out, his company wasn't the only target. 'I've talked to a number of lawyers and various law firms, and people involved in the real estate and the corporate field, and many of them told me that it is so easy to get a corporate PIN,' said King. 'To them, it's almost laughable.'"
Vancouver Sun in Canada. "The economic uncertainty from the U.S.-Canada trade war has scuttled any hopes of a modest recovery in Metro Vancouver’s presale condo market. While smaller projects — those with 100 units or fewer — are more likely to qualify for financing and go ahead, larger projects will face a more difficult time. Many units in larger projects have already been on the presale market for six months, which is half the time that lenders generally allow for marketing a presale development project. New regulations introduced in February allow a developer to apply to extend this window from 12 to 18 months, but it will still be tough to sell enough units to qualify for financing when buyers are worried about the economic outlook and job security."
"'I think projects just won’t start and people will get their deposits back,' said Evan Allegretto, president at Intracorp Homes. 'And maybe one of four projects will be successful because people that are wanting to buy will accumulate to the project that is most likely to start.' 'The challenging part of the market is that the demand typically coming from the presale investor is not as prevalent as has been in the past. One silver lining is that it helps ensure that the marketplace is not oversupplied, said Jon Bennest, vice-president of product development at Zonda Urban."
ABC News in Australia. "On the top of a hill in Victoria's south-east, Christine Hirchfield's roof is lined with new solar panels, facing the afternoon sun. The panels have been there for a year, but they're yet to produce a single kilowatt of electricity for the 73-year-old pensioner. Unconnected to the grid, they're at the centre of a dispute that began with a Facebook ad, followed by a home visit from a salesman from GC Perfect Solar. 'I am kicking myself that I was stupid enough to ever open that front door, but I was anticipating cheaper power bills,' Ms Hirchfield said."
"She claims the sales rep promised a great deal — which would see solar panels installed, an interest-free payment plan within her budget and a free battery down the track, as well as a generous 15-cent feed-in tariff for every kilowatt sent back into the grid. But after the solar panels were installed, she realised it wasn't what she thought. The contract with the finance provider Brighte had her paying $95.77 a fortnight, plus fees, well outside her budget. 'I thought, no, no, no, no, no,' she said. The Australian Competition and Consumer Commission (ACCC) has now made the first-ever designated complaint, calling for 'harmful' unsolicited selling to be banned under consumer law. The complaint says at its worst this leaves people 'trapped' and 'rapidly falling deeper into financial hardship' leaving them exposed to being chased by debt collectors, court action and bankruptcy."
The Independent. "A man took to social media to vent about a big mistake he made when buying his HDB flat — its sun-facing orientation. In a recent post on the r/askSingapore Reddit forum, he talked about his regret, saying that his flat basically turns into an oven from noon onwards, making it super uncomfortable to even hang out in the living room. 'Me and my wife were sold by the view of the unit. When we were at the viewing. Aircon is on as usual. However, after purchasing and signing the OTP. I realised it has the western sun!!!' he exclaimed. 'Now every afternoon between 4 p.m. to 6 p.m. We are BBQ-ed. To the extent that I even got a heat rash in my living room while playing a game.' Still, despite the sweltering afternoons, the man said he and his wife 'love the flat' because everything else is perfect, and that they 'can live with this one regret.'"
"Curious if others have had similar experiences, he asked the Reddit community, 'What were your regrets after purchasing your humble abode?' One Redditor said, 'I bought a resale condo. It was an older unit so didn’t realise it would have water leakage issues, and because the second floor had to fight off a rat infestation, killed 12+ rats over the span of a month.' Another commented, 'Resale condo. When I viewed it, it was always in the afternoon. When I moved in, I realized I lived opposite a disco and a KTV. Fighting, loud music, and KTV girls are always nearby. Upside, if I call the police, they appear within 2 minutes. (Yes, I timed them).' A third shared, 'Noise. All windows and bedrooms in the apartment are facing a big main road four lanes in each direction. Noisy in the day, and night when vehicles like to zoom down at high speed.'"