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Sellers Tend To Wake Up At Around 6 Months And Consider A Price Reduction After They’ve Already Languished On The Market

A report from Malibu Magazine in California. “Tom Clements, a Sotheby’s agent with 35 years of experience in sales and investments. ‘The 2019 statistics have been daunting. The number of sales from the first 6 months of 2019 were down 50% from 2018! The dollar sales volume through November of this year is down 40% from a year ago. $892,173,444 through November, 2018 to only $622,717,595 for 2019. As you can see we have a long way back. Currently there are 180 single family homes on the market in Malibu, both the beach and landside. And only 15 homes currently In Escrow with an Accepted Offer.'”

“Shen Schulz, is Sotheby’s Malibu’s #1 broker, with over $1 billion in sales. ‘It takes four to six months [to sell], sometimes up to a year out here. Sellers should be price conscious to adjust their prices sooner than later. Within six weeks consider a price reduction. Every other part of Los Angeles does that. Sellers in Malibu tend to wake up at around 6 months and consider a price reduction after they’ve already languished on the market. Buyers that come from other areas looking into Malibu, when a home’s been on the market for 6 months, which is the average time out here, they don’t know that; they wonder what’s wrong with the house. So it’s better to adjust their price sooner than later and I recommend doing that in the first six to eight weeks.'”

The Kern Valley Sun in California. “Issues surrounding fire insurance plans and their policies provided under the California FAIR Plan, and other insurance agencies, are becoming complicated for many residents of California who are considered to be in at-risk areas where wildfires are prone to create devastating loss. Essentially, this is a risk insurers do not want to take and little can be done to prevent the rise in rates attributed to the premiums. Many Californians, especially those of us who rent and own in the Kern River Valley, are deciding to opt-out of living in the area where wildfires are prone.”

“Many people are selling their properties cheap or deciding not to purchase homes in the KRV.”

The Dallas Morning News in Texas. “Builders are putting the squeeze on new homes to lower costs. The average new home size across the country is declining in response to higher house price tags and more buyers wanting to downsize. But the typical new home still has plenty of room at about 2,500 square feet last year. ‘It peaked at 2,689 square feet in the 2016,’ said Rose Quint, a top researcher for the National Association of Home Builders. ‘In the last four years, we have seen the average size of new homes decline every year. It’s the smallest house size we have put in the ground since the year 2011 in this country.'”

“Homes being built in the U.S. are about the same size as what builders were providing before the Great Recession. But the price tags are much higher. In 2005, the median price of new houses in Dallas-Fort Worth was about $176,000. Now a midpriced single-family home in the area costs around $350,000. With similar price increases in most states, builders are worried that they are pricing buyers out of many markets. So builders are trimming sizes and reducing frills to rein in costs.”

“In 2019, the average new home sold in North Texas was 2,774 square feet, according to housing analyst Metrostudy Inc. D-FW home sizes have fallen from the record 2,910 square feet average set in 2015. One way for builders hold down costs is to downsize the number of bedrooms. Less than 45% of homes built nationally in 2019 had four or more bedrooms, according to the National Association of Home Builders’ latest studies. ‘It’s been edging down in the years’ since the recession, Quint said. ‘It’s the smallest share since the year 2012.'”

“Consumers are also doing their part, turning their noses up at over-the-top home features. You’ll find fewer of those grand two-story entries and family rooms in new houses. ‘A lot of consumers consider those high spaces difficult to heat and cool, so builders are shying away from them,’ Quint said.”

The Wall Street Journal on Texas. “A group of Texas businessmen that launched a $1 billion plan to redevelop the Plano, Texas, headquarters of J.C. Penney Co. say they have been tripped up by the reluctance of lenders to get involved with a project that depends heavily on the health of the struggling retailer. The group led by Sam Ware and Jeffrey Blakeley bought the 1.8 million-square-foot building and about 45 acres of land from J.C. Penney three years ago in a deal valued at $453 million, including planned upgrades. Its strategy was to improve the sprawling building and add over $500 million of new retail, housing and hotel development. J.C. Penney agreed to continue to occupy and pay rent on two-thirds of the building until 2032.”

“Now the project, named the Campus at Legacy West, is running into trouble refinancing $384 million of debt because prospective lenders are concerned about J.C. Penney’s future. Mr. Ware predicted that his group would be able to refinance the debt and that the project would be a success. ‘We’ve got a spectacular asset,’ he said. ‘Anybody on this planet would love to own it.'”

The Bozeman Daily Chronicle in Montana. “Pleased to see that Andy Holloran continues his quest to address Bozeman’s shortage of $1.7 million apartments. Holloran says he has learned ‘what the buyers like’ and ‘is responding to what people are looking for in downtown.’ Obviously Holloran believes that others will help address ‘a shortage of housing and affordability’ while he specializes in providing ‘the next kind of generation of downtown living.'”

From Westchester Magazine in New York. “What does the eye-catching landscape of the Yonkers riverfront have in common with the top of a hill that overlooks the city of Peekskill? What about the sprawling downtowns of New Rochelle and White Plains and a former movie theater in Harrison? If you’re a developer, these are each prime locations to capitalize on one of the biggest trends in Westchester’s real estate market: amenity-laden apartment complexes.”

“In 2017, the City of Yonkers approved development projects comprising more than 3,000 apartment units, up from 2,800 in 2016. White Plains in 2018 gave the green light to almost 1,700 units over the course of the year. That same figure topped 2,500 in New Rochelle. Some developers estimate there could be as many 10,000 apartment units in various stages of development across the county.”

“But with the influx of rental units, both established complexes and those in the pipeline, it begs the question: Is the market nearing a point of oversaturation? ‘A lot of people say you must be concerned about competition, but absolutely not,’ AvalonBay’s Matthew Whalen says. ‘I think it’s great, and I think that there’s room for all of us.’ ‘Right now, I don’t think we’re even close,’ adds Randy Salvatore, CEO of RMS Companies. ‘I think we have a long way to go.’ Bridget Gibbons, director of economic development for Westchester County agrees. ‘The issue was that there weren’t enough’ rental apartments previously, she says. ‘This is filling a need. It’s not over saturating the market by any means.'”

“After considering numerous large-scale development proposals, Mamaroneck put a construction moratorium in place in last year, effectively halting all new construction on residential buildings with three or more units.”

The Oregonian. “After a decade of rising apartment rents and competition-crushing low vacancies in Portland, the pendulum has swung slightly in favor of tenants. New units flooding the market come with offers of up to eight weeks of free rent plus a $1,000 move-in gift card and other incentives like a $99 deposit with no lease length.”

“These price-lowering concessions are matching rents typical of older, upper-end apartments and putting pressure on owners of neighboring multifamily housing, according to Patrick O. Barry, an apartment appraisal specialist with Portland-based Barry & Associates. ‘It’s not too hard to pack up a one bedroom and move across the street to save $200,’ he said.”

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This Post Has 115 Comments

  1. ‘Within six weeks consider a price reduction. Every other part of Los Angeles does that’

    Eat yer crowz Thornberg.

    1. The memo hasn’t gone out in San Diego yet. Three different people I know recently told me they want to quit their jobs and become real estate investors. One of them just bought a tear down with 10% down to flip. Anything in the county that’s not already reno’d has investors crawling all over it. This bubble is made out of some new space age surfactant chemistry. It’s gotten so big and inflated so long it’s redefined the phenomenon.

        1. Financial steroids = quantitative easing, not-quantitative easing, Yellen Bux not yet washed out to sea, etc.

  3. ‘Homes being built in the U.S. are about the same size as what builders were providing before the Great Recession. But the price tags are much higher. In 2005, the median price of new houses in Dallas-Fort Worth was about $176,000. Now a midpriced single-family home in the area costs around $350,000’

    But there’s no bubble here…

    ‘With similar price increases in most states, builders are worried that they are pricing buyers out of many markets. So builders are trimming sizes and reducing frills to rein in costs’

    Yeah, and they’ll fook their recent customers for years. Seen this movie before.

    1. Why ‘new’ costs so much
      The three Ls: labor, low inventory and lending

      Wed, 09/28/2016

      ‘it is no wonder that our lots are getting smaller and more expensive as the disconnect between “new” and “pre-owned” continues to widen. Nationally, the gap between the new and existing homes since 2012 is now $72,100 compared to just $20,000 between 1990 and 2008.’

      ‘No wonder new homebuyers are faced with sticker shock.’

      https://www.alaskajournal.com/2016-09-28/why-new-costs-so-much#.V-xYLclTRL8

      1. The number of houses being built in my little burg is much smaller in Bubble 2.0 than in 1.0; but the price per square foot is much higher. Prices as high as $200 per square foot vs 90-100 ten years ago. And from what I’m seeing those new houses aren’t selling all that quickly.

  4. ‘We’ve got a spectacular asset…Anybody on this planet would love to own it.’

    Why did you stop making payments Sam?

  5. ‘Many Californians, especially those of us who rent and own in the Kern River Valley, are deciding to opt-out of living in the area where wildfires are prone. Many people are selling their properties cheap’

    Jumpin’ Jehoshaphat, don’t you people realize that all you have to do is scratch that dirt driveway and there’s GOLD! under that Ranchero?

    1. Yep.

      Unable to get fire insurance, no mortgage company is going to lend the dineros to buy these houses.

      The only alternative is to sell cheap to all cash buyers who don’t need a mortgage.

      Personally, as an engineer, I would consider it a challenge to build a house there. Thick concrete wall, metal roof, metal roof rafters, triple layered windows, built in roof sprinklers, etc.

      I would probably look forward to fires to see if my design would work…

      🙂

      2. “…as an engineer, I would consider it a challenge to build a house there. Thick concrete wall, metal roof, metal roof rafters, triple layered windows, built in roof sprinklers, etc…”

        Of course, such a design would have some pluses. It could double as an Armageddon bomb shelter, missile launch site, security vault. Might even attract some of the ‘looking for that special weekend’ Airbnb crowd.

        More seriously, there is an interesting building technique called “rammed earth”. My research shows some homes that are pretty darn nice. Downside is that you need a really large lot to accommodate the really thick (3-4 feet not uncommon) walls. Not exactly inexpensive to build, either.

    2. ‘The valley was inhabited for millennia by the indigenous Tübatulabal and Kawaiisu people, and various bedrock mortar and pictograph sites can be found throughout the region. Their first recorded contact with European settlers was in May, 1834, when Joseph R. Walker scouted a mountain pass through the valley. He would return along the same route in December, 1845 as part of John C. Frémont’s third expedition, this time with cartographer and artist Edward Kern. While exploring the valley, Kern camped at the fork of a river, once nearly drowning in its swift waters. In return for Kern’s service to the expedition, Frémont named it the Kern River.’

      ‘Gold was discovered near the valley in 1853, leading to the Kern River Gold Rush and the founding of Keyesville. On April 9, 1863, U.S. Army cavalry along with local settlers captured and executed 35 Tübatulabal and Kawaiisu men in what became known as the Keyesville massacre.’

      https://en.wikipedia.org/wiki/Kern_River_Valley

        1. Liars and viruses and beers…Oh my!

          Living
          No, coronavirus isn’t linked to Corona beer, can’t be cured with bleach
          By Hannah Sparks
          January 29, 2020 | 12:26pm | Updated
          — Papua New Guinea bans visitors from Asia amid coronavirus outbreak
          — Americans stuck in Wuhan say city is like ‘Twilight Zone’ episode
          — Chinese retailers fined for hiking face mask prices amid coronavirus outbreak
          — UNICEF sends six tonnes of masks, suits to China to help fight coronavirus

          Despite the catchy name, no, coronavirus has nothing to do with Corona beer.
          …

      2. A proud and noble band, several Kawaiisu pictographs have been translated by modern anthropologists as “Realtors are liars.”

  7. Just a data point.

    My friend just rented a nice place in the DC area.

    Negotiated the rent down about 10% and only a $100 security deposit.

    “New units flooding the market come with offers of up to eight weeks of free rent plus a $1,000 move-in gift card and other incentives like a $99 deposit with no lease length.”

      1. Not with thousands of new units coming online. I think we’re going to see a lot more tenant negotiations. That said, I don’t expect to see rent increases of more than, say 15% — yet. But if these developers can’t flip the complex or can’t rollover the loans, we might see fire sales.

          1. I’m sorry, I meant DECREASES. It was a MISTAKE. Let’s hope Ben and HBB don’t plague me with “eat crow oxide, you said 15% increase” posts for years to come.

  8. ‘Currently there are 180 single family homes on the market in Malibu, both the beach and landside. And only 15 homes currently In Escrow’

    And what’s the UHS days of inventory, 14?

    2. “…180 single family homes on the market in Malibu…”

      Wow, what a shortage!

      And the REIC has been telling us for years that Malibu price increases were unstoppable, because everyone in Malibu is a giga-rich movie or tech entrepreneur, and of course, the ‘everyones’ want to live there.

      1. Malibu was burned out and I doubt all the homes will be re-built.

        Old homes that have to be re-built up to new code is just too expensive for many old timers living there.

  9. in Portland, the pendulum has swung slightly in favor of tenants. New units flooding the market come with offers of up to eight weeks of free rent plus a $1,000 move-in gift card and other incentives like a $99 deposit with no lease length

    Are those in the Antifa controlled parts of town?

  10. Homes being built in the U.S. are about the same size as what builders were providing before the Great Recession.

    What I have noticed locally is that the new houses are actually smaller. Last time 3000+ sqft were common, now they appear to be the exception, and the new shacks are 2000 or less.

    Most of the new development this time is close to the interstate, to appeal to the “drive till you qualify” crowd from Denver, though at those prices I don’t think they’re saving a whole lot.

    1. I’m working in Brighton this week (north of 76/470), you couldn’t pay me to live out here.

      Drove south of here earlier this week to Aurora, via Buckley and Tower Roads, lots of new homes in the shadow of the landfill for sale for low to high 300s.

      Note that on undeveloped land this far east, there are no trees. None, zero, unless they’re growing from a riverbed.

      1. There used to be a road course track out there called “Second Creek”. Spent a lot of time there during a good time in my life. I still have dreams about running a hot lap on it once in a while. They bulldozed it to make some of those houses just off Tower by the dump. Seems like a track makes more sense there. It’s already noisy due to the airport anyway and who wants to live next to a dump?

      2. I’m working in Brighton this week (north of 76/470), you couldn’t pay me to live out here.

        Drove through there last year. What a soulless place. Almost as bad as those houses near the landfill by DIA.

    2. I am guessing you are in the springs also? Lots of new development in the Northern Springs and the prices are insane. A friend just 550K on a place in Briargate. I asked him why a 62 y/o single guy needed to spend so much and his answer was “I am gonna get 10% a year return on my investment”

      Ok Boomer

  11. ‘The owner of MoviePass, which promised theater-goers unlimited admission for $9.95 a month, collapsed into bankruptcy and said it will liquidate. The chaos that often surrounded the defunct subscription service followed it into bankruptcy court, with papers filed by parent Helios & Matheson Analytics Inc. in Manhattan giving wildly conflicting figures about what it owns and owes. A separate regulatory filing showed the interim chief executive, interim chief financial officer and its remaining board members have all quit.’

    ‘On top of that, the company is facing probes by the Federal Trade Commission, the U.S. Securities and Exchange Commission, New York’s attorney general and four California district attorneys, the bankruptcy petition shows.’

    ‘MoviePass was a subscription service that let theater-goers see a different film every day for a monthly fee. But skepticism abounded about how the cash-burning business model could be sustained, and as money ran short, frustrated customers were turned away by theaters.’

    ‘Interim Chief Executive Officer Parthasarathy Krishnan and interim Chief Financial Officer Robert Damon resigned, the company said. The shares have been effectively wiped out.’

    https://finance.yahoo.com/news/moviepass-owner-collapses-bankruptcy-plan-160404881.html

    1. This is from about 6 months ago …

      MoviePass reportedly changed account passwords to prevent users from seeing films – The Verge
      https://www.theverge.com/2019/8/9/20799145/moviepass-subscriber-passwords-accounts-limit-change-films-tactics

      (snip)

      “Struggling theater subscription service MoviePass reportedly resorted to extreme tactics to prevent users from taking advantage of core features, according to a new report from Business Insider. In particular, the report highlights a strategy the company used to keep users from bankrupting it, by changing account passwords to prevent ticket purchases that might cost it money it didn’t have.”

      😁

    1. This seems like a more than reasonable break for the star gawker. Ordinarily you would need a camping permit to stay in the park after dark, with a nightly fee. If I get this correctly, for $35, you can enter the park after dark all year long without paying the camping fees.

      1. Don’t know. The name of the permit certainly invites ridicule. If it’s an after hours permit, they should have called it that.

        1. I suspect that star gazing only happens after hours, but so do some other things, which are not automatically permitted.

    2. That was great. Loved how they ignored her at the end but accepted her invitation to leave.
      “It’s over.”

    1. They are always careful to use the word “confirmed”. 6k “confirmed” is correct. No matter how many infections there actually are.

    2. Q: What happens when China’s economy seizes up?

      A: We’re about to find out.

      Coronavirus Destroying China’s Global Supply Chains

      ‘The coronavirus outbreak in China is disrupting global supply chains because no one will travel for business, according to China Law Blog, a website that caters to elite attorneys involved in cross-border business and run by international law firm Harris Bricken.’

      ‘According to China Law Blog editor Dan Harris, “the coronavirus is impacting pretty much everyone in China.” Getting to international airports is difficult and whole cities in China are closed off.’

      ‘Scores of people have been infected by the coronavirus, or Wuhan pneumonia, but China Law Blog states that nobody believes the official numbers “because virtually nobody trusts the veracity of the Chinese government.” Hospitals that have run out of coronavirus testing kits are labeling new “deaths as pneumonia or other sicknesses.” A Yale epidemiological study predicts 190,000 infections in Wuhan alone by Feb. 4.’

      ‘The Financial Times reported that several big companies near Shanghai like Foxconn, Johnson & Johnson, and Samsung Electronics have been ordered to shut down temporarily. To put on a more positive face, many cities are prolonging the current holiday by a week.

      ‘China Law Blog reports that huge numbers of Chinese factories across the nation are effectively already closed because employees “do not want to work cheek by jowl with 3,450 other people, some of whom might be spreading the coronavirus.” Even those factories that remain open are reporting dramatic increases in quality control failures.’

      ‘Massive Chinese layoffs and furloughs without pay are accelerating as inventories of raw material and subassembly are consumed. Most coastal factory workers are part of the 150 million rural migrants that as “temporary” workers cannot claim unemployment benefits under the system of hukou permanent residence permits. They can return to the farms, but rural villages rely on family remittances for about a third of their income.’

      https://www.theepochtimes.com/coronavirus-destroying-china-global-supply-chains_3218605.html

      2. It looks like the Wuhan virus will do something that the trade wars fails to accomplish. The big question is how will this affects Silicon Valley and all the tech companies. Earnings so far has been mixed. Apple is up 2% while Xilinx is taking a pounding and announced 7% layoff. I think it’s too early to say. My company assembled our products here in the US but I’m sure there are components we need made in China only.

      3. They can return to the farms, but rural villages rely on family remittances for about a third of their income.’

        That reminds me of another country.

        1. Fox Business
          Health Care
          Published 1 hour ago
          Coronavirus death toll rises to 170 in China with 7,711 confirmed cases
          — Dozens more deaths have been reported
          …

    3. “They also make you buy a permit if you want to dive into the water. It’s the ‘regional diving permit’ and it costs $80 for in-state residents and $125 for out-of-state. Want to run your metal detector over the dirt? Fork over $40, you peon, or end up in jail!”

      I like it. Perhaps I will have an ATM machine installed in the park.

  16. Veteran joyfully collapses after learning his old Rolex is worth up to $700K

    By Scott Stump
    Jan. 28, 2020, 12:56 PM EST / Source: TODAY

    Learning the value of his old Rolex watch swept this military veteran right off his feet.

    An Air Force veteran who went on “Antiques Roadshow” to have his 1971 Rolex Oyster Cosmograph appraised had his legs turn to jelly when he learned the watch he paid $345.97 for in 1974 is now worth up to $700,000 at auction.

    “You gotta be sh—-g me,” he says after getting back on his feet. “Unbelievable.”

    https://www.today.com/money/veteran-collapses-after-learning-old-rolex-worth-700k-t172637

  17. There is some kind of mental disorder that has spread that is no different than a virus in the USA. It’s a disorder of detatchment from reality.

    You have housing prices that exceed ability to pay, but that’s ok . Buying stuff you can’t afford is your God given right and the Government will back that faulty lending along with the fake prices doomed to fall.

    You have Presidential canidates proposing the Government paying over 100 trillion in benefits in a 10 year span of time whereby these nuts get to pick the winners and losers of what would be a massive uptick in taxes that would need to be collected.

    The candidates propose things like the Government should pay for childcare, healthcare for all including ilegals citizens, teachers should get a raise, gender change operations paid by government, school debt paid off, more Foreign aid to other countries, government paid housing, more food stamps, climate change measures that are a basic killing of our way of life, sex changes for illegals, and countless handouts that people history wise were responsible for earning themselves.

    Oh sure normal people would want bigger government with these corrupt Politicians picking the winners and losers. Hard to believe people in general would approve of that.

    The Framers of this Constitution and Government no doubt didn’t even perceive Communist theory because Karl Marx hadn’t even been born yet.

    To bad the Framers didn’t even have a perception of what was to come , or I’m sure they would of provided more protection against Communist takeover of this Government. I think it’s clear that the Framers would not of agreed with the Government picking winners and losers as well as taking over any industry I also think that a concept of equality that the Government is responsible for equal distribution of wealth would of been rejected as a bizarre idea. The Founders were very clear in the Constitution that they were giving equal right to the pursuit of happiness .

    When you start redefining what people’s rights are than you get into the Government mandating that everyone gets the same regardless of effort.

    Hell no it’s not the responsibility for the Government to pay for childcare. It would be discriminstion to anyone without a child for starters.

    But, there is a sickness In this Country of redefining rights that in the final analysis would lead to full blown Communist takeover.

    1. the Framers would not of agreed

      What we got from the Framers has to constantly be refined by fire. If you don’t keep the fire lit, it is lost to corrosion.

      1. Well, that makes no chemical sense whatsoever. Even economies collapsing under their own weight makes more sense (how much does an economy weigh?).

        1. that makes no chemical sense

          It’s a reference to the Bible and precious metals. Gold and silver are refined by fire. Fire removes the impurities.

          Ironically, it’s an oxidation thing. Chemistry.

        1. Aside from who might win the election, the fact that you even have Candidate talking like 4 year olds regarding free shit is offensive and dangerous.

          1. True. But almost all of them are doing it. And the only ones who aren’t are being tarred as Russian assets and stuffed down the memory hole or impeached. Might as well nominate the one who’s been consistent. In the meantime, I hope he loses the general for the exact reason you mention.

          2. the one who’s been consistent

            I’m sorry, but consistency is not a virtue. It may sit better with non-thinkers, but it is not a virtue.

      3. A necessary condition for a Sanders-style single payer health care program is an air tight border and deportation of millions of illegal aliens already here.

    3. America was founded (originally) by communists…they called themselves the pilgrims. Things didn’t work out, but the idea of communism isn’t new, and the Framers were well aware of the idea.

      1. I don’t think the Karl Marx version of Communist theory was perceived. Pilgrims living in communal situations was more for survival in new lands.

        Small groups most likely do resort to Communist behavior.

        1. It didn’t even last 1 year, as the pilgrims were almost wiped out. The young became very upset at having to toil all day to support the rest.

      2. Three of us who rode together used to listen to that song before games my senior year in high school back in 1978.

        The music and the chorus helped put you in the right state of mind for a game that used to be played without so many politically correct rules.

  20. Coronavirus leaves shops and restaurants deserted as Beijing becomes a ghost town

    ‘The expressions of the shop assistants at the Shin Kong Place mall were hard to tell from behind their face masks. But they could have been forgiven for feeling disconsolate yesterday. The Givenchy, Dior and Clarins cosmetics stands stretched into the distance on the ground floor of the arcade, one of Beijing’s fanciest, each with its smartly dressed young woman attendant — yet not a single customer could be seen.’

    ‘The streets outside the shopping centre were not much different. A mega-city of 20 million people has, not for the first time in recent years, taken on the air of a ghost town. Beijing was first emptied this way during the Sars crisis of 2003, when a sudden government admission that the extent of the virus had been covered up caused mass panic.’

    ‘This time, the shutdown has the aura of inevitability. Ever since he came to power in 2012, President Xi, the Chinese leader, has been determined to show that he is tougher and more in control than his recent predecessors, so the response to the virus has been all the more extreme.’

    ‘Even though the new coronavirus is less lethal than Sars, at least so far, measures have been taken — such as stopping inter-city bus and train services — that were not considered in 2003.’

    ‘Local communities in Beijing’s outskirts, each of which have authorised security guards as well as the police, have added checkpoints, fencing off whole villages and checking the identities of everyone coming in and out.’

    ‘Most people, however, have made their own decision to stay inside and sit out the crisis. Businesses and schools are closed, as are all forms of entertainment and all main tourist sites such as the Forbidden City, so there is little reason to step outside except to stock up on instant noodles, which have seen a run in the shops.’

    https://www.thetimes.co.uk/article/shops-and-restaurants-deserted-as-beijing-becomes-a-ghost-town-xhxwjvsrc

    1. Price History Date Event Price
      03 May, 2017
      Sold $1,339,000
      10 Jul, 2006 Sold
      $1,145,000
      29 Nov, 2005 Sold
      $1,080,500

      1. Bid History
        January 29 2020-19:46:57
        V*** V*** $1,397,500
        January 29 2020-19:45:30
        X*** L*** $1,391,500
        January 29 2020-19:45:14
        V*** V***$1,373,500
        January 29 2020-19:44:35
        X*** L***$1,367,500
        January 29 2020-19:43:56
        V*** V***$1,337,500
        January 29 2020-19:43:37
        X*** L***$1,331,500
        January 29 2020-19:43:04
        V*** V***$1,289,500
        January 29 2020-19:42:25
        X*** L***$1,283,500
        January 29 2020-19:16:34
        V*** V***$1,271,500
        January 29 2020-19:15:43
        V*** V***$1,259,500
        January 29 2020-19:12:23
        X*** L***$1,253,500
        January 29 2020-18:54:46
        V*** V***$1,199,500
        January 29 2020-18:49:24
        X*** L***$1,193,500
        January 29 2020-18:04:42
        V*** V***$1,187,500
        January 29 2020-17:19:51
        X*** L***$1,181,500
        January 29 2020-15:14:02
        T*** Y***$1,175,500
        January 29 2020-14:11:54
        J*** P***$1,169,500
        January 29 2020-14:06:36
        X*** L***$1,163,500
        January 29 2020-13:59:29
        J*** P***$1,157,500
        January 29 2020-13:53:19
        T*** Y***$1,151,500
        January 29 2020-13:51:00
        J*** P***$1,145,500
        January 29 2020-12:50:38
        T*** Y***$1,139,500
        January 29 2020-09:24:33
        J*** P***$1,133,500
        January 29 2020-03:15:06
        T*** N***$1,127,500
        January 29 2020-01:37:40
        J*** P***$1,120,000
        January 29 2020-01:27:31
        T*** Y***$1,112,500
        January 28 2020-19:32:30
        J*** P***$1,105,000
        January 28 2020-19:29:19
        T*** T***$1,090,000
        January 28 2020-18:40:06
        J*** P***$1,082,500
        January 28 2020-16:13:13
        T*** T***$1,075,000
        (Auto Bid)
        January 28 2020-18:39:55
        J*** P***$1,072,000
        January 28 2020-16:13:13
        T*** T***$1,067,000
        (Auto Bid)
        January 28 2020-18:39:42
        J*** P***$1,065,500
        January 28 2020-16:13:13
        T*** T***$1,064,000
        January 27 2020-16:04:58
        V*** V***$1,059,000
        January 27 2020-14:00:17
        L*** L***$1,054,000
        January 27 2020-01:21:26
        A*** C***$1,049,000
        January 27 2020-01:17:06
        A*** C***$1,040,000
        January 26 2020-14:36:21
        V*** V***$1,038,500
        January 25 2020-13:45:19
        J*** S***$1,037,000
        Total Bidder on this property: 9
        No Of bids: 40

        1. Under Review

          This auction has ended and the seller is reviewing the results. If the seller approves the bid terms, the buyer and seller will proceed with the contracting process. If the seller does not approve the terms or the transaction does not close, this property may be put up for auction again.

  23. Wow some fb just caught them a very sharp falling knife and gets to add another 70k “premium” to the 1.4m on a ran down squatter shack. They have to be feeling some major FB remorse on this ridiculous auction. The bank shouldnt have to out to much time “approving” handing over this one over. I am baffled this sold for this price, mabye a foreign purchase?

    1. Pardon all my typos… did some comp research nearby and they range 1m-1.5m with more square footage and all updated. Albeit all those are still over priced (one sold for $375k in 2019 mabye a family sale?) at least they were move in ready. That auction has me scratching my head of who would be stupid enough to buy this shack.

      1. Ok, now the news is claiming that the virus is mostly killing older people or people compromised by other health conditions .

    1. It goes without saying, but you can stick a fork in the idea of all-cash Chinese real estate investors continuing to inflate the North American West Coast property markets.

    2. The Financial Times
      Coronavirus
      Russia closes China land border to prevent spread of coronavirus
      — Outbreak wreaks havoc on global tech supply chain as infection rate continues to rise
      — People in protective clothes disinfect an area in Wuhan, China
      © Hector Retamal/AFP/Getty
      Henry Foy in Moscow, Christian Shepherd in Beijing, Kathrin Hille in Taipei and Mercedes Ruehl in Hong Kong 4 hours ago

      Russia has ordered the closure of its huge land border with China, as Moscow scrambles to prevent the deadly coronavirus infection spreading from its southern neighbour.

      There have been no confirmed cases of the respiratory illness in Russia but Vladimir Putin’s government is anxious to prevent the virus from crossing a land border that stretches for more than 4,000km. Moscow has already blocked Chinese tour groups from entering the country.

      The growing disruption to the world’s second-largest economy came as China said 170 people had died and nearly 7,800 cases had been confirmed worldwide. The number infected with the coronavirus was also set to overtake the worldwide total of those who contracted the similar Sars infection 17 years ago. Just over 8,000 people were infected in the Sars outbreak in 2003 that killed 774 people.
      …

    3. modern times

      I hear “modern times” and “modern history” used a lot lately. What time frame do these phrases represent?

  28. Are the numbers in this article correct? Because they indicate a full-on collapse of Chinese investment in U.S. commercial real estate…even before the coronavirus outbreak.

    Despite Temporary Trade Truce, Chinese Investors Aren’t Coming Back To U.S. CRE
    New York Capital Markets January 27, 2020 Miriam Hall, Bisnow New York While the Chinese government has had heavy restrictions on capital leaving the country in place for years, 2019 was the year the flow of investment from China to the U.S. reversed. Oceanwide Plaza development in Downtown Los Angeles Bisnow/Joseph Pimentel The Oceanwide Plaza megaproject in Downtown LA, being built by Chinese developer Oceanwide Holdings. Amid geopolitical tensions and Beijing’s unabated efforts to keep domestic capital within its borders, Chinese investors were net sellers in 2019 for the first time in a decade, selling $20.3B in assets last year, more than six times more than the $3.3B in real estate they sold in 2018, according to Real Capital Analytics data. Buyers from mainland China bought $585M worth of commercial real estate assets last year, per RCA data provided by Savills, down from the $6.6B they bought in 2018.
    …

    1. I brought this subject up with a self proclaimed “expert” aka UHS at an over priced open house this last weekend and the response was chinese investors do not buy SFRs which is why RE is booming, she said locally we have an influx of IPO / tech millionaires that will create multiple offer scenarios on anything that goes on the market. she said she guarantees 2020 forward will be low inventory With multiple over asking offers. Realtors sure are living the dream, or in one that is…

  29. Ma$$ human vector tran$portation mode$ … Inter$ect$ with … “Ju$t.in.time” global di$tribution dependabilitie$.

    More!, More!, More!, … Fa$ter!, Fa$ter!, Fa$ter!

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