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The Climb-Down Isn’t Restricted To Landlords

A report from Our Windsor in Canada. “Toronto’s towering condo buildings have become almost as synonymous with the city as its red and white TTC streetcars. For the first time since a year over year dip following the financial downturn in late 2008 and early 2009, real estate experts say there is a softening in the condo sector. Realtors say the flood of condo listings can be linked to COVID-19. Immigration that was expected to grow the region by about 100,000 people a year has essentially stopped. Ian Serota of Right at Home Realty says he’s had some high-end condos sitting on the rental market for the last five months.”

“One near King St. and Spadina Ave. was originally offered at $2,800. It’s down to $2,550. Owner-occupied and smartly furnished, it has never been rented on the short-term market. ‘I can barely get a showing,’ he said.”

“Bosley Real Estate agent David Fleming cited a condo that recently leased for $2,100 a month. Last year, the unit rented for $2,400. The seller is fine with the lower rent because it’s a long-term investment. ‘You’d have to be a pretty poor investor to have to sell a unit because you’re getting $300 a month less,’ he said. ‘The other side of the coin is that you say, ‘I can’t afford $300 a month.’ Then you’re going to get $30,000 less for it than you might have in February.'”

The Shields Gazette in the UK. “Andrew McLean insists it is ‘sell, sell, sell’ – with top prices being hit and little room for buyers to negotiate downwards. But he warns the super-fast upturn may be a short-lived bubble – with potential Covid-related job losses a cloud on an otherwise sunny horizon. And he fears mortgage lenders may be starting to ask for higher deposits to safeguard themselves should negative equity strike amid a price slump.”

“Mr McLean, who has operated his business for 41 years, added: ‘I am also getting hints that some potential buyers have been asked for a larger deposit, with some even having their offer of a mortgage withdrawn. Lenders appear to be worried that house prices may drop and buyers will fall into negative equity, but if they don’t lend then people can’t buy. It’s a self-fulfilling prophecy.'”

The Mumbai Mirror in India. “Prashant Gandhi, who owns two flats in Ghatkopar and Borival said he’s already cut the amount by 20 per cent for prospective tenants. The climb-down isn’t restricted to landlords. Brokers—often accused of being ruthless in charging as much as a month’s rent as their service fee—are also willing to take lower ‘cuts’ just to ensure that deals don’t fall through.”

“It’s the change in the demeanour of property owners and brokers while house-hunting that took Jojo Jose by surprise. ‘I’ve lived in several rental homes, but never found owners this willing to negotiate on the rents. Some of them even called me back several times with offers lower than what they initially quoted. I’m going to make the most of this scenario as long as it lasts.'”

The Guardian Australia. “In city centres across Australia, where rents have kept rising for years, thousands of apartments lie vacant. Over the past 12 months rents have dropped 19.6% in the Sydney CBD and 17.5% in the Melbourne CBD, according to data from Suburbtrends. In Melbourne under stage four restrictions, where in-person inspections are banned but moving house is permitted, inner-city vacancies have skyrocketed. Vacancies rose 20% between July and August, and a huge 140% compared with August last year, according to data from Corelogic.”

“The apartment on Sydney’s Castlereagh St was a good find: on the corner of the park and surprisingly easy to get. The agent told Swetha, a 24-year-old account manager, that she had been approved the day after she applied, quicker than she was really ready for. In Sydney, Swetha’s new apartment was advertised in December at $890 a week. In July she and her housemate got it for $650.”

“‘There were tonnes of apartments that were available,’ she told Guardian Australia. ‘This apartment in particular is next to Hyde Park, two bedrooms, one bathroom, a car space. It’s a corner apartment with a full city view. It used to be an Airbnb. They were really keen to get long[-term] tenants. The place was vacant for months and months … The apartment block is still quite empty.'”

“Also in Melbourne, Sarah Hartree and her partner, William Sweet, negotiated a rent reduction in April when Sweet lost his job at the height of the pandemic’s first wave. His pay was cut by 80% before being made redundant later. Their real estate agency, Nelson Alexander in Fitzroy, approved a request for a 20% reduction for one month, with no need to pay it back. Since then Sweet has luckily found a new job and the pair have continued to see prices in the rental market dropping.”

“Renters in Sydney are also on the hunt for reductions. ‘Everyone I know is getting rent reductions – all my friends, my old house. They got a rent reduction,’ Swetha says. ‘Another friend of mine … was in Wolli Creek and his landlord wouldn’t reduce his rent, so he just moved out to an apartment in the same building three levels down.'”

This Post Has 54 Comments
  1. ‘It’s the change in the demeanour of property owners and brokers while house-hunting that took Jojo Jose by surprise…’I’m going to make the most of this scenario as long as it lasts’

    ‘Everyone I know is getting rent reductions – all my friends, my old house. They got a rent reduction…Another friend of mine … was in Wolli Creek and his landlord wouldn’t reduce his rent, so he just moved out to an apartment in the same building three levels down’

    That’s the spirit!

    1. The title to the last link:

      ‘Karma time for tenants as apartments lie vacant and rents plummet’

      Oh dear…

  2. ‘They were really keen to get long[-term] tenants. The place was vacant for months and months … The apartment block is still quite empty’

    Gosh, I hope these investors didn’t pay too much. An airbox is pretty cheap in Sydney right? Maybe 10 or 20 thousand Australian pesos?

  3. “One near King St. and Spadina Ave. was originally offered at $2,800. It’s down to $2,550. Owner-occupied and smartly furnished, it has never been rented on the short-term market. ‘I can barely get a showing,’ he said.”

    That’s cuz the rent is too damn high.

    1. prices and equivalent rent coming down is very hard for some owners. They think that they need XX$ to cover the expenses. So every $100/month lower actually hurts their pocket book directly (money going out).

      King & Spadina is an awesome location (in the pre-covid days). Imagine the drop in rental prices for some of the intersections that are not close to decent restaurants, clubs, parks etc.

  4. Vacancies rose 20% between July and August, and a huge 140% compared with August last year, according to data from Corelogic.”

    Is that a lot?

  5. They were really keen to get long[-term] tenants. The place was vacant for months and months … The apartment block is still quite empty.’”

    I sense a great disturbance in the force, as if millions of speculator dreams of effortless riches cried out in terror and were suddenly silenced.

  6. Sir, this is a Wendy’s.

    “I can’t afford $300 a month. Then you’re going to get $30,000 less for it than you might have in February.”

  7. Trump vows to sharply scale back US economic ties with China…I’ll believe it when it see it. He’s had a full four years to undo some of the damage the globalists and their political Quislings have done by off-shoring our manufacturing base to China, and hasn’t gone nearly far enough in leveling the playing field or bringing jobs back to America. The algos might have a knee jerk reaction, so the PPT better be priming the pump before the markets open.

    https://www.bloomberg.com/news/articles/2020-09-07/trump-vows-to-sharply-scale-back-u-s-economic-ties-with-china?srnd=premium&sref=5CqwjcI3

  8. Millions of “unsophisticated” Robinhood traders using their COVID relief checks to speculate on options are about to get nuked by the Wall Street-Federal Reserve Looting Syndicate. Sorry, boys, but playing in a rigged casino was never going to end well for the muppets.

  9. ‘I’ve noticed a really annoying trend in the San Francisco Bay Area of late, more specifically the last six years, and more intensely over the last four years (which happens to coincide with the election of Donald Trump as POTUS). It’s white folks telling black folks what racism is.’

    ‘In this post-George Floyd world, what anyone white must stop doing is discounting the complaints of someone black that they’re being racist. That white person must train themselves to ask one question of that black person: “How can I be better?” Then, they have to be prepared to listen.’

    ‘We can’t have a society where only white women can say that we should hear them. Everyone has to listen to each other. If I say something you did was racist, don’t tell me it wasn’t and don’t try and find someone else black to cover for you. Humble yourself and ask how you can be a better person toward me. Ask me what it is to be treated in a racist way. Then, take a seat, and say nothing: just listen.’

    https://oaklandnewsnow.com/oakland-berkeley-sf-bay-area-white-folks-must-stop-telling-black-folks-what-racism-is/oakland-news/08/09/2020/59998/

    1. Everyone has to listen to each other.

      No, we don’t. If you’re full of sh!t, I reserve the right to tell you to f**k off.

    2. IMHO, people that have chips on their shoulders see racism when it doesn’t exist.
      White people would treat another white the same way.
      In other words, whites tend to judge on character and white systems were merit based. So, it looks to me that they want to get rid of any analysis of personal responsibility.
      The World the Rioters would have would be the most unfair racist hell holds where they redistribute wealth by force and looting.
      They are going after regular people who are also the victims of the Big Money looting.
      So, the racism theme is just a front for the Commies to take over.
      To say to someone they are a racist and they don’t even know it is a evil way of making someone quilty without proof.
      People who have never had slaves are attacked by people who have never been slaves. STUPID.

        1. oxide,
          I’m not going to be judged by something that occurred in the past.

          The merit base system of advancement would be what MLK was preaching and that isn’t just a White idea.
          How else would you do it? Give lazy parasites the same as hard working people. This is why Communist Countries fail And, Big Government being in charge of distribution of production or wealth is Horror.
          It’s more the American way, than the White way to have merit based systems.
          Merit based, you have to earn your lot in life just makes more sense.
          Biden/Harris saying they are going to change the Fundmental fabric of America is attacking the Constitution in favor of wealth distribution.
          I would be more Impressed if they made laws that would stop the Big Money looting of this Country.
          It’s all class warfare rather than racism that is the core problem.

    3. “That white person must train themselves to ask one question of that black person: “How can I be better?”

      How about they sign their dumb woke privileged white @ss up to absorb some baton blows and pepper spray for the cause.

      Formation of ‘white shields’ developed around black protesters

      by Law Officer September 7, 2020

      ROCHESTER, N.Y. — Black Lives Matter activists marching in Rochester, N.Y., over the death of Daniel Prude are using race-based marching formations with white protesters forming a wall around black protesters.

      Similar tactics have previously developed during protests and riots in Portland and Louisville. Protesters in Rochester were seen forming their own variation last week as organizers screamed for “white shields” to form a protective circle around black protesters.

      The strategy is reportedly designed so that white people on the perimeter will subjected to force used by law enforcement if it occurs. The belief is that caucasians are less likely to receive force by police, Daily Wire reported.

      https://www.lawofficer.com/formation-of-white-shields-developed-around-black-protesters/

      Need you to be there at six for the white shield.

      Oh, was that tonight?

      Sorry I am giving my dog a bath tonight.

      https://youtu.be/une2JASM3Zw

    4. That white person must train themselves to ask one question of that black person: “How can I be better?” Then, they have to be prepared to listen.’

      Should I just sign over my savings and possessions over to them while I’m at it?

  10. The San Francisco Bay Area probably has the most diverse population of highly paid technology professionals than anywhere on the planet. It has become a place where having a STEM PhD is key to economic power and survival of the fittest. Playing the race card won’t gain much traction there.

      1. There was some video the other day of white BLM shouting that they protected black felons. I guess protecting white alleged felons like Kyle Rittenhouse would be R-ist.

    1. Heh, you should see the WaPo article on this. The female blogger who started these gender reveal parties blamed this incident on “toxic masculinity” of needing to set off a firework. As if the expectant mother had nothing to do with it. Or as if these parties are initiated by women to begin with.

      My guess is that the males are setting off the fireworks at these hen parties so that they don’t die of boredom. Still, it doesn’t excuse setting off a firework in a firetrap. Or throwing a party during an epidemic. Hope this couple is charged with something — such as negligence.

      1. The female blogger who started these gender reveal parties blamed this incident on “toxic masculinity” of needing to set off a firework.

        What a hag.

  11. ‘The West Seattle Junction QFC is cleaning up a mess after a man went on a rampage, breaking windows with rocks, neighbors say. The store was closed for the cleanup; a staff member would only comment that the rock-thrower was “upset.”

    https://westseattleblog.com/2020/09/west-seattle-crime-watch-window-smashing-rampage-at-junction-qfc/

    Some comments:

    ‘Any idea on if this was in relation to the naked man who had been on alaska today?’

    ‘Wonder if it was one of the guys brawling on the 50 bus earlier in the day? Spilled out in to the street in front of Log House Museum. Or part of the gang doing street vigilantism on a suspected stolen motorcycle (near same location) later last night. Alki was a crazy scene all weekend (and it is not over yet). Very few masked up, btw. Closing Gas Works, blocked off streets & lots over here impacting already overburdened areas. Never have we wanted summer to be over so badly!’

    ‘Wonder if this was the same guy, heard around 10am near Cali/Findlay screaming bloody murder, threatening to kill people and bash their heads in; over and over and over. I could hear him 2 blocks away.’

    ‘We live across the street, heard the commotion/loud noises… but, it’s not usual around here lately. There are people(some appear homeless) who hang out in junction park and they are yelling at each other ALL the time. When we finally looked out the window, there was a naked man lying on the ground, face down, and the police were in process of arresting him. Never a dull moment in the Junction. (Plus all the people wanting to take videos…. eyeroll)’

    ‘I lived above QFC facing the park across the street for three years. Every night the homeless ppl in that park or the ones hanging out in the OFC covered benches were up to something. I feel like I have PTSD from living there. On a nightly basis, one of them is high and screaming and throwing things. Sometimes they were all worked up and destructive. Many times one of them is on the street corner threatening cars and people walking. The worst part is, the police never come if you call because they are too busy with Alki. It was constant chaos. I want to have empathy for Seattle’s homeless, but living next to a small encampment makes it incredibly hard. (If you think I’m heartless, you probably live in a 2 million dollar home blocks from the chaos of WS.)’

    ‘The police I have talked to say they don’t arrest heroin addicts because the treatment is so expensive and they are a liability to die in jail, meth based addicts they arrest because the drug is more soluble. Decisions are now even more so going to be based on budget, this is going to get worse. Of course we could all act like the governor and pretend nothing is going on when things are going to hell.’

    But weather? Interest rates?

    1. “But weather?”

      During good years you’ll get 22-weeks/yr of decent weather. Otherwise, it’s drizzle and overcast. My sister in Napa, CA has actually been mumbling about returning to the Pacific Northwest having endured back to back summers of fires, thick smoke and a significant earthquake.

          1. Plenty of blue states east of the big muddy.

            As for moving east, it has it’s own share of downsides, like humidity and bugs, which are show stoppers for me. As for the fires in the west, don’t build in a fire zone.

  12. oxide, using you as a example, you earned your advanced degrees and you deserve any rewards you get for that effort.
    A person that wants to get the same as people that earn what they get is just a parasite .
    These people keep saying they have a right to this, that and the other thing, all free cheese stuff. WhAt kind of a World do they want to replace the merit based, earn what you get world with?
    They aren’t offering anything that wouldn’t be a Horror.

    1. Before the Civil Rights Act, the white merit-based system only applied to whites. Blacks could be shut out even if they had the same merit as a white.

      That is not the same as what is happening today. Today we are hearing things like: “I don’t have any merit myself, but if my great-grandpappy had been allowed to buy a house, I would have millions in inherited wealth by now. So gimme my millions.” The pendulum is swinging too far.

      1. Oxide,
        Oh sure, as if whites on average have millions to pass down, especially with the looting by the one percenters.
        When US gave reparations to the American Japanese put in camps during World War II, money was only given to Jàpanese citizens in camps. They wouldn’t give anything to offspring or non Citizens. The Japanese filed their claim pretty timely, not 160 years after the fact.

        This is the closest case on the books. In today’s dollars it was about 50 thousand per person.

  13. Also, this attempt to rewrite history by saying that America was formed in 1619 is just absurd.
    In the USA the Colonies were under the rule of King George. The American Revolution was fought to Declare a new Country being free from British rule , with a new form of Government under the Constitution.

    But, the history changers are saying that 1619 was the date ,which was long before the American Revolution.
    Commie like to change history or any connection to it, but this 1619 assertion is just plain absurd and false.
    Nothing but false narratives.

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