In A Buyer’s Market, Expect Cheeky Offers

A report from Click Orlando in Florida. “An ‘HOA-hating’ man has been sentenced to prison time after he set a Longwood condominium complex on fire back in 2023, according to the State Attorney’s Office. In a release, SAO officials said that the man — Marc Hermann, 56 — had doused his condo unit with gasoline before igniting it. A News 6 investigation at the time revealed that Hermann had owned the condo for 25 years, though he became embroiled in a legal battle with his HOA after they accused him of not paying his fees, thus placing a lien on his property. His condo unit was ultimately foreclosed upon and sold at auction by the HOA in 2022. A paramedic who treated Hermann after the initial explosion reportedly said that Hermann admitted to setting the fire ‘in an act of revenge against the homeowners’ association in charge of his property.’ Aside from Hermann’s own condo unit, the fire destroyed three other families’ homes, prosecutors reported. ‘The financial costs have been phenomenal. We have had to rent an apartment for over two years as our condo has been rebuilt, and the costs have depleted our savings…’ one such victim statement reads.”

From WINK News. “Thousands of residents in Florida are grappling with unresolved insurance claims following Hurricane Ian. Homeowners in Pine Ridge, an East Fort Myers community, are dealing with patched roofs and leaks. WINK News spoke with property owner Becky Cheatham regarding her frustrations. ‘They feel like they can just ignore us, throw us under the bus, and we’ll go away,’ said Cheatham. Eric Ray, the property manager, explained that after a significant deductible and depreciation, Heritage Insurance paid around $250,000 for damages, which isn’t enough for reconstruction. ‘You see, people, especially older, retired folks, senior citizens, they’ve paid insurance their whole life. And finally, something terrible happens in their community, and they don’t get anything,’ said Ray.”

“According to state data, these are just two examples among nearly 20,000 open Hurricane Ian claims in Lee, Charlotte and Collier counties. Certified public adjuster Blake Day, representing many affected homeowners, compared Florida’s insurance landscape to a casino, saying, ‘The house always wins.’ Day summed up the situation, saying, ‘The odds are just completely stacked against you. If I could start an insurance company in the state, I would in a heartbeat. It’s the best business you can have.'”

NBC Boston in Massachusetts. “It appears Russell and Linda Callahan are at it again. The couple’s 20-year pattern of behavior was the focus of an NBC10 investigation last year. We documented how the ‘professional tenants’ scammed small property owners in Worcester County and lived in homes without paying rent. In the wake of our reporting, authorities charged the Callahans with several felonies, which are pending in Westborough District Court. Earlier this month, a property owner in Worcester, Jimmy, rented his newly constructed duplex to the couple. Jimmy did not want to use his full name because of his job and embarrassment about not doing more due diligence prior to signing the lease. ‘I gave them the keys. I trusted them,’ Jimmy said. ‘They looked professional.'”

“Jimmy said the Callahans told him they were in the process of buying a new house. Instead of running a background check that could affect their credit score, they asked if their mortgage broker could send Jimmy their financial records. However, like other landlords we interviewed, Jimmy would later learn the documents were fake. By the time the Callahans were already inside the Worcester property, nearly $10,000 in rental checks bounced. Even though Jimmy said the couple had told him they would move out when he threatened to go to the police, we watched as Linda made herself at home, directing her adult son where to put the furniture. The landlord said he has offered to pay for their move and get them housing for a week, just to get them out of his property. ‘They keep promising they will move out,’ Jimmy said. ‘It doesn’t look like they are going anywhere.'”

LAist in California. “Before this year’s Eaton and Palisades fires, the Woolsey Fire was L.A. County’s most destructive. Six and a half years later, fewer than 40% of the 488 homes in Malibu that burned have been fully rebuilt, according to city data. Scott and Jimy Tallal bought their dream home in Malibu in 2000. ‘We worked our whole lives for [the house],’ said Scott. ‘Neither of us come from wealthy families.’ They got insurance through the state’s FAIR plan, the insurer of last resort. They supplemented that with private insurance they thought also covered wildfire damage. They’d later learn it only covered damage from normal house fires. In 2018, Scott was 64 and on the verge of retirement. Then came the Woolsey Fire.”

“Despite their house being destroyed, they still had to pay their mortgage. They joined a lawsuit against Southern California Edison, hoping the settlement would eventually make them whole for the rebuild. Three years later, they won the money, but federal income tax cut it down significantly (a law passed since exempts such settlements from federal income tax). The Tallals soon realized they’d never be able to afford to rebuild their house as it had been. Even with their insurance and settlement money, the Tallals ended up more than $1 million short of what they’d need to rebuild. ‘We ended up getting 20 cents on the dollar of what we needed,’ said Scott. In 2022, the Tallals bought a doublewide trailer in an upscale mobile home park in Malibu. With all the costs, their retirement dreams are now deferred. ‘I’ll never retire now. I can’t afford it,’ said Scott. Both Scott and Jimy are now 70.”

NBC Bay Area in California. “Typically, this time of year is when real estate sales ramp up. However, new data and accounts from real estate professionals show some apprehension from buyers. In San Francisco, in the Crocker Amazon neighborhood, realtor Pamela Sweeney with Golden Gate Sotheby’s International Realty held an open house for a three-bedroom, two-bath condominium listing. The condo is renovated, complete with custom finishes and new appliances, yet Sweeney said, for the past few weeks, only neighbors have come to look at the property. But so far, the condominium hasn’t seen any offers yet. ‘People are sort of holding back right now, they are waiting to see what’s going on right now,’ Sweeney said. The earliest data Redfin lists for the San Francisco metro area is from 2012, and since that time, March of 2025 marks the second-lowest March total of pending sales, the lowest was in March of 2020 at 758. These trends are not unique to the Bay Area. Redfin reported this month that U.S. homes are selling at the slowest pace in six years.”

San Francisco Standard in California. “A sprawling waterfront property in Tiburon is likely the largest remaining undeveloped stretch of shoreline in Marin County. But a buyer for 2800 Paradise Drive remains elusive, despite a series of dramatic price cuts. Anders Swahn and his ex-wife Terri Salvatore Swahn, who own this prime property, listed it for an audacious $47 million in 2017, as reported in SFGate. It’s now on the market for $8.75 million, 82% less. The reason it has been on and off the market is a tug-of-war between local officials, conservation-minded neighbors, and ambitious owners, according to press accounts and interviews with real estate agents. The development plans never materialized. The couple attempted to auction the property without a minimum bid in May 2021 but rejected an offer, the San Francisco Business Times said. ‘They’re not making money at this time,’ said Lydia Sarkissian, one of the brokers handling the listing for Sotheby’s International Realty.”

The Havana Times. “The same day that Cuban national Heydi Sanchez Tejeda was detained when attending her annual appointment at the ICE (US Immigration and Customs Enforcement) offices in Tampa, Yanier was supposed to attend his in Chicago. But on the afternoon of Monday, April 21, he received an email notifying him that his appointment had been postponed to an undetermined date. Thus, his Tuesday unfolded like so many others: first, working a half shift at a frozen food factory; then, driving for hours for the Lyft app. ‘It wasn’t until the evening that I learned about that girl’s arrest and that they were threatening to deport her to Cuba. My wife and I were in shock. Like her, we are I-220A holders,’ he told me.”

“‘If they deport me, let it be anywhere but Cuba. It’s brutal to be sent back to a country where even electric service is a luxury, and where a retiree’s pension isn’t enough to buy even a carton of eggs,’ Yanier told me. Others don’t even have anywhere to return to. The phrase ‘selling house with everything inside’ became popular between 2022 and 2024 in Facebook business groups. Miguel Otaño, a construction worker from Ciego de Ávila (450 kilometers east of Havana), works on renovating a house that was sold under such conditions. ‘The current owner, who lives in the United States, bought it from a family that needed the money to emigrate. I heard they all entered the US with parole. Hopefully, they had enough time to get their residency, because otherwise, I don’t know where they’d go back to,’ he commented.”

The Globe and Mail in Canada. “4380 Wallace Hill Road, Kelowna, B.C. Asking price: $4,890,000 (Jan. 3). Selling price: $5,107,000 (Feb. 19). Days on the market: 47. The owners, former member of parliament Blair Wilson and his wife, had listed the home for $6.8-million and then cancelled the listing. The property went into foreclosure and the lender took over the sale to recover mortgage debt. Listing agents Nicole Eastman and Paul Hague represented the lender on the court-action sale and listed it at $4.89-million, based on an ‘as-is’ appraisal. There was some deferred maintenance on the orchard and the outbuildings, said Ms. Eastman. But there was a lot of interest and some lowball offers.”

“Ms. Eastman said it was easy to show, and the owners were very co-operative with the sale. ‘It’s in the owner’s best interests to co-operate with the realtor and the lender because, as a realtor, you’re put in this position where the lender is your client, but the homeowner still stands to gain the most from me selling it for the highest price.’ The sale completed in early March.”

The Stockport Nub in the UK. “As Stockport’s property market shifts and grows, sellers who’ve been on the market a while often face a tricky question: when to tweak the asking price—and by how much—to spark new interest. With the number of homes for sale in Stockport’s SK1-SK7 postcodes jumping from 1,243 in March 2022 to 1,620 by March 2025, the playing field has become more crowded. That means smart, strategic pricing is now more important than ever if you want to stand out and get sold. So despite the increase in volume in price reductions, the proportion of homes seeing price drops has remained fairly steady over time. If you’re tempted to ‘test the market’ with a high figure, be ready to pivot fast. Dropping the price within the first 2 to 4 weeks can keep your listing fresh and competitive. Wait 2 to 4 months, and you risk losing serious momentum. In a buyer’s market—or if your Stockport home needs work—expect cheeky offers. But if low offers are consistent, it could reflect your Stockport home’s perceived value. Remember: your home is only worth what someone is willing to pay for it—not what you or your agent hope it’s worth.”

From ABC News. “At 73 years of age, Amarjit Singh Pabla was supposed to be living a comfortable retirement. ‘But the way it happened, I’m not very happy. I’m very close to bankruptcy,’ Mr Pabla tells ABC News. The West Australian man’s investment project, building eight new apartments, turned sour when his builder collapsed, leaving him with hundreds of thousands of dollars’ worth of repairs to make the dwellings saleable. Mr Pabla’s development was covered by insurance in his building contract. But his claim has been caught up for years and he is facing mounting legal costs to continue the process.”

“In December 2014, Mr Pabla signed a contract to build eight apartments using about $200,000 worth of his superannuation savings, a $1.6 million loan from the bank, and about $420,000 borrowed from friends and relatives. But after the builder he contracted went bankrupt in February 2022, the entire building was found to be defective, making all eight apartments unsaleable. He believes the insurer is dragging out the case rather than paying him out swiftly. ‘I have no money. I have put everything which I had into building these apartments,’ Mr Pabla said. ‘There’s absolutely no motivation on their [QBE’s] side [to settle the claim] because their liability will never, ever go up,’ he said. ‘They also know very well that, financially, we don’t have money. We will never take them to court.'”