Residential Real Estate News

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Virtual brokerage eXp slashes 15% of staff

eXp Realty’s remote-work model may have spared it some of the transition pains suffered by traditional brokerages in the age of social distancing, but the virtual brokerage is hardly immune to the effects of the economic downturn. The Washington-based firm announced Wednesday it had reduced headcount by about 15 percent across the company, among a swathe of cost-cutting measures it is taking in response to the economic fallout of the coronavirus pandemic. “Staff departures aren’t ... [more]

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Author: By Kevin Sun
Posted: April 8, 2020, 10:52 pm

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork has hired JLL and Newmark Knight Frank to help it negotiate rent relief or convert lease deals into profit-sharing agreements. The co-working firm has stopped paying rent at some of its locations in the U.S. for April as it aims to renegotiate its leases, according to the Wall Street Journal. Multiple other businesses in the country, including Equinox, have also not been paying their April rent. WeWork had been aiming to lower rent costs ... [more]

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Author: TRD Staff
Posted: April 8, 2020, 9:54 pm

Miami Beach orders 57 Ocean and Hotel 18 construction sites to shut down

The city of Miami Beach issued stop work orders at 57 Ocean and Hotel 18’s construction sites, saying they failed to comply with safety regulations during the Covid-19 emergency period. Miami Beach Associates LLC was issued the stop work order for the 57 Ocean project at 5775 Collins Avenue, after an inspection on Monday. Multiplan Real Asset Management, owned by Brazilian billionaire José Isaac Peres, is developing the 18-story, 71-unit condo building on the site. ... [more]

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Author: By Katherine Kallergis
Posted: April 8, 2020, 9:33 pm

Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic

Lightstone’s David Lichtenstein would like to make one thing clear: Not all property classes are in immediate peril. “Read my lips: You are not going to see distress in multifamily,” he said during a TRD Talks Live panel discussion on Tuesday. “Everybody listening who thinks ‘this is my opportunity to sharpen my claws. I’m a hedge fund, and I’m going to find a lot of great deals in New York,’ let me disabuse you of ... [more]

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Author: By Kathryn Brenzel
Posted: April 8, 2020, 9:00 pm

How the coronavirus could change the office of the future

Most people around the globe have wondered what long-term impacts the coronavirus pandemic could have on their jobs, the economy, and culture. The verdict is very much out on all those fronts, but some in the real estate industry are already planning for a big change with regard to workplace design and practices, according to the New York Times. On the bright side, that might mean larger and more permanent workspaces for employees. Office workers ... [more]

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Author: TRD Staff
Posted: April 8, 2020, 8:30 pm

Former Office Depot exec sells Boca Raton home for $6M

A former general counsel at Office Depot sold a home in Boca Raton’s Royal Palm Yacht & Country Club for $5.7 million. Steve Calkins and his wife Christeena Calkins sold the 6,826-square-foot home at 1717 Sabal Palm Drive for $835 per square foot, records show. Robert MacLaren, acting as trustee of the 1717 Sabal Palm Residence Family Trust, purchased the home. Calkins was general counsel of Boca Raton-based Office Depot between 2017 and 2019. He ... [more]

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Author: By Keith Larsen
Posted: April 8, 2020, 7:30 pm

Mortgage forbearance surged on April 1: report

As tenants struggle to pay rent, homeowners are struggling to make mortgage payments. The rates of mortgages in forbearance surged April 1 to 2.66 percent from 0.25 percent at the start of March, according to Bloomberg. It comes as Moody’s Analytics’ chief economist expects that up to 30 percent of homeowners may stop making mortgage payments. The federal government has instructed lenders handling mortgages backed by the government to give borrowers up to six months ... [more]

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Author: TRD Staff
Posted: April 8, 2020, 6:30 pm

Hotel occupancy rate across US drops to 22%

The coronavirus pandemic continued to batter the U.S. hotel market in the first week of April. The national hotel occupancy rate plunged to 21.6 percent for the week ending April 4, a nearly 69 percent drop from the same time last year, according to data from hotel research firm STR. The rate for the last week of March was 22.6 percent. For the top 25 markets in the U.S., the drop was more staggering: Occupancy ... [more]

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Author: By Mary Diduch
Posted: April 8, 2020, 6:02 pm

Troubled RedSky lists Miami Design District portfolio

RedSky Capital’s entire Miami Design District portfolio, encompassing 14 buildings with 125,000 square feet of space, is hitting the market as the troubled Brooklyn-based development group seeks to sell much of its real estate. Cushman & Wakefield is listing the 2.5-acre site as a potential redevelopment opportunity for a mixed-use project totaling over 628,000 square feet. The property is in a designated Opportunity Zone, which allows developers and investors the ability to gain significant tax ... [more]

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Author: By Keith Larsen
Posted: April 8, 2020, 5:35 pm

Early April sees 15% drop in rent-paying nationwide: report

Only 69 percent of tenants paid rent in the first five days of April — a 12-point drop from the same period last month. From March 1-5, some 81 percent of tenants paid at least some rent, and the figure was 82 percent in the initial days of April a year ago over the 13.4 million rental apartments tracked by several data firms, the National Multifamily Housing Council reported. The council, despite the 15 percent ... [more]

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Author: TRD Staff
Posted: April 8, 2020, 5:00 pm