The Real Deal - New York Real Estate News

Dylan who? Covid shifts focus off celeb-tied short-term rentals

Posted: 30 Aug 2020 11:00 AM PDT

Sure, F. Scott and Zelda Fitzgerald once lived in the Montgomery, Alabama, home now available as a short-term rental. And yes, Bob Dylan and his fellow musicians slept and jammed in a Upstate New York house during their rollicking ride decades ago. But in a Covid world, those have become just places to stay. The coronavirus has changed the short-term rental market in major ways, but some smaller shifts are also notable. It was common

CIM’s $500M multifamily buy in Northern Virginia among priciest ever

Posted: 30 Aug 2020 09:00 AM PDT

CIM Group has closed on one of the biggest multifamily deals the Northern Virginia market has ever seen. The investment firm paid $506 million for the 2,311-unit Southern Towers in Alexandria, just outside Washington, D.C., according to Bisnow. CIM bought the five-building, 60-year-old complex from its original developers and owners, Snell Properties and Caruthers Properties. While a recent report showed commercial real estate transaction volume down 69 percent to $14 billion in July — year-over-year

Presales powered resi development in China. Covid may change that

Posted: 30 Aug 2020 06:00 AM PDT

Presales are everything for residential builders in China, but in a coronavirus world, they may not be enough for one big developer. Across China, the cash-strapped Tahoe Group has slowed or stopped construction on numerous luxury and mid-market residential projects, which is worrying homebuyers who already put down hefty deposits on units and even took out mortgages. The company has fallen behind on bond payments and has pointed to the Covid-induced slowdown in the housing