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

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

source https://therealdeal.com/2020/08/30/dylan-who-covid-shifts-focus-off-celeb-tied-short-term-rentals/

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

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

source https://therealdeal.com/2020/08/30/cims-500m-multifamily-buy-in-northern-virginia-among-priciest-ever/

Presales powered resi development in China. Covid may change that

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

source https://therealdeal.com/2020/08/30/presales-powered-resi-development-in-china-covid-may-change-that/

Amazon opens its biggest office ever. Outcry ensues

Amazon just opened its largest office in the world, spanning 1.8 million square feet, in Hyderabad, India. It’s part of the e-commerce giant’s massive push in the second-most populous country, a move that not everyone is happy about, according to the New York Times. Namely, domestic retailers and elected officials. Amazon started construction on the massive office building in 2016. It has 49 elevators, a helipad, a cricket pitch, prayer rooms and a 24-hour cafeteria.

source https://therealdeal.com/2020/08/29/amazon-opens-its-biggest-office-ever-outcry-ensues/

Urbanites bid up homes in vacation spots like Vail, Lake Tahoe

More and more urbanites are making permanent moves to towns that were predominately vacation retreats. The pandemic has boosted demand in places like Colorado’s Vail Valley and Lake Tahoe on the California-Nevada border. It is making for hot competition among homebuyers, according to the Wall Street Journal. Lake Tahoe’s inventory of unsold homes is down from 421 a year ago to just 60. Bidding wars are driving prices up. On the Nevada side, the median

source https://therealdeal.com/2020/08/29/urbanites-bid-up-homes-in-vacation-spots-like-vail-lake-tahoe/

Extended-stay hotels may protect some REITs from hospitality armageddon

The coronavirus pandemic has hammered the hospitality industry, with real estate investment trusts that own and manage hotels and resorts getting hit especially hard. But some REITs are relatively stable — specifically those with large holdings in the extended-stay and limited-service segments, according to the Wall Street Journal. Chatham Lodging Trust, Apple Hospitality and Summit Hotel Properties in particular have been able to keep the lights on in most of their hotels. Chatham, for example,

source https://therealdeal.com/2020/08/29/extended-stay-hotels-may-protect-some-reits-from-hospitality-armageddon/

Italian firm duped expats into fake investments: lawsuit

A firm used a web of limited liability companies to lure Italian expats into forking over cash for real estate investments it never made, a lawsuit alleges. The firm, Platinvm Property Group New York, promised double-digit returns in 18 months, according to a lawsuit filed in New York State Supreme Court in Manhattan. Despite that classic red flag, and a five-page investor pitch light on details, Elena Romagnoli committed $500,000, a portion of which she

source https://therealdeal.com/2020/08/28/italian-firm-duped-expats-into-fake-investments-lawsuit/