• Real Estate Investing,  Travel & Lifestyle

    New Yorkers ship Upstate and to the Hamptons to wait out coronavirus

    New Yorkers are booking vacation rentals outside the city (Credit: iStock) It’s no secret to New Yorkers hunkering down in the city: many of their neighbors are missing. New Yorkers have fled the city in droves, but where did they get off to? Those who can afford it are renting homes in rural communities upstate, the Hamptons, and small towns across the Northeast. The owners of Home Sweet Hudson, an Airbnb listings and management company, said that inquiries are way up. Many people are asking to rent homes for several weeks to several months. Co-owner Vanessa Vargas said that clients frequently ask about “internet service and Wi-Fi” so they can…

  • Real Estate Investing,  Travel & Lifestyle

    The end of Seattle’s construction boom

    Washington State Governor Jay Inslee (Credit: John Moore/Getty Images) Washington Gov. Jay Inslee has put a halt to nearly all construction in his state to help stop the spread of coronavirus. Construction will stop at commercial and residential sites for two weeks as a result of an order to stop all non-essential work, according to Bloomberg. That includes projects in Seattle, one of the nation’s busiest cities for building. Inslee’s counterpart in New York, Andrew Cuomo, also ordered a stop to most construction on Friday. Boston was the first city to do so when it halted construction last Monday. More than 100 people in King County, home to Seattle, have…

  • Real Estate Investing,  Travel & Lifestyle

    Bernie Sanders throws support behind New York rent-suspension bill

    Bernie Sanders (Credit: Getty Images) Presidential candidate Bernie Sanders has thrown his weight behind Sen. Michael Gianaris’ rent-suspension bill. “Along with pausing mortgage payments, evictions, and utility shutoffs, we must place a moratorium on rent payments, especially in states hardest-hit by the coronavirus like New York,” Sanders tweeted on Saturday morning. “We must build on the important work [Gianaris] and others are doing to make this happen.” Along with pausing mortgage payments, evictions, and utility shutoffs, we must place a moratorium on rent payments, especially in states hardest-hit by the coronavirus like New York. We must build on the important work @sengianaris and others are doing to make this happen.…

  • Real Estate Investing,  Travel & Lifestyle

    Fewer Canadians are searching for homes online amid pandemic

    Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay) Canadians are not only done with open houses, it seems many aren’t even looking for new homes anymore. There were 38 percent fewer web searches for homes on March 23 than there was on March 5, less than 20 days earlier, according to data from property mark aetplace Point2 Homes first reported by Bloomberg. Point2 Homes also found Google searches down for terms including “homes for sale” and “houses for sale,” among others. The decline is of course attributable to the coronavirus pandemic. Point2 Homes found that home searches declined more rapidly after the World…

  • Real Estate Investing,  Travel & Lifestyle

    Stimulus deal buoys real estate stocks, but coronavirus maintains its grip

    (Credit: iStock) The mid-week market optimism slid away Friday, as real estate stocks — including real estate investment trusts, brokerage firms and homebuilders — fell along with the broader market. Markets did end the week higher but today’s dip, which came despite the House and Senate approving a historic $2 trillion stimulus deal, was another signal that the coronavirus still has a grip on the economy. Layoffs from closures of restaurants, hotels and scores of other businesses because of Covid-19 has led to millions of Americans filing for unemployment benefits. The S&P 500 rose about 10 percent since last week’s close, but on Friday dropped 3.4 percent. The Dow Jones…

  • Real Estate Investing,  Travel & Lifestyle

    Michael Shvo on the Bible, Batman and why NYC will bounce back

    After seven months of due diligence, developer Michael Shvo bet on New York real estate emerging from the coronavirus pandemic last week — by making an offer to buy a building on Fifth Avenue. “What we’re facing now — we don’t know the end of this, but we know eventually there will be an end,” he said. With the global economy in limbo, Shvo spoke with The Real Deal’s publisher Amir Korangy as part of a live series of webinars in which TRD discusses the coronavirus crisis with major industry stakeholders. During the hour-long talk, the developer invoked the Bible, quoted Batman and said he’ll always be bullish on New…

  • Real Estate Investing,  Travel & Lifestyle

    Real estate investors will get $170B windfall from bailout package

    U.S. Senate Majority Leader Mitch McConnell (Credit: Win McNamee/Getty Images, iStock) Tucked inside the federal government’s massive economic rescue package is a $170 billion windfall for real estate investors. Washington’s $2 trillion bill is a provision that allows investors to write down the depreciation on properties beyond the previous limit of $500,000 a year, the New York Times reported. According to a draft congressional analysis, it’s the second-largest tax giveaway in the multitrillion-dollar proposal. “It’s a pretty big deal,” Peter Buell, an accountant who heads up the real estate tax services practice for Marcum, told the Times. Per the terms of President Trump’s 2017 tax cuts, investors could use depreciation to…

  • Real Estate Investing,  Travel & Lifestyle

    Stay home, folks: Miami-Dade joins Broward with safer at home order

    Miami-Dade County Mayor Carlos Gimenez Miami-Dade County Mayor Carlos Gimenez issued a safer at home order, urging residents and visitors to stay home, as officials try to contain the spread of Covid-19. The order comes hours after Broward County put out a similar one. In Miami-Dade and Broward, residents and visitors can only travel to essential businesses, including grocery stores and pharmacies. Important message from @mayorgimenez about #COVID19 today, March 26. #coronavirus pic.twitter.com/d4CsL0uAIA — Miami-Dade County (@MiamiDadeCounty) March 26, 2020 Florida had 2,355 confirmed cases of the virus as of Thursday afternoon, with the highest number, 616 cases, in Miami-Dade, according to the Florida Department of Health. The latest order…

  • Real Estate Investing,  Travel & Lifestyle

    Massive stimulus package has limited upside for real estate

    U.S. markets started Wednesday with a burst of optimism, as a $2 trillion stimulus deal had been reached between the White House and Congress. But as the day went on, the proposed legislation became mired in new disputes about unemployment benefits and assistance to corporations. In any case, this historic legislation — the largest stimulus package in U.S. history — would have contained few clear wins for the real estate industry, or even for renters, who are set to receive $1,200 checks, sources said. The coronavirus relief package is “wholly insufficient and incomplete,” said Craig L. Price, a transactional attorney with Belkin Burden Goldman LLP. The industry fears that many…

  • Real Estate Investing,  Travel & Lifestyle

    Now cash-constrained, REITs face “potential existential crisis”

    The financial challenges caused by the coronavirus is causing some REITs to change paying out their regular cash dividends (Credit: iStock) Covid-19 has been battering real estate investment trusts, some of which have had to shut down hotel, mall and other properties to prevent the spread of the virus. The closures have strained the cash flow of those companies, which are required to pay out the vast majority of their taxable income to maintain their REIT designation. The financial challenges caused by the new coronavirus is causing some REITs to change — or delay — paying out their regular cash dividends to help make sure they have enough money on…