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Friday, September 11th, 2020

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Posted by: | Posted on: September 11, 2020

The Pandemic Stifles Rent Growth in Urban Apartments

Even before COVID-19, apartments in some downtown locations were facing pressure from new supply. Eighty percent of 611,000 units under construction are at the top end of the market, according to CoStar Group.

“I think we’ve been talking about this on the multifamily side for a while,” says CoStar Portfolio Strategy Senior Consultant Juan Arias. “There was going to be a significant supply overhang, specifically in luxury urban multifamily, if a recession came. They were building a lot of apartments. Before the pandemic, we were seeing a sufficient amount of demand coming in, but obviously, all bets are off at this point.”

The pandemic has made things even worse. Downtown apartments—across all class levels—appear to be bearing the brunt of the pandemic impact, according to CoStar. 

Rent growth in four- and five-star apartments (five-star apartments are the highest quality, while one-star apartments are the lowest quality on CoStar’s scale) has

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Posted by: | Posted on: September 11, 2020

This Million-Dollar Flip Shows Why Some Houses Should Be Taken Down to the Studs

Many homeowners harbor a fantasy of buying a house that’s a dud, taking it down to the studs, and transforming it into a masterpiece of their own design. But is the process really as glamorous as it sounds?

Anne Carr, a home stager and interior designer in Los Angeles, has some idea. Her third and latest flip is a home in the upscale neighborhood of Brentwood, just outside the bustle of Sunset Boulevard, in Los Angeles.

“The house was built in the 1940s—a postwar build—and had only been updated once, in the 1980s,” says Carr, who heads an eponymous design firm.  Originally, the house had a pinkish, coral color palette, lots of ornate trellises, and a dated Palm Beach vibe. But Carr instantly fell in love with the place and saw its potential. She also saw a big-time gut renovation in her immediate future.

In total, the flip took

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Posted by: | Posted on: September 11, 2020

Mortgage Rates Tumble to Yet Another All-Time Low

Cash-strapped home buyers received a bit of relief this week when mortgage rates tumbled to a new all-time low—making those monthly mortgage payments just a bit cheaper.

The double whammy of the coronavirus pandemic and the economic downturn have led to the lowest mortgage rates in history. They fell to an average of just 2.86% for the most common types of loan, the 30-year fixed-rate mortgage, in the week ending Sept. 10, according to Freddie Mac. The previous low was 2.88% for the week ending Aug. 6.

“It’s good news for buyers who are in the market,” says realtor.com®’s chief economist, Danielle Hale. “It’s going to make monthly payments lower than they otherwise would be. Buyers need that right now, because prices are rising.”

Even amid a health and economic crisis, median home list prices rose 10.8% compared with last year in the week ending Sept. 5, according to

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