The Real Deal - New York Real Estate News

The exodus: A rise in remote working could crater expensive housing markets

Posted: 16 May 2020 11:00 AM PDT

Why pay an arm and a leg to live near your Silicon Valley office if you don’t need to anymore? That’s what some highly-paid tech workers are asking themselves. The coronavirus pandemic has forced remote working on scores of companies and some have decided to embrace it. Some of their employees are taking it as an opportunity to escape the super high rents and home prices in the Bay Area, according to Bloomberg. Dylan Hecklau,

Rents along Hong Kong’s top retail stretches are crumbling

Posted: 16 May 2020 09:00 AM PDT

Nearly a year of steady declines has brought rents on some of Hong Kong’s most desirable retail blocks to 12-year lows. Average rents on Russell Street, once one of the most expensive retail stretches in the world, fell 27 percent year-over-year in the first quarter, according to the Wall Street Journal. Rents are at their lowest point since 2009 in the most desirable part of Tsim Sha Tsui. Causeway Bay rents are also down. Rents

Remote homebuying is nothing new in London

Posted: 16 May 2020 06:00 AM PDT

The coronavirus pandemic will likely spur a long-term shift toward remote working, but could it also popularize remote homebuying? If so, London agents are well-prepared, according to the Wall Street Journal. Remote buying has been a practice in the U.K. capital for years — around 3,600 of the 28,000 new homes built in London between 2014 and 2016 were sold to overseas buyers. In years past, overseas buyers often flew in to see a property