Hong Kong home prices to extend decline after October’s 0.6 per cent surprise drop as Covid-19’s fourth wave dents confidence

a man standing in front of a large city: It is likely most of October’s transactions involved owners who were still willing to reduce their asking prices because of concerns about the economic outlook, said Derek Chan of Ricacorp. Photo: Winson Wong

It is likely most of October’s transactions involved owners who were still willing to reduce their asking prices because of concerns about the economic outlook, said Derek Chan of Ricacorp. Photo: Winson Wong

The fourth wave of coronavirus infections is expected to drag Hong Kong’s home prices down further after they “unexpectedly” fell 0.6 per cent in October.

In an earlier-than-expected release, the government’s Rating and Valuation Department on Thursday revealed that the secondary market home price index dropped to 380.9 last month.

“Even though the epidemic was relatively stable, the property price index last month unexpectedly softened,” said Derek Chan, head of research at Ricacorp Properties.

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He believed this was because the economic situation – Hong Kong is mired in its worst ever recession – and high unemployment are

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‘If you can’t sell your condo you can’t move up’: Will the drop in Toronto’s downtown condominium prices spread to detached house prices?

Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market.

Many realtors and economists say the condo sector will regain its momentum once workers return to their downtown jobs and classes, and the stream of immigrants starts flowing again to the Toronto area.

But not everyone buys that.

Investment adviser Hilliard MacBeth, author of, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash,” said the single-family home market will inevitably be affected by the condo sector.

“For almost everybody, if you want to buy a single-family home you’ve got to sell something,” he said. “The problem is, if you can’t sell your condo you can’t move up.”

The average price of a condo in the city of Toronto edged up by less than one per cent year over year in October. The number of active listings, however, soared by 125

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Home Searches in Cities Up 200% From Last Year, Reflecting Renewed Interest in Urban Areas After Pandemic-Driven Drop

SEATTLE, Nov. 24, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Pageviews of homes in rural areas increased 235% year over year in October, a large increase but still a deceleration from a 273% peak in August, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. The story is similar in small towns, where pageviews rose 218% year over year in October—a major increase, but less of a boom than the 233% peak in September.

Meanwhile, October represented a sign of renewed interest in urban areas with the biggest annual increase in pageviews since it stagnated in March and April. Pageviews of homes in large metro areas–which includes cities and their surrounding suburbs–rose 200% year over year in October. Pageviews of homes in large metro areas, rural areas and small towns are converging toward similar year-over-year increases as Redfin.com searches in rural areas and small

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Midtown ZIP Code Sees Nation’s Biggest Drop In Home Prices: Study

MIDTOWN MANHATTAN, NY — In what is surely no surprise for residents, two ZIP codes covering Midtown and Hell’s Kitchen rank among the most expensive in the U.S. by home sale price this year — although one saw a precipitous drop compared to 2019.

According to the annual study by Property Shark, released this week, the 10018 and 10019 ZIP codes both ranked among the nation’s 100 most expensive this year based on the median sale price of homes from Jan. 1 through Oct. 15.

In 10019 — bounded roughly by 48th and 60th streets to the south and north and the Hudson River and Fifth Avenue to the west and east — this year’s median home sale price was $1,600,000, the 84th-highest of any in the U.S.

Three spots below is 10018, covering a sliver of the Garment District and Hell’s Kitchen, with a median price of $1,575,000.


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Looking for an apartment? Rents drop across South Florida

Since the pandemic, locals have been trading sky-high living for sprawling space. To keep them from leaving, landlords have been lowering rents. And rents may go even lower.

Median rents decreased for two-bedroom units between January and September in 11 cities in South Florida, according to the recently published Apartment List suburban rent rebound report. On the list are Coconut Creek, Davie, Doral, Fort Lauderdale, Hollywood, Miami Beach, Miami, North Miami Beach, Pembroke Pines, Plantation and Pompano Beach.

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Not everyone got a break. Rents slightly increased in Coral Springs and Miramar.

The San Francisco-headquartered company, which provides an online marketplace for apartment listings nationwide, calculated price and population changes from its own apartment listing data and the 2018 U.S. Census American Community Service report. It looked at 30 U.S. metro areas — including Atlanta, Boston, Chicago, Dallas, New York, and Washington, D.C. — and

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Oil prices jump, boosted by vaccine hopes and drop in U.S. crude inventories

Tom Little/Agence France-Presse/Getty Images

Oil futures climbed Wednesday, adding to the week’s gains on optimism that the prospect of COVID-19 vaccine will support an economic recovery, along with industry data that showed a large drop in U.S. crude inventories.

Prices have continued to push higher on this week’s vaccine news, and the report from the American Petroleum Institute, a trade group, showing a bigger-than-expected decline in weekly U.S. crude supplies contributed to the day’s gain for oil prices, said ED&F Man Capital analyst Edward Meir.

“But juxtaposed against this, are growing lockdowns in Europe and more restrictions being imposed in various U.S. states that are bound to hurt energy demand over the short-term,” he said in a Wednesday note. “We think that oil could come under renewed pressure once this current rally plays out, as the vaccine breakthrough is not imminent in terms of widespread distribution just yet, while demand

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Oil Prices Drop as Near-Term Demand Concerns Overshadow COVID-19 Vaccine Hopes | Investing News

MELBOURNE (Reuters) – U.S. oil prices fell in early trade on Tuesday as concerns over demand in the near term in coronavirus-hit economies in Europe and the United States returned to haunt the market after an overnight surge on progress towards a COVID-19 vaccine.

U.S. West Texas Intermediate (WTI) crude

futures dropped 81 cents, or 2%, to $39.48 a barrel at 0029 GMT, having jumped 8% on Monday, its biggest daily gain in more than five months, after drugmakers Pfizer and BioNTech <22UAy.F> said an experimental COVID-19 treatment was more than 90% effective based on initial trial results.

“A viable vaccine is unequivocally game-changing for oil – a market where half of demand comes from moving people and things around,” JP Morgan said in a note

“But as we have written previously, oil is a spot asset that must first clear current supply and demand imbalances before one-to-two-year out prices

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Nintendo, Take-Two, & other game stocks drop on news of COVID-19 vaccine

As various drug companies signaled a nearing finish line on a COVID-19 vaccine, the stock prices of various video game companies took a dip.

It’s been a very strange year in gaming. There is little doubt that while the ongoing COVID-19 pandemic has contributed to nearly all major events shutting down, it has also had a hand in keeping many folks at home to play more video game – a factor that can arguably be credited for the stellar performance of various video game consoles and title sales. It’s been a stellar year for the likes of Nintendo, Activision, and more, but it looks like drug companies are closing in on a vaccine to the coronavirus, and that caused major video game company stock prices to take a dip today.

The trend in the video game corner of the stock market was noticed on November 9, 2020. Following reports

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Truth Restaurant Price Drop Expected To Land Buyer

JOLIET, IL — In May, the owners of Truth Restaurant put their property at the corner of West Jefferson Street and Raynor Avenue up for sale at $499,000. After 17 years, the owners of Truth decided to close rather than try to keep their restaurant afloat amid the coronavirus pandemic.

Although other restaurant properties along West Jefferson Street have changed hands in recent months, the latest being the former Wild Horse Bar & Grill property, the Truth property remains available. Now, the property listing has dropped by $50,000. Now, you can buy the Truth property for $449,000, according to listing agent Ted Aretos of Eatz & Associates.

Aretos told Joliet Patch this week that there has been strong and continued interest in the Truth restaurant property. He said he participated in a showing at 808 West Jefferson St. in recent days. The sale includes two separate buildings plus a large

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Parking and price drop sweetens Toronto condo deal

52 Sumach St., No. 307, Toronto

Asking price: $679,000 (August, 2020)

Previous asking price: $698,000 (July, 2020)

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Selling price: $679,000 (August, 2020)

Previous selling price: $315,795 (2011)

Taxes: $2,459 (2020)

Days on the market: One

Listing agent: Robin Pope, Pope Real Estate Ltd.

The action

The unit is on the third floor of a building in Toronto’s Corktown neighbourhood.

Pope Real Estate Ltd.

This 665-square-foot unit with parking had one offer when it was listed for nearly two-months early this summer. That deal eventually dissolved, so the property went back on the market. After seeing another, larger unit in the same building take a markdown, the unit was repriced at $679,000.

“What spurred our client to drop the price was the [other homeowner] dropped their price,” agent Robin Pope said. “But they were bigger and without parking.

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“Based on our original ask,

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