The Wall Street Journal - 20.03.2020

THE WALL STREET JOURNAL. Friday, March 20, 2020 |M7

few weeks so that he can get

a loan to take advantage of

the newly ultralow interest

rates.

“He perceives that there

will be opportunities in the

stock market, and he wants

dry powder,” Mr. Umansky

said.

Deals are also stalling as

a result of border closings

and travel advisories. New

York agent Danny Davis said

he was slated to list a loft

on Second Avenue this

month but the owners, who

ContinuedfrompageM6 had planned to come pre-

pare the apartment for

showings, live in Sweden

and can’t travel to the U.S.

right now. In Miami, Doug-

las Elliman agent Dina Gold-

entayer said she had two

clients from Mexico City

postpone their house-hunt-

ing trip to Miami last week.

In real estate, developers

are likely to be among those

hit by the crisis, according

to people familiar with the

market. In New York espe-

cially, where an oversupply

of luxury condos has sty-

mied prices over the past

few years, developers, some

of whom are already under

pressure from their lenders

to sell units, are now having

to close their sales offices

indefinitely.

After a smattering of

parties to launch sales at

their glitzy Park Avenue

sales office late last month,

the developers of the Wal-

dorf Astoria condos are

now battening down the

hatches as the city has shut

many businesses and

banned gatherings of over

50 people. A spokeswoman

for the project said the

sales team has shifted to

virtual appointments; they

already had the technology

in place to facilitate inter-

national buyers purchasing

units sight unseen.

Scott Avram of Light-

stone, the developer behind

a new condo project at 130

William Street in lower Man-

hattan, said their sales team

is also now relying almost

exclusively on virtual walk-

through technology to show

the property to prospective

buyers. In the past week,

they have still managed to

sign four deals, including

several based solely on vir-

tual tours, he said.

“Certainly we’re con-

cerned, but we’re reaching

out to our brokers and cus-

tomers and trying to keep

things moving,” said Sherry

Tobak of the Related Com-

panies, which has also

closed its condo sales of-

fices across the city, includ-

ing at mega-development

Hudson Yards, in favor of

conducting business virtu-

ally. “This is uncharted ter-

ritory. We somehow have to

create the same urgency

and excitement that a buyer

would normally experience

when they come through

the sales office.”

In resales, too, agents

are turning to social media

and online tools to market

homes.

After their clients ex-

pressed discomfort about

having strangers traipsing

through their home, agents

Heather T. Roy and Learka

Bosnak of Douglas Elliman

decided to hold a “live not

open” house on Instagram

and Facebook last weekend

for a $2.399 million home in

the Hollywood area of Los

Angeles. For social media,

they used the hashtags

#businessnotasusual and

#dontyoudarecomehereto-

day.

After a few initial mis-

steps—they were too close

to the camera, and the cam-

era work was wobbly—they

were happy with how the

virtual open house went.

They said they aimed to

keep the videos casual, jok-

ing with viewers that the

toilet roll in the bathrooms

was up for negotiation. Ulti-

mately, their Facebook video

got engagement from about

2,200 people, far more than

would have attended an in-

person open house.

“There were definitely

four that were our parents,

though,” Ms. Roy joked.

“Everybody has been try-

ing to do more digital and

virtual stuff anyway,” said

Fredrik Eklund, an agent at

Douglas Elliman and one of

the stars of “Million Dollar

Listing New York.” “This is

goingtobeacatalyst.”

Some in the industry

have been surprised that

business hasn’t been more

affected over the past cou-

ple of weeks. Mark

McLaughlin, president of

Compass California, said

that on Sunday his firm sur-

veyed about 450 agents in

both Northern and Southern

California. On Sunday, about

10% of Northern California

open houses were canceled.

Only a relative handful of

clients had opted to pull

their listings by the begin-

ning of this week, he said.

This weekend is slated to

look different. Starting

Tuesday, residents of San

Francisco were required to

leave their homes only for

essential needs, like visiting

a doctor or getting supplies.

Agents having the easiest

time of it work in more re-

mote areas. Jody Lovell of

Highlands Sotheby’s Inter-

national Realty closed on a

$1.5 million deal in High-

lands, N.C., an upscale vaca-

tion home destination in the

Blue Ridge Mountains, on

Monday. Mr. Graves, the

New York agent, said it feels

like summer in the Hamp-

tons as New Yorkers head to

their vacation homes, with

lines of traffic at stoplights.

“Living in a more sparsely

populated area, there’s less

panic,” Ms. Lovell said.

—Cecilie Rohwedder

contributed to this article.

One San Francisco

agent had a buyer

pull out of a $3.77

million deal because

of the decline in the

stock market.

A model unit in 15 Hudson Yards in New York. Listing prices

in the building start at $3.375 million.

Related

Companies, the

developer behind

Hudson Yards, said it

is switching to

doing business

virtually.

RELATED-OXFORD (3)

27apartmentresidenceswith

spectacularoceanviews

3bedrooms/3baths,3,000+/-sf

open-conceptfloorplans

Expansiveviewdecks,cofferedceilings,

chefkitchens

3-cargarage,concierge,pool/spa,

fitness+more

INSPIRED

COASTAL LIVING

INSIDE & OUT

With such a limited number of

homes available, Sea View Villas

is unique in its ability to provide

residents with access to the most

exclusive amenities and services

while still allowing for a sense of

privacy and serenity. No matter

what you need to take care of, such

as shopping, errands or groceries,

our concierge is here to help you get

things done.

An interior package unlike any

other, every home features a true

chef’s kitchen with Sub-Zero and

Wolf appliances, including a wine

refrigerator and warming drawer,

custom built-ins and coffered

ceilings in the great room, and

custom closet organizers in each

of the three large bedrooms. Park

your cars and store your surfboards,

kayaks and gear in your private

three-car garage.

Sea View Villas is the perfect

second home for bicoastal and

international jetsetters looking to

enjoy an exclusive retreat along the

Southern California coast within

steps of the Pacific Ocean. This

property’s ideal location offers

the allure of Malibu and a short

commute to and from Los Angeles.

From the moment you awaken,

the ocean beckons. The transition

has never been more seamless from

city to home to ocean. At Sea View

Villas, the Pacific Ocean sets the

pace for a life lived in full.

L

ocated in Pacific Palisades, adjacent to Malibu,

SeaViewVillas features 27 luxurious apartment homes

built to condominium-level specifications with every

element thoughtfully considered. Each residence offers a

spacious,open design with floor-to-ceiling glass windows and

an expansive terrace overlooking the Pacific Ocean.

Special Advertising Feature

The Wall Street Journal news organization was not involved in the creation of this content.

MANSION

NY/NE