Key Highlights
- Roofstock seeing 500% website traffic jump from Asian investors, 250% surge from Australian investors, 450% uptick from German investors and 100% jump from UK investors since coronavirus began spreading around the world
- Douglas Elliman Real Estate’s Howard Lorber seeing no effect from coronavirus on real estate – so far
Even during this spread of coronavirus around the world, real estate continues to be all about location, location, location. And investors from all over the world are looking for a safe haven for their money.
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Roofstock, a fintech company based in California, has been seeing a HUGE uptick on its nationwide for-sale single-family- rental properties website from all over the world. This uptick is coming from Asian investors (+500%), German investors (+450%), Australian investors (+250%) and UK investors (+100%). Why the US real estate market?
CEO Gary Beasley believes this traffic spike is a direct result of the coronavirus. “I think it may be people looking to invest capital into what may be perceived as more stable areas that don’t have as much of an effect, at least not yet, from the virus…people look at hard assets, things like real estate, which are uncorrelated generally to the stock market, and specifically US housing, that tends to perform quite well on a relative basis during times of market volatility.”
Roofstock’s platform was designed specifically for people who want to invest remotely. No need to jump on a plane. No need to go anywhere in times of crisis or threat of COVID-19 exposure.
Howard Lorber, president of Douglas Elliman Real Estate, is seeing no effect on his real estate markets from the coronavirus at this point in time. During a round table discussion on CNBC’s Squawk Box, Lorber said, “We’re up +20% in South Florida and down -4% in New York due to taxes…and our open houses are packed…people want to be here.”
During this same round table discussion on Squawk Box, Sam Zell, founder and chair of Equity Group Investments, talked about his buying at “ridiculously low prices.” Zell also said he believes affordability is more of a challenge than the coronavirus.
Thanks to CNBC’s Diana Olick and Shawn Langlois for source material.
Also read: Podcast: Warning: Coronavirus Fears Leading To Global Recession, Podcast: Will Corona Virus Fears Kill The Real Estate Market?, More Than 70% of Couples Argue When Buying or Selling a Home
