How many listings have been impacted by Zillow’s new policy?

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Multifamily refinancing crunch creates buying window for sharp investors link

• Nearly $120 billion in commercial real estate loans are maturing by end of 2026 with DSCRs below 1.20x, and multifamily makes up the largest chunk. Many loans were issued with sub-6% rates and won’t refinance without equity injections or higher NOI.

• The South Atlantic region has $9.4 billion in multifamily debt maturing—70% with debt yields under 7%—making it one of the most exposed areas. Value-add investors may find deals below replacement cost in cities like Atlanta or Charlotte.

• The Pacific region is less distressed but shows refinancing strain, with 90% of loans under 10% debt yields. In high-cost markets like LA and the Bay Area, thinner equity cushions could mean entry points for bridge lenders or structured equity players.

E-commerce boom sparks scramble for U.S. warehouse space link

• E-commerce will drive demand for 50–75 million square feet of new U.S. industrial space each year through 2030, according to Prologis. Online grocery shopping and Millennial spending are key growth factors.

• Manufacturing now makes up 14% of new logistics leasing—up from under 10% pre-pandemic—driven by nearshoring and demand from semiconductors, pharma, and data center supply chains. In Texas, Chicago, and the Southeast, that number hits 20%.

• Smaller companies are waiting longer to sign leases due to economic uncertainty, leading to sudden surges in demand. Meanwhile, larger firms stay consistent, with food, beverage, and medical tenants showing the most stable leasing activity.

Refi activity surges 56% - homebuyers finally responded link

• Mortgage applications spiked 9.4% in a week as the 30-year fixed rate dropped to 6.77%, its lowest level in three months. Both purchase and refinance applications rose 9% week-over-week.

• Refinance applications are now 56% higher than the same week in 2024, despite having been sluggish for most of the year due to high rates. Borrowers jumped at this brief rate window.

• Purchase applications are up 25% from a year ago, but pending sales haven’t followed yet—contract cancellations remain high, signaling shaky buyer confidence.

How many listings have been impacted by Zillow’s new policy? link

• Zillow is banning listings not entered into the MLS within 24 hours of public marketing, targeting “Coming Soon” or “Private Exclusive” listings—mainly affecting Compass’s three-phase marketing strategy. Agents get three warnings; after that, listings are removed for the entire duration.

• Compass claims these listings still follow NAR rules and are visible on their website and MLS, but Zillow excludes them because they don’t feed its lead funnel. This impacts seller visibility and lead generation on one of the most-used platforms.

• Despite Compass’s lawsuit, Zillow says only a “small” number of listings are affected and expects fewer over time. But agents in competitive markets are already changing how they present listing options to sellers to avoid permanent bans.

New Grads Are Skipping San Francisco—These Cities Are Winning the Talent War link

• Atlanta replaced San Francisco as the top big city for new grads, driven by a strong cultural scene, affordability, and an $82,201 median income—but fewer grads now get employer health coverage. DC surged to #2 with a $12,000 jump in grad income, hitting $95,628.

• Mid-sized cities are the real winners, with Sunnyvale, CA seeing a $28,803 spike in median income to $132,150 thanks to expanding tech opportunities. St. Louis quietly climbed into the top 3 with a 10-point jump in college-educated youth and rising salaries.

• Small cities like Santa Clara and Milpitas, CA outpay traditional academic hubs, with graduate median incomes hitting $120,714 and $104,038 respectively—far higher than Cambridge, MA ($71,968) or Ann Arbor, MI ($57,056).

CRE warms up: LA and Bay Area landlords get flexible to land tenants (link)

• Short-term office leases (1–2 years) are rising fast in LA and the Bay Area. Landlords once resistant to short terms are now offering them to quickly fill empty space.

• Subleases are hot, especially for modern, amenity-rich offices in prime areas. Many companies are downsizing or going hybrid and trying to offload extra square footage.

• Tenants in CA, AZ, and TX are signing short-term renewals as they figure out long-term return-to-office plans. They’re prioritizing flexibility over long-term commitments.

Friday Harbor

Helps in loan officers assemble complete, accurate, and fully underwritten loan files in real-time, day or night.

AI Hype in Real Estate Hits a Wall—Most CRE Teams Aren’t Ready link

• 90% of companies plan to integrate AI into corporate real estate (CRE) in the next 5 years, but only 33% of senior managers say they actually have an AI strategy in place. That strategy gap could stall adoption.

• 73% of CRE professionals are already using AI tools like predictive maintenance and lease automation, yet most teams still rely on manual workflows, with just 4.6% aiming for full automation.

• JLL analyzed 300+ AI real estate tools and found most are built as feature modules—AI is enhancing existing systems, not replacing them. The best solutions focus on user-friendliness, cost-effectiveness, and filling data gaps.

  AI Enters the Deal Room: How Trepp Is Using Clean CRE Data to Power Smarter Models link

  • TreppAI is powered by decades of proprietary CRE and CMBS data, including direct feeds from bond prospectuses and loan-level financials—unlike generic models trained on scraped or third-party data. This allows for more accurate, granular insights trusted by institutional investors.

  • Trepp’s AI tools include natural-language search, hourly CRE market summaries, smart sales/income comparables, and instant pro forma projections—each designed to speed up decisions and cut manual work for finance professionals.

  • Human oversight is baked into the AI workflow: every data point goes through automated and expert validation. This tight loop improves reliability and relevance in volatile or complex deal environments.

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