T
he real estate industry is reeling from the aftershocks of President Trump's tariff plan, which sent shockwaves through global markets and left investors scrambling for cover. Despite a brief reprieve with the 90-day pause on new tariffs, uncertainty remains, casting a shadow over buyer confidence.

    In New York, agents report a growing number of buyers hitting pause, pulling out of contracts or delaying mortgage applications. Data from UrbanDigs shows canceled Manhattan contracts more than doubled last week, signaling that fear has crept into the market. Commercial leasing is also taking a hit, with tenants walking away from negotiations as they wait for clarity on buildout costs and the economic outlook.

    Meanwhile, renters are feeling the squeeze, with rents in New York remaining sky-high – near $4,500 in Manhattan. The luxury market appears largely unbothered by the turmoil, but for many others, the uncertainty is a major concern.

    The real estate industry's typically vocal players have been surprisingly quiet throughout the tariff saga, perhaps because they've already weathered storms from high interest rates and declining valuations. However, the 90-day pause on tariffs offers little comfort, as China remains a wildcard, mortgage rates are under pressure, and buyer confidence is on shaky ground.

    In other news, Zillow has announced a new policy banning private listings from its platform, amid industry debate over their value. Californians are ditching the Golden State for Palm Beach, driven by wildfires, political frustrations, and high taxes. A group of real estate investors blacklisted by Fannie Mae collectively poured nearly $100 million into Chicago real estate, only to see many properties fall into disrepair and foreclosure.

    Adam Neumann has secured a $155 million loan for his Flow House condo tower in downtown Miami, while Tishman Speyer is nearing a deal to buy a Soho office building for around $120 million. David Miller, son of Lennar co-CEO Stuart Miller, faces charges related to a domestic violence incident at his father's waterfront estate.

    A suburban Chicago office complex has sold for 95% discount, while Chetrit Org has inked a loan extension with Rialto for Soho properties.