Real Estate Stocks Surge on Hopes for a Vaccine
Real Estate Stocks Surge on Hopes for a Vaccine
Monday’s announcement of promising COVID-19 vaccine test results prompted investors to get bullish on several real estate stocks, notably within sectors of the market that have faltered during the pandemic. The Wall Street Journal reported as part of Monday’s vaccine news: “The share prices of some of the country’s biggest property owners were up more than 20% Monday compared with a roughly 3% increase in the Dow Jones Industrial Average.”
Office owners have faced high vacancy rates during the pandemic. Hotel and retail owners also have been among the hardest-hit real estate sectors during the pandemic as consumers avoid public venues. But after news broke of the positive vaccine results from BioNTech SE and Pfizer Inc., hotels and retailers saw an increase in the stock market.
Among the winners on Monday: Shares of Host Hotels & Resorts Inc., one of the nation’s largest hotel owners, jumped 30%. Simon Property Group, one of the country’s largest mall owners, saw shares increase 28%. SL Green Realty Corp., Manhattan’s largest office owner, posted a 37% increase, WSJ reports.
“Real estate was a COVID loser,” Michael Knott, head of U.S. REIT research at Green Street, told WSJ. “Many of the business models are based on assembly of people. And now with the potential vaccine, it’s like Doc Brown [from ‘Back to the Future’] figured out how to get his time machine to work.”
Pfizer reported on Monday that its early data suggested its vaccine under development might be 90% effective in preventing COVID-19.
“This offers a ray of hope that the market did not hesitate to take advantage of,” Tai Hui of J.P. Morgan Asset Management said in a report.
Source:
©National Association of REALTORS®
Reprinted with permission
admin
For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.
Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.
Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.
When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.
For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.
