If a magazine editor these days asks for contributions that are magical realism, what she's really saying is that she wants contemporary fantasy written to a high literary standard---fantasy that readers who "don't read escapist literature" will happily read. It's a marketing label and an attempt to carve out a part of the prestige readership for speculative works.
Note the distinction between the technical definition and the marketing definition.
Instead, it tells its stories from the perspective of people who live in our world and experience a different reality from the one we call objective. If there is a ghost in a story of magical realism, the ghost is not a fantasy element but a manifestation of the reality of people who believe in and have "real" experiences of ghosts. Magical realist fiction depicts the real world of people whose reality is different from ours.
There are three main effects by which magical realism conveys this different world-view, and those effects relate to the ways in which this world-view is different from the "objective" (empirical, positivist) view. In these other realities, time is not linear, causality is subjective, and the magical and the ordinary are one and the same.
magical realist writers write the ordinary as miraculous and the miraculous as ordinary.