What I’m Reading
Flight to Paradise: With the northern hemisphere in the middle of winter and many regions still under pandemic lockdowns, wealthy buyers are more motivated than ever to purchase homes on warm-weather islands, sometimes sight unseen. I’m seeing this play out in real time on the big island of Hawaii, which has become a haven for tech buyers. The marketing team for Kaloko Heights, the development project that I’m working on have seen several cases where Silicon Valley buyers have made unsolicited offers on properties sight unseen that they estimate are $1MM or more ABOVE market value, due to there being little to no inventory available for sale. Mansion Global
Punching Down: Investors are following the recent renter migration patterns, with 75.8% of multifamily investment happening outside of major metros last year, according to new research from Newmark. This trend was in place before the pandemic hit but COVID acted as an accelerant. As a result, Newmark notes that we are now seeing the highest investment allocation outside of big cities on record. Globe Street
Remote Control: Across the country, high hopes that a rapid vaccine rollout in early 2021 would send millions of workers back into offices by spring have been scuttled. Many companies are pushing workplace return dates to September—and beyond—or refusing to commit to specific dates, telling employees it will be a wait-and-see remote-work year. Wall Street Journal
Moat: As new EV’s hit the market over the next few years, Tesla has one major advantage that cannot be overstated – its charging infrastructure. Harvard Business Review
Flexing: Companies will likely continue to offer their employees greater choice in where they work as 2021, and non-CBD flex-space will be a part of their offerings, according to a Colliers International report. Globe Street
Chart of the Day
Whether its a bubble or not, we’ve never seen anything quite like Bitcoin before.
Source: Financial Times
WTF
Sobering: A woman who repeatedly stabbed her sister with an EpiPen told cops that she was “allergic to drunks” and was simply trying to sober up the victim because Florida (h/t Steve Sims). The Smoking Gun
It’s Complicated: A man stole an engagement ring that he had given to one of his girlfriends in order to propose to another girlfriend because Florida. WKYT
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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