What I'm Reading Guessing Game: Pandemic uncertainty has made it extremely difficult for appraisers to assign values to office buildings. IMO, this will continue until the dust clears and the impact on demand from work from home can be fully quantified. Globe Street Windfall: Crypto whales are cashing out some...
January 31st – Breaking Point
What I'm Reading Coming Up Short: Two years after Apple, Google, and Meta vowed to spend $4.5 billion to create more than 40,000 new homes in their home state of California, they’ve accomplished a fraction of that goal. The Real Deal Turns out that all the cash in the world...
January 25th – Up and To The Right
What I'm Reading Up And To The Right: Average monthly listed rents in the US increased 14.1% year over year, according to a report issued by real estate brokerage firm Redfin. Meanwhile, the national monthly mortgage payment for homebuyers climbed 21.6% year over year, also the biggest increase in Redfin’s...
January 24th – On the Clock
What I'm Reading On the Clock: The 2017 tax law contains a provision allowing for bonus depreciation on eligible assets, allowing investors who qualify as a real estate professional to shelter income, even in the absence of a 1031 exchange. A sunset provision was built into the law, meaning that...
January 18th – Bare Shelves
What I'm Reading Bare Shelves: US home sales fell the most in 18 months in December. A lack of supply, not demand is driving the move. As would be expected in this environment, prices are still increasing rapidly. Bloomberg Coming Around: As the pandemic wears on, corporate America is increasingly...
January 4th – End of the Line
What I'm Reading Tick Tock: The window for banks to use troubled debt restructuring (TDR) is coming to an end. TDRs have been a way for lenders to modify a loan’s terms, because of a borrower’s financial or legal difficulties, and account for an impairment of value. Under the initial...
January 3rd – War Chest
What I'm Listening To AJ Osborne had Scott Ramser and I on his Self Storage Income Podcast to discuss our recent acquisition of Adult Toy Storage in Altamonte Springs, FL. Scott gives a great overview on how to reposition a large RV and boat storage facility and the interview gave...
December 20th – Full House
Programing note: I'll be posting a bit more intermittently over the next couple of weeks. Wishing you all Merry Christmas and happy holidays! What I'm Reading Full House: People are increasingly buying homes with their friends as a way to deal with high costs and gain a foothold in the...
December 17th – Spreading Out
What I'm Reading Spreading Out: There is building anecdotal evidence that a substantial portion of surging demand for housing is due to the US undergoing another episode of average household sizes shrinking, much as it did in the 1970s. Calculated Risk Whack a Mole: People are ricocheting between skyrocketing rents...
December 16th – Leading the Pack
What I'm Reading Leading the Pack: Millennials were supposed to be the generation that spurned home ownership. Instead, they now make up over half of all home purchase applications as the group enters prime household formation years. The generation accounted for 67% of first-time home purchase mortgage applications and 37%...