What I'm Reading No Easy Way Out: Builders are slamming on the brakes as home sales slow in light of extremely strained affordability. However, demand turns much quicker than supply and today's stoppage in production will likely sew the seeds of tomorrow's even more pronounced shortage. New York Times Pivot:...
May 26th – Great Outdoors
What I'm Reading Great Outdoors: Institutional investors are turning their sights on amenity rich campgrounds and RV parks as a way to capitalize on the pandemic boom in vehicle sales and camping. Investors are looking to follow the same institutionalization playbook as single family rentals and mobile homes and see...
February 1st – Guessing Game
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...
November 17th – Space Available
What I'm Reading Risk On: The board of CalPERS, the nation's largest pension fund, voted Monday to use 5% leverage and alternative assets to meet its investment-return target, even after lowering that target just a few months ago. The trustees also voted to increase riskier alternative investments, raising private-equity holdings...
November 16th – Dead End
What I'm Reading Dead End: Just a few days after St. Paul, Minnesota voters approved the nation's strictest rent control measures, developers and their lenders are halting projects due to the economic impact. Now politicians - many of whom supported the measure - are backtracking furiously as they realize that...
November 11th – Boxed Out
What I'm Reading Boxed Out: Supply chain woes are playing to the strengths of large retailers like Walmart, Amazon and Target who buy in massive scale, and therefore negotiating leverage with manufacturers and 3rd party logistics providers. This is in stark contrast to mom and pop retailers who are struggling...