What I'm Reading Rebound: Apartment List's rent index posted its largest monthly increase since 2017 in March. The markets that saw the fastest declines in 2020 led the way. Globe Street Wiped Out: More than 10% of restaurants in the United States have closed permanently since the coronavirus pandemic began...
March 31st – All For One
What I'm Reading Halt: As expected, the CDC extended their eviction ban residential evictions until the end of June. However, the extension makes no substantive changes to the policy, despite housing advocates pushing the administration to boost enforcement measures to prevent landlords from going around the moratorium. Politico Next Wave's...
March 30th – Game Over
What I'm Reading Game Over: Massive crowdfunding sinkhole Prodigy Network has filed for Chapter 7 bankruptcy. The company, which had raised a reported $690MM from investors was overleveraged and besieged by lawsuits when its founder died suddenly in May and investor communication ceased. This is a tragic reminder of the...
March 29th – Virtual Reality
What I'm Reading Virtual Reality: For those of you unaware, part of the burgeoning NFT craze includes platforms like Earth 2 and Metaverse that recreate earth digitally and allow people to buy up virtual property, "develop" it and trade it. Metaverse is now in the process of launching a REIT...
March 26th – Recycled
What I'm Reading Recycled: In a sign of how valuable logistics real estate has become, some developers are taking old, unused golf courses and building warehouses on them. Imagine trying to explain this to someone who time traveled to 2021 from 2002. Bloomberg En Fuego: Austin has become America's hottest...
March 25th – Compression
What I'm Reading Compression: With Class A cap rates at incredibly low levels, industrial real estate investors are increasingly targeting well-located B and C product to generate higher returns. According to a new report by Cushman and Wakefield, average cap rates for Class A properties declined by 33 basis points...
March 24th – Deep Cuts
What I'm Reading Flush: Lenders who are desperate to generate yield are pouring capital into financing the white-hot home flipping market. This is not really a concern for now as competition is pushing rates down at a time when profits are near all-time highs. However, it could become problematic when...
March 23rd – Overflow Conditions
What I'm Reading Overflow: The red hot housing market coupled with stubbornly high unemployment has ignited a boom in new realtors. However, housing supply - which was already low before 2020 - has been dropping like a rock and there are now more realtors than homes for sale in the...
March 22nd – Wanna Get Away?
What I'm Reading Wanna Get Away? Demand for second homes increased far more than for primary homes between January 2020 and January 2021, according to a Redfin analysis of mortgage application data from Optimal Blue, a real estate analytics firm. If ever there were an indication of K-shaped recovery, this...
March 19th – Tick Tock
What I'm Reading Tick Tock: Multifamily forbearance for agency borrowers has been extended through June 30, 2021 after having been set to expire on May 31st. Once the forbearance period ends, owners generally have to start repaying the deferred amount immediately and within 12 months, and while some owners have...