A Sort Of Monomania
A weekend topic starting with the Los Angeles Times. "When Steve Qunell won a seat on the City Council last year in this town of 8,000, he figured he’d be dealing with potholes and affordable housing. Instead, he finds himself…
We Are In A Period Of Price Discovery
A weekend topic starting with the Associated Press. "While REITs overall are lagging the broader stock market this year, apartment REITs are among the worst-performing. The 15 apartment REITs included in the Nareit index have a negative total return of…
The Perfect Breeding Ground For The Winner’s Curse
It's Friday desk clearing time for this blogger. "A San Diego-based mortgage lender has agreed to pay nearly $25 million to resolve allegations that it knowingly approved ineligible loans that later defaulted, resulting in mortgage insurance claims to the Federal…
As Loans Get More Delinquent, That’s When The Real Costs Come Into Play
A report from the South Florida Business Journal. "The Related Group proposed a 37-story apartment building with no on-site parking in downtown Miami. There’s an over-supply of condos on the market in downtown Miami and condo sales have slowed during…
Long Term Will Catch Up To You, And That’s What Happened
Two reports from the Real Deal on Florida. "Ed Brown, former Patrón Spirits CEO, sold his oceanfront Hillsboro Beach mansion at a loss, for $16.5 million. Luxury spec home developer Mark Timothy built the home in 2017, the same year…
Money Was Something Of A Poisoned Chalice
A report from Boston.com in Massachusetts. "'The Boston condo market is a great example of what’s happening nationally,' said Kiernan Middleman, an agent with Berkshire Hathaway HomeServices Warren Residential. Buyers are simply leaving the city and heading to the suburbs.'…
We Have Got It Starting To Show Its Face
A report from Mortgage Broker News in Canada. "Readers will be all too familiar with the pitch from realtors who specialize in pre-construction condo sales: Put down your deposit, sit back and watch as that piece of paper appreciates faster…
You Know What, I’ve Seen Enough, I’m Outta Here
A report from the Herald Tribune in Florida. "The good news: foreclosure activity has fallen to historic low levels in the Sarasota-Manatee region. The bad: more local homeowners are falling behind on their mortgage payments, a troubling sign that foreclosure…
Not All Sectors Of Our Housing Market Are Living Up To The Media Hype
A report from the Wall Street Journal. "Signs of stress in New York City’s commercial properties are fueling investor bets that trouble in the nation’s largest real-estate market could spread pain nationwide. 'Distress in financial markets was all about residential…
Now That Price Appreciation Isn’t There, Investors Are Saying, Oh Wait A Sec, There’s Some Risk In There
A report from People Magazine. "San Francisco has seen a massive drop in apartment rental prices, a new report shows. Many other big cities across the country are seeing similar trends. According to Bloomberg, studio rents in Manhattan fell 15…