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Short Term Rentals Are No Longer Viable

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  1. From the first 9 minute video:

    Missing Buyers In Mississauga. Real Estate Market Shows SLOWEST Month Of The Year.
    Honest real estate talk
    Dec 12, 2022
    Mississauga real estate market has turned completely upside down since this winter. From multiple offers to listings not selling. See the change in Mississauga real estate market month by month and how much it has been affected by the Bank of Canada rate hikes.
    See prices of detached homes in Mississauga all the way to condos in Mississauga and their drop each month.

    The second 5 minute video:

    Don’t look at houses in Meridian without seeing this Market Update! How it’s trending in Dec 2022
    Nils Jensen REALTOR® | Idaho Pulse Real Estate
    Boise Premier Real Estate
    If you’re interested in the housing market for Meridian Idaho, this video is for you. Updated numbers for the housing Market for Dec 2022. These numbers are per the MLS official data, which is far more accurate than looking data up on google for example. We get into the Median days on market, the Median price, median square foot of homes for sale and more. Plus a quick history lesson on the origins of the City of Meridian!

    The third 7 minute video:

    New Short Term Rentals In Las Vegas No Longer Viable
    Jim Eagan
    Dec 12, 2022
    It is no longer practical to purchase a property in the Las Vegas Metro area to be used as a short term rental. The cities of North Las Vegas, Henderson and the township of Las Vegas are saturated with licenses. The chances of finding a “hole” in those cities with an over priced property for sale is astronomically remote.

    The remaining area is the “ocean” of Clark County. Unfortunately, they came out with ridiculous rules last July and rumor has it that less than 300 operators have applied. Out of the approximate 12,0000 pirates we predict that less than 2000 will able to get a license. There will be about 10,000 pirates running loose in 20023 and Clark County will be hunting them down with a vengeance. This video covers the 4 basic options you have if you are a pirate. None of them are pretty:

    – Convert to a long term rental.
    – Convert to a mid term rental.
    – Experiment with “Room Share.”
    – Go under the radar with other platforms.

    Since Limestone Investments will not be managing any pirate ships in 2023, any pirates will be on their own.

    The fourth 17:18 video:

    Phoenix Real Estate Market Update | Phoenix, AZ
    Caitlin McKeague – Your Phoenix Real Estate Agent
    Premiered 8 hours ago
    In this Phoenix Real Estate Market Update we are talking about the first time we’re seeing these YOY prices in 10 years! And, what’s making a few Phoenix cities IMPROVE for sellers!
    *Source: Cromford Report

  2. In a letter released prior to former FTX CEO Sam Bankman-Fried’s arrest by authorities in the Bahamas on Monday in connection with pending charges in the U.S., the bipartisan leaders of the Senate Banking Committee put out a statement blasting him for refusing to testify at a hearing on the implosion of the cryptocurrency exchange he founded.

  3. From Crain’s New York:

    Failed coworking provider the Wing sued again for unpaid rent

    Landlords claim the company is in arrears at three local sites

  4. Carvana: Yahoo Finance’s Worst Company of the Year

    If a few notorious companies seem to be missing, here’s why. Bankrupt crypto exchange FTX got the second-most votes in our poll, but it’s not a public company, so we didn’t count it. Twitter got the fourth-most votes, but it stopped being a public company when Elon Musk bought it in October, so that, too, was out. Yahoo also made the original top 10, with 65 worst-company votes from critics who complained about a “woke” agenda, an outdated web site, overpoliced message boards and too much emphasis on negative news, such as this story. Yet Yahoo is also privately owned, by Apollo Global Management, so we must exclude ourselves as well.

  5. “Excluding the three-month pandemic lockdown period in spring 2020, October’s sales level was the lowest since February 2008. With pending sales showing a 50 percent drop from a year ago, we can expect additional tempering in housing demand in the coming months, as we previously forecasted,” said C.A.R. Vice President and Chief Economist Jordan Levine. “Home prices will also moderate further over the next several months as interest rates remain elevated in the near term and seasonal factors come into play.”

    Other key points from C.A.R.’s October 2022 resale housing report include:

    At the regional level, sales continued to fall sharply from last year, with four of the five major regions falling more than 35 percent from last year. Southern California had the biggest annual drop in sales at 40.8 percent, as every county within the region experienced a sales decline of more than 30 percent in October. The Central Coast (-38.8 percent), the San Francisco Bay Area (-37.3 percent) and the Central Valley (-36.4 percent) also posted sales declines of more than 35 percent from last year, with the declines worsening as borrowing costs continued to climb. The Far North (-19.1 percent) recorded the smallest sales declines of the five major regions, but it also has been dropping by double-digits for five straight months 

    All but one California county recorded a year-over-year sales decline in October, with 41 of them plunging more than 20 percent from the like period a year ago. Madera (-52.4 percent) and Sutter (-52.4 percent) had the biggest sales drops of all counties, followed by San Bernardino (-47.9 percent), and Napa (-47.5 percent).

    Jordan is a knuckle dragging stopped clock doom and gloom perma bear.

  6. Bankman-Fried was arrested at his Albany resort apartment, located in Nassau, Bahamas, Monday evening. He was taken into custody “without incident,” according to Royal Bahamas Police Force and will appear in Magistrate Court, Nassau, Bahamas, on Tuesday. Bankman-Fried is expected to be extradited to the United States.

    While it is not clear what charges he will face, The New York Times reports the criminal charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering, according to a person with knowledge of the matter.

    “The Bahamas and the United States have a shared interest in holding accountable all individuals associated with FTX who may have betrayed the public trust and broken the law,” Bahamas Prime Minister Philip Davis said in a statement.

    “While the United States is pursuing its own criminal charges against SBF individually, the Bahamas will continue its own regulatory and criminal investigations into the FTX collapse, with continued cooperations of its law enforcement and regulatory partners in the United States and elsewhere.”

    Gosh, he may go to jail after all. Some posters here have some crowz to eat.

    1. The law professor parents of disgraced FTX boss Sam Bankman-Fried reportedly fear the family will go broke while paying for his defense against mounting litigation.

      Joseph Bankman and Barbara Fried — both well-known figures at Stanford University — have stayed with their ex-billionaire son in the Bahamas for more than a month as he faces a firestorm over FTX’s sudden collapse.

      The parents “have told friends that their son’s legal bills will likely wipe them out financially,” the Wall Street Journal reported on Monday, citing sources close to the family.

      “We hope this gives us some wisdom,” Bankman recently said, according to those sources. “Otherwise, it would be too hard to take.”

      Bankman-Fried is facing a raft of legal and regulatory scrutiny, including an ongoing class-action lawsuit on behalf of furious FTX customers and a federal probe into whether he engaged in market manipulation within the cryptocurrency sector. The 30-year-old is accused of using FTX customer funds to prop up Alameda Research, the failed sister cryptocurrency trading firm he also owned.

      As FTX careened toward bankruptcy, Bankman-Fried reportedly contacted his parents seeking advice. Bankman called his colleague, fellow Stanford law professor David Mills, who quickly realized the extent of the trouble.

      “Sam needs lawyers, and desperately,” Mills told Bankman, according to the Journal.

    2. Update:

      “CNBC has confirmed that the charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering.”

    3. Gosh, he may go to jail after all.
      Gosh, I sure hope not too many guards, inmates, and their families lost money in this scam, otherwise his jail time might become a tad bit uncomfortable.

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