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Inventory Is Finally Returning To A State Of Abundance

A report from the Idaho Statesman. “Take a spin through Eagle and it’s easy enough to see a changing city. Fresh, new homes dot neighborhoods, while empty dirt and sand-filled lots promise more incoming growth in town. But building permits are slowing. ‘Developers) are still putting applications and permits in,’ Eagle Mayor Brad Pike said by phone. ‘(But) they’re kind of trickling in now.’ Building permits peaked in 2018 and have decreased every year since except 2021, said Nichoel Baird Spencer, director of long-range planning and projects for Eagle. ‘I know it feels like there’s a lot of growth going on, but building permit-wise we actually are trending downward,’ she said.”

Westword in Colorado. “Those looking to rent apartments or buy homes in Denver have dealt with a wild market the last few years, but new trends show that markets for buyers and renters alike could be getting better. Denver’s home-buying market is also leveling out after three years of what the industry has described as ‘unicorn years’ because they were so abnormal, notes Nancy Levine, a Denver real estate expert with LIV Sotheby’s. Levine says it’s a bit of a mystery why supply and demand aren’t working in the Denver real estate market right now, but cream-puff houses, which generally come with updated kitchens and bathrooms and little move-in work, could play a role. ‘I think it’s because the houses that are kind of perfect — what we refer to as ‘cream puffs’ — still have a lot of people wanting to buy them, so the prices are still staying strong on great houses, and that’s pushing up the median house price,’ she suggests.”

“Inventory is finally returning to a state of abundance in the Denver housing market, and the same can be said for rentals. According to the AAMD, 5,144 new apartments came online in the first quarter of 2024, with almost 15,000 units added in the last year. From March 2024 to April 2024 alone, the number of new listings jumped by over 21 percent. ‘It’s the first opportunity there’s been for buyers to have a pretty good shot at homes in the last few years,’ Levine says. ‘It’s still a seller’s market, but it’s the best opportunity there’s been for buyers in a long time. April, May and June are the key months for the most competition and the sellers to get the best prices. But this year, because of the huge increase in inventory, it’s a little less so.'”

Politico on Florida. “State Rep. Vicki Lopez, the Republican lawmaker who led condo reforms to try to prevent another Surfside tragedy, is worried about a recent court decision over a building buyout in Miami. It concerns the 60-year-old Biscayne 21 condominium. Lopez is concerned the case will spur similar lawsuits and make developers reconsider buying unsalvageable condominiums. She wants most condo owners to have the ability to sell off when their buildings are no longer safe or have become too pricey to maintain — and give them and the developers they sign with the ability to override small numbers of holdouts. Those concerned about the ruling say it’s unfair to give a sliver of residents veto power when most want out. ‘These people otherwise face foreclosure,’ said Jan Bergemann, president of Cyber Citizens for Justice, a property owner’s advocacy association. ‘They otherwise lose everything if they can’t sell to a developer.'”

The Star Tribune in Minnesota. “An artificial stream in a park-like setting attracts joggers and dog walkers to St. Paul’s Highland Bridge development. Meanwhile, plans for thousands of new privately developed apartment units remain on pause. They’re the victim of rising construction costs, soaring interest rates and the rent stabilization law approved by St. Paul voters that brought much residential construction to a halt. ‘The vision for the site was established pre-pandemic and with very different market conditions,’ said Melanie McMahon, the city’s executive project lead for redevelopment. ‘It’s just a different world that we’re in right now.'”

The Boston Globe. “Robynne A. Alexander pitched a flashy plan in 2022 to buy a sprawling state-owned campus in Laconia, N.H., and redevelop it into a ‘self-sustaining village’ with housing, hundreds of new jobs, park-like open spaces, an urgent care facility, and a resort in the scenic Lakes Region. It didn’t pan out. Despite receiving three deadline extensions and soliciting investors, Alexander failed to close the deal in late April. By then, investigators with the New Hampshire Bureau of Securities Regulation had begun scrutinizing her business dealings, as the New Hampshire Bulletin reported. Newly filed court records reveal Alexander has fallen under the scrutiny of federal fraud investigators as well.”

“Alexander received at least $450,000 from apparent investors in one or more of her projects between April 2023 and January 2024, and she may have used much of the money for purposes other than the intended investment, according to the SEC’s filings. The evidence suggests that in one instance Alexander used part of a $100,000 wire transfer from an apparent investor on one project to pay a debt of more than $46,000 that she owed to an apparent investor on another project, according to the filings. Alexander told the Globe she has found herself in unfamiliar territory. ‘I’ve had a speeding ticket in my life, and that’s the most trouble I’ve ever been in,’ she said. ‘I don’t understand all of this stuff. I’m just going to cooperate and have my attorney deal with it with me.'”

Bisnow Los Angeles in California. “La Salle Investment Management has sold office properties in Playa Vista at a loss of roughly 47%. The Annex, a roughly 132K SF low-rise creative office campus at 5340 Alla Road, sold for $50.3M to the private Westside Neighborhood School, LA Business First reported. The property, which sits on more than five acres, allows for the development of another 160K SF. Playa Vista was once a burgeoning tech hub sought by tenants looking for larger spaces and newer office stock than they might be able to find elsewhere on the Westside. But like so many other submarkets, its office properties have been hit hard by hybrid and remote work arrangements.”

The Real Deal on California. “The Gas Company Tower, L.A.’s fifth tallest building, is worth one-fifth less than a year ago and two-thirds less than its value in 2021. The value of the 52-story tower, now on the market by a receiver after Toronto-based Brookfield walked away from its debt obligations, is $214.5 million — 21 percent less than its appraisal last summer, the Commercial Observer reported, citing figures from Trepp. The spire at 555 West 5th Street in Downtown is backed by a $350 million commercial-mortgage backed securities loan and more than $100 million in mezzanine financing. Three years ago, the 1.4 million-square-foot building was valued at $632 million, or $451 per square foot. That means its latest value amounts to 34 percent of its worth in 2021. The new valuation for the property works out to $153 per square foot — a potent indicator of the decline in the Downtown office market since the pandemic shift to remote work.”

The Globe and Mail in Canada. “Ninepoint Partners LP will stop paying cash distributions on three private debt funds that collectively manage $2-billion in assets and will also skip the current redemption window on its flagship private debt fund, preventing investors from cashing out in the second quarter. ‘Currently, the fund is unable to make redemption payments due to having insufficient net cash for this purpose,’ Ninepoint wrote in a memo to advisers. Private debt managers in Canada raise money from investors – often retail investors – and then lend these funds out to borrowers who are unable to obtain traditional bank financing. In exchange for lending to higher-risk corporate borrowers, investors have historically received outsized monthly payouts that amounted to about 8 per cent annually.”

“Lately, however, some higher-risk borrowers have struggled with much higher interest costs. Many loans offered by private debt managers are provided at variable rates, and these have become more expensive for borrowers, just like variable-rate mortgages. When borrowers struggle, they may not repay their loans on time, creating a cash crunch for private debt managers. The pain is spreading across the industry. In all, private debt funds that manage nearly $10-billion have struggled with elevated redemption requests or major defaults, and funds managed by companies such as Romspen Investment Corp. and Hazelview Investments have halted redemptions.”

From CBC News. “Tens of thousands of Canadians are emigrating from Canada to the United States and the number of people packing up and moving south has hit a level not seen in 10 years or more, according to data compiled by CBC News. The real estate agents and immigration lawyers who help Canadians make the move say the surge is being driven partly by a desire for a more affordable life. But there are also people who say they have lost faith in Canada under Prime Minister Justin Trudeau’s leadership and want to pursue the American dream instead, these agents and lawyers said. Marco Terminesi is a former professional soccer player who grew up in Woodbridge, Ont. and now works as a real estate agent in Florida’s Palm Beach County with a busy practice that caters to Canadian expats.”

“Terminesi said his phone has been ringing off the hook for the last 18 months with calls from Canadians wanting to move to sunny Florida. ”With Trudeau, I have to get out of here,’ that’s what people tell me. They say to me, ‘Marco, who do I have to talk to to get out of here?’ Terminesi told CBC News. ‘There’s a lot of hatred, a lot of pissed-off calls. It was really shocking for me to hear all of this. And I’m not sure all of these people are moving for the right reason. People are saying, ‘I hate the politics here, I’m uprooting my whole family and moving down,’ and I say, ‘Well, that problem could be solved in a year or two.'”

The New Zealand Herald. “New public housing units craned onto a Sandringham site have shocked locals who said the places looked more like shipping containers than residences. The six new apartments in two blocks, each of three levels, are at 15 Kingsway Ave and locals said they were amazed that it took only a day for them to be craned into place. But many are scathing too: ‘We’re starting to look like ghetto cities that we see in other countries,’ said one. ‘They look like those storage containers put on top of each other,’ said one. ‘These stick out and not in a good way,’ said another in a social media group, reflecting Rotorua people’s views.”

“Prefabricated housing business Ecotech imported the units from China, describing themselves as ‘a next generation construction company that is turning traditional building on its head, delivering architectural quality buildings faster and more affordably than ever before.’ Neighbours said the buildings only arrived on the weekend but they were surprised at the appearance in a street which is mainly older wooden Californian-style bungalows with some brick and tile single-level units. Tony Frost of Ecotech Construction and Civil said the units were certainly not shipping containers but he refused to say how much the business was selling each apartment to Kāinga Ora for, saying that was commercially sensitive.”

“Ecotech homes are also up at Nugget Ave, Hobsonville Point. Developer Tony Houston also got places from Tony Frost’s business via China. ‘But don’t call them container homes. They’re not, they’re bigger than containers for a start,’ said Houston. At the time, 23 Nugget Ave was for sale for just over $800,000.”

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  1. ‘The value of the 52-story tower, now on the market by a receiver after Toronto-based Brookfield walked away from its debt obligations…Three years ago, the 1.4 million-square-foot building was valued at $632 million, or $451 per square foot. That means its latest value amounts to 34 percent of its worth in 2021. The new valuation for the property works out to $153 per square foot — a potent indicator of the decline in the Downtown office market since the pandemic shift to remote work’

    Brookfield has the money, they chose to give it away. Good thing they killed these cities or we might have got a sniffle!

  2. Alexander received at least $450,000 from apparent investors in one or more of her projects between April 2023 and January 2024, and she may have used much of the money for purposes other than the intended investment, according to the SEC’s filings. The evidence suggests that in one instance Alexander used part of a $100,000 wire transfer from an apparent investor on one project to pay a debt of more than $46,000 that she owed to an apparent investor on another project, according to the filings. Alexander told the Globe she has found herself in unfamiliar territory. ‘I’ve had a speeding ticket in my life, and that’s the most trouble I’ve ever been in,’ she said. ‘I don’t understand all of this stuff’

    I know Robynne, if the SEC would just start regulating ponzi schemes it would make things more transparent.

  3. ‘She wants most condo owners to have the ability to sell off when their buildings are no longer safe or have become too pricey to maintain — and give them and the developers they sign with the ability to override small numbers of holdouts. Those concerned about the ruling say it’s unfair to give a sliver of residents veto power when most want out. ‘These people otherwise face foreclosure,’ said Jan Bergemann, president of Cyber Citizens for Justice, a property owner’s advocacy association. ‘They otherwise lose everything if they can’t sell to a developer’

    This is how they handle the failed airbox living scam in Florida. We’ve seen this many times over the years.

      1. Florida is finished

        Probably for the next 4-5 years. Maybe if prices crash 50% in that time period it can rebound, maybe.

      2. Florida — at least coastal Florida — is finished as an option for the middle class to retire to sun and warmth. In 10 years Florida will be divided into high-rise airboxes for the rich to play in, while they are served by immigrants living 10 to a double-wide 20 miles inland.

    2. “‘She wants most condo owners to have the ability to sell off when their buildings are no longer safe or have become too pricey to maintain . . .”

      most condo owners already have the ABILITY to sell but they have no DESIRE to sell. so this double-speak mouthpiece will enable these poor misguided souls w/such an deal.

      Meshuga! I’m all verklempt ovah heah’. such a deal.

  4. ‘They look like those storage containers put on top of each other’

    That’s what they are, check out the photos. If someone on top dropped a fork, everybody would hear it. It can be yers for 800,000 NZ pesos!

    1. ‘They look like those storage containers put on top of each other’

      That’s how the U.S. base in Djibouti is configured, modular units.

  5. She wants most condo owners to have the ability to sell off when their buildings are no longer safe or have become too pricey to maintain — and give them and the developers they sign with the ability to override small numbers of holdouts.

    If your condo building has been ruled unsafe, who is going to buy your condo?

  6. But like so many other submarkets, its office properties have been hit hard by hybrid and remote work arrangements.”

    Globalist scum media fails to state the obvious: most “unicorn” tech companies were only viable in a world awash with Yellen Bux funny money. Once the punchbowl gets taken away and economic reality sets in, it’s Game Over for these non-essential companies.

    1. I think you’re right. All those tech startups aren’t “working from home.” They shifted from working from home to being laid off at home because the VC money dried up and the company quietly folded.

  8. In all, private debt funds that manage nearly $10-billion have struggled with elevated redemption requests or major defaults, and funds managed by companies such as Romspen Investment Corp. and Hazelview Investments have halted redemptions.”

    Few things are as heartwarming as watching the greedy, reckless “investors” who fueled much of the insane run-up in property prices see their “investments” vaporized as true price discovery stalks the central bankers’ asset bubbles & Ponzi markets.

    1. The banks have the fed as their croupier. It’s the pension funds that should cause the employed to lose sleep.

    2. “It just sort of happened, that six feet is going to be the distance,” Fauci testified to Congress in a January closed-door hearing, according to a transcribed interview released on Friday. Francis S. Collins, former director of the National Institute of Health, also privately testified to Congress in January that he was not aware of evidence behind the social distancing recommendation, according to a transcript released in May.

      The six-feet distancing rule had the biggest impact on children as many schools were unable to accommodate six feet space between students’ desks and had to rely on online education for over a year.

    3. IIRC, there was an older paper which arrived at 6 feet distancing to prevent transmission. But that paper was pre-covid and might have been based on flu virus. However, it was all they had at the time, so I don’t blame them for using the six-foot figure. Not that it mattered that much. That 6 feet was invalidated when the virus mutated 4-5 times to be more contagious and less severe.

      But really, 6 feet social distance? That’s a tiny thing compared to gain of function, HCQ/Ivermectin, and the vaccine issues such as effectiveness in stopping transmission, mandates, and side effects.

      1. ‘That’s a tiny thing compared to…’

        Lying about hospitals being overwhelmed, denying surgery to people who would later die, etc. Working with silicon valley dogs/deep state to censor people who dared to question this scam. Very actively covering up the lab scandal. There’s a thousand more. All of these people should be publicly hung.

        2. I was working a P/T lab route in Knoxville visiting hospitals in 2020. They were ghost towns like I’ve never seen.

          We were lied to on a massive scale.

      2. My Mum was sitting less than six feet away from a woman who was coughing uncontrollably and later tested positive for COVID at a social event in her retirement community. Either the vaccine or Mum’s immune system prevented transmission from happening.

        The social distancing measures were guesswork based on no data.

        1. Do you know when this was? How your Mom avoided COVID depends a great deal on which variant was active at the time.

          2. Omicron had out-competed Delta by March 2022. Also, almost everybody had been infected with Omicron by April 2022, so case numbers were dropping like a rock. Your mom probably had Omicron sometime between January-May 2022, so she would have had antibodies in June and would have easily fought off Omicron again.

  14. The Green Party has dropped plans for rationing meat and dairy products, as its co-leader insists it will not be included in its manifesto.

    The party had put among its core aims on its website the policy of “rationing to reduce the amounts of meat and dairy food consumed in the UK” if it came into government.

    But Adrian Ramsay told the BBC’s Laura Kuenssberg: “I don’t think rationing is going to be in our manifesto for the next five years. In fact, I’m certain it’s not going to be.

    “What we’re going to be putting forward is how we make our food system more resilient, and we’re living at a time when we see food prices and fuel prices going up and up.

    “We’re really in a vulnerable situation in the UK because we’re not producing anywhere near enough of our food at home.”

    The Green Party has on the policy pages of its website, last updated in April, the pledge to bring in the policy.

    The party wrote: “Agriculture, especially the rearing of animals for meat and dairy production, is a major driver of climate change.

    “It will not be possible to prevent catastrophic climate change unless consumption of these foods is drastically reduced, relative to the current level of consumption in the UK and the world.

    “Market forces and government policies have favoured increasing industrialisation of agriculture, mass-produced food and dependence on fossil fuels.”

    It added: “The Green Party will therefore use rationing to reduce the amounts of meat and dairy food consumed in the UK.”

    https://www.msn.com/en-gb/news/uknews/greens-drop-plans-to-ration-meat-and-dairy/ar-BB1nuDKe

    2. “The Green Party will therefore use rationing to reduce the amounts of meat and dairy food consumed in the UK.”

      I see this stuff and I just can’t believe it is not parody. It has to be a parody. unbelievable control freaks.

      1. The UK already felt dystopic to me in 2017. I can only imagine what it’s like now and where it is headed.

  15. ” . . said Melanie McMahon, the city’s executive project lead for redevelopment. ‘It’s just a different world that we’re in right now.’”

    just HOW different, Ms. Mcmahon ? I’m sure this flippant, dismissive attitude is reflective of your guaranteed govt. paycheck.

    speaking of govt. paychecks, it’s about that time, here in N. CA. for the govt. drones to start the circle jerk process of “Hey! Over in Lodi, Stockton, Napa, ____________ they’re getting MORE pay, benefits, _________ than WE are, and we’re gonna lose GOOD PEOPLE !! ”
    soon repeated by the same govt drones in said said cities complaining “HEY! Over in ___________, they just got a large salary increase! We’re gonna lose GOOD PEOPLE if we don’t match / increase OUR salaries !!

    * our heroes will not show up for work w/ low paychecks.
    * teachers will suffer! Mon Dieu !!!
    * there will only be a SINGLE huge hook n ladder w/ambulance showing up for a deceased senior!
    * only 4 LEO’s responding for traffic accident instead of the usual mob of 10 cars blocking all lanes for an hr. while they stand around, errrr, I mean “control the scene/show of force” !
    * cats in trees!
    * think of the children!
    * the CHILDRENNNNNN !!!
    * have I mentioned the CHILDREN !?!?

  18. A landslide victory for Sheinbaum and MORENA, which kept control of the presidency and both houses.

    Now to wait and see what her policies will be. She takes office Sept 1.

  19. A reader sent these in:

    Chicago PMI at 35.4 has been consistent with recession 100% of the time in the past. Those who threw in the towel on the call will be picking it up before too long, as they did in 1990, 2001 and 2008.

    https://x.com/EconguyRosie/status/1796625989247684721

    Why is a higher cost of living and lower real wages good for most Americans?

    https://x.com/RudyHavenstein/status/1315018191823831042

    The Spring homebuying season is looking like a serious slump — it’s the second-lowest pending home sales figure on record. (Only COVID lockdowns were lower).

    https://x.com/MacroEdgeRes/status/1797292546378301565

    Percent of Credit Card Balances Going Delinquent

    https://x.com/chigrl/status/1797232052263174622

    HOUSING AFFORDABILITY IS THE STORY

    FASTEST DETERIORATION EVER: 2021 to 2023

    IF U.S. incomes spiked 69%, we’d return to pre-pandemic housing affordability

    IF U.S. home prices fell 41%, we’d return to pre-pandemic housing affordability

    IF mortgage rates fell more than 4 percentage points, we’d return to pre-pandemic housing affordability

    To be clear, the “IFs” don’t mean that I think these are possible paths. Instead, it’s how far the given metric would have to shift in order to return housing affordability to historic norms.

    https://x.com/NewsLambert/status/1797301740544356772

    Here come the ARMs

    https://x.com/GayBearRes/status/1797355784344314227

    Guys, there’s absolutely no way that home prices can fall, people just have way too much equity in their homes now!

    As you can see from the chart below, home owners equity went absolutely parabolic over the last few years.

    Sorry, just not going to happen.

    Oh wait damnit sorry that’s a chart from 2006.

    https://x.com/GRomePow/status/1797042210183188522

    🚨Bad news if you work at John Deere

    https://x.com/GayBearRes/status/1797069289003827228

    🏨 One of Every Five New York City Hotels is Now a Migrant Shelter

    https://x.com/dailyjobcuts/status/1797389801395507421

    1. “One of Every Five New York City Hotels is Now a Migrant Shelter”

      You are being replaced.

    2. soooooo what’s with all the John Deer exec names & signatures at the bottom of what appears to be a public news release?
      is this a leaked portion of an internal memo?
      evidence for Nuremberg-style trials later . . . ?!?!

      * I’d NOT be pleased to have my personal signature released for the public, as a way to somehow appease the good ‘ol boys at Deer getting laid-off in a grand gesture of “We approve of this message”

        1. Should we be concerned about these MAGA domestic terrorists Maxine wants to know?

          Well Maxine, while you’re talking to Law enforcement about the domestic terrorists, you might want to mention the undocumented Venezuelan immigrants who came from emptying the Venezuelan jails and were allowed to enter our country to shoot and assault police, rape underage girls and murder our citizens.

        2. “. . that wig . . ”

          I’ve always thought “Mother Jefferson”.

          disclaimer: I love Love LOVED that character on The Jefferson’s!

          1. “I’ve always thought “Mother Jefferson”.

            YES! YES! YES!

            LMAO

            Never put 2 and 2 together before but while I was reading your comment I burst out laughing.

      2. Knee grow Maxine is upset that a DJT victory would mean an end to lax sentencing for “Polar Bear Hunting.”

  21. Another Elderly Pro-Life Activist Sentenced for 2020 D.C. Abortion Clinic Protest

    KATHERINE HAMILTON
    2 Jun 2024

    A final pro-life activist was sentenced on Friday to years in prison for protesting at an abortion clinic infamous for late-term abortions in Washington, DC.

    Paulette Harlow, 75, was sentenced to 24 months in prison for violating the Freedom of Access to Clinic Entrances (FACE) Act and “conspiracy against rights” for the 2020 protest at the Washington Surgi-Clinic, according to the Department of Justice (DOJ). She is the ninth and final activist to be sentenced within the past few weeks for the protest.

    Unlike her co-defendants — who sat in jail for months awaiting sentencing — Harlow has been on house arrest due to her ill health, according to Live Action News, the online news outlet for the pro-life organization Live Action.

    President Joe Biden’s DOJ brought conspiracy against rights and FACE Act charges against the pro-life activists in March of 2022 for the protest, which carried a maximum prison sentence of 11 years and $350,000 in fines. The nine activists besides Smith were found guilty in two separate trials in August and September of 2023 and were immediately taken to jail to await sentencing.

    “Some simply kneeled and prayed at Santangelo’s facility, some passed out pro-life literature and counseled abortion-minded women, and others roped and chained themselves together inside the facility,” according the Handy’s attorneys from the Thomas More Society, which has represented other pro-life activists like Mark Houck and David Daleiden.

    When questioned by Republicans in March 2023 about the apparent enforcement discrepancy, Attorney General Merrick Garland claimed more pro-life activists have been prosecuted because they commit crimes “during the daylight,” while pro-abortion activists tend to strike at night.

    Activists in the pro-life movement and some Republicans have been calling for the repeal of the FACE Act, arguing that the Biden administration has repeatedly weaponized the 1994 law against its political opponents.

    https://www.breitbart.com/politics/2024/06/02/another-elderly-pro-life-activist-sentenced-2020-dc-abortion-clinic-protest/

  22. “But building permits are slowing”

    As a building inspector in a city in the West, I can confirm…..big time. And the remodel and improvement stuff is dead.

    1. Here in SoCal / Orange county, I am constantly getting phone mail from construction companies ‘who just happen to be finishing a big job in your neighborhood’ pitching remodel / construction services.

      I am sure they are all reputable and members in good standing of the REIConplex.

      These persistent calls all started a few months ago.

      One of these outfits doesn’t even bother to leave a callback number or even a company name. What a bunch of scam artists.

      1. can confirm hard times here in River City. Sacramento for home services

        local pest control co. sent out a door-to-door solicitor to drum-up business last month; holy schmoley, she looked like a young professional LPGA golfer!

        blonde, tanned, wearing a visor, very fit & curvaceous carrying an iPad. looked like she just stepped off the LPGA tour!

        I thought, “WTH ?” in all of the decades living here, there has NEVER been someone like that selling pest control.
        Also joked with her she’d have no problem getting lots of phone numbers from the men . . . but maybe not so many bug service contracts.
        . . . and as if, right on cue, when she made her way to my neighbor out doing his yard work, (who’s a pretty cool guy) his wife practically ran outside as she approached just to keep an eye on him/her ! HaHa

        * she had a good SOH. which goes a long way in sales.

        1. local pest control co. sent out a door-to-door solicitor to drum-up business last month; holy schmoley, she looked like a young professional LPGA golfer!

          I recently had a pest control vendor pound on my door, more than once. I initially ignored him, but he kept pounding on the door. I crossly asked him through the doorbell “What the h#ll do you want?”. It caught him off guard and he flinched, but quickly recovered and went into pitch mode. I interrupted him and told him to get lost.

          1. weird just yesterday a Pest control guy starts naming all my neighbors I tell him to go away.

    2. Weird, considering there is insatiable demand, everything sells in days, millions of buyers are on the sidelines with hundreds of thousands in cash, etc.

      I’ve never worked in an industry where when demand was not met we did not increase production.

      1. In my little burg the choke point is subdividing acreage. You need to supply water rights and they are very expensive here. Also, the developer has to pay for all infrastructure improvements, and not just in the new neighborhood. So if a nearby street needs to be widened to accommodate the extra traffic, or a sewer line has to be enlarged, the developer has to pay for it. This is making new construction here rather expensive.

        As for demand, I am seeing it begin to soften here. The number of houses listed is still small but time on market is growing.

  23. Actual quotes in the NYT, all in just one article.

    New York Times — A Surging Hard Right Stumbles Over Its Own Divisions (6/3/2024):

    “Elections starting this week for the European Parliament could leave far-right parties with more power than ever, but also expose the fissures among them …

    the prospect of success is already raising the question among far-right parties of how far is too far …

    popular hard-right parties, especially in Italy and France …

    Today, the hard right is a movement …

    disparage Italy’s hard-right prime minister …

    she considered herself more hard line …

    Alternative for Germany, or AfD, a far-right party …

    “She can position herself as ‘not the far right.’” …

    But now, for the far right …

    the success of far-right parties …

    the far right to gain in the balloting …

    for which any far-right party …

    across the hard-right camp …

    would allow the far right to become the second-biggest force in the European Parliament …

    political roots in a neo-fascist party …

    some of her other allies on the hard right …

    Prime Minister Viktor Orban of Hungary, another leading far-right figure …

    As much as far-right parties …

    team up with extreme-right parties”

    https://archive.ph/hJG6N

    Associated Press Style Guide?

    This newspaper considers itself to be a leading publication of public opinion in the United States. Note that the article does not once report the voice of actual voters deciding these elections.

    1. The NYT must be delighted with Sheinbaum’s and MORENA’s victories in Mexico, which has once again become a one party state. MORENA’s political grip on Mexico far exceeds anything the PRI ever had. The only thing tempering it is the real power the cartels wield.

      A cousin in Mexico City told me that he tried to make an appointment at a government run clinic. The soonest they can see him is late August.

    2. Journalists. Read any article about the Supreme Court justices and you will see:

      Conservative Justice Clarence Thomas
      Justice Sonia Sotomayor

    3. A Surging Hard Right Stumbles Over Its Own Divisions

      They are actually a bit right about that. The Left has it’s divisions, like the pro-Israel vs. pro-Hamas factions. But on election day they all vote in lock step.

    1. and explains why it won’t hold up under appeal

      So, so many reasons. But that’s not the point. Ds just want to shout “convicted felon” until November 5th. Then after he wins, they’ll cry “but he’s a convicted felon.”

  25. And why do we need retired Canadians, They’ll all vote D,, and are difficult to live around ,they’ve taken over a lot of Murtle Beach SC area ,they’re even difficult among themselves ,an odd bunch..

    1. The Gas Company Tower, L.A.’s fifth tallest building, is worth one-fifth less than a year ago and two-thirds less than its value in 2021. The value of the 52-story tower, now on the market by a receiver after Toronto-based Brookfield walked away from its debt obligations, is $214.5 million — 21 percent less than its appraisal last summer

      The value of downtown airboxes and CRE continues to collapse.

    2. Sounds like Canucks are not optimistic about sending Li’l Fidel packing next year. Is it because of electoral fraud or are Canadians stupid enough to leave him in charge?

      1. The article had lots of reasons people were moving south including the price of beer! But I don’t think trudeau is going to run. The party is quietly discussing his replacement.

    3. stopped to pick-up my swimming buddy working as a waiter at a Denny’s in Sarasota, FL in the early 80’s, around noon.
      noticed a lot of empty but uncleared tables had a quarter on them.
      exactly 1 quarter.
      no more.
      no less.

      puzzled, I asked my friend about all that.
      he just said one word: ” Canadians “

      1. I once had breakfast in a hole in the wall place in London. The check (cheque?) for us was about 25 pounds. I gave the waitress a 5 pound tip. I have never seen anyone so deliriously happy.

    1. REAL ESTATE
      Home prices are falling at the fastest pace since 2022 as stubborn interest rates slash demand
      Jennifer Sor
      Jun 3, 2024, 11:23 AM ET
      A realtor sign advertises that the price of a house has been reduced
      David McNew/Getty Images

      – Home prices are dropping thanks to high mortgage rates weighing on demand.

      – The 30-year fixed mortgage rate edged up last week, hovering above 7%.

      – Real estate experts expect affordability to slowly improve as inventory rises and borrowing costs ease.
      …
      https://www.businessinsider.com/home-prices-falling-us-housing-market-outlook-crash-mortage-rates-2024-6

    2. FWIW, I checked out my little burg on realtor dot com. There are a lot of units “under contract”. But as I mentioned elsewhere there is almost no new inventory here and actual sales volume is low.

    3. Yahoo
      Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
      Vance Cariaga
      Fri, May 3, 2024
      5 min read

      Measured against the normal metrics, the U.S. is in the middle of a fluctuating housing market right now. Existing-home sales in 2023 fell 19% from the prior year to their lowest level in nearly three decades, according to the National Association of Realtors. Normally, slow sales lead to lower prices. Yet, as The Wall Street Journal reported, a lack of inventory pushed home prices to record highs last year and made home purchases “prohibitively expensive” for many prospective buyers.

      Those high prices could remain in 2024. Nick Ron, founder and CEO of House Buyers of America, expects average home prices in the U.S. to rise around 3 to 4% this year.

      “But at some point in 2024, I see a slowdown in price growth,” Ron wrote in email comments shared with GOBankingRates. “The slowdown will be due to a combination of factors such as rising interest rates, an increase in the supply of homes, a decrease in demand and affordability challenges for buyers. That said, I’m not anticipating a drop in prices nationwide. Rising construction costs and a slowing economy as a result of prolonged high interest rates will also impact the housing market in 2024.”

      Nationally, home prices in February rose 0.3% year-over-year to a median price of $415,500, according to Realtor.com. But there are places where home prices are falling — and they’re scattered across different regions of the country.

      “A lot of the [housing] inventory that’s coming onto the market is in a more affordable price tier,” Realtor.com Chief Economist Danielle Hale said in a press release. “When you have more affordable listings coming onto the market, it’s also going to push down the overall price.”

      The number of homes for sale increased in all but two of top markets where prices are falling. As Realtor.com noted, when there are more options for buyers to choose from, prices tend to moderate.
      …
      https://finance.yahoo.com/news/housing-market-2024-home-prices-155502907.html

      1. “…CEO of House Buyers of America…”

        How many firms and individual investors are playing the exact same strategy of buying real estate and HODLing until prices increase? Works great until real estate stops always going up.

    4. Does it seem like mortgage rates are finally settling down to levels that validate the rate dating strategy?

      1. Personal Finance
        Published May 31, 2024 12:08pm EDT
        Mortgage rates tick up as Fed signals delay on interest rate cuts: Freddie Mac
        Data reveals spring home sales slump
        By Nora Colomer
        Homebuyers saw borrowing costs rise again last week. (iStock)

        Mortgage rates reversed course this week and headed north of 7% again, following several weeks of decline, according to Freddie Mac.

        The average 30-year fixed-rate mortgage was 7.03% for the week ending May 30, according to Freddie Mac’s latest Primary Mortgage Market Survey. That’s an increase from the previous week when it averaged 6.94% and up from 6.79% a year ago.

        The average rate for a 15-year mortgage was 6.36%, up from 6.24% last week and up from 6.18% last year.

        The increase in borrowing costs comes as interest rate cuts fall further into the distance. The Federal Reserve reiterated its commitment to get inflation closer to its 2% target rate. At its May meeting, the central bank announced it would maintain the federal funds rate range at 5.25% to 5.5%, where rates have held steady since July.
        …
        https://www.foxbusiness.com/personal-finance/mortgage-rates-tick-up-fed-signals-delay-interest-rate-cuts-freddie-mac

  29. ‘Levine says it’s a bit of a mystery why supply and demand aren’t working in the Denver real estate market right now, but cream-puff houses, which generally come with updated kitchens and bathrooms and little move-in work, could play a role. ‘I think it’s because the houses that are kind of perfect — what we refer to as ‘cream puffs’ — still have a lot of people wanting to buy them, so the prices are still staying strong on great houses, and that’s pushing up the median house price’

    Nancy is saying the median is BS right now.

  30. ‘The vision for the site was established pre-pandemic and with very different market conditions…It’s just a different world that we’re in right now’

    But there’s still a shortage in St Paul Melanie, let’s be clear about that.

  31. ‘a loss of roughly 47%…The property, which sits on more than five acres, allows for the development of another 160K SF. Playa Vista was once a burgeoning tech hub sought by tenants looking for larger spaces and newer office stock than they might be able to find elsewhere on the Westside’

    So it was a land play too and they still took an a$$ pounding.

  32. ‘Lately, however, some higher-risk borrowers have struggled with much higher interest costs. Many loans offered by private debt managers are provided at variable rates, and these have become more expensive for borrowers, just like variable-rate mortgages. When borrowers struggle, they may not repay their loans on time, creating a cash crunch for private debt managers. The pain is spreading across the industry. In all, private debt funds that manage nearly $10-billion have struggled with elevated redemption requests or major defaults’

    This article has a much deeper layer of legalities and questions about practices. Good for the Globe and Mail for doing solid reporting on stories that take a little digging to get right.

  37. Yahoo
    Bloomberg
    Blackstone’s $59 Billion Property Trust Hit by Starwood Fallout
    John Gittelsohn and Dawn Lim
    Mon, Jun 3, 2024, 6:50 AM PDT
    2 min read

    (Bloomberg) — A $59 billion Blackstone Inc. property trust is contending with the fallout from a rival’s decision to enforce stricter limits on investors.

    Repurchase requests by investors in Blackstone Real Estate Income Trust ticked up in May, according to a shareholder letter Monday, after rival Starwood Real Estate Income Trust tightened limits. Starwood’s decision further chilled investor sentiment about a real estate sector hammered by rising rates.

    BREIT’s board agreed to allow the trust to exceed a 2% monthly limit in order to be able to fulfill all of its withdrawal requests in May. Across April and May, BREIT has returned about 4.4% of its net asset value to investors.

    The trust has “no plans” to change its share repurchase program, according to the letter.

    Property trusts have come under heightened pressure as real estate values have plunged. Last month, the $10 billion Starwood Real Estate Income Trust capped monthly redemptions at 0.33% of net asset value, down from its previous 2% monthly limit, as it faced a liquidity crunch.
    …
    https://finance.yahoo.com/news/blackstone-59-billion-property-trust-135028569.html

  38. China News
    China’s Residential Property Sector Filled With Livid Buyers of Unfinished Units
    December 29, 2023 12:13 PM
    By Joyce Huang
    FILE – The entrance to the Evergrande Shanghefu residential complex under construction is seen in Beijing, China, Jan. 4, 2022.

    Taipei, Taiwan —

    A growing number of home buyers in China have seen their dream of moving into new homes dashed in the past year after a slew of bankrupt developers left behind millions of unfinished pre-sold properties.

    Many of the buyers could do nothing but vent their anger and frustration on Chinese social media platforms such as Douyin, known internationally as TikTok, over what they called “rotting apartments” that represented their lifetime savings. Police are cracking down on protests.

    The crisis of confidence in a sector that was once a reliable route to building wealth may threaten China’s growth and stability in 2024, experts say.

    “Since the real-estate market has historically been a key driver of China’s economy, losing this momentum is expected to result in a long-term average economic growth rate below 5% starting in 2024,” Darson Chiu, a research fellow at the Taiwan Institute of Economic Research in Taipei, told VOA Mandarin in a written reply on December 14.

    Among countless victims, a Douyin user from the Henan province in north-central China with the name, “The happy life in my rotting apartment,” posted a short video clip on December 1 showing a local project where construction was halted.

    “It’s been a year, but my apartment remains unfinished. … I hope the construction of the building can be restarted soon so that I can move into my future home,” he said in the video.
    …
    https://www.voanews.com/a/china-s-residential-property-sector-filled-with-livid-buyers-of-unfinished-units/7404541.html

    1. ChatGPT

      User
      What is a ghost city?

      ChatGPT
      A ghost city is typically an urban area that has been largely abandoned or has very few inhabitants, often due to economic decline, natural disasters, or other factors. These areas may have empty buildings, streets, and infrastructure, giving them an eerie, deserted feel hence the term “ghost city.”

      User
      Are there any ghost cities in China?

      ChatGPT
      Yes, China is known for having several ghost cities, particularly in areas where rapid urbanization has outpaced population growth and economic development. These cities often have vast residential and commercial developments but lack sufficient inhabitants. One famous example is the city of Ordos in Inner Mongolia, which has been widely covered in the media for its large, empty buildings and streets.

      User
      How many ghost cities are there in China?

      ChatGPT
      It’s challenging to provide an exact number of ghost cities in China as the definition of a ghost city can vary, and the status of these areas may change over time. However, estimates suggest there are dozens of such cities across China, varying in size and level of abandonment.

      User
      Can you please provide a list along with descriptive statistics?

      ChatGPT
      As of my last update, providing a comprehensive list of all ghost cities in China with descriptive statistics might be difficult due to the dynamic nature of urban development and changes in population patterns. However, here are a few notable examples along with some descriptive statistics:

      1. Ordos, Inner Mongolia:
      Population: Originally planned for 1 million inhabitants, but actual population is much lower.
      Features: Known for its vast empty residential and commercial developments.

      2. Kangbashi, Inner Mongolia (part of Ordos):
      Population: Intended for 300,000 people, but actual population is far below.
      Features: Modern infrastructure and amenities with few residents.

      3. Dantu, Jiangsu:
      Population: Originally planned for 100,000 people, but remains largely unoccupied.
      Features: Extensive housing developments and infrastructure with limited population growth.

      4. Yujiapu Financial District, Tianjin:
      Population: Intended as a financial hub but remains sparsely populated.
      Features: Skyscrapers and office buildings with few occupants.

      5. Chenggong, Kunming, Yunnan:
      Population: Planned for over 1 million inhabitants, but growth has been slow.
      Features: Large-scale residential and commercial developments with low occupancy rates.

      These are just a few examples, and there are many more ghost cities across China, each with its own unique characteristics and reasons for abandonment or underutilization.

      User
      Can you please provide the full list?

      ChatGPT
      I’m sorry for any confusion, but providing a comprehensive and up-to-date list of all ghost cities in China, along with detailed statistics, is beyond my capabilities. Urban development in China is vast and complex, and the status of various cities can change rapidly due to economic, social, and political factors. It would be best to consult recent reports or studies on the topic for a more comprehensive understanding.

      User
      What are you good for if you turn my request into a work assignment?

      ChatGPT
      I apologize if it seemed like I was turning your request into a work assignment. My intention is to provide helpful and accurate information within the scope of my capabilities. While I strive to assist with various inquiries, compiling a comprehensive list of all ghost cities in China with detailed statistics would require real-time data and extensive research beyond my current capabilities. If there’s anything else you’d like to know or discuss, please feel free to let me know!

      User
      Ok. Please provide the longest list of Chinese ghost cities you have the capability of creating. No excuses this time!

      ChatGPT
      Alright, here’s a list of some notable Chinese ghost cities:

      1. Ordos, Inner Mongolia:
      Population: Originally planned for 1 million inhabitants, but actual population is much lower.
      Features: Vast empty residential and commercial developments.

      2. Kangbashi, Inner Mongolia (part of Ordos):
      Population: Intended for 300,000 people, but actual population is far below.
      Features: Modern infrastructure and amenities with few residents.

      3. Dantu, Jiangsu:
      Population: Originally planned for 100,000 people, but remains largely unoccupied.
      Features: Extensive housing developments and infrastructure with limited population growth.

      4. Yujiapu Financial District, Tianjin:
      Population: Intended as a financial hub but remains sparsely populated.
      Features: Skyscrapers and office buildings with few occupants.

      5. Chenggong, Kunming, Yunnan:
      Population: Planned for over 1 million inhabitants, but growth has been slow.
      Features: Large-scale residential and commercial developments with low occupancy rates.

      6. Meixi Lake, Changsha, Hunan:
      Population: Planned as a new city for 180,000 people, but actual population is lower.
      Features: Modern infrastructure and eco-friendly design with limited occupancy.

      7. Wujin, Changzhou, Jiangsu:
      Population: Planned for 1.5 million people, but growth has been slower than expected.
      Features: Extensive residential and commercial developments with vacant properties.

      8. Lingang New City, Shanghai:
      Population: Intended to accommodate 1 million residents, but actual population is lower.
      Features: Modern infrastructure and industrial zones with low occupancy rates.

      9. Erenhot, Inner Mongolia:
      Population: Declined due to economic factors and changes in trade routes.
      Features: Empty residential and commercial buildings, particularly affected by changes in border trade.

      10. Tieling New City, Liaoning:
      Population: Planned for 1.3 million people, but remains largely undeveloped.
      Features: Large-scale infrastructure projects with limited population growth.

      These are just a few examples, and there are more ghost cities across China, each with its own unique characteristics and reasons for abandonment or underutilization.

      ChatGPT can make mistakes. Check important info.

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