News

Landmark Links May 1 – Unbalanced

Lead Story… About a month ago, I blogged about how REITs were trading at a significant discount to their NAV (net asset value), raising questions as to what this meant for the value privately owned commercial real estate.  As stated in that post, there are ultimately three ways that this discount to NAV will be […]

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Landmark Links April 27th – Junk Sale

Lead Story… During the Great Recession, banks nearly failed because they had a massive mismatch in assets and liabilities.  Lenders were highly leveraged and borrowed short term capital to fund long-term assets.  This ended in tears when short term rates shot up and the markets eventually froze, requiring a massive federal bailout to avoid the […]

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Landmark Links April 24th – Marching Onward

Lead Story…  Several months ago when the tax reform proposal was released, the National Association of Realtors issued an absurd piece of self-serving propaganda claiming that it’s passage would lead to home prices dropping in every state due to the following provisions: Property tax deductions will be capped at $10,000 The $500k capital gains exemption […]

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Landmark Links April 20th – Surprise!

Lead Story… One of the biggest problems with rushing major federal bills through the legislative process is that it often results in lose ends and unintended consequences that were not properly thought through.  When the legislation in question deals with taxes, expect that enterprising tax attorneys and accountants will poke and prod it in every […]

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Landmark Links April 17th – Rare Form

Lead Story….  Over the past year I’ve written several times about how restaurants are not the retail savior that they have been portrayed to be.  I believe this to be the case for several reasons: Restaurants are traditionally highly reliant on alcohol sales to make a profit.  Delivery services like Amazon Now and Uber Eats are causing […]

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Landmark Links April 10th – Un-Level Playing Field

Lead Story…  As a northeastern transplant to California, one of the questions that I’m asked most frequently by those I grew up with is how housing is so expensive across the entire state out here.  Sure, there are incredibly expensive areas in the northeast (Manhattan being exhibit A) but there are typically desirable neighborhoods within […]

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Landmark Links April 6th – Fuel on the Fire

Lead Story….  No one has benefited from California’s rapidly rising property market as much as home owners who had the good fortune to buy back in the late 70s, 80s or even well into the 90s.  Not only are they often sitting on equity gains of 7 figures (if they own a home near the […]

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Landmark Links April 3rd – Outgoing Tide

Lead Story…  Rising interest rates are starting to cause some issues for the mortgage lending business as refinancing dries up.  In 2017, there were roughly 5.57MM existing home sales and 614k new home sales for around 6.18MM home sales in total.  However, there were a total of approximately 75MM owner-occupied households in the US in […]

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