News

Landmark Links April 30th – Over the Falls

One Big Thing Malls have been in the throes of a slow and painful death for years.  The events of the past two months will greatly accelerate their inevitable demise.  Green Street Advisors is forecasting that more than half of all the malls anchored by department stores in America are going to close permanently by […]

Read More

Landmark Links April 29th – Whack a Mole

One Big Thing State finances are in the news of late after Senate Majority Leader Mitch McConnell made a statement that states should not be bailed out for bad fiscal decisions and should instead be able to file for bankruptcy – which they are not currently allowed to do per US Bankruptcy Code.  Indeed, states […]

Read More

Landmark Links April 28th – Deep Thoughts

9 things I think I think: Price discovery will take substantially longer to happen than most people think and not much will happen in the interim.  Sellers will not drop their prices substantially without a reason (distress) to do so and buyers don’t want to pull the trigger at yesterday’s prices.  This “first guy out […]

Read More

Landmark Links April 27th – All Over the Place

Some regular readers might be forgiven for thinking that social distancing is making me schizophrenic.  Last week, I published a very bearish post about how many of the properties that are in forbearance will eventually become workouts, followed by two posts that were largely optimistic contrarian cases for both housing and office. First off, I […]

Read More

Landmark Links April 24th – Office Space

In the beginning of the great work-from-home forced experiment, predictions of the imminent rise of flexible work arrangements and the decline of office rentals were seemingly everywhere.  Nearly two months in, color me skeptical.  Let’s face it, offices are easy to shit on.  Many of us feel stuck going to them every day for the […]

Read More

Landmark Links April 23rd – Conspicuous Consumption

Everything that we spend money on fall into the categories of either investment or consumption.  Housing occupies a unique segment in the economy as it is both an investment and a form of consumption.  I’ve been seeing and hearing a lot of bearish sentiment about the housing market of late, especially regarding new homes and […]

Read More

Landmark Links April 22nd – A Bridge to Nowhere?

Bankrate.com defines Forbearance as follows: Forbearance is an agreement between a lender and a borrower to temporarily suspend debt payments. For mortgages, lenders may opt to foreclose on borrowers who are unable to make payments. To avoid a costly foreclosure, the lender and the borrower can negotiate a forbearance agreement to allow the borrower to catch up on payments. …. If borrowers expect a permanent […]

Read More

Landmark Links April 21st – Deep Thoughts

11 things I think I think: May is going to be a more difficult month than April when it comes to rent and debt service payments.  The obvious pain points here will be once again be hospitality and retail but office and multi-family will feel it as well.  People and businesses were told to shut […]

Read More

Landmark Links April 20th – Hold Me Back

Back in Late February/Early March when it was becoming more apparent that COVID 19 would be a real economic problem in the US, the consensus among most people that I spoke with was that it would be a V shaped recovery much like 9/11 as opposed to the Financial Crisis.  As the crisis has worn […]

Read More

Landmark Links April 17th – Back Off

Two nights ago, I went to the grocery store for my family’s weekly shopping run.  I have to confess that I’ve never minded grocery shopping before recently and actually kind of enjoyed it.  Of late, it has become a lot less appealing experience.  Between the masks, the gloves, the eerily calm music and the more-then […]

Read More