News

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Landmark Links March 30th – It’s a Sign

  Lead Story…  The past couple of years have been challenging ones for commercial REITs.  Considered the performance darlings of the US equity markets just a few years ago, the sector has been taking it on the chin as the one-two punch of rising interest rates and bottoming out cap rates take their toll on […]

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Landmark Links March 27th – Headed in the Wrong Direction

  Lead Story….  One topic that I’ve written about from time to time since starting this blog is the growing stratification in the US housing market between entry level and premium housing stock.  The bubble of the mid 2000s represented a major turning point for the US housing market.  The entry level segment of the […]

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Landmark Links March 23rd – No Easy Way Out

  Lead Story…. It’s no secret that the last few years have been brutal ones for retail landlords and tenants.  The American economy is still driven by consumer spending but overbuilding, loss of share to e-commerce and ill-conceived leveraged buyouts that saddled retailers with debt have brought the industry to it’s knees.  Worst of all, this […]

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Landmark Links March 20th – Chop Shop

  Lead Story….  Imagine that you run a commercial real estate fund and made some very prudent investments back when the world appeared to be falling apart in 2009-2010.  You bought trophy buildings when there was blood in the streets and are now sitting on hundreds of millions of gains on some assets, if not […]

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Landmark Links March 16th – Unexpected Outcomes

  Lead Story….  Between a hectic stretch at work and an under-the-weather 3 year old, I didn’t have much time to blog this week.  However, I read a Wall Street Journal article by Greg Ip about the 10-year anniversary of the Bear Stearns bailout and found this section about increasing risk in the global financial […]

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