News

Landmark Links May 18th – Playing with Fire

  Lead Story… Generally speaking, cities tend to want to attract large employers as it’s beneficial to both the local economy and the tax base.  Employees spend money at local retail establishments, eat at local restaurants, rent apartments, buy homes and send their children to local schools.  This is why it’s not uncommon to see cities […]

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Landmark Links May 15th – Misfit

  Lead Story…..  Regular readers of this blog know that I fall pretty solidly on the side of supply and demand (inventory) holding more sway over the housing market than interest rates.  Assuming that view is correct – and it has been so far this cycle as rates have been on the rise for quite […]

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Landmark Links May 11th – Self Defeating

  Lead Story…. Some times I wonder if too many posts here are spent writing about the California housing affordability crisis – easily my most frequently posted-about topic – but then I consider that the state keeps providing ample ammunition by doing so much stupid shit.  The latest in a long list of easily avoidable self-owns […]

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Landmark Links May 8th – Caveat Emptor

  Lead Story….  Generally speaking, financial regulations have gotten tighter since the Great Recession.  However, there is at least one notable exception that is causing all sorts of problems: Private Placements. Wikipedia  defines a Private Placement as: Private placement (or non-public offering) is a funding round of securities which are sold not through a public offering, […]

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Landmark Links May 4th – No Margin for Error

  Lead Story….  Sam Zell was his typically blunt self earlier this week when he spoke at the NYU’s Schack Institute of Real Estate’s REIT Symposium.  I found his comments about warehouse and industrial distribution space to be particularly interesting: “My guess is that it’s getting too exciting. We’re building too much industrial space … […]

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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 […]

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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 […]

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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 […]

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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 […]

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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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