News

Landmark Links March 13th – Crazy Train

  Lead Story…  It’s becoming increasingly obvious that the California “bullet train” is as big of a boondoggle as pretty much every sentient being thought it would be.  The state rail authority released it’s latest business plan last week and surprise, surprise the price tag just went way up and the completion date was pushed out […]

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Landmark Links March 9th – Hot Boxed

  Lead Story…. In recent years there have been few segments of the commercial real estate market as hot – or as controversial – as the legalized marijuana space. As landlords, operators and capital sources deal with the growing pains of an already massive industry coming out of the proverbial shadows, they are dealing with […]

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Landmark Links March 6th – Capped

  Lead Story….. Conventional wisdom and basic financial math both dictate that commercial real estate cap rates should rise when interest rates do.  However, we’ve been in a rising interest rate environment for well over a year now yet cap rates are basically flat during that time – with the exception of certain segments of the […]

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Landmark Links March 2nd – Jumping to Conclusions

  Lead Story…. When I started writing this blog post earlier in the week, my initial intent was to focus on a couple of conflicting headlines from recent housing reports.  The first dealt with a seemingly bad January new home sales report from CNBC entitled Rising mortgage rates hit new home sales hard, an ominous sign […]

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Landmark Links February 27th – Bad Medicine

  Lead Story….  Housing affordability has taken center stage in California of late so I suppose it’s no surprise that rent control is rearing it’s head once again.  One potential proposal on the table is an effort to overturn the Costa-Hawkins Rental Housing Act, 20 year old piece of legislation which stipulates that cities can only […]

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Landmark Links February 23rd – Crowding Out

  Lead Story… One of the reasons that it’s so difficult to maintain a successful investment track record based on a single strategy is that success begets imitators.  Oftentimes a manager will find a successful niche and exploit it, only to have that niche vanish once others catch on and flood it with money, making […]

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Landmark Links February 20th – Bogged Down

  Lead Story…. In the midst of the Great Recession, delinquencies spiked on all types of consumer debt as unemployment rose and wages stagnated or fell.  Then, starting in roughly 2011 delinquencies began to fall on mortgages, car loans and credit card debt as the economy continued its slow but steady recovery.  The improvement in consumer […]

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Landmark Links February 16th – Getting High with Low Supply

  Lead Story…  Back when I first made the jump from commercial real estate finance to residential development finance, I had a view of the way that the housing market worked that was straight out of an economics textbook: namely that interest rates and housing prices have a predictable and consistent economic relationship.  In particular, […]

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Landmark Links February 13th – Lame Disguise

  Lead Story…. There are no shortage of places in the United States that could be considered different, eclectic, or just plain weird.  However, when it comes to having a bat-shit crazy populace, Berkeley is clearly in a class all it’s own.  Berkeley, of course is as really far to the left politically but one […]

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Landmark Links February 9th – Round We Go Part II

  Lead Story…  Really short on time this week so didn’t have a whole lot of time to blog but I did find an interesting tidbit that I wanted to share. A couple of weeks ago, in a post entitled Round We Go, I discussed how a correction in a large capital market (real estate, […]

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