Must Read Wealthy real estate investors are renting their empty Vancouver mansions to college kids for almost nothing in an effort to avoid a new 3% tax on empty homes. See Also: Here are the taxes that sent Vancouver’s once white-hot luxury housing market reeling.
Core Competency: With energy prices surging and some pundits calling for higher inflation, its a good time for a reminder that core CPI is a much more reliable indicator than the more-volatile headline CPI and it is barely budging.
Divergence: Both lumber and copper are typically thought of as predictive economic indicators and usually move in tandem. However, they have diverged and are telling investors two very different things at the moment.
Piece of the Pie: The Commerce Department’s Bureau of Economic Analysis are developing distribution measures to determine who gets what portion of income in the US economy.
Sweet Spot: Densification in inner-ring suburbs is turning them into hot spots for restaurants, grocery stores and bars. But See: A recent drop in retail sales indicates that malls may not be out of the woods yet. And: Offering shoppers new experiences isn’t helping as malls see tsunami of store closures, falling traffic.
On Demand: About a month ago, I wrote about how last mile grocery delivery would drive demand for well-located smaller cold storage buildings. This week, Bisnow wrote a feature article about how Ware Malcomb is seeing huge demand for cold storage retrofits of well-located industrial buildings for grocery tenants. See Also: Despite retail apocalypse, US grocery store openings jumped 30% in 2018 with a heavy focus on smaller concepts.
Final Frontier? On average, companies in the real estate and construction industries re-invest less than 1% of revenue into research and development compared to 3-8% in other industries. However, that could be changing as Silicon Valley takes aim at the industry which is seemingly ripe for disruption.
Waiving the White Flag: Houses in the famed Connecticut suburb of Greenwich, CT are selling for a lot less than they used to as hedge fund performance continues to languish and buyers are now embracing auctions as a way to move stagnant inventory.
Failure to Lyft Off: I know it’s still really early in the game but Lyft’s stock performance has been an absolute catastrophe since going public a couple of weeks ago. See Also: Executives at smaller companies slated for IPOs are concerned about being overshadowed by unicorns.
Know When To Hold ‘Em: A self-employed day trader who won $1.2MM on an all-in betting “everything I could afford to lose or $85k that Tiger Woods would win the Masters claims that he had never bet on sports before. Also, that he is “a responsible guy.”
Natural Selection: Selfie deaths are becoming an ever-larger issue.
Chart of the Day
Newsflash: It’s really, really expensive to have kids in high-priced coastal cities.
Source: Seattle Times
This is Nuts: Men are spending $1,000 on ‘Scrotox’ injections in an effort to impress dates.
Headline Madlibs: Man arrested for stripping in Wisconsin Walmart while his mom chases dog around store, does karate. Believe it or not, the story actually gets better when you read that the dog tried to steal a package of cornbread muffin mix.
Pissed Off: A man was arrested for filling a squirt gun with his own urine and squirting it at a neighbor because Florida.
Happy Hour: A substitute teacher confessed to taking 4 shots of vodka before teaching a class after she hit a whopping .317 blood alcohol content when she took a breathalyzer because Kentucky.
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