Since the beginning of COVID-19 shutdowns in March, New York City has been suffering. At the top of the list of those businesses worst affected is the hotel industry. What were planned to be only temporary shutdowns have turned into permanent closures for many locations. Patrick McGeehan reports for the New York Times: Many of New York City’s biggest hotels closed their doors in March when the coronavirus wiped out tourism and business travel. The shutdowns were supposed to be temporary, but six months later, with no potential influx of visitors in sight, a wave of permanent closures has … [Read more...]
It’s Never a Bad Time to Downsize Your Home
Now, more than ever may be a good reminder that it's never a bad time to downsize your home. Americans are house rich and cash poor, not a great mix in times of economic turmoil. Wealth in cash is very liquid, you can spend it on what you need when you need it. Even stocks and bonds are relatively easy to sell to generate funds. But houses, they're a lot harder to sell quickly if you want to get all the value from them you deserve. In the Wall Street Journal, Ryan Dezember explains how many house-rich but cash-poor Americans are faring today, writing: Americans with mortgages have … [Read more...]
Manhattan Apartment Vacancies Reach Record High
Bloomberg's Oshrat Carmiel reports: Manhattan apartments are piling up on the market -- and it’s getting harder to fill them. Rental listings jumped to a record 15,025 at the end of August, more then double the inventory from a year earlier, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. The borough’s vacancy rate reached a new high of 5.1%. Last August, it was under 2%. Renters are finding few reasons to sign new leases in Manhattan, with Midtown offices still largely empty and public school reopenings an unresolved question. … [Read more...]
UK Cities Completely Berserk! “Everyone just Wants to Escape”
You know that in America people are racing to escape the city. But the USA isn't alone. Residents of London and other UK cities are looking to escape as well. Many are heading to Wales, where property is relatively inexpensive. Carol Peett, managing director of West Wales Property Finders told the Wall Street Journal's Ruth Bloomfield that “It has gone completely berserk here. Everyone just wants to escape.” Sound familiar? Bloomfield writes: With 870 miles of coastline and more than 1,500 square miles of national parkland, Wales, a country smaller than New Jersey, punches far above … [Read more...]
Going Up to the Country: Real Estate Heads out of Town
You have decided to escape the city, and now you're looking for what Laura Forman at The Wall Street Journal calls "location, location, isolation." She writes: Real-estate searches are looking a lot different lately. For years, home values have been greatly influenced not only by finished square footage and acreage, but also by walk scores and community. The pandemic is turning those factors on their head—at least for now. Airbnb, for example, is now touting its ability to enable users to work from anywhere, no matter how remote, after years of inviting its guests to “live like a … [Read more...]
Looking to ReFi? You May not Get Those Record-Low Rates Everyone’s Talking About
You are your most valuable asset. I explained to you the mental checklist you should examine when setting goals. First on that list was being out of debt. In America that usually means owning your home, outright. I suggested you get rid of your mortgage, or at least do a refi to a 10 or 15-year mortgage that will make you a real homeowner sooner rather than later. The financial media have been shouting from the rooftops about the record low mortgage rates available today. But you need to be careful if you're pursuing a refinance mortgage. Ben Eisen explains at The Wall Street Journal … [Read more...]
How COVID Will Change Buildings
The Wall Street Journal's Katy McLaughlin explains how COVID-19 changed the way a developer is building his projects. She writes: Someday, years from now, a resident will wake up in their luxury condominium at developer Gregg Covin’s The Cedars Lodge & Spa in Hendersonville, N.C. They’ll make breakfast on the island in their big kitchen and sit on their heated balcony. They’ll walk out of their private entrance and use an elevator that serves only three other units. They’ll work out in a series of small exercise rooms and gather with friends at a restaurant in a glass … [Read more...]
Escaping the City Becoming a Bit More Expensive
You may want to escape the city, you're not alone. Many Americans are watching the riots and COVID-19 transmission rates in cities and making the decision to leave that life behind them. The "urban exodus" has begun driving up real estate prices in the suburbs and rural areas surrounding America's metropolises. Tom Olson outlines the effects in a piece at Think Realty, writing: If you are looking for a new place to live these days, the odds are good you have at least considered taking the “country mouse” route and buying a home in a rural area. The odds are also pretty good that a year … [Read more...]
Record Increase in Pending Home Sales
The National Association of Realtors reported a record rise in pending home sales in May, with 44.3% growth. They write: Pending home sales mounted a record comeback in May, seeing encouraging contract activity after two previous months of declines brought on by the coronavirus pandemic, according to the National Association of Realtors®. Every major region recorded an increase in month-over-month pending home sales transactions, while the South also experienced a year-over-year increase in pending transactions. The Pending Home Sales Index … [Read more...]
Your Survival Guy Escapes into the City, Uh-Oh
Coronavirus Infects Stock Market: Part LVII Heading into a city and putting your daughter on a plane are not things Your Survival Guy likes doing, nevermind in the middle of a crisis. But sometimes visiting a cousin in Naples, FL is what an eighteen-year-old needs to do for everyone involved. Becky and I couldn’t help but notice, about thirty miles south of the city, the flashing signs: “If You’re from Out of State We Urge You to Self-Quarantine for Fourteen Days,” which made us wonder: “who in their right mind is going to follow this BS?” Then we passed a car with its driver, all alone, … [Read more...]
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