inspiral + realestate   35

Turkey Is Following a Familiar Emerging-Market Script - Bloomberg
The currency crisis may well be the start of tough times for Turkey. Capital outflows themselves are manageable with capital controls, as China demonstrated after its 2015 stock market crash. But the longer-term damage of an economy with high debt levels, with too many resources oriented toward real estate and construction, could be harder to escape.
economy  review  critique  realestate  productivity  crisis  RecepTayyipErdogan  Turkey  author:NoahSmith  Bloomberg  2018 
august 2018 by inspiral
Yup, Rent Control Does More Harm Than Good - Bloomberg
Economists put the profession's conventional wisdom to the test, only to discover that it's correct.
property  realestate  rent  rentcontrol  review  research  author:NoahSmith  Bloomberg  2018 
january 2018 by inspiral
Land Is Underrated as a Source of Wealth - Bloomberg
But even with somewhat different numbers, the broad lesson would be clear -- over the long term, housing has been a great investment. That doesn’t mean that investors should ditch their stocks and run out to buy houses -- liquidity is a real issue, property taxes are substantial and it’s harder to diversify a real estate portfolio than a stock portfolio. But it does mean that a wise investor should diversify into land by buying things like real estate investment trusts.

The more important implication, however, is for inequality. To some degree, housing acts as an equalizer between the rich and the middle-class, since the latter puts more of its wealth into real estate by virtue of buying homes. But many big landlords are very rich. And homeownership is a way that the middle class and upper-middle class pull away from the working class and poor, a larger portion of which can't afford to buy and must rent. The ownership disparity is also responsible for a big share of the racial wealth gap. As economist Matt Rognlie has found, the return to land is responsible for the lion’s share of the increase in wealth inequality documented by French economist Thomas Piketty.

So in order to address wealth inequality, it’s important to focus on land. Even after the rise of the modern corporate economy, unequal ownership of the most basic and ancient asset of them all is still creating big divisions in our society.
property  investment  realestate  advocacy  wealth  incomeinequality  author:NoahSmith  Bloomberg  2018 
january 2018 by inspiral
New York's vanishing shops and storefronts: 'It's not Amazon, it's rent' | Business | The Guardian
“It’s not Amazon, it’s rent,” says Jeremiah Moss, author of the website and book Vanishing New York. “Over the decades, small businesses weathered the New York of the 70s with it near-bankruptcy and high crime. Businesses could survive the internet, but they need a reasonable rent to do that.”

Part of the problem is the changing make-up of New York landlords. Many are no longer mom-and-pop operations, but institutional investors and hedge funds that are unwilling to drop rents to match retail conditions. “They are running small businesses out of the city and replacing them with chain stores and temporary luxury businesses,” says Moss.
NewYork  retail  realestate  property  decline  gentrification  pricing  review  critique  USA  Guardian  2017 
december 2017 by inspiral
Insanely virtual | The Economist
But professional use of VR by Chinese companies (rather than by consumers) means that the place where the fledgling industry may make its very first fortune is the Middle Kingdom. Goldman Sachs, an investment bank, forecasts that the global VR market could well expand from next to nothing now to be worth as much as $60 billion by 2025. Hardware would account for half of the market and software the rest. Goldman also predicts that mainland China will already account for a third of global VR headset sales this year (see chart).

In the West the interest in VR has mainly focused on consumer applications like gaming. By contrast, in China business applications are an immediate and profitable avenue for growth. Property developers like Vanke are using VR to peddle expensive properties that are overseas or not yet built, and architects are using it in design. Education is another promising field. NetDragon, a Chinese software firm that attracted attention when it acquired Britain’s Promethean World, an online education outfit, for some $100m last year, is testing how VR software and hardware can be used in mainland schools (one idea is that headsets could tell when children are tilting their heads, indicating boredom, meaning a change of subject or teaching method is required).
virtualreality  enterprise  opportunity  realestate  education  growth  China  Economist  2016 
october 2016 by inspiral
Future of Fintech: 9 Fintech Trends We're Watching From AI To Chatbots To Blockchain
Financial services incumbents along with early-stage startups and large tech companies are all competing in fintech. CB Insights CEO Anand Sanwal gave a 110-slide presentation at our fintech conference in New York. The full deck covered broad VC funding trends for fintech and the developments in large categories such as wealth management, blockchain, remittance tech, and insurance tech.

On robo-advisors, Sanwal noted that market volatility has not necessarily been a boon to the category.

“It’s not all roses,” he said. “There are headwinds … When market volatility picks up, people want to talk to an advisor.”

At the end Sanwal highlighted 9 trends we’re watching that are generating excitement. The slides for those trends are included below.
financialservices  banking  innovation  trends  review  chatbots  peertopeerinsurance  peertopeer  artificialintelligence  hedgefunds  unbanked  underbanked  payments  crowdfunding  realestate  onlinebanking  blockchain  CBInsights  2016 
june 2016 by inspiral
How to fix London real estate problems - Marginal REVOLUTION
London is a bit of a perfect storm: (i) restrictive planning regimes, preventing the building of new homes; (ii) a strictly-enforced “green belt”, limiting the physical expansion of the city; and (iii) huge inflows of both people and capital (both foreign and domestic, in the form of buy-to-let investors) driving up demand.

The average London house price passed £500,000 last November ( and average rents for a 1-bedroom flat now exceed £700/month (

Various policy responses have been proposed, including:

raising stamp duty (tax on the purchase of a home – the UK government recently raised rates on homes worth more than £500,000, and introduced punitive rates on purchases of second homes);
raising council tax (property tax – where a property is rented, this is paid by the tenants);
“bedroom taxes” on unused bedrooms (currently in place for social housing);
increasing taxes on private landlords (the UK government recently removed the ability of landlords to deduct mortgage interest, and capped deductions for repairs);
loosening planning restrictions and taking other actions to combat NIMBYism;
building on the green belt;
deposit assistance for first-time buyers (the UK government currently underwrites mortgages of up to 95% LTV for first-time buyers for properties worth up to £600,000 and has introduced savings accounts where the government adds 25% to savings used to purchase a new home, contributing up to £3,000);
punitive taxes on unused planning permission;
direct price controls;
restrictions on foreign ownership of property; and
increasing interest rates.
property  realestate  prices  critique  policy  review  gentrification  London  MarginalRevolution  2016 
june 2016 by inspiral
Why You Should Try That Crazy Virtual Reality Headset - WSJ
VR isn’t just for gamers—take a journey through the virtual experiences that will make the real world better
virtualreality  360video  realestate  Matterport  GoogleExpedition  education  entertainment  creativeshowcase  WallStreetJournal  2016 
march 2016 by inspiral
Why Jersey City is the New Brooklyn |
With a variety of lively, singular neighborhoods and close proximity to Manhattan, Jersey City already boasts several parallels with the borough of Brooklyn. Though it cannot yet compete in terms of culture and “street cred,” developers are rushing to construct tens of thousands of new, affordable residential properties, hopping on the newest fashionable real estate bandwagon while it is still hot. What this means is that it is certainly the right time to move to Jersey City. Housing prices are lower across the board than in most sections of Brooklyn—and certainly anything in Manhattan—and the options for condos, rental apartments and even entire houses are multiplying by the day. And people are starting to take notice. An increasing influx of residence—according to the most recent US census data, the total number of residents increased by six percent between 2010 and 2014— revitalizing the cultural and social scene, and many more people are expected to soon follow. With all of this in mind, it would not be a surprise if in the next few years we find fewer people moving to New York City altogether, and many more looking to the exciting reborn metropolis of Jersey City.
NewYork  Brooklyn  JerseyCity  gentrification  urbandevelopment  realestate  property  review  NewGeography  2016 
march 2016 by inspiral
Location, location, location: Global house prices | The Economist
THE Economist tracks the health of housing in 26 markets around the world, encompassing a population of over 3 billion. Prices are now rising in 21 of these markets at a median pace of 4.7% a year. China’s housing market is one of only five countries in our index where prices are falling, joining Singapore and a trio of euro-zone countries—France, Greece and Italy. The government has been trying to boost the market over the past ten months which is now slowly responding.

To assess whether house prices are at sustainable levels, we use two yardsticks. One is affordability, measured by the ratio of prices to income per person after tax. The other is the case for investing in housing, based on the ratio of house prices to rents, much as stockmarket investors look at the ratio of equity prices to earnings. If these gauges are higher than their historical averages then property is deemed overvalued; if they are lower, it is undervalued. According to our measure, property is more than 30% overvalued in six of the markets we track, notably in Australia, Britain and Canada.

Explore the data in our interactive chart above (updated on October 6th 2015) and try to spot which market is looking most vulnerable. See full the article on global house prices
housing  prices  realestate  country  comparison  interactiveinfographic  Australia  Belgium  Brazil  Canada  China  France  Germany  Greece  HongKong  India  Ireland  Israel  Italy  Japan  Mexico  Netherlands  Russia  Singapore  SouthAfrica  SouthKorea  Spain  Sweden  Switzerland  Turkey  UnitedStates  UK  Economist  2016 
february 2016 by inspiral
San Francisco's Fog Over Growth - Bloomberg View
The past is not an option. Going forward we can become either a big city, or else a highly exclusive gated community for the rich. For homeowners this is an academic question, because as owners, nothing can make them move. For renters and all new entrants (your children) this question is over whether we live in the Bay Area or not. There are 2x as many people who want to live here than do live here. The current “character” of SF isn’t very useful to people who can’t live here.
SanFrancisco  property  realestate  critique  Bloomberg  2016 
january 2016 by inspiral
Airbnb’s worst problems are confirmed by its own data | The Verge
But a review of the data by The Verge found that Airbnb's numbers, covering November of 2014 through November 1st of 2015, largely confirmed the attorney general's accusations. A small number of hosts renting out multiple listings took home a disproportionate amount of the total revenue. And while roughly 71 percent of hosts rented out their home for three months or less, there were still thousands of "whole units," meaning an entire house or apartment, which were rented for six months or more during the last year.

For example the number of hosts with three or more listings on the platform accounted for less than 2 percent of the total hosts on Airbnb in New York City during the time period covered by the data. Yet that group took home 24 percent of the total whole home revenue. And that only covers people who are openly renting multiple listings. The New York Times interviewed one Airbnb host who rented five units, but only one under his own name. He estimated his annual income from the platform at $500,000, far more than the $5,110 Airbnb highlighted as the median host income.
Airbnb  property  realestate  transparency  critique  NewYork  TheVerge  2015 
december 2015 by inspiral
Shrinking U.S. Shopping Malls Get Makeovers
Overbuilding, e-commerce force landlords to get creative with new developments
retail  realestate  USA  WallStreetJournal  2015 
november 2015 by inspiral
See the Most Expensive, Extravagant Mansion in L.A. | Details
On a hilltop in Bel Air, a 100,000-square-foot gigamansion is under construction, for no one in particular. The asking price—$500 million—would shatter records, but, as ridiculous as it sounds, in L.A.'s unbridled real-estate bubble, this house could be billed as a bargain.
realestate  porperty  wealthy  highnetworth  LosAngeles  NileNiami  interview  Details  2015 
november 2015 by inspiral
WeParty Like It's 1999 - The Awl
In its prospective residential offerings as in its commercial product, WeWork’s core innovation—and the sharing economy’s writ large—seems to be not, in fact, in making things more affordable, but rather in coming up with new ways to obscure where the true costs lie.
WeWork  profile  review  sharedworkspace  property  realestate  Awl  2015 
october 2015 by inspiral
The Tenant from Hell
how a serial fraudster took advantage of Toronto’s red-hot real estate market
Toronto  realestate  fraud  TorontoLife  2015 
august 2015 by inspiral
Why It's So Hard for Millennials to Find a Place to Live and Work - The Atlantic
Lots of graphs, lots of colors, but this is a pretty simple conclusion. The American Dream begins with a good job and place to live that you can afford. But today, those two halves of the American Dream are living apart. The good jobs and high wages are in unaffordable cities. The affordable homes cluster in the cities with lower wages and less upwardly mobile families.
socialmobility  employment  property  realestate  critique  USA  TheAtlantic  2014 
november 2014 by inspiral
Something very strange is happening in Miami -
Florida's biggest city is undergoing a real-estate boom stemming from an unexpected source. But is it a bubble?
Miami  realestate  investment  bubble  foreigndirectinvestment  Salon  2014 
august 2014 by inspiral
Lessons from a $110 million penthouse — Medium
It’s a physical manifestation of r>g: the way that the rich get richer, while people who have to work for a living fall further and further behind. Any $110 million apartment, of course, will be emblematic of extreme wealth inequality. But beyond that, the only way for the owner of the building to realize the incredible increase in value that the top floors have seen in recent years was to keep them empty. If you need income, you can’t get the wealth; if you want the wealth, you can’t chase the income.
realestate  wealthy  highnetworth  NewYork  WoolworthBuilding  incomeinequality  inequality  author:FelixSalmon  Medium  2014 
june 2014 by inspiral

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