Summer’s Over: Earthquakes, Egos, and Elusive Cap Rates- Episode 161
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Good Life Housing Weekly Podcast, Episode 161 :
In this episode Rohan and David discussed the following topics:
- Summer Reflections:
- Rohan and David discuss the swift end of summer and recent experiences in California, including a minor earthquake.
- Project Updates:
- Ayva Midtown, Oklahoma City: The 78-unit project was completed and is seeing promising pre-leases and move-ins.
- Haltom City, Fort Worth: A major industrial tenant has occupied 50,000 square feet, stabilizing the deal.
- Student Housing in Las Vegas: Achieved 100% pre-leasing for the upcoming school year, maintaining a strong market position.
- Economic and Market Updates:
- Jobless Claims: Recent data shows claims are higher but lower than expected, hinting at potential interest rate cuts.
- Producer Price Index (PPI): Rose 0.1% in July, less than the anticipated 0.2%, suggesting moderation in price increases.
- Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) Index: Upcoming reports are expected to provide further insights into inflation trends.
- Political and Economic Commentary:
- Trump and the Fed: Trump suggests he could handle Fed policies better than the current administration.
- Jamie Dimon: Predicts a 65% chance of recession, while JP Morgan's chief economist has a more conservative outlook.
- Sam Zell's Equity Residential: Acquired 3,500 apartment units in high-growth markets, emphasizing that cap rates for new properties are unlikely to exceed 6%.
- Real Estate Market Insights:
- San Francisco Office Market: Significant vacancies and foreclosures, but a bold new project from Related California aims to transform the market with a 41-story mixed-use building.
- New York City: The Manhattan office sector shows signs of recovery with increased visitation and projected property value increases.
- Sunbelt Markets: Continued growth expected due to favorable conditions in these regions.
- Homelessness and Local Government Actions:
- California: Governor Gavin Newsom has ordered the dismantling of homeless encampments following a Supreme Court decision. Concerns about the potential criminalization of homelessness and the impact on local officials, such as LA Mayor Karen Bass, are highlighted.
Fun Content:
- Movie Recommendation:
- Rohan and David reviews "The Long Game," a film set in 1950s Del Rio, Texas, focusing on Hispanic high schoolers who form a golf team despite facing racial discrimination. The movie highlights the challenges of racism in the pre-Civil Rights Act era, particularly in South Texas, and draws comparisons to other narratives of overcoming barriers, like "Queen's Gambit."
- Tokyo Swindlers: A Japanese series focusing on real estate fraud, involving sophisticated schemes and impersonation in the Tokyo land market.
- Personal Updates:
- David shares an update about a recent haircut and a new restaurant experience. They visited the Hong Kong Macau Restaurant, which had an extensive menu featuring herbal soups and other dishes. This experience included trying a chicken and pear soup intended to help with coughing.
- Restaurant Recommendations:
- Rohan recommends
- Taqueria Frontera in Cypress Park, LA, known for its Tijuana-style tacos. The restaurant has a casual setup with outdoor dining and attracts a diverse crowd.
- They also give a shout-out to Benny's Tacos in Westchester for its chicken soup.
- Rohan recommends
- Book and Webinar Announcement:
- Rohan mention that their book is still available and that they are planning a webinar soon to prov
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