Shh, it’s a whisper market; new-home sales slip; Class B horror show in mall land; an entertainment REIT’s risky recovery; hurricane season = time to check your insurance.
In Today’s News
The Wall Street Journal describes [subscription required] why and how “whisper listings,” made directly to select customers, are growing at a time when housing inventory is near record lows.
The Millionacres takeaway: This not-exactly-cricket practice makes a tight market even tighter, unless you’re in with the in crowd when it comes to learning about these listings.
Sales of new single-family homes fell 5.9% in April from March but were still 48.3% higher than in April 2020, when the pandemic was still tightening its grip on the market. That’s from the monthly new residential sales report by the U.S. Census Bureau and Department of Housing & Urban Development.
The Millionacres takeaway: The National Association of Home Builders sees soaring prices and tightening supplies as applying a growing, significant drag on the new construction market, and notes that inventory is now a third lower than it was a year ago.
Now that the worst of the coronavirus pandemic appears to be over, U.S. Class-B and lower malls are finding their new normal as well, which happens to be much the same as before, Bisnow reports. We’re seeing more closures, significant erosion in value, and new owners looking for the best ways to redevelop the sites, which don’t necessarily include retail uses.
The Millionacres takeaway: This report cites a Bloomberg analyst who says there are about 250 such malls in that category. They may well live in your retail REIT (real estate investment trust) investments, if you care to take a look. Just something to consider.
Today on Millionacres
Things are looking better for EPR Properties (NYSE: EPR), an entertainment-venue REIT that got hammered even more than most by the pandemic. Is it time to buy?
The Millionacres takeaway: Our Reuben Gregg Brewer explains how truly bad things got for this REIT and how far it has to go to be considered a good option for investment cash now for most potential buyers.
June 1 is the official kickoff to hurricane season in our national neck of the woods, and that makes now a particularly propitious time to make sure you’re sufficiently covered.
The Millionacres takeaway: Our Maurie Backman writes that when you own an income property, there are different costs to bear, and insurance is only one of many. But it’s also an expense you shouldn’t skimp on. Doing so could prove disastrous if a weather event strikes, so take the time to assess your coverage now — before it’s too late.
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