Spotlight
Market Update | JULY 19
Jon Granston | July 19, 2023
Jon Granston | July 19, 2023
Top Headlines: Delivered by Leonard Steinberg
July 19, 2023
01 The rejection rate for loan applicants jumped to 21.8% in the 12 months through June, the highest level in five years, according to the latest edition of the Fed survey, which is published every four months. Overall credit applications declined to the lowest level since October 2020. (Bloomberg)
03 Boston Mayor Michelle Wu is offering hefty tax breaks to companies to turn offices into housing. Conversions would allow taxing developers at the city’s much lower residential tax rate. The city would then offer a discount of up to 75% on the residential levy, so for a building with an assessed value of $10 million, annual property taxes would drop to as low as $26,850 from as high as $246,800. Boston’s office market vacancy rate was around 14.2% in the second quarter, the highest level in two decades. Median monthly rent for a 1-bedroom has jumped 8% in just a year to $2,800. (Bloomberg)
04 Mircea Anghel makes exceptional custom crafted tables for the super-rich selling from €28,000 to €40,000, and.....he is making more money than he ever did as a hedge-funder! Customized one-of-a-kind furniture pieces are the new MUST-HAVE for the very wealthy. (FT)
05 TOURflation? While some corporations have been accused of GREEDflation - adding extra mark-up on their pricing while blaming inflation and rising costs - many mega-stars may be adding to inflation by marking up concert ticket prices....because they can. Several concert prices this year are eye-popping at best, and that's before you buy a soda...... (CNBC)
06 Extreme heat could fuel inflation.....Spanish olive oil producers - who produce almost half of the world's olive oil supply - have warned that production could be cut by 40% this year owing to the extreme heat causing trees to drop their fruit early, before they are fully formed. (FT)
