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Top Headlines: Delivered by Leonard Steinberg

June 19, 2024

01  The cost of owning a home in the US has increased 26% since 2020, as expenses including taxes, insurance and utilities all soared during a period of high inflation across the economy....that averages about 5.95% per year.

(Bloomberg)

02  "Buy land, they’re not making it anymore."

– Mark Twain

03  The cost of the short-term, floating-rate debt big real estate investors rely on has surged to 8% -9%, from roughly 3- 4% when the properties were initially bought.

04  Property owners have long seen restaurants as risky tenants with a high rate of failure. Now, with Americans dining out more than ever, the restaurant business is emerging as the hottest corner of retail real estate. Food services accounted for more than 19% of all retail leases in 2023. The average household spent nearly 53% of its food budget on food away from home last year, a record-high proportion and up 10 percentage points from 2003, according to the U.S. Agriculture Department’s Economic Research Service. Total restaurant sales are on track to top $1.1 trillion this year, a 5.4% increase from 2023’s record-high level. Do you mention local restaurant options in your listing descriptions?

(WSJ)

05  Is there more rain these days? Many are experiencing more intense rainstorms that cause flooding: Most flash flooding is caused by slow-moving thunderstorms, thunderstorms repeatedly moving over the same area, or heavy rains from hurricanes and tropical storms. Never drive through high water: Six inches of water will reach the bottom of most passenger cars causing loss of control and possible stalling. When driving through higher water drive EXTREMELY slowly - around 2 miles per hour - to prevent flooding the engine.