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Former President Donald Trump plans to fly to New York’s LaGuardia Airport Monday night, then spend the night at Trump Tower and surrender Tuesday morning before a court appearance at 2:15 p.m. Eastern time, according to an NBC 4 NY report citing unnamed sources. Trump is expected to face an arraignment on Tuesday after a Manhattan grand jury voted Thursday to indict him.
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U.S. stocks were climbing Friday afternoon following a softer-than-expected inflation report for February, while the Nasdaq Composite was on pace for its largest quarterly advance since 2020.
For the week, the Dow is on track to gain 3% while the S&P was on pace to rise 3.2% and the Nasdaq Composite was heading for a 3.1% increase, according to FactSet data, at last check.
U.S. stocks were up sharply Friday afternoon as investors weighed data showing signs of moderating inflation.
“Core price pressures” eased in February, Barclays said in an economics research note Friday. “On balance, the easing in February PCE inflation was fairly broad-based across goods and services, barring housing.”
The personal-consumption-expenditures, or PCE, price index increased 0.3% in February, with inflation slowing to 5% year over year from 5.3% in January, according to a report Friday from the Bureau of Economic Analysis.
Core PCE, the Federal Reserve’s preferred inflation gauge that excludes energy and food prices, rose 0.3% last month for a year-over-year rate of 4.6%. That’s slightly lower than forecasts from economists polled by the Wall Street Journal and softened from the 4.7% increase seen over the 12 months through January.
Read: Inflation softens in February, PCE finds, and gives ammo for Fed rate-hike pause
While the Federal Reserve has been battling high inflation with interest rate hikes, futures traders are betting that rates have already peaked and that the Fed will likely reverse course and cut rates at least a couple of times before the end of the year, according to the CME’s FedWatch tool.
The market is pricing in a “coin flip” as to whether the Fed raises its benchmark rate by a quarter percentage point at its May policy meeting, said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management Co., in a phone interview Friday.
“We think we’re getting pretty close to the end” of the rate-hiking cycle, he said. Stucky expects the Fed may stop hiking once “cracks” start to form in the labor market, with job losses in “nonfarm payrolls.”
Meanwhile, consumer spending edged up 0.2% in February while personal incomes rose 0.3%, according to a Bureau of Economic Analysis report Friday.
“Incomes and spending are hanging in there and inflation’s cooling,” said Mike Skordeles, head of U.S. economics at Truist, in a phone interview Friday. “That has positive implications for markets” and the economy, he said.
Stocks traded higher following the release of the final reading on U.S. consumer sentiment for March from the University of Michigan. While confidence ticked lower compared with earlier estimates, inflation expectations moderated.
U.S. stocks have held up relatively well this quarter, shrugging off the Fed rate hikes and renewed recession fears. Since hitting its highest level of the year in early February, the S&P 500 has been trading in an increasingly narrow range, leaving analysts divided about where the market might be heading next.
“We need to see what the overall economy does,” said Kim Caughey Forrest, founder and chief investment officer of Bokeh Capital Partners. “I think GDP matters, and if GDP holds up while inflation comes down, that could be good for stocks.”
The Nasdaq Composite has risen around 16% since the start of the year, putting it on track for its best quarterly gain since the three months through June 2020, according to FactSet data, at last check. The technology -heavy Nasdaq jumped more than 30% in the second quarter of 2020 as stocks rebounded from the global market rout tied to COVID-19 that year.
The S&P 500 and Dow were also track for quarterly gains in late afternoon trading.
“The bond market is definitely more concerned about recession risks than stocks are,” said Skordeles, who is expecting a recession in the second half of the year. “They couldn’t be sending more different signals.”
Read: Two-year Treasury yields on pace for biggest monthly drop since 2008 after bank turmoil
New York Fed President John Williams said Friday in a speech at Housatonic Community College that stress in the U.S banking system will cause banks to tighten credit and probably lead to lower consumer spending.
—Steve Goldstein contributed to this article.
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Highlights from this week’s top news stories on luxury and global real estate, art, collectibles, and home.
Calonge, Spain | Barcelona & Costa Brava Sotheby’s International Realty
The stone-clad Costa Brava home comes with plentiful patio space and a sparkling pool.
This Summery Home in Spain Makes Us Want to Put Away Our Puffer Coats for Good – Dwell
$12.2M Osterville Home Is the Most Expensive Sale on Cape Cod This Year – Boston Business Journal
Golf is Helping Drive the Real Estate Surge Around Milan and Lake Como – The New York Times
John F. Kennedy Once Lived on This Leafy New York Estate. Now You Can, Too. – Robb Report
Stylish L.A. Restaurateur Is Serving Up His Home and Tequila Room for $7.6M – Realtor.com
Bill Murray’s Former Upstate Home Is For Sale – Architectural Digest
Homes for Sale in Manhattan and Queens – The New York Times
Irish Mansion Fit for Super Hero Lists With Its Own Private Island and Helipad for €9.75 Million – Mansion Global
This $3.5M Sutton Place Co-op Has the Sophisticated Good Looks of a Designer Show House – 6 Sq
Ft
8 Best Places to Live in Montana, According to Real Estate Experts – Travel + Leisure
6 Marvelous Homes with Great Kitchens – The Week
$2 Million Homes in Washington, New Mexico and Massachusetts – The New York Times
First Lady’s Abode – Abode2
Properties that make a splash – Financial Times
$1.6 Million Homes in California – The New York Times
7 Stunning Private Islands for Sale Now, From the Bahamas to Greece – Robb Report
On the Market: A 1933 Hillside Home, a Savannah Midcentury, and More Great Homes for Sale This Week – Dwell
See inside a converted New York schoolhouse on sale for less than $300K – New York Post
8 Best Places to Live in Texas, According to Real Estate Experts – Travel + Leisure
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Melissa Couch
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Opinions expressed by Entrepreneur contributors are their own.
You’ve heard the old saying, “You can’t judge a book by its cover.” Actually, that’s not always true; customers judge a book by its cover all the time. In many cases, your business’s real estate and its curb appeal are the first messages being sent. Do customers notice your establishment? Do they understand the business by looking at it from 500 feet away? Is its image compelling?
That’s why the right real estate is often the first marketing tactic to consider — certainly for any retail or restaurant enterprise. If you don’t stand out, even on the busiest roads, you’re in trouble. That’s in part why, at Fransmart, we include marketing plans in the real estate approval process, because once a lease is signed on a bad property, it’s too late to fix.
And here’s a chance to learn from my mistakes. Early in my career, I was opening a restaurant in Silicon Valley and secured a site directly across from Google’s headquarters. I was elated: The property tested off the charts in terms of population density and disposable income. What could go wrong?
Here’s what we never considered: Google feeds their employees for free — employs world-class chefs to make incredible food throughout the day. We had direct access to one of the largest workforces in the country, and couldn’t break through because none of them were hungry. Dumb mistake.
A bad site can never be cheap enough, while good sites pay you, so take your time to thoroughly vet locations, including carefully assessing the trade areas and traffic patterns at different parts of the day (and on several different days).
A few other critical factors to keep in mind before locking your brand into its next location.
Related: How AI Will Transform the Real Estate Market
Most first-time business owners don’t realize that there are two sides to every street: a breakfast side and a dinner side. Starbucks, for example, is precise with placement — often sitting on busy roads that lead directly to freeways, and always on the side of the road that leads to the freeway in the morning. If your business isn’t positioned to take advantage of a target demographic while they’re on the road, then you’ve set it up for failure. Also, customers prefer right turns over lefts, and if a site requires a left turn to access, it better be a well-lit one.
Lastly, with the rise of third-party delivery apps, a site must be convenient for delivery drivers and take-out orders. The wrong property could cause a logjam in the parking lot, causing customers and delivery drivers to avoid it.
My business is located on a busy street in Scottsdale, Arizona named Scottsdale Road, with more than 50,000 cars traveling each way every day. Your business is a free billboard on such busy roads, so make sure the location stands out. Think about the streets you normally drive on, now try to remember which brands on them you recall (likely a small percentage).
Know the area where you’re opening like the back of your hand. What are the traffic patterns and major landmarks? Placing your business where it can be seen by the most possible people should always be the goal.
Also, consider orientation. The building should be oriented so that its branding is clear and easily seen. (Being in front of a strip center’s entrance would be a goal, for example).
Related: 4 Reasons New Franchisees Fail (and How to Succeed)
There’s a potentially fatal incongruity in, say, placing a high-end hipster café in a K-Mart-anchored shopping center. A brand needs to be congruent with nearby businesses. It’s not enough to simply be in a strip center, busy mall or crowded airport.
Certainly, the evolution of outdoor malls or other shopping centers has opened opportunities for restaurant and retail franchises to find a home, but the downside is that competition has never been higher. So, finding the right spot with the right co-tenancies is a strategy you need to master. Centers with landmark retail anchors like Whole Foods, Home Depot or AMC Theaters are perfect — typically attracting large, diverse crowds of potential customers.
Your building can look incredible, but if you don’t have the space to accommodate visiting traffic, you’re doomed. With the rise of delivery and take-out orders, having parking space to manage sudden influxes (such as heavy dinner rushes) is essential, and properties should be planned accordingly.
Keep in mind, too, that structured parking is a restaurant killer: It’s hard to navigate, often crowded and a hotbed for accidents and car damage. What’s worse — the common perception is that garages are unsafe: dense, dark and out of view of the public. Deliveries are also exponentially more difficult if you rely on them. Surface parking, by contrast, offers quick access and easy visibility.
Related: 5 Mistakes Franchisees Make When Looking for Business Real Estate
One last tip: If you’re renting in a shopping center or outdoor mall, finding space near a business with a different rush period can make all the difference. If the bulk of your business is done in the evening, finding a site near a coffee shop or breakfast restaurant can be a boon for parking.
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Dan Rowe
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Henry Chin of CBRE Research says the worst for the country’s property sector is over and “sentiment is definitely coming back in 2023,” but performance is uneven.
03:17
Thu, Mar 30 202311:27 PM EDT
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For many, golf is more than a sport. It’s a lifestyle. In the latest installment of Sotheby’s Extraordinary Properties, Jason Becker, chief executive of Golf Life Navigators, a site matching people with golf memberships and homes, explains why golf homes continue to appeal to buyers around the world.
Scottsdale, Arizona | Russ Lyon Sotheby’s International Realty
“Golf is the common theme, but socialization comes with the lifestyle,” Becker says. “You see your neighbors for dinner and play golf with them.” Desert Mountain, a double-gated golf and active lifestyle community in Arizona, has seven clubhouses, each with at least one restaurant.
Hanover, Jamaica | Jamaica Sotheby’s International Realty
Golf community developers worldwide incorporate family-focused amenities, Becker says. Golf homes in Jamaica enjoy lush greenery, beach clubs, and other top Caribbean resort amenities.
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Melissa Couch
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Joining a mastermind group can be the key to growing your business. They offer peer support, an opportunity to exchange ideas and much needed accountability. They can also be a complete waste of time and money if you choose the wrong group.
And with some of them costing over one hundred thousand dollars per year, you’ll definitely want to do some digging before making the commitment. So before you join a mastermind group, here are a few things to keep in mind.
Get clear on your goals. This will help you identify which groups can help you make progress.
Establish a budget. Based on your goal, how much are you willing to pay to achieve it?
Do your research. I suggest asking your personal and professional network first but you should look outside of your circle too.
Do the work. Once you join, block off time to actively participate in the group and complete any related activities.
Need some help finding the right mastermind? You’re in luck. I’ve compiled a list of seven masterminds that have provided measurable results to their community.
Who It’s For:
This is for anyone trying to grow an online business. We have new entrepreneurs just getting their feet wet and established business owners in the high 7 figures. The program is ideal for those selling physical products, coaching, consulting, authors, speakers and agencies.
What To Expect:
Discover advanced marketing, branding and PR methods. All the strategies that helped Rudy generate tens of millions in sales and build an 8-figure business by the age of 30. You’ll also learn our unique process for building teams, structures and systems that helped Mawer Capital grow to 100 employees. Plus how to create the best products, offers and online business models for growth.
How It’s Different:
It’s a hybrid of in-person events and 1-1 virtual training. The in-person events are held every quarter in Clearwater, Florida and last 2-3 days. They include live talks with Rudy and his team, celebrity guests, expert speakers, workshops, Q & A sessions, networking with fellow entrepreneurs and Monday Fundays. You also get 1-1 calls with any member of Rudy’s team in any department – marketing, copy, ads, design, tech, and even operations team so you can be successful. There are also live group coaching calls from Monday to Friday on topics like Facebook & Google ads, marketing, media buying and much more.
Related: Rudy Mawer Shares 10 Ways To 10x Your Business
Who it’s for:
The 10X Ladies event is for women and men who want to understand their own value and contributions to society, who want to build an empire for themselves, who want to find their purpose and become an asset not only to themselves, but also to their partner, community, and even to all mankind.
Elena Cardone, along with a lineup of the most life-changing and powerful speakers, shares with attendees how they can and must get to the 10X heights they deserve.
What to expect:
The 10X Ladies event is a once-a-year mastermind that will give the attendees exclusive guidance to develop their purpose, gain more self confidence, build mutually beneficial relationships, confront their money and financial situation and commit to building the empire they deserve.
This is a weekend of transformation and transcendence into a new highest ever level. The two days packed with powerful and inspiring content, connections, and new ideas that help women and men grow professionally and personally in ways never thought possible.
How it’s different:
During this event, Elena gives the attendees the blueprint that helped her overcome life’s challenges and build the empire that she and Grant have today. She has documented the step-by-step procedures that they used as a couple to get to the empire they have built.
Who it’s for:
The LinkedIn Secrets Masterclass is for anyone looking to dominate the LinkedIn platform – whether you’re in corporate, a freelancer or soloprenuer, entrepreneur, work in social media or simply want to be an influencer. If you want to increase your visibility on LinkedIn, this is the masterclass for you!
What to expect:
By joining the LinkedIn Secrets Masterclass, you will learn how to growth-hack LinkedIn, convert followers into paying customers and develop a social media strategy that actually grows your business. You’ll walk away with everything you’ll need to dominate LinkedIn, including:
How it’s different:
LinkedIn Secrets Masterclass provides a practical, step-by-step plan to growth hack LinkedIn, convert followers into paying customers, and develop a social media strategy that ACTUALLY grows your business.
Who it’s for:
Whether you’re a seasoned entrepreneur, or novice investor, the Subto community is the place to advance your successes by giving you access to the most incredible real estate community in the game and top tier education & resources.
What to expect:
Subto is a solution & tool for your investor toolbelt! It is NOT the answer to all your problems and issues you refuse to deal with. BUT, if you’re ready and willing to take accountability and responsibility for your life and your future, there is no better community, support system, resources, and wealth of knowledge than what Pace Morby and the leaders of the SubTo community has to offer. SubTo is freedom to accomplish more by leveraging creative financing!
Why it’s different:
Simply put, we think outside of the box and we are action takers! It’s the people you will meet, the connections, seasoned professionals, access to all the tools, resources, professionals, the training needed to succeed, and our ability to problem solve together. We think bigger & reach higher – Our members go above and beyond to help – it’s our synergy.
Related: Grant Cardone: ‘Why Try to Make $1 Million When You Can Make $10 Million?’
Who it’s for:
Aspiring, hungry entrepreneurs ready to take their game to another level and increase the money they make online. For people who are not yet making money online or who desire to increase their money online or people who want to scale their current online business.
What to expect:
Learn the basic fundamentals to making money online and start their financial journey, simple and easy. Anyone can do it with no prior experience.
How it’s different:
I find that I make it simple & easy to make your 1st 6-7 figures online without paid ads, all organic. Most ppl don’t do that. There is no need to pay for marketing campaigns. Everybody teaches how to do ads, we don’t. We’ve taken companies from $10M to over $400M with no paid ads, purely organic.
Who it’s for:
The target audience are entrepreneurs who want to build their personal brand and business on social media.
What to expect:
We will help entrepreneurs create viral videos and turn those views into dollars for their business.
How it’s different:
There are no programs teaching entrepreneurs this right now. And those who might be doing it do not have the authority that I have when it comes to creating organic content as an entrepreneur with a personal brand.
Who it’s for:
Business owners, entrepreneurs, network marketers, professional service providers in the Hispanic market.
What to expect:
Our mastermind is based on 4 pillars that take you on a 360 growth process:
1. Emotional Intelligence
2. Time management
3. Income (Sales, Marketing, Money, Taxes)
4. Scaling
Our promise is that we will save you years of frustration by giving you the best tools available so that you as a leader and your business, will grow faster and reach bigger goals in a much shorter period of time.
How it’s different:
We only learn from the best in the world, we focus on our customer’s needs and we make the mind (mindset and emotional intelligence) the foundation of the program. We have worked with businesses of every size, from family businesses to Fortune 500 companies and our methodologies have been recognized in all of the major TV networks in the Hispanic market.
Joining a mastermind group can accelerate the growth of business but it’s not a magic bullet. But, to make the most out of the opportunity – and your investment – you have to put in work.
Once you join, block off time to participate in the group and complete any related activities. As a bonus, aim to chat with a new group member every week. This will allow you to make deeper connections and provide support to your community.
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Terry Rice
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A for sale sign is posted in front of a home for sale on February 20, 2023 in San Francisco, California.
Justin Sullivan | Getty Images
It might seem like a great time to list your home for sale. Buyers are flooding back into the market, mortgage rates have fallen off their recent highs, and there are still far too few homes for sale to meet demand. But potential sellers aren’t budging.
New listings continued to fall in March, according to Realtor.com, down 20% from the same month last year. That decline in new listings outpaced the 16% drop posted in February. New listings in March were nearly 30% below pre-pandemic levels.
The active inventory of homes for sale is, however, 60% higher than the start of last spring, but that is only because homes are taking longer to sell. Inventory is also half of what it was at the start of spring in 2019, before the Covid pandemic caused an unprecedented run on housing.
Homes are now sitting on the market an average of 54 days, up from an average of 36 days at the start of last spring. Time on market was longer in all of the top 50 metropolitan markets, but the greatest increases were in Raleigh, North Carolina (up 42 days), Kansas City, Missouri (up 37 days), and Austin, Texas (up 37 days).
“Amid fewer new choices on the market and still rising home prices, home shoppers have shown that they are very rate sensitive, only jumping back in the market when rates dip, and so what happens with rates this spring will likely play a strong role in determining whether the housing market bumps along or picks up speed this year,” said Danielle Hale, chief economist at Realtor.com.
Mortgage rates dropped slightly in early March, due to the stress on the banking system from bank failures. They are now, however, moving higher again, although not quite as high as they were last fall. The average rate on the 30-year fixed is now 6.61%, according to Mortgage News Daily, just about 2 percentage points higher than it was a year ago.
At a recent open house in the suburbs of Cleveland, house hunters Vince and Katie Berardi said they were concerned that the market is still overpriced. The sellers of the three-bedroom home they were touring had just dropped the price from $450,000 to $350,000. It already had several offers on it.
“There’s not as much competition as there was,” said Katie Berardi, who is pregnant with the couple’s second child. “But if there’s a good one on the market, like it’s gone within a week.”
Home prices nationally were still higher to start this year than they were at the start of last year, but they have been falling for the past seven months, according to S&P Case-Shiller. In January, the last reading on that index, prices were lower in some of the local markets that had previously been among the hottest, like Seattle and San Francisco. Prices are now flat in Phoenix, another market where prices had been surging. Other markets, especially in the South, like Atlanta and Miami, are still seeing big price gains.
List prices in March, according to Realtor.com, were down in Austin and Las Vegas, two markets that were particularly popular with transplants in the first years of the pandemic.
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The numbers: Mortgage rates slide down to the lowest level in six weeks as consumers feel uncertain about the state of the U.S. economy.
The 30-year fixed-rate mortgage averaged 6.32% as of March 30, according to data released by Freddie Mac on Thursday.
That’s down 10 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.
The 30-year was last at this level in mid-February.
Last week, the 30-year was at 6.42%. Last year, the 30-year was averaging at 4.67%.
The average rate on the 15-year mortgage fell to 5.56%, from 5.68% the previous week. The 15-year was at 3.83% a year ago.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.61% as of Thursday morning.
What Freddie Mac said: “Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers,” Sam Khater, chief economist at Freddie Mac, said in a statement.
Market reaction: The yield on the 10-year Treasury note
TMUBMUSD10Y,
was trading below 3.6% during the afternoon trading session on Thursday.
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Featuring curated videos from the most sought-after destinations the world over, discover this week’s Video of the Week.
Sydney, Australia | Sydney Sotheby’s International Realty
This magnificent luxury residence was created by award-winning Felton Homes Architecture. A testament to timeless design, the home was inspired by French Provincial architecture and adheres to classic proportions, making it arguably one of the area’s finest homes.
Purpose built for both lavish entertaining and relaxed family living, the design is focused around classically symmetrical architecture, harmonious balance, and exceptional finishes. The layout captures natural light through a well-orientated and thoughtful plan, and provides glimpses of the manicured grounds from every room.
The exceptional quality of the finishes is evident upon entering the home, which includes expertly crafted details such as Clonestone white stone columns, honed marble tiles flowing effortlessly into European oak flooring, elegant coffered ceilings, decorative cornices, bulkhead ceilings, C-bus motorized curtains and blinds, and a fireplace with a jet black granite hearth and a timber mantel.
The heart of the home is the open plan state-of-the-art kitchen with an island bench topped with spectacular marble surfaces, premium Gaggenau and Miele appliances, boiling and chilled zip tap, and a Subzero integrated wine fridge. An adjoining butler’s pantry kitchen includes self-contained cooking and cleaning facilities to ensure minimal interruption to the flow of the main kitchen when the house is used for entertaining.
An activity room featuring an unforgettable bar opens to a private, landscaped garden with a gas heated swimming pool, a spa, and a lovely fully-equipped alfresco dining area.
Discover tours of luxury homes for sale around the world on our award-winning YouTube Channel
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Melissa Couch
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U.S. stocks ended modestly lower on Tuesday, as Treasury yields rose, keeping pressure on the rate-sensitive Nasdaq Composite Index. The Dow Jones Industrial Average DJIA shed about 37 points, or 0.1%, ending near 32,394, while the S&P 500 index SPX fell 0.2% and the Nasdaq COMP closed 0.5% lower, according to preliminary data from FactSet. Stocks fell, but ended off the session lows, as the 2-year Treasury rate BX:TMUBMUSD02Y climbed 10.5 basis points to 4.06%. Bond yields and prices move in the opposite direction. Tuesday also saw a raft of relatively upbeat economic data and increased expectations by traders in fed-funds…
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AUSTIN, Texas, March 28, 2023 (Newswire.com)
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GAST Clearwater, a next-generation water treatment company, artificial beach, urban lagoon specialist, and property developer, announced today the appointment of Dick Anderson to its Board of Directors, effective March 28, 2023.
“As we start to finalize our last few Board appointments, we cannot be more elated to have Dick join our Board,” said Kevin Gast, Co-Founder & CEO of GAST Clearwater. “As a founding partner and managing partner to one of Texas’s largest real estate development and investment firms, HPI Real Estate, with over 24 million square feet of active portfolio and over $4 billion in future and past developments, Dick is not only a powerhouse in the industry but a renowned entrepreneur, philanthropist, and leader. His 30-plus years of experience, unmatched business ethics, and integrity will provide a steady hand as we circumnavigate our explosive growth and global demand for our products & services.”
“The real estate market has started to shift post-COVID, and new and innovative solutions are needed to trailblaze a path ahead,” said Dick Anderson. “Over the last few months, I’ve come to appreciate the purpose and mission of GAST Clearwater and what their technologies, products & services represent. Ski-Resorts used to be all the craze, then Golf Estates, and the next natural evolution seems to be Artificial Beaches and Surf Parks utilizing sustainable, recycled water. I look forward to working with Kevin and the Board as we drive GCW’s mission of Water for Mankind.”
Dick Anderson is a founding partner of HPI and serves as its managing partner overseeing day-to-day operations. Building on his quick success with Trammell Crow Company, Dick co-founded HPI in 1992 with two other Trammell executives. With Dick’s leadership, HPI has grown from a four-person development firm to a full-service real estate firm with offices in Austin, Dallas, Houston, and San Antonio. He currently serves on the Boards of Uplogix and Tricolor Holdings. Dick is a graduate of SMU, where he earned a B.S. in Economics, and is an active investor, venture capitalist, and philanthropist.
About GAST Clearwater
GAST Clearwater is a US-based, next-generation water treatment company with a mission to provide Water for Mankind one drop at a time. Operating in various industries and markets from Real Estate, Wastewater Treatment, Municipal Potable Water, and various others, focusing on recovering and recycling different waters in a centralized or decentralized way, GAST Clearwater is a US-based, next-generation water treatment company with a mission to provide Water for Mankind one drop at a time.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” or words or phrases with similar meaning. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. We do not intend and undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Investors are referred to our filings with the SEC for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
Source: GAST Clearwater
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A house is available for rent on March 15, 2022 in Los Angeles, California.
Mario Tama | Getty Images
Apartment rents have increased slightly for the past few months, as the seasonally stronger spring activity kicks in. But in March they were only up 2.6% from March of 2022.
That’s the smallest annual gain since April 2021, according to Apartment List. And, after last year’s record-setting pace, rent growth is now slightly below the pre-pandemic average of 2.8%. Some markets, such as San Francisco, are falling at a bigger rate.
Vacancies are also starting to rise back to normal levels, as more supply comes on the market. They stand at 6.6%, up from 6.4% in February.
Over 917,000 apartment units were under construction across the U.S. at the end of last year, which will increase the nation’s existing apartment base by 4.9%, according to RealPage Market Analytics. This is the highest number of units under construction since the early 1970s.
“Even if demand continues to strengthen, a robust supply of new inventory hitting the market this year should keep prices in check. It looks like 2023 is shaping to be a year of modest positive rent growth,” researchers at Apartment List noted in the report.
Markets seeing the biggest rent jumps compared with a year ago were mostly in the Midwest, with Chicago, Indianapolis, Cincinnati and Louisville all up 6%. Boston rents rounded out the top 5, also up 6%.
Several major cities are seeing rents decline. Phoenix and Las Vegas rents were down 3% year over year, and San Francisco dropped 1%.
Rents for single-family homes are also easing, but are still far hotter than apartment rents. Single-family rent growth was 5.7% year over year in January, the lowest rate of appreciation since spring 2021, according to CoreLogic.
Of the 20 major markets tracked by CoreLogic, Orlando, Florida, had the highest rent gain from a year ago at 8.9%, but that is down from its latest peak of 25% annual growth in April 2022. Miami was seeing 39% annual growth last January, but that’s down to about 7% this year.
“While rent growth is slowing at all tracked price tiers, declines for the lowest-cost rentals are not as significant, which raises affordability concerns. Annual rent growth for lower-tier properties was about three times the pre-pandemic rate, while gains in the highest tier were nearly one-and-a-half times during the same period,” Molly Boesel, principal economist at CoreLogic.
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Opinions expressed by Entrepreneur contributors are their own.
Many small to mid-sized landlords want to self-manage their rental properties, and for good reason.
Above all, self-managing your properties means more take-home revenue — you won’t have to say goodbye to a large portion of your rental income each month to pay a property manager or company.
Another benefit is that you’ll be closer to your renters and rental operations. When you’re the one screening the tenants and hiring maintenance contractors, you always know exactly who is in and around your properties, and you’ll be the first to know of a problem.
However, there are also some cons. You’ll need to invest considerable time, energy and effort into your properties, which not all landlords — especially those with other responsibilities like W-2 jobs or families — can do. You might also find yourself at a loss if you don’t have the knowledge required for a specific task. You’ll need to rely on yourself much more.
With the right tools and technology, self-management is a profitable and very doable choice for many. In this article, we break down how you can limit expenses with five self-management tips.
Related: How to Manage Your Real Estate Business Like a Pro
Listing syndication is one of the best tools for landlords. Why? Using listing syndication can make rental advertising a one-man job.
Listing syndication allows you to write one listing and post it to multiple popular listing sites in one click. Instead of spending time re-writing or typing your listings for sites across the internet, you can use a listing syndication service to post them simultaneously.
Listing syndication makes self-management possible because it limits the amount of time you spend on listing and advertising tasks. Posting online in general is a good idea because it allows prospective renters to contact you more easily with questions or general interest. However, syndicating your online listings is the best choice — you can optimize your advertisements without having to pay a realtor to do this for you.
Similarly, automating your applicant pipeline is another way to make self-management feasible.
Setting up an applicant pipeline is relatively simple on a particular listing platform. For instance, if you post on sites like Zillow or Apartments.com, you can opt to send introductory emails to renters who “save” your properties or opt to receive more information. Additionally, if a renter doesn’t respond to your initial message, you can designate a follow-up email to be sent after a certain number of days.
Ultimately, your goal is a signed lease, so you need to stay in contact with interested renters and keep communication regular. If you don’t have time to respond to a message for several days or even a week, it’s likely the renter has already moved on. That’s why it’s important to automate the process: You don’t have to respond to each renter personally in order to make sure they get a personal reply. And you can always choose to answer specific questions yourself or receive phone calls from renters who are serious about renting your properties.
Related: 5 Property Management Tasks to Automate in 2023
Perhaps the biggest way to limit expenses through self-management is to use software. Property manager fees can be steep — most charge a percentage of your monthly rent collection, meaning the more successful your business is, the more you’ll have to pay for management.
This doesn’t have to be the case with property management software. Many software platforms offer cheap plans with all the basic management features you need. Others, like Innago, are entirely free to use. You’ll gain access to key features like online rent collection, tenant screening, rental advertising and maintenance management, and you can automate many of these tools as well.
If you’re looking to cut management expenses, software is undoubtedly the best place to start.
As mentioned, online rent collection is one tool you’ll find on property management software that can save you much time and money. Instead of collecting paper checks or cash every month and driving everything to the bank, your tenants can simply submit their payments online. You’ll get them much faster and won’t have to manually track down late payments yourself — your software will apply and enforce late fees automatically. With more time on your hands, you can focus on generating more revenue, not tracking down revenue you should already have.
Related: 4 Smart Ways to Reduce Your Property Management Costs
Although there are many ways to cut costs by doing tasks yourself, don’t let your desire to save money cloud your good judgment. If there’s a task that needs to be done and you don’t have the knowledge or experience to complete it, you shouldn’t attempt it yourself at the risk of causing further damage.
For example, if there’s a serious plumbing problem that needs to be addressed immediately, you most likely won’t have time to watch a YouTube video and teach yourself the fix. Instead, you should call a trusted contractor to ensure no further damage is done to your properties.
Likewise, if you’re facing what’s likely to be a complex eviction and you’ve never attended an eviction court hearing, you should not hesitate to call a lawyer. An experienced eviction lawyer can offer you expertise that is well worth your money when it comes to something as expensive and challenging as an eviction.
Self-managing your properties is an ambitious, but plausible, goal for most small to mid-sized landlords. There are a variety of resources and tools available for exactly this purpose. Many are based on automation, which is absolutely critical if you plan to manage your properties on your own. It won’t always be easy, but there’s much you can do to become a successful manager of your own investments and save money while you’re at it.
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Dave Spooner
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Few facets of the Manhattan architectural landscape have achieved such a prominent place in the world’s collective imagination as the brownstone—a quintessential part of the city since the 1800s. With their authentic allure, generous space, and welcome privacy, they remain some of New York’s most desirable homes, and this refined townhouse on a tree-lined street in the heart of Lenox Hill on the Upper East Side is true to that legacy.
New York, New York | Cathy Taub, Sotheby’s International Realty – East Side Manhattan Brokerage
Constructed in 1901 and meticulously renovated, the 7,000-square-foot residence is—at approximately 20 feet wide—impressively spacious and exudes a style that is both timeless and sophisticatedly modern. Many period details have been painstakingly retained: six wood-burning fireplaces, classic moldings, and richly hued oak paneling and floors. An elevator links all seven levels, including the finished basement. An ambience of wonderful airiness and light pervades nearly every space thanks to lofty ceilings and plentiful windows. All of the home’s baths have been stylishly renovated.
Elegant entertaining is effortless in any of the public spaces, from a dazzling grand salon with a soaring coffered ceiling, a fireplace, a sweeping staircase, and abundant Old World inspiration to an expansive third-floor living room with a wet bar and a trio of glass doors opening to a delightful balcony. The cook’s kitchen features a wood-burning fireplace and superior-caliber appliances from Sub-Zero, Wolf, and Bosch. In the breathtaking wood-paneled space it shares with the dining area, a two-story wall of glass creates a stunning solarium-like effect, admitting floods of glorious light and offering a picturesque view of the garden. A stairway curves gracefully to connect with a more casual yet equally chic and light-filled entertaining room, which includes a second wet bar, is accompanied by a powder room, and opens directly to the idyllic south-facing irrigated garden and patio, where surrounding walls and fencing create much-appreciated seclusion.
Of the five bedroom suites, the owner’s suite occupies an entire floor with its serene bedroom, walk-in closet, extensive dressing area with streamlined built-ins, and relaxing bath, which features a walk-in shower, a dual-sink vanity, a vintage-inspired soaking tub, a wood-burning fireplace, radiant-heated floors, and a set of breezy glass doors opening to a refreshing Juliet balcony. On the fifth level, two spacious bedrooms with oversized windows and thoughtful closet space share a hall bath. A third-level bedroom with a fireplace and an en suite bath could easily serve as a library, and an additional bedroom on the garden level with an en suite bath and a bar area is ideal for staff or guest quarters. A portion of the uppermost floor is dedicated to a windowed sports court, putting green, and recreation room with voluminous ceilings and a nearby bath. The remainder of the top floor offers the rare potential for the creation of a rooftop terrace. On the lowest level, a large versatile room easily accommodates laundry and fitness equipment. Completing the desirable picture are a full bath, a workshop, a wine cellar, a cedar closet, and additional storage space. Nine-zone central air conditioning is among the home’s numerous contemporary comforts and conveniences.
Discover luxury homes for sale and rent around the world on sothebysrealty.com
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Melissa Couch
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Commercial leases often require tenants to deliver letters of credit instead of cash security deposits. This practice reflects the belief that an L/C gives the owner better security than a cash deposit if the tenant goes bankrupt. Until very recently, many of those L/Cs came from Signature Bank or—especially for start-up or high-tech companies—Silicon Valley Bank.
When those banks failed, the L/Cs they had issued temporarily became worthless, because they are not backed by deposit insurance and simply represent contractual obligations of the issuer. The federal government solved that problem quickly. The FDIC declared that the “bridge banks”—the temporary banks that took over for the failed banks—would honor all contracts of the failed banks. That would include any outstanding L/Cs. Thus, any owner that had accepted a Signature Bank L/C became the holder of a Signature Bridge Bank L/C instead. The FDIC’s announcement also stated that “all obligations of the bridge are backed by the FDIC and the Deposit Insurance Fund.”
An owner might still worry that the L/C isn’t quite as reliable or as comforting as it was supposed to be. In that case, the owner will need to ask itself whether it can require the tenant to replace that L/C with a potentially “better” one. That will depend on the terms of the lease.
Some leases contain elaborate provisions that would probably entitle the owner to require the tenant to replace any L/C that was issued by a bank that failed, whether or not the successor bank or the FDIC stepped up to the L/C obligation. In those cases, the owner might simply demand that the tenant perform its obligations under the lease and deliver a new L/C. In a more typical case, however, the tenant probably has no obligation to do anything about the L/C. A tenant that cares about its relationship with the owner might very well arrange a replacement of the L/C anyway, if asked to do so.
Also, any Signature Bank or Silicon Valley Bank L/C will eventually expire and probably not be renewed, typically within a year. At that point, nearly every lease will require the tenant to deliver a replacement L/C. Of course, the owner will not want to wait around.
If the owner can require the tenant to replace a Signature Bank or Silicon Valley Bank L/C, or if the tenant wants to cooperate if asked to make such a replacement, what happens next and how long will it take? In most cases, it’s not all that difficult for a tenant to accommodate the owner’s request and deliver a new L/C from a bank that hasn’t failed.
Most L/Cs are issued by whatever bank provides the tenant’s revolving credit line (“revolver”). The existence of a revolver means the tenant’s bank has decided it is willing, for example, to lend the tenant up to $10,000,000 at any one time. If the bank issues an L/C with a face amount of $1,000,000, this implies the bank might need to advance $1,000,000 at any moment, if the L/C were drawn upon. The bank would treat any such advance, if made, as one made under the revolver. As long as the L/C is outstanding, therefore, the bank will limit other borrowings under the revolver to $9,000,000, to assure that the total loan balance can never exceed $10,000,000.
If the tenant maintains several revolvers with various banks, the tenant can often obtain a replacement L/C rather quickly from another bank, assuming its revolver with that other bank has a low enough outstanding loan balance to accommodate issuance of an L/C. If the tenant had only one revolver, i.e., with only Signature Bank or Silicon Valley Bank, then the tenant won’t be able to have a revolving lender issue a replacement L/C unless and until the tenant has set up a new revolver. That can take a while, especially in an environment of tightening credit standards and lower asset valuations.
In the meantime, the tenant might temporarily resort to a less sophisticated strategy to obtain a replacement L/C: the tenant can deposit cash with a new L/C issuer bank and then that new bank would issue an L/C backed by the cash deposit. Of course, that’s not an optimal use of cash or one that every tenant can set up instantly.
Smaller companies that don’t maintain any revolver in the first place often need to back their L/Cs with cash collateral from day one. If one of those companies deposited cash with Silicon Valley Bank or Signature Bank, that deposit should be treated the same as any other deposit. If it’s covered by deposit insurance, which all deposits of the two failed banks now seem to be, the tenant should be able to get control of the cash rather quickly. The tenant can then use the cash as collateral to have another institution issue an L/C. That’s quicker than setting up a new revolver, but it’s still not instant.
If the tenant delivers a new L/C in place of the L/C from a failed bank, the tenant will typically ask the property owner to release the first L/C. This would also need to happen at the same time as the tenant moves cash between banks.
Any owner holding an L/C from Silicon Valley Bank or Signature Bank should make sure they know exactly where that L/C is stored. If no one can find it—which happens with some frequency—that can create a whole new set of problems. And today’s focus on L/Cs also reminds every property owner that they should carefully track all L/Cs – not just their location but also their amount, expiry date, and issuer.
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Joshua Stein, Contributor
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People want to draw parallels to the past, but the current real estate market is nothing like 2008, Cedrik Lachance, director of research at real estate analysis firm Green Street, tells CNBC.
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Robert Shiller, Yale University professor of economics and Case-Shiller Index co-founder, joins ‘Closing Bell: Overtime’ to discuss what will be the ripple effect on residential and commercial real estate as the burrowing cost rises.
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Join our upcoming webinar with real estate entrepreneur, Aaron Kirman, as he shares his 20+ years of expertise and insights on how to master the art of selling properties.
Aaron will cover the essential daily strategies and success habits you need to thrive.
You will learn how to:
Register now and join us on April 12th at 2:00 PM ET to discover the strategies and tactics you need to master for success in real estate.
About the Speaker:
Aaron Kirman, Founder and CEO of AKG | Christie’s International Real Estate, is one of the leading real estate agents in the U.S. He has repeatedly been named as a top agent in Los Angeles, and most recently, AKG was ranked as the #1 Luxury Team in L.A. As an expert in the luxury real estate industry, Aaron has received international acclaim from the architectural and estate communities, and represented some of the most exclusive properties in the world.
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Entrepreneur Staff
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From a AUD€$17M sale in Byron Bay, Australia, to a US$44.55M sale in Woodside, California, here are February 2023’s five highlighted sales represented by the Sotheby’s International Realty® global network.
James McCowan and David Medina | Byron Bay Sotheby’s International Realty, AUD$17,000,000
Arthur Sharif | Sotheby’s International Realty – San Francisco Brokerage, US$44,500,000
Laura De la Torre and Maricruz Madrigal | Mexico Sotheby’s International Realty, US$3,200,000
Peter Frisell | Sweden Sotheby’s International Realty, Price Undisclosed
Stephanie Oliver | Dielmann Sotheby’s International Realty, US$13,000,000
Discover previous editions of Significant Sales on the blog
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Melissa Couch
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