Opening Comments
Drowning in Two Feet of Water
Picture of the Day-Bagel Making Pays like a Partner at GS
Fauci Ouchie Update-It is beginning to sound like a conspiracy. The facts are stacking up here.
Cembalest Eye on the Market
Quick Bites
Stocks, Bitcoin, Clover Health/Reddit, Fed,
Inflation-DB/JPM/Job Openings, China Commodities
US Scientific Research, Wealthy Paying No Tax
Celiac Kids, CRT, Bezos to Space, Trump’s Pants
Virus/Vaccine
Real Estate
220 CPS Sales-INSANITY
Miami Condo Updates-8.740 sq/ft Condo Sells at $1,200 ft
Data on Price/Ft
$75mm East Hampton Estate
Opening Comments
Last weekend, it was 48 degrees and raining and now, it is 93 degrees and raining. The weather is better in South Florida. Note to self, there is a shelf life on how long I can stay at a Springhill Suites before I turn into a pumpkin and I think I am getting close as I am starting to have skin like Trump. I have some expanded early sections today, so I am trying to keep Quick Bites shorter. There is a lot of follow up on Fauci/China/ and new information which only solidifies my position on this matter. Also, more blatant examples of rising costs are found in Quick Bites and the Picture of the day.
I want to remind my readers that I appreciate receiving news stories you find interesting, controversial or believe other readers will find interesting. I can only cover so much alone and receive dozens of emails a day from readers. Keep em coming.
Lastly, something weird happened today at the hotel. My computer was trying to be hacked from the wifi in my room. I had a tech team look at it and erase any malware. Somehow, I lost a fair amount of my writings, but tried to piece it back together. If something does not make sense, my system was a bit crazy due to the hack. Apologies.
Picture of the Day
I’m in PA and there is a small bagel place we eat lunch once in a while. They are offering a $500 cash bonus and $18-24+/hr and CANNOT find employees (pic below). The owner cites never ending stimulus and is hoping they lower the the minimum working age in order to attract talent. All those fancy Harvard and Penn kids may want to rethink Wall Street and head to PA where they can make the big bucks making bagels and sandwiches and where the cost of living is fractional. I presume you get free lunch too. Seriously, Houston, we have a problem. When I was 11 years old, my first job was washing dishes and cleaning toilets for $2/hr. Inflation adjusted it is $6.48/hr. Kids can make triple that not including the $500 sign-on bonus.
Fauci Ouchi Updates
The next few stories are a continuation of the “Fauci Ouchie” theme from Sunday. I received a great deal of reader feedback on the story and more people are concerned about Fauci and the Wuhan leak. The more time that passes, the more convinced I am that this was a bio-weapon attempt gone wrong and leaked out of the lab and was partially funded by the NIH! The ironies here are not lost on me that the face of the pandemic was at least tangentially involved by funding the Wuhan Lab. I want a full investigation, Fauci out and I want consequences for the Chinese Government. Please take a few minutes and read the stories below. There are some doozies in here.
A Chinese Communist Party military scientist who got funding from the National Institutes of Health filed a patent for a COVID-19 vaccine in February last year — raising fears the shot was being studied even before the pandemic became public, according to a new report. Zhou Yusen, a decorated military scientist for the People’s Liberation Army (PLA) who worked alongside the Wuhan Institute of Virology as well as US scientists, filed a patent on Feb. 24 2020, according to documents obtained by The Australian. The patent — lodged by the “Institute of Military Medicine, Academy of Military Sciences of the PLA” — was filed just five weeks after China admitted there was human-to-human transmission of the virus, and months before Zhou died under mysterious circumstances, the report noted. WTF? How is this possible? Someone filed for a patent for a vaccine in February of 2020 just as this was becoming known in the world? Every day which goes by makes it clearer to me that it was a leak out of the lab and China covered it up and “silenced” anyone who suggested otherwise. How long did China know about this for a patent to be filed in Feb? What are the ramifications? What do US allies in Europe and Asia do to China when it is confirmed that they caused this leak, lied about it, bought up all the PPE and infected the world… Please don’t tell me there are no consequences for trillions in damage, millions of lives lost and the biggest disruption in life in 100 years. How many people died alone without loved ones? How many weddings, funerals and birthday parties were missed? How much did kids fall back from an education perspective? What about future lives lost due to depression, anxiety, missed medical treatments… all due to the pandemic.
“Damning” science strongly suggests that COVID-19 is a man-made monster, optimized in a lab for maximum infectivity before hitting the outside to catastrophic effect, two experts said Sunday. Writing in an opinion piece for the Wall Street Journal, Dr. Steven Quay and Richard Muller pointed to two key pieces of evidence to support the claim, which has increasingly gained steam after long being derided as little more than speculation. The first relates to the nature of gain-of-function research, in which microbiologists tweak a virus’ genome to alter its properties, such as making it more transmissible or more lethal. Of the 36 possible genome pairings that can produce two arginine amino acids in a row — which results in boosting a virus’ lethality — the one most commonly used in gain-of-function research is CGG-CGG, or double CGG, wrote Quay and Muller. “The insertion sequence of choice is the double CGG,” wrote Quay, the founder of Atossa Therapeutics, and Muller, a former top scientist at the Lawrence Berkeley National Laboratory who now teaches physics at the University of California’s Berkeley campus. The pair noted that the double CGG sequence has never been found naturally among the entire group of coronaviruses that includes CoV-2, which causes COVID-19. But, in what Quay and Muller called a “damning fact,” it was found in CoV-2. I bolded the last two sentences, not because they were my thoughts, but because they were so important. A sequence NEVER found in nature is found in CoV-2. Someone has some explaining to do. Remember, the Trump Administration suggested it was a Wuhan Lab leak and the media and Fauci and others suggested otherwise.
There is a video (1 minute excerpt from C-Span) from 2016 where Pal Daszak discusses how labs manipulate viruses which appears to be at odds with Fauci’s repeated denial of funding gain-of-function research at the Wuhan Institute of Virology. EcoHealth Alliance President Peter Daszak – who collaborated with the Wuhan Institute of Virology on research funded by Dr. Anthony Fauci’s National Institute of Allergy and Infectious Disease speaks in a 1 minute video. “Then when you get a sequence of a virus, and it looks like a relative of a known nasty pathogen, just like we did with SARS. We found other coronaviruses in bats, a whole host of them, some of them looked very similar to SARS. So we sequenced the spike protein: the protein that attaches to cells. Well I didn’t do this work, but my colleagues in China did the work. You create pseudo particles, you insert the spike proteins from those viruses, see if they bind to human cells. At each step of this you move closer and closer to this virus could really become pathogenic in people. “You end up with a small number of viruses that really do look like killers,” he adds. This is not a smoking gun? How can there not be a major investigation into the leak with all this evidence? It gets better. What other role does Daszak play? No conflict of interest here. From a the WSJ from Feb 21-One prominent member of the WHO team is zoologist Peter Daszak. Also part of the Lancet COVID-19 Commission, Mr. Daszak has vowed to investigate “with an open mind” and “not be bound by preconceived ideas.” So let me get this right, the guy who is getting funding from the NIH and then giving it to the WIV is investigating if the leak is from the WIV? Folks, we ain’t done yet. It gets better. The famous Lancet letter which had a couple dozen scientists sign off that COVID-19 was not caused by a leak, but by a natural occurrence was orchestrated by none other than Daszak. Hello. Can someone tell me how this guy is not being grilled by politicians over the largest crisis in our lifetime. What about the WHO and the role those clowns played in this disaster being puppets from the Chinese Government? Never ends. Super frustrating.
Cembalest Eye on the Market
An investor’s look at China’s recovery, the Sinopharm vaccine and the importance of scientific methods. I always try to pick one or two charts from Mike’s notes. Hard to do, as there are so many good ones. Not sure about you, but these charts make me very mad. In my opinion, the pandemic was 100% the fault of China and they have not had any consequences for the global destruction it has caused. Makes me quite upset.
Drowning in Two Feet of Water
I was never a big fly fisherman, but a few people were going on a trip and I decided to give it a try in the late 90s. I bought a fly rod and reel, but borrowed a friend’s waders. He is about 6’2 and 250lbs and in hindsight, this was not one of my brightest ideas. I wear a men’s medium and he was an XL. I never became a serious fly fisherman and given I fish for large ocean fish, I lack the touch and patience to fly fish for trout.
We went to Aspen, Colorado and one of the people I was with was a quiet and shy man, about a 10 years my senior. David was a “belt and suspenders” kind of guy who was a risk manager at a bank. On the 1st day in Aspen, we got out of the car and looked at the stream below the road. The bank was VERY steep. I said, “David, we need to find another route; it is too dangerous and there is no way we can get down.” My normally conservative friend says, “I got this.” No later than one nanosecond, he plummeted to what I thought was his death or the very least disfigurement and sadly, I lost it in hysterics. I should have been concerned for my friend’s well being, but instead, I could not stop laughing because he would normally never take such a risk. Shockingly, he broke no bones, but was a bit shaken and did break his fly rod. He was a dirty mess and his fishing cap was all messed up, as were his glasses. When I nervously looked over the bank, he was sprawled out and when he stood up, it looked like Mike Tyson caught him with a right hook. When I speak to him now, almost 25 years later, I still bring up the “Aspen Fall,” and cry with laughter. Remember, karma is a bitch.
The next day, it was boiling outside and I was in these heavy waders which were about 3 sizes too big on me. I forgot to mention I borrowed the big guy’s fishing boots, also too big. For those who do not fly fish, you should wear a belt around your waist, so if you fall into the water, your waders do not fill up with water causing you to drown. I never used a belt and on the day being discussed wore my waders around my waste given the heat. The stream was never more than two feet deep. However, the rocks were covered in moss and very slippery. I saw some trout rising for flies across the stream and quietly walked over across to get there. I slipped on a mossy rock and fell much to David’s enjoyment. Given my XL waders were not tied with a belt, they quickly filled up with water and I was unable to get up. I was being pushed down stream over rocks nervously laughing. It would have been one of the greatest blooper videos in history. My friends were laughing and I was getting pissed as I was being pushed down stream with about 200 lbs of water weighing me down. My laughter quickly turned to a profanity laced rant as the frigid water prevented me from standing. The ordeal lasted about 5 minutes, but felt like 30. I kept thinking to myself if an expert swimmer who had surfed big waves drowns in two feet of water, it will be a humiliating tombstone. At the time, I was shockingly scared given I was unable to get up and out of the frigid water.
I was unable to find any pictures from the trip, but found some fly fishing pictures from other adventures. I could not find pictures from my epic trip in 2001 (returned the day before 9/11) and caught over 150 brown, rainbow, cutthroat trout and kokonee salmon in Crested Butte, Co. Not sure about those strange sunglasses I wore below. They look absolutely ridiculous. What was I thinking? I recall one broker friend called those glasses, “dimes,” because the lenses were the size of a dime.
Quick Bites
U.S. stocks finished Wednesday’s session near their lows as the market continued to struggle to break out from a tight range. The Dow Jones fell 152 points, or 0.4%, to 34,447 for its third negative day in a row. The S&P 500 dipped 0.2% to 4,219, below its intraday high of 4,238.reached on May 7 and its closing record of 4,232.60. The Nasdaq also fell 0.1% to 13,911. Industrials and financials were the two biggest losers among the 11 S&P 500 sectors, dragging down the broader market. Meme stock mania continued Wednesday with day traders focusing their attention on Clean Energy Fuels this time, pushing the stock up more than 31%. Clover Heath, which surged over 85% in the prior session, pulled back 23% Wednesday. To me, of note, is the 10 year US Treasury at 1.49%. Hard to suggest absent a major scare, it is not setting up to be a short.
Bitcoin accelerated its slide to fall below the $32,000 level late Tuesday morning, according to Coin Metrics data. U.S. officials said Monday they have seized $2.3 million in bitcoin paid to hacker group DarkSide. The FBI was able to access the “private key,” or password, for one of the hackers’ bitcoin wallets. Also contributing to the price decline is analysts pointing to a technical breakdown. However, we saw a rebound Wednesday and Bitcoin is approximately $36.5k or +10% as of 5pm.
Chart below is as of close Tuesday
Here we go again. Shares of Clover Health CLOV +85.82% soared after emerging as the latest target for retail traders on Reddit forums. The healthcare company’s share price rose as much as 109% Tuesday before retreating but remained up over 70%. That follows a 32% jump Monday. It is currently being bought and sold above $20 a share, while it was valued at $7.64 at the end of last month. Over 125 million shares were traded Monday, nearly an eightfold increase from Friday. I do not know this company and refuse to do the fundamental analysis on it. The Reddit crowd strikes again. Am I the only person concerned about this insanity which is reminiscent of the .com bubble? Do fundamentals matter or is it more important for a 14 year old, pimple faced freshman to give advice to make a stock go up 85% in a day? Wednesday it was down 23%. This is not healthy.
Comments by Fed officials in the past several weeks suggest the issue of tapering looks likely to be discussed as soon as next week’s FOMC meeting. The Federal Reserve is in the early stages of a campaign to ready markets for reducing its $120 billion in monthly asset purchases to stimulate the economy. While the discussion may take place, an announcement of a decision to actually taper would be several months later, perhaps in late summer or early fall. The Fed may be on track to then begin asset purchase reductions later this year or early next year. Behind the glacial pace of reducing asset purchases is a deliberate attempt to avoid another “taper tantrum,” the sharp spike in bond yields seen in 2013.
Four stories on Inflation-1st from DB, 2nd from JPM, Job Openings and China Commodity Impact
Inflation may look like a problem that will go away, but is more likely to persist and lead to a crisis in the years ahead, according to a warning from Deutsche Bank economists. In a forecast that is well outside the consensus from policymakers and Wall Street, Deutsche issued a dire warning that focusing on stimulus while dismissing inflation fears will prove to be a mistake if not in the near term then in 2023 and beyond. The analysis especially points the finger at the Federal Reserve and its new framework in which it will tolerate higher inflation for the sake of a full and inclusive recovery. The firm contends that the Fed’s intention not to tighten policy until inflation shows a sustained rise will have dire impacts. To be sure, the Deutsche position is not widely held by economists. Most on Wall Street agree with the Fed’s view that current inflation pressures are transitory, and they doubt there will be any policy changes soon. I have written about inflation concerns for three months. The most consistent theme in recent Rosen Reports has been around recent inflationary pressures and my fears of over stimulating the economy. A friend of mine went on a trip recently and needed an Uber. They were unable to get one and were told most of the Uber drivers quit given the stimulus and took a traditional cab instead. On the return trip to the airport, they finally got to an Uber (40 minute wait). The driver commented on how few drivers have been working given they are paid to stay at home. I went to dinner with the family on Monday night and the service was awful. It took 1:40 minutes to get our entree and when they brought it, Julia’s did not come for another 15 minutes. Obviously, we complained and the manager came out to apologize and said, “No matter what we do, we cannot hire people as they are getting paid to stay at home. I am sorry about the service. It is 100% on us and our inability to get people to come to work.” Chipotle raised menu prices by 3.5-4% to cover the cost of higher wages. From my perspective, the free money and non stop stimulus is pushing up wages? This is a serious problem which is being ignored. There is no free lunch. At some point, the bill will be due.
JPM-In our opinion, the inflation risks are underappreciated by both economists and markets at the moment. At an asset class level, the inflation theme does not only favor an overweight in commodities and equities but also an underweight in credit. We thus trim further the credit allocation in our model portfolio. Within equities, we keep a tilt toward value-oriented regions. In rates, we retain bearish duration exposures expressed via more carry-efficient steepeners. In credit, we add hedges against inflation and systemic risk, while maintaining some exposure to earning carry. And in commodities, we underweight gold, given its exposure to higher real yields. If you have a view which is concerned about inflation, these are some good trades.
Job openings in April soared to a record 9.3 million as the economy rapidly recovered from its pandemic depths. The standard set in April was well above the 8.3 million in March that itself was a new high going back to 2000 for the Labor Department’s Job Openings and Labor Turnover Survey. Job availability surged 32.7% in leisure and hospitality, the sector hurt most by the pandemic lockdowns. The big jump in job openings came during a month when hiring disappointed. Payrolls increased by just 278,000 at a time when economists had been looking for growth of around 1 million. So, companies are hiring and there is a bunch of re-opening going on with millions of job openings. Now, we need to find people who want to work. Maybe, if they were not paid to stay home, they would go for an interview. Just a thought.
Surging costs of imported commodities drove China’s factory-gate inflation to its highest level since 2008, raising the odds that exporters will begin passing on higher prices and boost inflationary pressures in the global economy. The producer price index climbed 9% in May from a year earlier, driven by price increases for oil, metals and chemicals, the National Bureau of Statistics said Wednesday. The median forecast in a Bloomberg survey of economists was for an 8.5% increase. Consumer inflation increased only 1.3% from a year ago, missing an estimate of 1.6% and suggesting retailers aren’t hiking prices yet due to sluggish domestic demand.
The Senate on Tuesday passed one of the largest industrial bills in U.S. history in a bipartisan effort to ensure the U.S. remains competitive with China. The bill includes funding for scientific research, subsidies for chipmakers and robot makers, and an overhaul of the National Science Foundation. The scope of the bill, the final product of at least six Senate committees and almost all members of the chamber, reflects the myriad fronts in the U.S.-China rivalry.
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes. Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row. ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits. I do not like the current or new proposed tax policy. I believe the tax code is too complex, too many loopholes and creates massive incentives to deceive. I would like to see a simplified tax code, flat tax or other solution which does not require a PhD in tax to file your returns. The current US tax code is approximately 2,600 pages or roughly 1mm words, making longer than the King James Bible (788,000 words) or War and Peace (560,000 words). To be fair, uber wealthy, lets talk Bezos or Musk for example, may not sell stock. Their net worth goes up substantially, but if they don’t have realized gains, no tax should be paid. Also, I presume, they have it in charitable trusts, donate billions, use tax efficient investments in R/E which can use depreciation…
The number of gluten intolerant children has doubled over the last 25 years, according to a new study. Children who suffer from celiac disease, one of the most common lifelong conditions in Europe, may not be getting the treatment they need because many have not been diagnosed, say scientists. People with celiac disease produce antibodies to gluten, a protein found in wheat, barley and rye, ingredients which are commonly used to make a variety of tasty foods such as bread, cakes, biscuits, pasta and some breakfast cereals. If they accidentally feast on gluten packed foods, these antibodies damage the gut lining and can lead to symptoms, including bloating, stomach pain, diarrhea and fatigue. When I look at kids today, I am dumbfounded by all of the allergies, and lists of food they cannot eat. Gluten, eggs, nuts, fish, milk, soy, sesame… The list continues to grow. I am not sure of the cause. Is it environmental? People have kids later in life? When I was a kid, I ate a PB&J everyday and now, I would be expelled from school given I brought a peanut based meal to class. What the hell is going on here? Whenever my kids have friends over to the house, I am so concerned they are allergic to something and forgot to tell me. It is quite frankly nerve wracking. In a strange twist, the only food I am allergic to is bell peppers. I don’t die, but hiccup uncontrollably for hours when I eat them. I had a food sensitivity test taken recently and suggested I stay away from eggs, dairy almonds and kale. Breakfast for me is now super challenging.
Critical Race Theory (CRT) is a controversial topic today. Some believe it should be taught in schools, while others are adamantly opposed. I found this teacher’s letter interesting. She resigned from the job she loved because she felt CRT was being forced on the students at Dwight Englewood. I found the link an interesting read and I know many disagree with the teacher’s views. The school’s ideology requires students to see themselves not as individuals, but as representatives of a group, forcing them to adopt the status of privilege or victimhood. They must locate themselves within the oppressor or oppressed group, or some intersectional middle where they must reckon with being part-oppressor and part-victim. This theory of power hierarchies is only one way of seeing the world, and yet it pervades D-E as the singular way of seeing the world.
Jeff Bezos will be flying to space on the first crewed flight of the New Shepard, the rocket ship made by his space company, Blue Origin. The flight is scheduled for July 20th, just 15 days after he is set to resign as CEO of Amazon. Blue Origin said Bezos' younger brother, Mark Bezos, will also join the flight. "Ever since I was five years old, I've dreamed of traveling to space," Bezos, 57, said in a Monday morning Instagram post. "On July 20th, I will take that journey with my brother. The greatest adventure, with my best friend." A few points here. One, this is impressive and I never thought Bezos would beat Musk. Two, I have ZERO interest in participating in a space flight. Three, GOOD LUCK.
I do not think I have ever put a TMZ link in my report, but thought this was too funny to exclude it. Trump spoke to Republicans in North Carolina, but apparently had his pants on backwards or something. The pic and attached video speaks for itself. How in the hell do you not know your pants are backwards? How is it possible no one told him? He shows no zipper and the pants look ridiculous. I have heard from multiple people who claim to be in the know that Trump is full on for running for President again. Hopefully, someone helps him get dressed on the campaign trail. If they are indeed backwards, how did he button them?
Virus/Vaccine Although things have improved a great deal in the US, I was WRONG. Again, my wife cannot be told about this fact. I tell her I have never been wrong and can’t change that now. I suggested we would be at herd immunity by mid to late June about three months ago. That will not happen as the trajectory of 3mm+ doses/day has fallen sharply. Yes, data continues to improve. Cases down to 14k (peak of 259k). HOspitalizations are down to 20k (peak of 132k) and daily deaths at 438 (peak of 3.4k). However, the slowdown in the virus roll out is forcing this to be dragged out a bit. I am concerned about the new variants, most notably, Delta, but feel much better about the data today relative to early 2021.
More than 2.19 billion doses have been administered across 178 countries, according to data collected by Bloomberg. The latest rate was roughly 37.8 million doses a day. In the U.S., 304 million doses have been given so far. In the last week, an average of 1.07 million doses per day were administered. We are finally seeing a slight uptick in daily vaccines, but still have a long way to go.
The Covid Delta variant appears to be “more dangerous” than earlier strains of the coronavirus, Dr. Scott Gottlieb told CNBC on Wednesday. However, the former FDA chief said he believes it is likely not a major threat to the U.S. until the fall. “People who are fully vaccinated, I think, are pretty well protected against this new variant based on the accruing evidence,” Gottlieb said.
J&J CEO Alex Gorsky reiterated Wednesday that people will likely need to receive additional Covid-19 vaccine doses alongside the flu shot for the next “several years.” Covid booster shots will likely be necessary until herd immunity is achieved on a global level and highly contagious variants are contained.
This NYTimes story suggests some areas in China are back in lockdown after another outbreak.
Real Estate
Two luxury condos at Manhattan’s 220 Central Park South re-sold last month for a profit -- an achievement that has eluded many other Billionaires’ Row-area deals. A single buyer, shielded under the same LLC, acquired two full-floor residences on the 60th and 61st floors, according to records made public Monday by New York City’s Department of Finance. The two sellers each got a price greater than what they paid when agreeing to acquire the units from developer Vornado Realty Trust while the property was under construction. The 61st-floor unit, described in developer documents a 5,935-square-foot (551 square-meter) four-bedroom apartment, sold on May 20th for $75 million, according to public records. The seller, who acquired the unit just last year when the tower was complete, paid $51.42 million in a contract signed in 2015. That’s a gain of 46%. The 60th-floor unit and a maid’s room traded for $82.5 million last month. The seller bought the properties for $52.9 million, which means the resale generated a 56% profit. Earlier this year, a reseller at One57, a nearby tower on West 57th Street, sold a 58th-floor unit at a 51% markdown from what was paid in 2014. Despite the pandemic and wealthy leaving NYC, we are talking about $12,500 foot and clearly work needs to be done to combine the units. I love this building. Don’t love the location. I am just amazed at the price. The uber wealthy will really pay up for the best. To be clear, the buyer spent a total of $157.5mm for the two units and will spend millions more to combine them and presumably fix it up. I looked up maintenance costs at 220 and it appears to be just over $2/ft/month for perspective.
A double-sized condo at Mansions at Acqualina in Sunny Isles Beach sold for $10.5 million, a significant discount from its original price. Orange River Corp., managed by attorney Leonardo Heidner, sold the 8,740-square-foot Units 3701 and 3702 in the condo at 17749 Collins Ave. to Joel and Edith Newman. Matias Alem of BRG International represented the seller in the deal. The price equated to $1,201 per square foot. The condos were purchased from the developer in two deeds for a combined $16.14 million in 2015. That means they declined 35% in value. This equates to $1,200 foot. This unit is 13 miles north of Prime 112 in Sofi for perspective. The Acqualina is a nice building which has solid amenities. However, look at the price per foot difference between there at 220 CPS? North Miami is 10% of 220 CPS on a sq foot basis. New Yorkers, COME ON DOWN! The top tier buildings in Sunny Isles have incredibly high end apartments for under $2,000/ft. You can get something very nice in Sunny Isles for $1,000 -1,200+. The equivalent units South of Fifth (SOFI) are trading between $2,500 and $4,000/ft. At the Surf Club (Sufside) on 91st and Collins have units facing the ocean for $3,000-4,000/ft. A 3,800 sq ft 3 bed at the Surf Club just sold for $15mm for perspective.
Surf Club
A $69mm house in East Hampton is hitting the market for the first time in 75 years. Named Cima Del Mundo, which translates to “Top of the World,” the Spanish-Colonial estate was initially built in 1925 and underwent design renovation in 1994, according to the Real Deal. Made up of eight bedrooms and 7½ bathrooms, the compound sits on 2.7 acres of land and boasts 400 feet of ocean frontage on Georgica Beach.