Opening Comments
Video of the Day
My Waist is Expanding Faster Than Inflation
Quick Bites
Markets, Consumer Confidence, Bond Yields
Build Back Better? Rise of the Robot, Thanksgiving Travel
BLM NYC Threat, TSLA/RIVN vs F/GM Market Cap
Paralysis Reversed in Mice, 11 Words or Phrases to Avoid
GOP Congress Poll, Billionaire Row Homeless Shelter
Other Headlines
Virus/Vaccine-Pay attention again. #s Deteriorating
Data-Case Growth in the Midwest and Northeast is Concerning
Cases By Region-Midwest and Northeast Getting Worse
Vermont Cases Exploding Despite Vaccine
Europe Going the Wrong Direction
Biden Vaccine Requirement Mandate In Jeopardy
Real Estate
My General Comments
NYC Ultra High End
Richest Zip Code in US-WOWZA
$42mm House in Boca-Stupidity
Opening Comments
Please be sure to note that some email systems truncate the Rosen Report. At the bottom of the email you may need to click a link to “view entire message.” We are entertaining tonight, so I need to finish cooking a feast. Early send. Hope I did not miss too much.
I updated my website as my consulting practice is growing, thanks in part to the Rosen Report. The site is ericrosenreport.com. For perspective, my 14 year-old daughter, Julia, and I did approximately 95% of the site and I had GoDaddy experts finish the formatting for a whopping $125. Feedback appreciated.
I heard a great deal from my readers about Rezdora. The few who tried it all raved about the restaurant. Most were anxious to get in and are having trouble making a reservation. I suggest going early and sitting at the bar. One reader, Danny, was giving me updates during his meal and was very fired up about the gnocco fritto and the meal in general. He sent me this picture to show me that he licked the plates clean. He has a big following on Instagram called the Country Club Collection for any golf fans out there. You should follow him as he plays the best courses on the planet with interesting people. He will be staying at the Rosen hotel for Thanksgiving week which means lots of golf for Jack and Danny while I am nursing injuries again.
As my readership grows, I would appreciate readers hitting the “like” button which is the heart to help me grow the Rosen Report. As I understand it, Substack will help me get more attention if I get more likes consistently on my reports. I receive hundreds of emails a week letting me know they love the Rosen Report and I appreciate the feedback, but not getting nearly the likes the email traffic would suggest. If you like what you read, hit the heart button below my name after each report. It is just above the Subscribe now link at the top of the report. Thank you.
I spent some time with an owner of numerous large car dealerships and asked about business. I was in shock at the numbers. In ONE of his many dealerships, he made $8mm in profit in 2019 and will make $21mm this year. In 2019, a truck would sell at a $2,000-3,000 discount to sticker and if he provided financing, the total profit was approximately $3,000. Today, the truck is selling $3,000-5,000 above sticker and he is making almost $9,000/per vehicle. Additionally, virtually all the inventory is sold before it arrives. Most of what you see on his lot is already sold in advance. His working capital is much lower relative to the pandemic as cars sell prior to arrival and there is no need to finance them for months. Add to this, what they are making off parts and service coupled with the used cars and he his hitting a home run. He believes the car shortages will last through 2022 and into 2023 and given the size and number of dealerships he owns, I believe he has much better “color” than almost anyone around.
I lost all of Friday for research as my Xfinity internet and TV were down. I am not sure there is a worse customer service industry than cable. No matter where I live, the service is deplorable and despite my 6 calls into customer service, I was without it for 10 hours. Son of a #$%@$. The only consistently worse rated group I can think of other than cable companies is Congress.
In the last note, I was critical of journalists who did not address the Steele Dossier news after pushing it for years. I must write that WAPO corrected and removed reporting that relied on the discredited dossier. Good on you, WAPO. "The newspaper’s executive editor, Sally Buzbee, said The Post could no longer stand by the accuracy of those elements of the story.”
Video of the Day
I was searching the internet for a good video for the day and came across adorable 10 second clip. An 18 wheel truck driver comes home to this cute kid running in diapers to hug his dad. The little guy throws off his cap while running to hug his father. The “Daddy’s Home” video reminded me of when my children were this age and I would come home from work to the pitter patter of little feet running to give me a hug. At 14 and 15 years old, my kids no longer run when dad comes home.
My Waist is Expanding Faster Than Inflation
The cold front which hit South Florida last week had temperatures hit the high 50s for lows. This does not happen often down here. I also went to NYC for 30 hours, with lows in the 40s. As a result of these "frigid" conditions (my blood has thinned), I had to wear a sweater, something I rarely do in South Florida. Going deep into my closet has me in a bit of a conundrum. It’s clear that my clothes are shrinking in the heat and humidity of South Florida! My substantial wardrobe is fitting me a bit differently today than in year's past. Is it a few "COVID-19 pounds" or the ills of aging, I am not sure. It is likely a combination of both factors. I still work out almost every day, but the results are a little different at soon-to-be 52, than when I was 32. Historically, people could not believe how much food I could consume with zero consequence. That is no longer the case for me, but my kids can eat like animals and remain skinny.
When I lived in NYC, I wore a suit every day for years. Then the world went business casual and it meant slacks a dress shirt and maybe a blazer. Well, I had all kinds of fancy suits, slacks, blazers, sweaters, shirts and coats. I collected these clothes over years and would pride myself on finding deals on my favorite designer duds. I was a legendary sale shopper. I am the Tom Brady or Michael Jordan of sale shopping for men’s clothes. I had an in with the Bergdorf salesperson. He knew my size and when a massive sale would come, he would set aside things he thought I would like and call me to come over. I would sprint there and buy stupidly pricey clothes for 80% off. My most famous purchase was a $4,000 Lanvin blazer I bought for $500, which I still have today.
Scoop (now closed) was a great casual store in NY. My wife was friendly with the founder and we received big discounts. Every pair of jeans I own or anything casual in my closet comes from Scoop. I am far too price conscious to pay so much for a pair of jeans, but at 40% off, I can manage. Again, Scoop would hold clothes aside for me for sales and I received the extra discount on top of it. When the store was closing and was 80% off, I bought everything in my size, as well as a dozen dresses for my wife. Every single dress I bought her fit her perfectly. What are the chances of that happening?
For the NY trip, I tried on a pair of slacks still with the tag on it from my last Bergdorf sale. Let's just say, I recall buying them 5 years ago and they fit a “little” differently. I could actually button them at one point without sucking in my gut so far it hurt! I needed to breathe in as though I was free diving 300 ft in order to get anywhere close to buttoning the pants. Yes, they were 80% off, but I feel morally obligated to wear them at least once and now my journey begins to shed a few pounds.
I had bought a bunch of coats at the Scoop closing sale. How could I pass up 80% off of Belstaff? I wore a great leather jacket to NYC, and it was the 1st time I ever wore it despite owning it for 6 years. It was a bit snug, but if you think I am letting it go, you are crazy.
Now, living in South Florida for over four years I RARELY dress up for anything. Pulling out old clothes makes me realize something changed. My pants and blazers need to be let out or my gut needs to be sucked in. I am far too frugal to buy a new wardrobe and can never replicate what is in my closet at any reasonable cost. Clearly, my back to back meals at Rezdora, without coming up for air, did not help my waistline. If you see me waddling around in pants which are too tight or a snug blazer realize it is my cheap ass refusing to let go of clothes which have a better chance of fitting my son, Jack. Unfortunately for him, his legs are so long at 5’11.5,” he can’t wear any of my pants unless floods come back into fashion. Yes, I will wear them until they become humiliatingly tight. That is just how I roll.
Quick Bites
Stocks rallied Friday, but still posted their first losing week in six amid heightened inflation fears. The Dow rose 179 points, or 0.5%, to close at 36,100. The S&P 500 gained about 0.7% at 4,6825. The Nasdaq rallied 1% at 15,860. The major averages closed the week lower after the hottest inflation report in 30 years. The Dow fell 0.6%, the S&P 500 dipped 0.3% and the Nasdaq inched down about 0.7% on the week. The October consumer price index released Wednesday showed inflation at its hottest pace in more than 30 years. The fresh inflation reading sent bond yields higher and hit growth pockets of the equity market. The 10-year Treasury is yielding 1.57% and Bitcoin is trading at approximately $64k. Oil is at $81 or approximately $3.5 of the recent highs.
The University of Michigan Consumer Sentiment Index tumbled to 66.8 for November, representing the lowest level in 10 years. Consumer confidence fell again in November as inflation climbed to the highest levels since the early 1990s, complicating efforts from policymakers to sell the case that the current surge of price increases is temporary. The plunge in sentiment happened as workers quitting their jobs hit a fresh record in a labor market that has nearly three million more positions available than there are people looking or jobs. In a sign of confidence in the labor market, 4.43 million people quit, part of what some have called “The Great Resignation,” the Labor Department reported Friday. That number topped August’s 4.27 million and bought the quits rate as a percentage of the labor force to 3%, also a record. GS put out a note suggesting millions will not return to the workforce. Given the infrastructure and Build Back Better Bills, who will do the construction work? There will be huge demand for workers 18-35 to do all the “heavy lifting.” The wages will go through the roof. Yet another reason to not go to a four-year college. Another factor hurting confidence is the price of gas. The last time gas hit $4 in three states, oil was almost $150 according to Bloomberg. University Michigan Consumer Sentiment Index Below.
I took this picture of Drudge Report headlines the other day and feel it is a big reason why consumers are concerned. Everything I buy is skyrocketing. I went to the tackle store to buy a few lures and they were up 200% since prior to the pandemic. I asked the manager and he said, “Anything in my store is up a minimum of 25% since prior to COVID and many things are up over 100%.” I have spoken about cars at length. This story talks about bidding wars at used tractor auctions.
Global bond yields are surging after a bigger-than-expected jump in U.S. inflation revived concerns that central banks will be forced to start raising interest rates sooner than traders anticipate. Treasuries tumbled Wednesday in an abrupt reversal for the world’s biggest bond market, where yields had declined after Federal Reserve Chair Jerome Powell last week said officials would take a measured approach toward tightening monetary policy now it has started tapering asset purchases. I expect the yield curve to steepen which should be good for the banks.
Based on the inflation data I have been ranting about for months, I would not be so quick to approve trillions of additional spending. We already cannot find workers and I fear the recent passage of the additional $500bn in infrastructure will put too much pressure on wages. The implementation of the Build Back Better Bill could push us over the inflation edge. Add to this the statement the election just made about the Progressive movement and I will be surprised if the bill passes near its current form. I believe Manchin should cut back on what he is willing to approve and delay the implementation of the bill. The thought of infrastructure spending on top of Build Back Better and the current inflationary pressures seems like a bad idea to me. Red-hot inflation data validates the instinct of Sen. Joe Manchin (D-W.Va.) to punt President Biden’s Build Back Better agenda until next year — potentially killing a quick deal on the $1.75 trillion package, people familiar with the matter tell Axios. With a limited number of legislative days left in the year, Manchin is content to focus on the issues that need to be addressed, Axios is told. They include funding the government, raising the debt ceiling and passing the National Defense Authorization Act. Manchin, like a group of House moderates, also wants to see a Congressional Budget Office analysis of the true cost of each of Biden’s proposed programs, as well as the tax proposals to fund them.
Any Rosen Report reader who has at least glanced at my work knows inflation has been on my mind for 9 months. One of the things which will take away wage inflation is automation/robots. Given the scarcity of labor and unwillingness to go to work by many, employers are using automation which will eliminate jobs….permanently. According to the article, the US has lagged behind other countries and the unions are fighting the new automation trend. With no sick days, vacation, healthcare, lunch breaks or couch time, coupled with technological advancements, this trend will continue. Just think about what happens over the next dozen years as self-driving takes hold and Uber, Lyft, taxi, delivery, truck drivers are replaced. There are many millions of people who make a living from driving. American workers are hoping that the tight pandemic labor market will translate into better pay. It might just mean robots take their jobs instead. Labor shortages and rising wages are pushing U.S. business to invest in automation. A recent Federal Reserve survey of chief financial officers found that at firms with difficulty hiring, one-third are implementing or exploring automation to replace workers. In earnings calls over the past month, executives from a range of businesses confirmed the trend. I would like to see this chart for 2021 and 2022. This CNN story suggests factors and industrial users ordered 29,000 robots in 2021 or 37% more than last year.
I found this Thanksgiving travel report to be surprising. It suggests bookings are +78% from last year and up 3.2% from 2019 (pre-pandemic). I guess it shows how much pent-up demand to see family and friends is in the system. Having traveled last week, I was not happy. Both flights were delayed due to staffing issues and planes were full. AAA said Tuesday that it expects Thanksgiving travel to come within 5 percent of pre-pandemic levels, warning travelers to prepare for long lines at the airport. As cases are spiking again in the Midwest and Northeast, I wonder what kind of bump in cases we might see in coming weeks.
A lot has been made of the Rivivan IPO and the TLSA equity market capitalization levels. A loyal reader helped me put together this chart. I am not here to tell you that Tesla or Rivian is massively over-valued, but wanted to put the market caps into perspective relative to long-established auto manufacturers. In China today, there are 300 EV companies and Ford and GM are spending tens of billions in the space.
A Black Lives Matter leader said there will be “bloodshed” after debating police reform with Mayor-elect Eric Adams during a contentious sit-down with the incoming Democrat at Brooklyn Borough Hall Wednesday. Although Adams found common ground with the activists on plans to fight poverty in the black community, the former NYPD captain vowed to bring back the Anti-Crime Unit, which was disbanded during widespread police protests last year. “If they think they are going back to the old ways of policing then we’re going to take to the streets again,” New York BLM co-founder Hawk Newsome said outside Borough Hall. “There will be riots. There will be fire, and there will be bloodshed.” The Big Apple mayor-elect doubled down on his campaign promise to reinstate the NYPD’s plainclothes unit a day after New York Black Lives Matter leader Hawk Newsome threatened “riots,” “fire” and “bloodshed” should Adams follow through on the move. I have included the Marcus Wiley two-minute video in a prior report. He is a sports commentator and former NFL defensive end. I feel his concerns around BLM are valid and interesting.
Paralysis might one day be as easy to cure as a single injection of a drug, if some promising new results stand up to scrutiny. Scientists at Northwestern University reversed paralysis in mice with spinal cord injuries by injecting them with a self-assembling gel that can repair tissues. We don’t yet know if the findings, published in the journal Science, will translate over to humans. But for the nearly 1.5 million people in the U.S. living with paralysis caused by spinal cord injuries, the study provides a glimmer of hope, especially for a condition that less than 3 percent of people fully recover from. I am constantly amazed by scientists and researchers who create ways to improve lives. I sure hope the initial indications of this gel work in humans too.
This CNBC article outlines 11 words and phrases that make you look “weak” according to grammar experts. In the link, you can see what they recommend. For my perspective, I think there are a lot of ways to say the same thing. Having been a manager of large groups of people, I feel it is important to give your team the chance to shine. I am not suggesting I agree with 100% of the article, but do feel you can take time to be sure your message gets across in the most effective way possible. In the Rosen Report, from time to time, I say, “In my opinion,” and this link suggests I should not do that.
“Does that make sense?”
“Maybe we should try.”
“I think this would ...”
“I’m not positive, but …” or “I’m not sure, but …”
“I just wanted to touch base ...”
“Needless to say ...”
“In my opinion ...”
“For what it’s worth …”
“Sorry”
”[X] was developed to increase [X].”
”... if you know what I mean”
Republican congressional candidates currently hold their largest lead in midterm election vote preferences in ABC News/Washington Post polls dating back 40 years, underscoring profound challenges for Democrats hoping to retain their slim majorities in Congress next year. While a year is a lifetime in politics, the Democratic Party’s difficulties are deep; they include soaring economic discontent, a president who’s fallen 12 percentage points underwater in job approval and a broad sense that the party is out of touch with the concerns of most Americans -- 62% say so. This is an ABC New article which is telling and the poll is ABC and WaPo which are left of center. Another year to the mid-terms, so there is time to turn it around, but based on the mood, declining consumer confidence, inflation, supply chain and other well documented concerns, Americans don’t see too pleased.
I do not love the location of NYC’s Billionaires’ Row. I do think buildings like 220 CPS and 15 CPW are AMAZING with remarkable amenities, I just would not like to live where they are located in the city. Now, there is a 140 man homeless shelter at the Park Savoy Hotel on W 58th Street. Remember, these buildings have units which have sold for in excess of $11,000/square foot and are in the area of homeless shelters. In front of these fancy buildings with Goldman partners, hedge fund titans and CEOs of Fortune 500 companies you can find homeless people sleeping, urinating and shooting up drugs. Sure does not sound like utopia to me…until you get inside the building. I found a map of most of the Billionaires’ Row buildings. Not included in the picture is 15 CPW which would be just off the upper left of the map on top of #4 and slightly left of it. The “yellow X” next to the #2 is the Park Savoy Homeless Shelter. Just having been in NYC last week, I can tell you the homeless are everywhere. So sad to see DeBlasio go. Remember, he is running for Governor.
Other Headlines
J&J plans to split into two companies, separating consumer products and pharmaceutical businesses
A ‘whole new class’ of consumers is entering the crypto space, says Visa executive
Federal grand jury indicts former Trump adviser Steve Bannon for contempt of Congress
Former Barclays CEO reportedly exchanged 1,200 emails with Jeffrey Epstein
I am not sure I have 1,200 emails in 5 years with anyone other than a couple of my colleagues in my hedge fund. He also visited Epstein in jail.
China slams U.S. democracy as a ‘game of the rich,’ at an event promoting Xi’s growing power
COP26: Countries strike climate deal at UN summit to limit heating
McDonald’s CEO faces calls to resign as backlash mounts over insensitive texts
Ex-con released two days ago in custody for alleged NYC assault
NYC man, 62, knocked to ground, stabbed and slashed by group of 7 men in Midtown Manhattan
The video is disturbing. Even if they catch these men, they will be let out of jail.
Teen girl concussed after brutal attack
Very scary video. The attacker should be sent to jail. The attacker’s dad was a former NBA player and apologized.
Virus/Vaccine
The Midwest and Northeast continue to see cases rise at a rapid rate, while the West and the South are stable or declining. Overall in the US, cases rose 11% for the prior two weeks and stand at 80k/day for the two-week average. Hospitalizations dropped 9% and deaths fell 16% as seen in the chart below. The top states for two-week case growth are (NH+133%, VT+91%, RI+55%, MN +54%, IL+53%, NE+49%, NM +48%, WI+45%, NY+42, IN+40%, OH+40%). Note, almost all other than NM are in the Midwest or Northeast. I would imagine with Thanksgiving and holiday travel over the next 6 weeks, we see the negative trends continue. More inside gatherings in the cold clearly not helping.
Cases By Region
Vermont is one of the most vaccinated states in the country and has served as a model for its COVID-19 response throughout the pandemic. But now, the state is experiencing its worst COVID-19 surge yet, with several factors -- including its own success -- to blame, officials said. In Vermont, nearly 72% of residents are fully vaccinated against COVID-19 -- more than any other state, according to U.S. Centers for Disease Control and Prevention data. At the same time, it has the 12th-highest rate of new COVID-19 cases over the last week, state data released Tuesday shows. For perspective, in the US, approximately 59% of people are fully vaccinated.
Europe has become the epicentre of the pandemic again, prompting some governments to consider re-imposing unpopular lockdowns in the run-up to Christmas and stirring debate over whether vaccines alone are enough to tame COVID-19. Europe accounts for more than half of the average 7-day infections globally and about half of latest deaths, according to a Reuters tally, the highest levels since April last year when the virus was at its initial peak in Italy. In recent days, Germany, the Netherlands and Austria have seen record daily infections. Three German state health ministers urged parties negotiating to form a new government to prolong states' power to implement stricter pandemic measures such as lockdowns or school closures as the country's seven-day COVID incidence rate hit record highs. The number of people per 100,000 infected last week rose to 277.4, data from the Robert Koch Institute showed on Saturday, and has risen to over 500 in some regions of the country.
A federal appeals court in New Orleans has halted the Biden administration’s vaccine or testing requirement for private businesses, delivering another political setback to one of the White House’s signature public health policies. A three-judge panel of the U.S. Court of Appeals for the 5th Circuit, helmed by one judge who was appointed by President Ronald Reagan and two others who were appointed by President Donald Trump, issued the ruling Friday, after temporarily halting the mandate last weekend in response to lawsuits filed by Republican-aligned businesses and legal groups. Calling the requirement a “mandate,” the court said the rule, instituted through the Labor Department, “grossly exceeds OSHA’s statutory authority,” according to the opinion, written by Judge Kurt D. Engelhardt and joined by Judges Edith H. Jones and Stuart Kyle Duncan.
Real Estate
My General Comments-I spoke with a R/E landlord in NYC this week. He had recently refurbished a building turning it into a high-end rental building. On March 3rd of 2020, he leased out a 3 bedroom for $9,750/month including one month free rent. He just signed a new lease with a new tenant for $12,000/month no free rent. Clearly, NYC is coming back. For perspective, the S&P hit bottom on 3/20/20. This WSJ article discusses how crazy the NYC leasing market is today. In DUMBO, a penthouse just sold for $8.75mm and is a four bedroom/four bathroom apartment with almost 1,000 ft of outdoor space.
There is a Bloomberg article entitled, “Palm Beach Gears Up for New Yorkers Planning to Stay Longer.” I have been in South Florida (Palm Beach County) for 4.5 years and can tell you that the crowds are as big as ever in early November. Schools are full. You cannot get a reservation at a restaurant despite crap food. Getting a doctor’s appointment is nearly impossible. I need a CT-Angiogram and the wait at the center who does the test is almost 3 weeks. I called to have a shower door fixed as it was uneven, and it took 9 calls and three months before the company was able to fit me into their schedule. Schools are over loaded and classroom sizes are increasing. My point is simple, we lack the infrastructure to handle all these people spending far more time down here relative to pre-pandemic.
NYC Data-This CNBC article shows how hot the ultra-high-end NYC market has become and there are numerous examples in the link of high end units for sale. Pent-up demand, a roaring stock market and extremely low interest rates are melding together to create a record-breaking luxury real estate market in Manhattan. “Leading up to the pandemic, the high end of the market was the weakest segment of the market. However, since the end of the lockdown, it’s inverted – where the weakest segment of the market is the lower end, entry level,” said Jonathan Miller, president and CEO of real estate appraisal firm Miller Samuel. The third quarter saw the most sales recorded at all price points in Manhattan in more than 32 years, according to a recent report by Douglas Elliman. But the real heat is on properties priced above $4 million. “2021 has recorded the largest number of luxury contracts in the history of New York real estate,” said Donna Olshan, president of Olshan Realty and author of the Olshan Luxury Report.
Most Expensive Zip Codes-Could you imagine a median home price of $7.5mm in a zip code? Seems crazy, but Atherton, CA boasts the highest median home price in the US. I checked Zillow and my zip code is $780k. There are a lot of homes for $5-15mm in my specific neighborhood, yet, the average home price for my zip code is only 10% of Atherton, CA. When I put in 94027 into Zilow, it showed $7.4mm, so it seems Zillow is relatively accurate. For a fifth straight year, Atherton remains the nation’s most expensive zip code with median home sale prices at a record $7.475 million, according to PropertyShark’s annual survey. Among the Silicon Valley community’s residents are Golden State Warriors star Steph Curry, Whatsapp founder Jan Koum, former Google chief executive Eric Schmidt, former deputy British prime minister Nick Clegg and the Fox News populist Steve Hilton. It’s the hometown of tech billionaires, entertainment heavyweights and venture capitalists.
The top 10 zip codes nationwide in the annual survey were:
No.1 — Atherton, $7.475 million
No.2 — Boston (Suffolk County), $5.5 million
No.3 — Sagaponack (Suffolk County), $5 million
No 4 — Ross, $4.583 million
No.5 — Miami Beach, $4.475 million
No.6 — Beverly Hills, $4.125 million
No.7 — Santa Barbara, $4.103 million
No.8 — Santa Monica, $4.058 million
No.9 — Los Altos, $4.052 million
No. 10 — Medina, King County, Washington State, $4 million
I don’t know who would spend so much to live in Boca Raton and buy an outdated house, but in this market anything is possible. To me, the picture below does not look like Jeff Gordon, but what do I know. I am told it is Kyle Larson, but the article inadvertently called him Jeff Gordon. NASCAR Hall-of-Fame Jeff Gordon’s former Boca Raton mansion is on the market for $42 million, complete with a 20-car motor court and an auto museum. Gordon owned the 16,500-square-foot mansion from 1997 to 2003, during the height of his career when he won three of his four NASCAR Cup Series championships. He sold the home for $13.3 million. It was on and off the market between 2009 and 2014, asking between $20.9 million and $15.5 million, according to the Wall Street Journal. Hamister Group founder Mark Hamister, who died earlier this year, bought it for $12.5 million in 2014. His son, Hamister CEO Daniel Hamister, is the owner. The seven-bedroom home has a mix of Mediterranean styling and contemporary features, including a double-height bank of windows in the main living room that overlook the Atlantic Ocean.