Omakai Sushi-Quality That Won't Break the Bank
1-30-22
Opening Comments
Early send as we are out and about today and heading to Miami for dinner. Also, I wanted to get the piece out in front of the football. Lots to digest in the report today. This report is long. Some people get the email truncated. You need to hit the link to get the complete message at the end. All my reports have some real estate in them, so if you don’t see that, it was truncated. You can always go to Substack and see my prior reports since April 2021.
It’s been 16 days since I injured my calf and I can finally put a little pressure on my right side, but had a setback Saturday night when I slipped. I hope to be healed up in weeks and back to my stupidity by late February. My smart ass surgeon sent me this picture Sunday and said, “I bought this for you.” He suggests I wrap myself in bubble wrap prior to leaving the home in an attempt to prevent injuries. Yes, I see and speak with him so much we are friends. He thinks it is far funner than I did. Truth hurts.
The feedback from my last report, “Century Village, Here We Come,” was incredibly positive, and I received a stunning amount of emails, calls and texts about it. I thought it was one of my funniest pieces.
I have been in Florida 4.5 years, and this weekend was the coldest I can recall. Lows hit mid-30s on Sunday, and the article suggests the coldest in 11 years. On Friday night, the winds were blowing 40mph+ and were so loud, it kept me up. I have been in hurricanes which make less noise. However, the Northeast has it much worse than Florida.
A reader was in CA and filled up the rental car for over $100. Gas in the state averages $4.63/gallon. By me, I was getting gas around $1.5/gallon, and it is now approaching $3.5/gallon. I will not be surprised to see oil hit $100 soon. According to AAA, gas prices are up 37% nationally over the past year. This is a regressive tax on the poor. Paying more for gas irritates me, but does not mean my family will miss a meal or necessities. If the amount you pay for gas goes up $100/month, it will mean less of something else for many families on budgets. It is not all on Biden, but his policies are contributing to higher prices and we will be reliant on oil/gas for decades despite the EV push. This CNBC article is about inflation and what a night out costs and other inflationary examples.
In other headlines today, I write a great deal about how DAs are not prosecuting and the impact on society. Also, a District Attorney in SFO is being accused of withholding evidence in an effort to convict a cop of excessive force. There are many articles about crime and the lack of consequences and it is making my blood boil. Maybe I am an idiot, but someone tell me why letting all these serial criminals go free is a good thing for the rest of us who pay taxes, don’t rob, steal, shoplift or commit crimes. This hate on the police will not end well in my opinion. Morale at police stations is horrible and recruiting new cops has become very challenging. I wonder why.
Picture of the Day-Optical Illusion
Wynwood, Miami
Omakai Sushi-Quality & Value
Quick Bites
Markets, Rates (lots of charts), Crypto Regulation Coming?
Key Earnings-AAPL, HOOD, TSLA
Ukraine Update-Map of Russian Troops
Rich Buying Private Security, Men Forgoing College
Improving Diversity in Congress
Tom Brady Retires?-GOAT
Other Headlines-Huge section today with some great headlines
Virus/Vaccine
Data-Clear Case Peak. Deaths Growing
New Variant is More Contagious and in the US
Canadian Mandate Protests
Real Estate
General Comments-Wynwood Commercial Example
US Gross Housing Market Values Surging
Crypto Wealth Buying Homes
$150mm Miami Compound
Picture of the Day
There is a discrepancy as to how many horses are in this picture. You can click the link to find the answer. I got the same number as the painter, but scientists claim she is wrong and there are more.
Wynwood, Miami
A reader suggested I try Omakai in Wynwood in Miami. Given there was a large hedge fund conference, I had some friends come down and we met there last week. The area is interesting, cool, hip and fun and reminds me of a combination the Lower East side and Soho. It has a gritty feel with fun shops, art galleries, cool clothing stores, but can be a bit dodgy in areas too.
More serious office space coming into Wynwood with real fund managers (Shoenfeld, Peter Thiel, Shaolin Capital, Atomic, and others) as well as large corporations such as PWC, Spotify, Live Nation, Tick Tok, and Softbank has been looking at space. Pastis from NYC’s Meatpacking neighborhood is coming to Wynwood as well, so it is clearly on the upswing. Read in the R/E section today about a crazy commercial space story in Wynwood.
I went into one of those stupid sneaker shops which sells $5,000 shoes. I just am too old for this crap. These are Nike shoes with Swarovksi crystals for a cool $5,000. The owner of the store told me they retail for $500, but you can’t get them, hence the 10x mark-up. Sole Garden is across the street from Omakai. I liked a pair of Jordan’s and they were $550. I am far too cheap and was pissed, but they were great looking shoes. Maybe if my off the run crypto goes up 200% I will buy them. I just don’t understand what kids can afford these shoes. My daughter asked me to buy her $400 sneakers recently and my reaction was not very nice and included a decent amount of profanity. I suggested if she wants $400 sneakers, she should start babysitting now and earn them herself, just like her father. She was far less enthused with my answer.
I crutched around Wynwood for a little bit as I got there early. I need a place to rest my leg and went to the rooftop in the building of Omakai to a bar called Astra. Amazing views and good people watching. Avoid the food as it is a 1 out of 10. The drinks are just ok, but you are there for the scenery. It was happy hour and being frugal, I ordered the margarita from the happy hour menu which was spicy prickly pear. I almost vomited and the wines by the glass were hardly worth my time. The views and the sunset were both worth the visit. Astra views below from rooftop.
Omakai Sushi-Quality that Won’t Break the Bank
I met my friends at Omakai which is small and unassuming. The conversation about markets, fun Wall Street stories and seeing old friends is something I miss down in South Florida. The restaurant has various price levels of Omakase, and I went with the most expensive one which was $74. I thought they brought out a great deal of quality sushi for that price point. For those NY and LA readers, it reminds me of Sugarfish, but slightly higher end with the same low-key vibe. No, it won’t compete with Shuko, Yasuda, Noz, Masa, Nakazawa… but it is a fraction of the price. If I were a single guy in Miami, this would be a great date place, as it will not break the bank and is in a hip area to grab a drink after. The wine list is limited and not so good, but they have sake and beers to quench your thirst. The service was attentive and the presentation was good enough. The crowd was nice and young and VERY casual. No need to get dolled up for Omakai, but it is a good vibe. Everything was solid. The only thing I requested was no sea urchin. I just cannot stand that crap. They do a big takeout business as well if you live in the area.
Jeff, thanks for the recommendation. I am taking the family there tonight for dinner after we check out Wynwood. However, when I take you to Shuko NYC this summer, you are going to realize what another level of sushi is all about. I continue to contend, if I had only one last bite of food, it would be toro hand roll from Shuko. Below are all the pics from the Omakai website.
Food-B+/Value-A
Service-A
Ambiance-B
Wine-C, Sake and Beer B
Quick Bites
After a volatile week with strange price moves, Friday showed a strong close as AAPL beat expectations. U.S. stocks rallied into the close Friday to wrap up a roller-coaster week, buoyed by rebounding technology stocks. The Dow rose 565 points, or 1.7%, to 34,725. The blue-chip average posted its best day since Dec. 6 after being down more than 350 points at its lows. The S&P 500 added 2.4% to close at 4,432 — its best session since June 2020. The Nasdaq Composite rallied 3.1% to 13,771. Shares of Apple jumped nearly 7% after a stellar quarterly results, boosting the stock averages. Big Tech names Microsoft, Amazon, Facebook-parent Meta and Google-parent Alphabet all closed Friday higher after being beaten up earlier in the week, providing support to the indexes. On the downside, Chevron shares fell around 3% after missing Wall Street earnings expectations. Dow component Caterpillar dipped about 5% even after it topped profit estimates. The major indexes experienced outsized swings each day this week — including the Dow making up a more than 1,000-point intraday deficit for the first time ever to close higher on Monday. The S&P 500 posted an intraday range of at least 2.25% every day this week, according to Bespoke Investment Group. Given the volatility this week, I was surprised the indices were all up for the 5 days, as I would have thought they were down.
Oil and Nat Gas were up nicely on the week and closed at $87.2 (+4.3% on week) and $4.7 (+23% on week) respectively, with Nat Gas being up 9%+ on the day with the large storms and colder weather forecast. The 10-Year Treasury is at 1.77% or 3bps lower on the day while the 2 year is at 1.17%. Note the 2s/10s chart below. In March 2021, the differential got to 1.59% and today it is at 60bps (1st chart). It is the difference between the 10 year yield and 2 year yield and it is falling sharply in recent months. Traditionally, steep yield curves (indicated by a high 2s10s reading) are often followed by strong economic and financial market performance, while flat yield curves (indicated by low 2s10s readings) are followed by weaker performance. Although the market is predicting 5 hikes in 2022, Bank of America is predicting 7 hikes (2nd chart), while GS is predicting 5.
I do believe there is a decent chance of a 50bps hike and as can been seen below, it has been over 20 years since that has happened. The market suggests there is approximately a 20% chance of a 50bps hike in March. This Bloomberg article outlines the possibility of a “shock and awe” 50bps hike. Most economists are calling for 25bps in March, but Nomura is calling for 50bps. I feel given the Fed is so far behind, if data continues to go in the wrong direction, setting the tone with 50bps could make sense. Friday, the core personal consumption expenditures price index, a close watched inflation gauge at the Federal Reserve, rose 4.9% from a year ago in December. That was the fastest gain since September 1983 and a touch above the Wall Street estimate. I feel inflation will likely get under control and not be as big of an issue by the fall.
I have written for 9 months that I felt that the Fed was behind the curve and despite having high IQs, I find that many times they get it wrong. Look at Ben Bernake’s May 2007 comments, “subprime likely contained.” Benny B, you have a PhD in economics from MIT, you could not have been more wrong. Again, the Fed got it wrong on inflation in 2021 and is behind the curve today. I do not believe we end this chapter in catastrophe as was the case in 2008, but also believe we are in for a period of choppy markets and volatility. The Fed continues to buy $60bn in bonds a month. To me, this should have ended months ago.
On the crypto front, there are a handful of articles around the White House wanting to regulate the industry as a matter of national security. Personally, I believe if done properly, this could be a huge positive for the market. Unfortunately, when it comes to the government and getting to the right answer, I am one with little faith. Shockingly, BTC and ETH were largely unchanged despite the regulatory stories. I loved Ronald Reagan’s line from a 1986 press conference, ‘the 9 most terrifying words in the English language are, I am from the government and I am here to help.” The video is 14 seconds long. This article from Bitcon.com is entitled, “Blockchain and Cryptocurrency Is 'Here to Stay and Impossible to Regulate at Large' — CEO of a United Arab Emirates Based Bank.
Apple reported its largest single quarter in terms of revenue ever, with sales growing over 11% despite supply challenges and the lingering effects of the pandemic. Earnings were a record, $34.6bn, up from $28.8bn in the 4th Q last year. Apple beat analyst estimates for sales in every product category except iPads. Apple CEO Tim Cook said that the company’s supply issues were improving. After earnings, AAPL was +7% on Thursday night, but finished friday + 5.6%. This was an important development for the market and had AAPL missed badly, we could have seen a big downdraft. I wrote last week that AAPL earnings were a key for the market sentiment. Remember, AAPL is approximately 7% of the S&P. For perspective, MSFT is 6% and then AMZN is just over 3%. WOW.
EPS: $2.10 vs. $1.89 estimated, up 25% year-over-year
Revenue: $123.9 billion vs. $118.66 billion estimated, up 11% year-over-year
iPhone revenue: $71.63 billion vs. $68.34 billion estimated, up 9% year-over-year
Services revenue: $19.52 billion vs. $18.61 billion estimated, up 24% year-over-year
Other Products revenue: $14.70 billion vs. $14.59 billion estimated, up 13% year-over-year
Mac revenue: $10.85 billion vs. $9.52 billion estimated, up 25% year-over-year
iPad revenue: $7.25 billion vs. $8.18 billion estimated, down 14% year-over-year
Robinhood anticipates first-quarter revenue of less than $340 million, down 35% compared with 2021. Wall Street expected $448.2 million in revenue for Q1, according to FactSet. Monthly active users fell to 17.3 million last quarter from 18.9 million in the third quarter. Robinhood is about to face its toughest comps in the first and second quarters of 2022 following its record year in 2021 from events like the GameStop short squeeze. Shares of Robinhood dropped 15% after earnings on Thursday night, but rallied 7% on Friday.
Tesla shares dropped by more than 11% in Thursday trading after the company said it would not produce new model vehicles in 2022, and is not yet working on a $25,000 electric car. The drop resulted in $100bn of market value being erased. For perspective, $100bn would be about the equivalent of GE market cap which is 81 on the S&P 500 list. However, TSLA finished Friday trading largely unchanged. Although Musk said Tesla was on path to be "comfortably above 50% growth in 2022," and that the chip shortage is "better than last year," he also noted the supply chain problem is "still an issue that could slow the rollout of new vehicles that had been expected as soon as this year. He said plans for its Cybertruck, Tesla's first pickup, would be pushed back to at least 2023, along with a new Roadster and a semi truck. He said he hopes Tesla will be "ready to bring those to production hopefully next year. "On a Wednesday earnings call, CEO Elon Musk said the company plans this year to invest in research and development on a humanoid robot to work in the companies’ factories.
The rich and famous in Los Angeles are increasingly relying on private security to help protect their families and their homes amid rising violent crime, security professionals say. I have a loyal Rosen Report reader in NYC who runs an elite security consulting firm, Red Cell Group. It has done a great deal of work in NYC, Greenwich, the Hamptons and surrounding areas. These are SWAT and Special Forces professionals who are well-educated and who do home assessments, alarms, emergency plans, reinforced doors/windows, private security….I know first-hand how good they are. I never shot a gun before I was 50 years old. They trained me, and in short order I was shooting like a pro. The 50 second video is attached of drills they had me doing. Happy to make intros for anyone interested. Mention the Rosen Report and you will get a discount.
President Joe Biden said Friday that he will move US troops to NATO allies in Eastern Europe in the "near term," marking a new phase in the US response to Russia's escalation on the Ukrainian border, which US officials fear could soon lead to an invasion. "I will be moving US troops to Eastern Europe in NATO countries in the near term," Biden told reporters when asked about a timeline for moving the troops, adding that he did not have any updates on the situation in Ukraine. As many as 8,500 US troops had been placed on heightened alert earlier this week to prepare to deploy to Eastern Europe -- including units with "medical support, aviation support, logistical support" and "combat formation," according to a Pentagon spokesman. Biden's comments come hours after the top US military general, Chairman of the Joint Chiefs of Staff Gen. Mark Milley, warned a Russian invasion of Ukraine would be "horrific" for the country and would result in "significant" casualties as he urged Russian President Vladimir Putin to choose a diplomatic path instead. I count 17 new Russian units at the Ukraine border on top of 10 which were permanent bases.
This WSJ article is called, “A Generation of American Men Give Up on College.” I have written multiple times that I do not believe 30-40% of those in 4 year programs should be there today. This article is specifically talking about how men are falling out of love with college. Try to follow the chart below. Took me a couple minutes to figure it out, but it is telling. I did not realize the disparity between men and women in college, and the numbers are shocking. At the close of the 2020-21 academic year, women made up 59.5% of college students, an all-time high, and men 40.5%, according to enrollment data from the National Student Clearinghouse, a nonprofit research group. U.S. colleges and universities had 1.5 million fewer students compared with five years ago, and men accounted for 71% of the decline. This education gap, which holds at both two-and four-year colleges, has been slowly widening for 40 years. The divergence increases at graduation: After six years of college, 65% of women in the U.S. who started a four-year university in 2012 received diplomas by 2018 compared with 59% of men during the same period. In the next few years, two women will earn a college degree for every man, if the trend continues, said Douglas Shapiro, executive director of the research center at the National Student Clearinghouse. Women increased their lead over men in college applications for the 2021-22 school year—3,805,978 to 2,815,810—by nearly a percentage point compared with the previous academic year, according to Common Application, a nonprofit that transmits applications to more than 900 schools.
This CNBC article entitled, “81% of adults with student loans say they delay key life milestones,” is one of the reasons I am not pushing college for everyone. The economics do not make sense to me in many cases.
I understand that as a country we have a long way to go regarding racism. However, I wanted to share this story from Pew Research about the increasing diversity of Congress. In the 1950s and 60s almost 100% of Congress was White (2nd chart) and in 1981, 94% were White. Yes, we have room for improvement as a country, and racism of any type should not be tolerated. But we are seeing progress in leadership positions in the US. We had a two-term Black President who won 68% of the electoral vote, have a Black VP, Supreme Court Justices and a many other minorities in leadership positions around the country today. Biden has also stated that the new Supreme Court nominee will be a Black woman. About a quarter of voting members (23%) of the U.S. House of Representatives and Senate are racial or ethnic minorities, making the 117th Congress the most racially and ethnically diverse in history. There has been a long-running trend toward higher numbers of non-White lawmakers on Capitol Hill: This is the sixth Congress to break the record set by the one before it. Overall, 124 lawmakers today identify as Black, Hispanic, Asian/Pacific Islander or Native American, according to a Pew Research Center analysis of data from the Congressional Research Service. This represents a 97% increase over the 107th Congress of 2001-03, which had 63 minority members.
It appears Tom Brady is retiring from the NFL after 22 seasons, but it is not yet official. In most sports, we can argue over the greatest ever (MJ, Lebron, Kobe, or Tiger or Jack for golf or Nadal, Federer or Djoker…) In the NFL, there is no discussion or argument. Although I will miss watching his greatness, I believe it was time to hang up the cleats and end his career on a high note, despite losing the game. He played in 10 Super Bowls and won 7 as the starting QB, a feat I am not convinced will be duplicated. Tom, thank you for thrilling us with your genius, work ethic and being an amazing teammate. Also, I want to thank you for being a role model and spokesperson to give kids a positive image to look up to and I always found you had the right answers to the questions asked. He is a three-time league MVP, five-time Super Bowl MVP, two-time NFL Offensive Player of the Year, a three-time first-team All-Pro and a 15-time Pro Bowl selection, among other honors. His name is all over the NFL record book. He ranks first in regular-season career yards passing (84,520), passes attempted (11,317) and completed (7,263) and touchdowns (624). All of those numbers are buoyed by a remarkable postseason career that has him the leader in Super Bowls won but also victories as a quarterback (35), passing touchdowns (86), passing yards (13,049) and so on. Many of those playoff marks, which Brady takes much pride in, are close to double the nearest competitor. Not bad for the 199th pick in the 2000 draft. For perspective, Brady had 35 playoff wins as starting QB and the next is Montana at 16. The great Aaron Rodgers has 11.
Other Headlines
Pittsburgh bridge collapse injures 10 on day Biden to visit city to talk infrastructure (10 people injured)
Border Patrol agents arrest three sex offenders, eight gang members attempting to enter US
I know we are very focused on the Ukrainian border, but feel a bit more resources need to be spent protecting our own border. Why is it good for the US to allow hundreds of thousands of illegal immigrants into our country? Go through the proper process and channels.
Migrants with criminal records among those being released in the US: ICE agent
Chinese elite have paid some $31 million to Hunter and the Bidens
Child care workers are vanishing and it's hurting the entire economy
Shocking stats in the CNN article.
Elon Musk offered a 19-year-old $5,000 to take down a Twitter account that tracks his private jet
Visa says crypto-linked card usage hit $2.5 billion in its first quarter
Kim Kardashian's Skims doubles valuation to $3.2 bn after latest fundraise
My growing dislike of the Kardashian clan is getting palpable. Everything they do seems to turn to gold. My rage is 100% envy. Kim, Khloe’, Kendall Kourtney… someone subscribe to the Rosen Report and send a tweet about it please. Talk about how you must read it every day to feel complete. Help me get to tens of millions of subscribers and I will cut you in on the advertising profits. Major funds came in on the Skims round. Son of a….Kardashians, stop making me look bad by being so successful. Maybe I need to hire Kris Jenner to manage me? “Keeping Up With The Rosens,” here we come. It will be a combination of “Curb Your Enthusiasm and, The Kardashians.”
Ken Langone donated to Joe Manchin PAC after senator opposed Build Back Better Act
Callers Tell Rep. Marjorie Taylor Greene Exactly How They Feel About Her
Greene is bad news and her reaction is funny.
A witness corroborated the claim that Rep. Matt Gaetz was told in 2017 he'd had sex with a minor
Why is this guy still in office?
'Historic' 346 officers shot in line of duty in 2021: National Fraternal Order of Police
'Ambush-style attacks' against officers were up 115% in 2021 compared to 2020.
NYC teen rapper charged with shooting NYPD cop walking free on bond
“This individual (16 years old) chose to carry illegal guns twice,” Lynch said. “He chose to fight with and shoot a New York City police officer. There’s no reason to believe he won’t do the exact same thing when he’s out on the street tonight.
Widow of NYPD Officer Jason Rivera blasts Alvin Bragg in moving eulogy and this CNN link is to the video of Dominique Luzuriaga (widow of fallen NYC officer) and her 10 minute eulogy for her husband. I listened in its entirety. Horrifically sad. At 9 minutes she goes off on the new DA, Bragg. She should run for office.
Gov. Hochul tells Manhattan DA Alvin Bragg ‘safety and justice must go hand-in-hand’ at sit-down
Progressives give NYC a shoplifting boom that harms the whole city
I have no problem with the death penalty for people who kill cops.
Read the attached article as the DA, Garcon, declined to prosecute the repeat offender as an adult as he was two weeks from 18 at the time. We have a child molester who is 26 years old going to a juvenile facility. What could possibly go wrong here?
Read this article and tell me why a man responsible for 31 hate crimes against Asians and made racially charged statements to the police, yet is out of jail. All these crimes were against Asians in SFO. I oppose hate and such lenient policies which favor criminals over innocent people.
Accused repeat Seattle shoplifter released without bail
A Seattle judge released an accused shoplifter without bail for the second time Wednesday despite his extensive criminal history, including at least 18 felony and misdemeanor convictions since 1985, according to a report. No wonder so many retailers are closing stores in areas with such moronic policies protecting career criminals.
Chaos rules in Soho, where residents say they fear for their safety
Why is such chaos good for NYC, residents, tourists, business… Why is law and order bad? Maybe I am an idiot. Just glad I don’t live there anymore.
Teammates say they are uncomfortable changing in locker room with trans UPenn swimmer Lia Thomas
The article outlines that Lia is biologically male and is attracted to women. Sorry, I do not think it is appropriate that Lia is swimming against biological women, nor do I feel it is appropriate that she is changing and showering with them. In an effort to be fair to Lia, the system is being unfair to the other women on the team in my view. Now, there is a suggestion that UPenn may sue the NCAA if the rules change to not allow Lia Thomas to compete in the women’s championship.
More than 1,000 students were sexually abused at this university. An ex-NFL player wants their stories to be heard-University of Michigan
Pregnant Man Emoji coming to iPhones in new update
My question-After one year, how many people in the world use the pregnant man emoji?
A 21-year-old hiker fell hundreds of feet to his death while taking a selfie
This seems to happen a shocking number of times a year all over the world. I would like to know how many deaths in the last 10 years took place due to this phenomenon. One report suggests 379 deaths over 12 years. Idea, do not risk your life for a selfie. Just a thought.
Biden leading Trump, DeSantis by similar margins in new poll
I am surprised by the poll, but given 3 years, a lot can and will happen and I am not convinced Trump runs or should. We need a moderate leader who will help bridge gaps and make sound judgments while leading the free world.
Holocaust novel ‘Maus’ banned in Tennessee school district
Despite winning a Pulitzer-Prize, the novel is banned due to “inappropriate language and a nude illustration.”
Mum 'throws girl, 3, into bear cage at zoo in front of horrified visitors'
What is wrong with people? I don’t know the laws in Uzbekistan, but hopefully they throw the mother in the bear cage at feeding time.
Gamer breaks neck while wearing virtual reality headset
I guess VR is very real. A 31 year old broke his neck due to repetitive movements from playing games.
Virus/Vaccine
I feel the world has made many blunders, bad policies, and erroneous forecasts on the pandemic. Fauci, The WHO, CDC and others have all been wrong countless times. I have got many things right, but clearly underestimated the death counts the US would see from Omicron. Although it is less lethal, the overwhelming cases have led to record hospitalizations and deaths which are now 23% from all-time highs. I did not believe Omicron deaths would go as high as they have. Cases are now declining in all four regions in the US. Cases are -33% and hospitalizations have started decreasing slightly. Although the growth rate in deaths has slowed, they continue to grow at 29% and are 2.5k/day, but expect them to subside over the next 10 days. Note that all regions are declining in cases (2nd picture).
There are already dozens of cases across almost half of the U.S. of a new Covid subvariant that’s even more contagious than the already highly transmissible omicron variant. Nearly half of U.S. states have confirmed the presence of BA.2 with at least 127 known cases nationwide as of Friday, according to a global data base that tracks Covid variants. The Centers for Disease Control and Prevention, in a statement Friday, said although BA.2 has increased in proportion to the original omicron strain in some countries, it is currently circulating at a low level in the U.S. The subvariant is 1.5 times more transmissible than the original omicron strain, referred to by scientists as BA.1, according to Statens Serum Institut, which conducts infectious disease surveillance for Denmark. The new sublineage doesn’t appear to further reduce the effectiveness of vaccines against symptomatic infection, according to the U.K. Health Security Agency.
Thousands of protesters gathered in Canada’s capital on Saturday to protest vaccine mandates, masks and lockdowns. The sounds of honking horns echoed around Ottawa’s downtown core. A convoy of trucks and cars parked in around Parliament Hill with some parking on the grounds of the National War Memorial before police asked them to move. “Parking on this sacred ground that includes the Tomb of the Unknown Soldier was a sign of complete disrespect,” Ottawa Mayor Jim Watson tweeted. Some compared COVID restrictions to fascism and made use of Nazi symbols on upside down Canadian flags. One truck carried a Confederate flag while many carried expletive-laden signs targeting Canadian Prime Minister Justin Trudeau.
Real Estate
Through the Rosen Report I met yet another R/E developer in South Florida. He bought a 90,000 square foot building, one year ago in Wynwood for $28mm. The building was 3 years old and largely un-leased. The buyer assumed they would get $42/foot in rent and instead they are getting north of $60/foot and are fully leased. For perspective, 5 years ago, I was paying $65/ft on 3rd Avenue and 47th in Midtown. On Wynwood, the owners have owned it for a year and are getting offers for $70mm to sell from a NY buyer. With build-outs, they are in for $35mm. Not bad for one year.
Strong demand and limited supply led to a historic jump in the value of the U.S. housing stock, which surged to $43.4 trillion last year. The aggregate value of homes has now doubled since a decade ago, when the market was recovering from the Great Recession, according Zillow Group Inc. Cities that have attracted people during the pandemic saw the biggest percentage gains last year, with Austin and Raleigh, North Carolina, topping the Zillow data. New York City, which many fled in the past two years, had the smallest increase among 50 metro areas, at 10.9%. The housing price improvements have far surpassed my expectations. Given the rates moves, stock market volatility, crypto sell-off… I wonder how second home prices hold up. I would not be surprised to see 2nd home prices stop escalating and start decreasing in 2022.
When real-estate agent Ryan Serhant received an offer last fall for one of his listings, a roughly $25 million Downtown Manhattan apartment, he was pleased but dubious. The buyer, to whom he gave a property tour, seemed nice but didn’t fit the profile of Mr. Serhant’s typical high rollers who often come from Wall Street or prominent families. This buyer said he was self-employed, but when Mr. Serhant googled him, he found nothing that explained his wealth. Wary that the offer was a hoax, Mr. Serhant asked for proof of funds and was stunned by what he received: a statement of the buyer’s cryptocurrency holdings, worth around $600 million. “It was crazy,” he said.
It is a scenario playing out across the real-estate world, as newly minted crypto-millionaires and crypto-billionaires, who have either invested in or have helped build the infrastructure that enables digital currency, have flooded the luxury market. That has led to a string of pricey deals over the past year. They include the $133 million purchase of a Bel-Air estate by , CEO of the largest U.S.-based crypto exchange, . Other major deals include a waterfront Miami estate formerly owned by retired Miami Heat player Chris Bosh being sold for roughly $38 million to Ivan Soto-Wright, co-founder and CEO of crypto-payments infrastructure provider MoonPay. Another was the $28.5 million deal for a mansion in the Hollywood Hills, purchased by Olaf Carlson-Wee, CEO of crypto-focused investment fund Polychain Capital and Coinbase’s first employee, according to people familiar with those transactions. Despite the recent pull-back, crypto has created real wealth which is being spent on R/E, cars, trips, extravagant dinners, clothes and a host of other ways. The article gives examples of high-end R/E purchases with crypto.
In order to say bye-bye to her Florida compound, Adrienne Arsht is banking on someone committing to a very notable buy. A grand Florida estate owned by the 79-year-old businesswoman and philanthropist has just listed for a sky-high $150 million, its listing brokerage told The Post — making the Coconut Grove spread the most expensive single-family property to ever hit the Miami-Dade County market. The listing, first reported by the Wall Street Journal, is poised to set a Miami-area sales record, even if the estate trades hands for close to that mighty sum. Personally, I think the house is ugly and the interiors are disgusting.
Bro, shut the fuck up, nobody gives a fuck about ur rosen report 😭😭
No one cares that you have enough money to pay for gas. We get it. Poor taxes don’t effect you. Try being less condescending you entitled pos. 😀