(Roughly) Daily

Posts Tagged ‘real estate

“The whole of the global economy is based on supplying the cravings of two percent of the world’s population”*…

Perhaps that’s an oversimplification; but as a new McKinsey Global Institute study suggests, perhaps not by much…

We have borrowed a page from the corporate world—namely, the balance sheet—to take stock of the underlying health and resilience of the global economy as it begins to rebound from the COVID-19 pandemic. This view from the balance sheet complements more typical approaches based on GDP, capital investment levels, and other measures of economic flows that reflect changes in economic value… [and] provides an in-depth look at the global economy after two decades of financial turbulence and more than ten years of heavy central bank intervention, punctuated by the pandemic.

Across ten countries that account for about 60 percent of global GDP—Australia, Canada, China, France, Germany, Japan, Mexico, Sweden, the United Kingdom, and the United States—the historic link between the growth of net worth and the growth of GDP no longer holds. While economic growth has been tepid over the past two decades in advanced economies, balance sheets and net worth that have long tracked it have tripled in size. This divergence emerged as asset prices rose—but not as a result of 21st-century trends like the growing digitization of the economy.

Rather, in an economy increasingly propelled by intangible assets like software and other intellectual property, a glut of savings has struggled to find investments offering sufficient economic returns and lasting value to investors. These savings have found their way instead into real estate, which in 2020 accounted for two-thirds of net worth. Other fixed assets that can drive economic growth made up only about 20 percent the total. Moreover, asset values are now nearly 50 percent higher than the long-run average relative to income. And for every $1 in net new investment over the past 20 years, overall liabilities have grown by almost $4, of which about $2 is debt…

The rise and rise of the global balance sheet: How productively are we using our wealth?,” from @McKinsey_MGI

(Image above: source)

* Bill Bryson

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As we recalculate: we might spare a thought for composer, musician, director, and producer Frank “anything played wrong twice in a row is the beginning of an arrangement” Zappa; he died (of pancreatic cancer) on this date in 1993 at age 52.

“Politics is the entertainment branch of industry”

“The bottom line is always money”

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“Home is the nicest word there is”*…

Suburban housing developments, simultaneously loathed and loved, began in the mid-20th century. Two of the major figures who built these developments were William Levitt (1907-1994) and Joseph Eichler (1900-1974), both sons of New York Jewish immigrant families. Yet the communities they created differed in one very important respect—one whose legacy endures to this day: While Levitt & Sons built “whites only” communities and refused to integrate their developments, Eichler and his son Ned fought just as hard to oppose discrimination in housing, even helping to write California’s fair-housing law…

William Levitt and Joseph Eichler both pioneered suburban development. But one fought for fair housing, while the other refused to integrate his communities: “The Kings of Suburbia.”

* Laura Ingalls Wilder

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As we focus on fairness, we might send stark birthday greetings to Denys Louis Lasdun; he was born in this date in 1914. An eminent British architect, he is probably that countries leading practitioner of the Brutalist style. He is probably best known for his designs of The Royal National Theatre on South Bank in London, and for his work at the University of East Anglia (where, as it happens, your correspondent did time during his juior year abroad).

Royal National Theatre
Norfolk Terrace halls of residence at the University of East Anglia

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“Oh housebuilder! Now you are seen”*…

 

Movie star Leonardo DiCaprio’s Malibu dream house hit the market on Friday, listing for $10.95 million. Leo purchased the midcentury California bungalow (can you still call something a bungalow when it costs more than $10 mil? The jury is out!) back in 1998, and the three bed, two bath home is a beaut. It’s on star-studded Carbon Beach, the views are killer, and the interiors are gorgeous.

But the truth is, life is probably meaningless and there is a strong chance that we all die alone. Could buying this house change any of that? Is it possible that life at 21844 Pacific Coast Highway, with your own private hot tub and large ocean front deck, could actually offer a reprieve from the agony of being a human in the world? Or, is it certain that “we cannot escape anguish, for we are anguish,” as John-Paul Sartre once put it? Great question!…

An existentialist interview with Leonardo DiCaprio’s real estate agent: “Leo DiCaprio’s $11 Million Malibu Beach House And The Soul-Crushing Agony Of Being Human.” [via the always-illuminating Pop Loser]

* Gautama Buddha

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As we sigh, we might send nihilist birthday greetings to Friedrich Wilhelm Nietzsche; he was born on this date in 1844.  A philosopher, poet, composer, cultural critic, and classical philologist, Nietzsche is probably best remembered for his concepts of the “death of God”, the Übermensch, the eternal recurrence, the Apollonian and Dionysian dichotomy, and the will to power… which, among them, have had an extraordinary impact on thinkers as diverse as Martin Heidegger and Ayn Rand on the one hand, and Michel Foucault (whose birthday this also is) and Jacques Derrida on the other.

When someone hides something behind a bush and looks for it again in the same place and finds it there as well, there is not much to praise in such seeking and finding. Yet this is how matters stand regarding seeking and finding “truth” within the realm of reason. If I make up the definition of a mammal, and then, after inspecting a camel, declare “look, a mammal’ I have indeed brought a truth to light in this way, but it is a truth of limited value.

– Über Wahrheit und Lüge im außermoralischen Sinn (On Truth and Lie in an Extra-Moral Sense), 1873

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Written by (Roughly) Daily

October 15, 2016 at 1:01 am

“Well, real estate is always good, as far as I’m concerned”*…

 

A Tumblr devoted to “inexplicably bad property photographs”…

Oh so many more at Terrible Real Estate Agent Photographs.

* Donald Trump

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As we ponder the purport of property, we might recall that it was on this date in 1862 that President Abraham Lincoln signed the (first) Homestead Act into law.  The legislation allowed qualified applicants to claim freehold title to up to 160 acres (1/4 section, 65 hectares) of undeveloped federal land outside the original 13 colonies.   The offer was open to anyone who had never taken up arms against the U.S. government (including freed slaves and women) and was 21 years or older (or the head of a family)… anyone except the Native Americans who were cleared from the land to make way.

Homesteaders headed out to stake their claims

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Written by (Roughly) Daily

May 20, 2014 at 1:01 am

Location, Location, Location…

From WalletPop, based on FBI data collected at NeighborhoodScout.com, the “25 most dangerous neighborhoods 2010” with the highest predicted rates of violent crime in America…

This year, Chicago takes the not-so-coveted top spot from Cincinnati, while Atlanta has the highest number of neighborhoods making the list (four).

As we rethink relocation, we might recall that it was on this date in 1934 that serial bank robber and “Oklahoma Robin Hood” Charles “Pretty Boy” Floyd was shot and killed by FBI agents in a cornfield in East Liverpool, Ohio.

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Written by (Roughly) Daily

October 22, 2010 at 12:01 am

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