Happy Friday, friends! This has been a really fun week with Maverick: first he’s starting to have long streaks of sleeping through the night, which means we also have long streaks sleeping through the night. Amen. He’s also started to really give us big smiles, hints of laughter and even take to his Rocky Raccoon—or “Waw-kee” as Maven calls him. It really comes out at 3:30 am when he’s on the changing table, and wants nothing more than to talk and coo with Scott. We’ll flip that energy to 3:30 pm one day, but still manage to cherish it, bleary-eyed.
Nearly every day, Compass’s Leonard Steinberg puts together a handful of real estate news bits that are always so interesting I have to share some of my favorites of the week. To receive these every day from Leonard, please click [_here](mailto:ls@compass.com “”) and include your full name and email address to get on his mailing list.
* The Miami metro area has the highest share of cost-burdened renters of any major U.S. metropolitan area: 61% of its rental population are spending 30% or more of household income on housing, according to a report released this year by the Joint Center for Housing Studies at Harvard University. The Live Local Act is helping build thousands of lower priced rentals for local workers via big tax breaks for developers and the ability to skirt existing zoning laws. Doral County enacted a 6-month moratorium on any Live Local Act developments as some neighbors worry about the impact to their neighborhoods. (WSJ)
* Office to apartment conversions are well under way: 588 new rental apartments in a former 1970’s office tower with East River views near the South Street Seaport in New York City with amenities including a bowling alley and a hyperbaric oxygen therapy chamber, start at $3,500 for studios, $4,700 for one-bedroom units and $6,400 for two bedrooms…..over a 30-year period that’s $1,26 million, $1,692 million and $2,3 million in rent….assuming rents never rise in 30 years! (Bloomberg)
* Vienna, Zurich or Auckland, ranked the top spots for best places for Expats to live. Vienna retained its place at the top of the list, which was last published in the pre-pandemic days of 2019. The survey’s compilers highlighted the city’s vibrant cultural scene, architecture and history. Zurich, in second spot, was hailed for its political stability and high-quality infrastructure, while on the other side of the world, Auckland was praised for its high standard of healthcare and cultural dynamism. (Mercer’s 2023 Quality of Living survey for expatriates.)
* I wondered why many people drive huge, gas-guzzling SUV’s and pick-up’s AND complain about gasoline prices…..what was the incentive besides extra space and safety perhaps? In 2023, vehicles classified as “heavy” can receive a tax deduction under Section 179 up to $28,900. Previously, up until the end of 2022, these vehicles enjoyed a 100% bonus depreciation. However, starting in 2023, this bonus depreciation rate was reduced to 80%… many of these drivers decry the big tax breaks for EV’s. MOI? I get no tax break for my fuel efficient hybrid car: Am I paying for all these other tax breaks for the select few? Yup! I want a big car tax break too!!!! It’s not fair!!!
* Stained Glass is experiencing a resurgence in homes and is being recognized as a collectible feature, beautifully displayed in THIS LISTING (photo # 19, 21 and 33) which features multiple original stained glass elements by Tiffany….and a feature story today in the Wall Street Journal.