6 Bedrooms / 7 Full Baths / 2 Half Baths / 7,489 SF
$4,299,000 — EXTREMELY well priced at $575./sq ft
Extremely well priced relative to Aspen proper. The most recent highest Sale in Aspen was $27,000,000 or $3090/sq ft for a 7-bedroom home on Willoughby Way built in 2015.
The real estate market is booming! Demand has reached unprecedented levels as people escape the big cities, take advantage of record low interest rates and opt to work remotely. This was the biggest July our market has ever seen by far with 42 closings in Aspen and Snowmass, a 100% increase compared to last July, and dollar volume increased 215%. July sales for Aspen and Snowmass combined are illustrated below.
The local realtor’s email contains tons more information and data on her real estate market. Her email was forwarded to me from my project who lives and works in the Aspen area. If I could get $3090/sq ft for my house I’d get $11,124,000! (minus realtor commissions).
Time to reread Jane Jacobs’ Life and Death of American Cities.
Re-posted article from Straight Line Logic
More than 500 companies filed for bankruptcy under the small-business bankruptcy rules since February, according to the American Bankruptcy Institute. June was the top month for filings with 131 cases; many were filed in states hit hard by the pandemic like Florida, Texas, California, New York and Illinois.
A Surge in Small Business Bankruptcies is Underway
Unfortunately this is the tip of the proverbial iceberg.
A lot of people are going to need a lot of help over the upcoming years. Do what you can, in whatever capacity you have to help. We have increased our donations to a local charity called The Hope Center and have started sending small sums to the Food Bank of Oklahoma. Every little bit helps.
In April and May 2020, the Bank of Italy conducted a special survey of Italian households to collect data on the financial situation and expectations of households during the crisis linked to the COVID-19 pandemic. More than half of those surveyed said their household income had shrunk as a result of the measures adopted to contain the epidemic. The impact has been particularly severe on the self-employed. Over a third said they did not have enough liquid resources to cover essential household expenses for a period of three months. Households’ expectations regarding spending have also been affected by the economic situation: more than half of those interviewed believe that even when the epidemic is over, they will spend less on travel, holidays, restaurants, cinema and theatres than they did before the crisis.
The Bank of Italy
What Happens If Most Businesses & Consumers Tighten Their Belts at the Same Time?
The collapse of economic activity in 2020 from COVID-19 has been immense. An important question is how much of that resulted from government restrictions on activity versus people voluntarily choosing to stay home to avoid infection. This paper examines the drivers of the collapse using cellular phone records data on customer visits to more than 2.25 million individual businesses across 110 different industries. Comparing consumer behavior within the same commuting zones but across boundaries with different policy regimes suggests that legal shutdown orders account for only a modest share of the decline of economic activity (and that having county-level policy data is significantly more accurate than state-level data). While overall consumer traffic fell by 60 percentage points, legal restrictions explain only 7 of that. Individual choices were far more important and seem tied to fears of infection. Traffic started dropping before the legal orders were in place; was highly tied to the number of COVID deaths in the county; and showed a clear shift by consumers away from larger/busier stores toward smaller/less busy ones in the same industry. States repealing their shutdown orders saw identically modest recoveries–symmetric going down and coming back. The shutdown orders did, however, have significantly reallocate consumer activity away from “nonessential” to “essential” businesses and from restaurants and bars toward groceries and other food sellers.
Fear, Lockdown, and Diversion: Comparing Drivers of Pandemic Economic Decline 2020
I admit to having a short attention span. My mind tends to wander a bit, sometimes a lot. The reason for my cognitive wandering is usually a question which sends me down yet another path of discovery. So here’s another post in my intermittent series on Post Pandemic Changes in Consumer Behavior
My July 4th weekend will be a quiet weekend. I’ve downloaded the pdf of this working paper to read. I’m hoping for some insights that I might have missed.
I’ve been on several cruises in my life. As an excessive weight challenged individual cruises have always been problematic for me. Too much food. Too much alcohol. The last opportunity to join relatives on a cruise was a few years ago. I declined to participate. I just don’t like cruises.
But I also don’t like witnessing businesses crash and burn. Stunning number.
Source article link.
The question now is how quickly the supply from the beef processors will stabilize to bring overall beef prices down and live cattle prices up. U.S. Secretary of Agriculture Sonny Perdue announced this week that he expected all the processing plants to be reopened soon. “I’d say probably a week to ten days we’ll be back up, fully back up,” Perdue said in a meeting with Trump and Iowa governor Kim Reynolds, but that may be overly optimistic. Even if the plants have reopened, they won’t likely be at full capacity. As David Anderson from Texas A&M says, “It doesn’t mean anybody’s going to show up,” referring to the workers. In an anonymous essay, an employee who says she works at a Tyson beef plant in Amarillo wrote: “I don’t feel critical. I don’t feel essential. I feel sacrificial.” Even if the workers are willing to return to the reopened plants, USDA inspectors are required for any plant to operate, and more than one hundred members of the already short-staffed inspector workforce have been infected.
Where Have All the Briskets Gone?
Texans are getting anxious about their BBQ.
Meanwhile in Oklahoma…
Subprime Auto Loans Blow Up, Get Very Messy
Delinquencies of auto loans to borrowers with prime credit ratings were near historic lows (0.27% in March), according to Fitch data. In the pre-Virus Good Times, it was the subprime loans – with credit scores below 620 – that were blowing up…
In mid-March, the world changed for subprime lenders. Delinquencies were already exploding in the Good Times, and now they’re in utter turmoil.
In addition, it is likely that prime loans are becoming delinquent as well, as many of these people too have lost their jobs – this includes dentists and other professionals with high incomes and big debts and lots of expenses and no savings, who’d suddenly had to close their operations, and their cash flow disappeared. If they fall behind on their debts, they’ll be subprime in a hurry.
This May Day event follows a string of protests held by workers at Amazon, Instacart, Whole Foods, and Shipt over the last two months, whose employers have seen unprecedented profits as staffers on the ground handle cash sales and run deliveries. The demonstrations reflect growing unrest among the nation’s essential workers, who are entering their third month of duty on the front lines of the coronavirus pandemic.
Amazon, Walmart, Target mega-strike: Here’s what to know about the sprawling protest
Your shopping woes just got worse.