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A few treats about real estate
& technology on a Friday
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This week’s S’mores talks about the state of high-end apartment buildings in the US, whether a recession is coming from one of the top US economists, the launch (and implications) of PayPal’s “stablecoin”, and why some people don’t change their opinions even in light of facts. |
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Chart of the week: High Rent vs. High Employment Growth |
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Bonfire’s Take: Interest rates doubling in the last year have made the cost to buy a house historically unaffordable. But what about renting? The 2023 Q2 US Multifamily Insights report from Avison Young shows how markets like Southern California continue to experience rapid rental growth while other parts of the country are cooling. Once again, real estate is inherently local and every market is going to have its own supply and demand dynamics. | |
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Question we are considering 🧐
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At a $124.53 billion market cap, are stablecoins a mainstream financial instrument? |
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Paypal becomes the first major financial institution to launch a stablecoin. What are stablecoins and why do they matter? This primer might help make sense of it all but the TLDR: think of them as a tokenized version of a fiat currency that will (in theory) always trade for one dollar.
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“Recession is at core a loss of faith.”
Mark Zandi, Chief Economist for Moody’s describes the strength of the job market and decline in inflation as the reasons why the US will not be going into recession in this article. Bonus material: Barry Sternlicht, billionaire CEO of Starwood is “foaming at the mouth” to invest in US real estate right now. |
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“Why Facts Don’t Change Our Minds” by James Clear. This is a fascinating read about some of the social rewards that come with false beliefs - especially if reinforced by a community someone is eager to be accepted. Very relevant in an era of AI and “fake news.”
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Bonfire is launching its next asset next week and it is our best one yet. If you are interested in scheduling a quick call and/or having a demo of our platform, feel free to respond to this email.
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Have a wonderful weekend!
Joshua Kagan, Co-Founder, Bonfire
Forwarded this newsletter? Sign up here
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About Bonfire: Our mission is to democratize access to real estate, enabling anyone to get on the property-ownership ladder. We do this by transforming income-producing real estate assets into tokens that get purchased by everyday folks in a legally-compliant manner.
If you want to sign up for our weekly newsletter S’mores, please click here.
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