Using Veritas to Construct the "Per…

29-04-2017 Hits:87100 BoomBustBlog Reggie Middleton

Using Veritas to Construct the "Perfect" Digital Investment Portfolio" & How to Value "Hard to Value" tokens, Pt 1

The golden grail of investing is to find that investable asset that provides the greatest reward with the least risk. Alas, despite how commonsensical that precept seems to be, many...

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The Veritas 2017 Token Offering Summary …

15-04-2017 Hits:81042 BoomBustBlog Reggie Middleton

The Veritas 2017 Token Offering Summary Available For Download and Sharing

The Veritas Offering Summary is now available for download, which packs all the information about Veritas in a single page. A step by step guide to purchasing Veritas can be downloaded here.

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What Happens When the Fund Fee Fight Hit…

10-04-2017 Hits:80878 BoomBustBlog Reggie Middleton

What Happens When the Fund Fee Fight Hits the Blockchain

A hedge fund recently made news by securitizing its LP units as Ethereum-based tokens and selling them as tradeable (thereby liquid) assets. This brings technology to the VC industry that...

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Veritaseum: The ICO That's Ushering in t…

07-04-2017 Hits:85350 BoomBustBlog Reggie Middleton

Veritaseum: The ICO That's Ushering in the Era of P2P Capital Markets

Veritaseum is in the process of building peer-to-peer capital markets that enable financial and value market participants to deal directly with each other on a counterparty risk-free basis in lieu...

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This Is Ground Zero for the 2017 Veritas…

03-04-2017 Hits:81858 BoomBustBlog Reggie Middleton

This Is Ground Zero for the 2017 Veritas Offering. Are You Ready to Get Your Key to the P2P Capital Markets?

This is the link to the Veritas Crowdsale landing page. Here is where you will be able to buy the Veritas ICO when it is launched in mid-April. Below, please...

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What is the Value Proposition For Verita…

01-04-2017 Hits:84041 BoomBustBlog Reggie Middleton

What is the Value Proposition For Veritas, Veritaseum's Software Token?

 A YouTube commenter asked a very good question that we will like to take some time to answer. The question was, verbatim: I've watched your video and gone through the slides. The exchange...

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This Real Estate Bubble, Like Some Relat…

28-03-2017 Hits:55089 BoomBustBlog Reggie Middleton

This Real Estate Bubble, Like Some Relationships, Is Complicated...

CNBC reports US home prices rise 5.9 percent to 31-month high in January according to S&P CoreLogic Case-Shiller. This puts the 20 city index close to an all time high, including...

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Bloomberg Chimes In With My Warnings As …

28-03-2017 Hits:83287 BoomBustBlog Reggie Middleton

Bloomberg Chimes In With My Warnings As Landlords Offer First Time Ever Concessions to Retail Renters

Over the last quarter I've been warning about the significant weakness in retailers and the retail real estate that most occupy (links supplied below). Now, Bloomberg reports: Manhattan Landlords Are Offering...

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Our Apple Analysis This Week - This Comp…

27-03-2017 Hits:83033 BoomBustBlog Reggie Middleton

Our Apple Analysis This Week - This Company Is Not What Most Think It IS

We will releasing our Apple forensic analysis and valuation this week for subscribers (click here to subscribe - lowest tier is the same as a Netflix subscription). As can be...

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The Country's First Newly Elected Lame D…

27-03-2017 Hits:82929 BoomBustBlog Reggie Middleton

The Country's First Newly Elected Lame Duck President Will Cause Massive Reversal Of Speculative Gains

Note: Subscribers should reference  the paywall material here for stocks that should give a good risk/reward scenario for bearish trades. The Trump administration's legislative outlook is effectively a political desert, with...

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Sears Finally Throws In The Towel Exactl…

22-03-2017 Hits:89168 BoomBustBlog Reggie Middleton

Sears Finally Throws In The Towel Exactly When I Predicted "has ‘substantial doubt’ about its future"

My prediction of Sears collapsing once interest rates started ticking upwards was absolutely on point.

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The Transformation of Television in Amer…

21-03-2017 Hits:86904 BoomBustBlog Reggie Middleton

The Transformation of Television in America and Worldwide

TV has changed more in the past 10 years than it has since it's inception nearly 100 years ago This change is profound, and the primary benefactors look and act...

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More tidbits on NYC metro commercial real estate courtesy of the Real Deal, green shoots and all. One thing that I have come to realize is that as sales pick up, realized values will literally drop through the floor. The reason why many entities were able to hide behind inflated book values was that current appraised values didn't exist and market transactions were few and far between. This is one of the few cases where more sales will be a big negative (from an accounting perspective only, it is actually a benefit economically in that it helps reveal the truth) for many banks, REITS, private investors and CMBS holders.

Manhattan building sales off 92 percent from 2007 high

Building sales for the first three quarters of the year are down a stunning 92 percent in Manhattan compared to the same period at the height of the boom in 2007, a new report released this week by investment sales brokerage Massey Knakal Realty Services shows. Sales totaled $3.2 billion in the first nine months of 2009, a sharp decline compared to the same time in 2007, when there were $40 billion in investment sales, the firm reported. In the first three quarters of 2008, there were $18 billion in sales. However, the situation has improved more recently on the building sales front. The number of sales in Manhattan jumped 270 percent in the third quarter of 2009 to $1.2 billion compared to the quarter earlier when there were $338 million in sales. Click here to see full report.

City sees more CMBS property value cuts
As rating agencies have slashed the value of bonds tied to securitized commercial real estate loans nationwide, some loan servicers are taking a harder look at the value of their assets and finding they are worth a lot less. Loan servicers reported more appraisal reductions for New York City properties last month than in the preceding eight months combined, data from mortgage tracking firm Trepp LLC showed. The firms that manage troubled loans in commercial mortgage-backed securities, known as special servicers, reported in September appraisal reductions for 11 properties, reflecting a total reduction of $150 million that month, the firm reported. In the previous eight months, there were only three properties that showed a total reduction in value of $15 million; and there were no appraisal reductions published in the first eight months of 2008, Trepp reported.

 

Buyers, brokers split on Manhattan office leasing future
While several of the city's top brokers said the leasing market is approaching a floor for the current down cycle, potential office building buyers are preparing for years of further rent declines, real estate experts said at a forum earlier this week. "This is a unique city. It is at the bottom or close to [it]," Bruce Mosler, president and CEO of Cushman & Wakefield, said of office leasing in Manhattan. He was on a panel organized by business publisher Bisnow at Cooper Union. But just half an hour earlier at the same event, Michael Fascitelli, president and CEO of landlord Vornado Realty Trust, said potential buyers of office buildings were not predicting rents to increase for several years. He said that expected annual rent increases during the boom years, which were as high as 15 percent, are now at zero. And they could remain at zero for years. He added that to buy a building, a purchaser has to forecast a rent increase at some future time.

  Stuyvesant Town in danger of default

Investors in Stuyvesant Town and Peter Cooper Village stand to lose everything they put in if the project goes into default, as some insiders have predicted. The East Side apartment complex was acquired for $5.4 billion in 2006 by Tishman Speyer Properties and a unit of BlackRock, when many thought rent increases would easily boost profit margins. Now, in a cooled rental market, Stuyvesant Town is worth only an estimated $2.1 billion, and tenants have been largely successful in their fight to block escalating rents. Sources told the Wall Street Journal that the 56-building, 11,000-apartment development could sidestep default until February, but that it had only $33.7 million left of its $400 million in interest reserves at the end of September, and that it uses about $16 million per month.  [WSJ]

Artwork taking the place of commercial tenants (note: these spaces are all over Chelsea and downtown Manhattan

Landlords are turning to artists to fill unsightly vacant commercial space with artwork, something rarely seen before the economic downturn. Like those landlords who have donated space to artists, commercial property managers are renting out space at a discounted rate, typically for a few weeks. Right now, nearly 50 works of art occupy the Port Authority Bus Terminal, for example, while Brooklyn’s Flatbush Avenue Extension has welcomed a handful of pastel drawings and sculptures. Jed Walentas, head of the Brooklyn development group Two Trees Management, said that the short, flexible leases can be ideal for landlords with a dearth of tenants. “Any sort of activity is better than no activity,” Walentas said. “The question is who can you find that’s going to make an investment in a space […] often it’s the artist.”  [NYT]

  Condo market nearing bottom but more pain ahead for commercial real estate, experts say at The Real Deal forum

The New York condo market has nearly bottomed out, the commercial market in the city hasn’t even “tasted the pain that’s about to come” and, despite years of controversy, Coney Island will get redeveloped. Those were just some of the arguments that panelists made Wednesday night at The Real Deal’s 5th Annual Forum at Lincoln Center. Leading economist Nouriel Roubini also said there may be a second wave of pain during the recession and noted that actual job losses are even worse than what unemployment numbers reveal because they don’t include the cutback in hours and wages that a lot of those who are still working have experienced. Roubini -- who earned the nickname Dr. Doom for his early predictions of an economic crisis -- said that “labor income is crashing” and that a double-dip “W” shaped recovery is possible. In addition to Roubini, panelists included powerbroker Dolly Lenz, the Corcoran Group CEO Pam Liebman, Coney Island developer Joe Sitt, Plaza developer Miki Naftali and Moody’s economist Mark Zandi. They spoke in front of a packed house of about 1,500 people at Alice Tully Hall, with Fox Business News anchor Brian Sullivan moderating.