Second homebuying startup, NFIP gets lifeline, pumping up Puerto Rico, Disney layoffs, and parasitic phroggers.
In Today's News
Called Pacaso, the company came out of stealth mode this week as a well-funded operation that aims to help people buy second homes through co-ownership deals.
Why it matters: Pacaso is the brainchild of entrepreneurs who have made an art of converting ideas to reality. Given the very real impact that Zillow (NASDAQ: Z) (NASDAQ: ZG) has had on virtual real estate listing and marketing, this is a startup to watch.
The widely used National Flood Insurance Program (NFIP) has been extended to Sept. 21, 2021. The extension was part of a massive appropriations resolution that made it through Congress in the past few days and was signed by the president on Wednesday, the day the NFIP would have otherwise expired.
Why it matters: The NFIP is a linchpin to helping homeowners cope with the growing threat of flooding across the country, not just on the hurricane-soaked coasts along the Atlantic Ocean and Gulf of Mexico.
The Wall Street Journal [subscription required] reported this week that sales of Puerto Rican luxury houses and condominiums are spiking during the pandemic, with buyers from New York, California, and other higher-tax states embracing the island's low-tax status.
Why it matters: The trend could well help breathe new life into an island economy devastated by a series of natural disasters. That, and give wealthy Americans an alluring destination for a second, or even primary, residence while not having to mess with citizenship issues.
Today on Millionacres
After reopening Disney World with capacity restrictions in July (and Disneyland is still closed), the entertainment giant said this week it was laying off 28,000 workers.
Why it matters: Orlando and Anaheim are two very different markets. Millionacres' Deidre Woollard looks at the possible ripple effects on residential rental and sales markets in those areas.
As the spookiest of months dawns, it's time to learn about phroggers. They're the very real human persons who might be the things that go bump in the night in your house. Millionacres' Laura Agadoni describes the phenomenon as rare but gives examples and issues a reminder about security.
Why it matters: Phroggers are people who live in a home unbeknownst to the legitimate residents who are also under that roof. (The name comes from their tendency to hop from place to place.) Perhaps the one in your house also can give an Oscar-winning performance.
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