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5 at 5: Your Daily Digest for Real Estate Investing, 3/1/21


[Updated: Mar 01, 2021 ] Mar 01, 2021 by Marc Rapport
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Mall values plunge, opportunity zones morph, Schitt’s Creek for sale, a new app talks back, and how to capitalize on electric car charging.

In Today’s News

Mall Values Plunge 60% After Reappraisals Triggered by Bad Debt

Bloomberg reported today that U.S. mall values plunged an average 60% after they were appraised last year, a sign of more pain to come for retail properties even as the economy emerges from pandemic-enforced lockdowns.

The Millionacres takeaway: Bloomberg based its takeaway on data from 118 retail-anchored properties with commercial mortgage-backed securities (MBS) debt after reappraisals triggered by payment delinquencies, defaults, or foreclosures. Further, one real estate analyst told the news service that only about half of the 1,100 indoor malls in the U.S. have a good chance of survival.

Updates to Census Tracts Throw Opportunity Zones a Curveball

The 2020 U.S. census was a pivotal one for many parts of the commercial real estate industry, but perhaps none more than the opportunity zone program.

The Millionacres takeaway: Opportunity zones are defined by census tracts. And about 15% of them that were so designated by state governments no longer exist, this Bisnow article states, while lobbying by local businesspeople is affecting the direction of others. This new program is getting a lot of traction and, with shifting boundaries, calls for even closer attention by those investing in them.

Schitt’s Creek Mansion and Motel Both Up for Sale

Want to own a piece or two of television history? Both the mansion and hotel that were the homes of the fictional Rose family on Schitt’s Creek are up for sale. The former is a 24,000-square-foot mansion in Toronto, and the latter is a 4,300-square-footer about an hour and a half away in tiny Mono, Ontario.

The Millionacres takeaway: The mansion, which put in only a cameo appearance at the beginning of the series, has been marked down to about $16 million. The hotel can be yours for about $1.6 million. The mansion, by the way, does bring to mind that old cliché about not investing in the most expensive or one-of-a-kind place in the neighborhood, but, heck, it does have a swell backstory. At least for the next 15 minutes.

Today on Millionacres

Is Clubhouse the Social Media App RE Investors Have Been Waiting For?

Clubhouse, an audio-only app, aims to be a networking space in real time. But it's more than just connecting with other like-minded real estate investors: Deals can be made and already are.

The Millionacres takeaway: Our Barbara Zito explains what Clubhouse is and why it’s way more than just one more social media app to have to manage. Small players and big operators alike are creating and joining the conversation.

Electric Car Charging Stations: What Investors Should Know

There’s a growing number of electric cars on the road and probably a lot more on the way. Their owners need a place to charge them, especially at home.

The Millionacres takeaway: Our Liz Brumer lays out how this demand could present opportunity, not only by attracting residents but by providing the service for a fee at residential developments and workplaces alike.

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