Nearly 7 million more homes needed, Las Vegas is back, the Amazon village, Florida condo collapse market aftermath, a major investment in ghost kitchens.
Today on Millionacres
U.S. Housing Market Needs Nearly 7 Million More Units to Meet Buyer Demand
The National Association of Realtors says the U.S. needs a whopping 6.8 million more housing units to meet demand fully. It sounds wild, but when you consider the underproduction of new homes, rising household formation, and recent losses in housing stock, the shortage is pretty daunting.
The Millionacres takeaway: Our Aly Yale observes that housing supply is short -- and the problem might just be worse than we all expected. Until construction picks up steam or demand dwindles, investors can expect a strapped market and rising home values for the foreseeable future.
Las Vegas Is Back and Blackstone Knows It
Leisure travelers are back to Sin City in full force, and the convention traffic hasn't even surged back in yet. Massive money is being moved around Las Vegas, too, and not just on the gaming tables. Blackstone Group (NYSE: BX) and other major players in real estate development are putting down new stakes, too.
The Millionacres takeaway: Our Deidre Woollard points out ways that everyday investors can get involved in this resurgence, too, including some real estate investment trusts (REITs) to consider.
It Takes a Village to Work for Amazon: Let's Build Some
The world's largest virtual store is plunking down $300 million to help build some distinctly nonvirtual housing -- affordable places for its workforce and others to live near its three corporate hubs.
The Millionacres takeaway: This move speaks to this giant firm's ability to move the mark on what corporations can do to help ensure availability of their own workforce in ways that serve the whole village -- even when that village is a whole metro area.
Also in Today's News
'Should We Sell?' After Collapse, Hot Florida Market Faces Uncertainty
The partial collapse of the Champlain Towers South in Surfside, Florida, has plunged older beachside condos and high-rise buildings like it into a swirl of apprehension, The New York Times reports today.
The Millionacres takeaway: The article cites agents who say they're seeing clients asking for building certifications for the first time, and others simply looking elsewhere. This is a very hot market, so other buyers may well simply step up, or it might have a lasting effect. Time will tell.
Shopping-Mall Giants Back Expanded Delivery-Only 'Ghost Kitchens' in Food Courts
A new venture, which counts investors such as shopping-mall giants Brookfield Asset Management and Simon Property Group, has plans for 1,000 "ghost kitchens" by the end of the year, The Wall Street Journal reports today [subscription required].
The Millionacres takeaway: The plans include leasing space in malls across the country, giving new life to food courts as both a place to eat and a place to prepare food for delivery. That's got to help those spaces, and the more people that go there, the more might join them.