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  • there are other factors at play

    From JAB@21:1/5 to All on Fri May 30 15:04:56 2025
    Summer rentals in the Hamptons are down 30%

    Summer rentals in the Hamptons are down 30% from the same period
    in previous years, according to Judi Desiderio of William Raveis Real
    Estate.

    Brokers who focus on ultra-high-end rentals are seeing an even
    bigger drop and say their rental business is down between 50% and 75%.

    Some renters may be holding out for better deals or waiting to
    book, but brokers privately say there are other factors at play.

    https://www.cnbc.com/2025/05/30/luxury-summer-rentals-hamptons.html

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  • From Eli the Bearded@21:1/5 to here@is.invalid on Sat May 31 01:28:34 2025
    In misc.news.internet.discuss, JAB <here@is.invalid> wrote:
    Some renters may be holding out for better deals or waiting to
    book, but brokers privately say there are other factors at play.

    https://www.cnbc.com/2025/05/30/luxury-summer-rentals-hamptons.html

    "People are holding on to their money," said Enzo Morabito, head of
    the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't
    like uncertainty."

    Down the block from me is a building on a double wide lot that was a
    teardown and sold to a developer about seven years ago for around $2
    million. After a few years negotiating with the city for permits and
    over the plans, work started about two years ago. It came on the market
    as three properties (but six units[*]) about four months ago. The
    largest single property was priced at $3.5 million, but it only sold
    for $2.5 million. The other two are pending at $2.1 million and $1.7
    million. The developer isn't losing money but they came on the market
    just as Trump fucked up the economy, so the pricing is depressed.

    I feel like the poorest person on the block regularly.

    [*] San Francisco law allows "accessory dwelling units" as a way to ease
    the home shortages. They can't legally be sold separately but they
    can be rented. The number of ADUs is limited to the number of
    regular apartments on the lot. So the developer doubled the the
    apartments on the log but one buyer needs to become a landlord.

    The developer built parking spots in the garage for the three
    standard units, but the three ADUs get nothing.

    Elijah
    ------
    it's a really ugly building

    --- SoupGate-Win32 v1.05
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  • From JAB@21:1/5 to *@eli.users.panix.com on Fri May 30 20:50:49 2025
    On Sat, 31 May 2025 01:28:34 -0000 (UTC), Eli the Bearded <*@eli.users.panix.com> wrote:

    I feel like the poorest person on the block regularly.

    Hopefully, your property taxes are much/much lower.

    [*] San Francisco law allows "accessory dwelling units" as a way to ease
    the home shortages. They can't legally be sold separately but they
    can be rented. The number of ADUs

    Not allowed in other states...a reasonable idea.

    "People are holding on to their money," said Enzo Morabito, head of
    the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't
    like uncertainty."

    I did not fully read the article, but I suspect "Europeans don't like uncertainty"

    Aside - The T-Borg is doing a great job of screwing US's business
    economy. Consequences will be the end result.

    --- SoupGate-Win32 v1.05
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  • From Eli the Bearded@21:1/5 to here@is.invalid on Sat May 31 04:48:59 2025
    In misc.news.internet.discuss, JAB <here@is.invalid> wrote:
    Eli the Bearded <*@eli.users.panix.com> wrote:
    I feel like the poorest person on the block regularly.
    Hopefully, your property taxes are much/much lower.

    They are. "Prop 13" means taxes only get reassessed on sale of the
    property and this has not been sold in a long time.

    [*] San Francisco law allows "accessory dwelling units" as a way to ease
    the home shortages. They can't legally be sold separately but they
    can be rented. The number of ADUs
    Not allowed in other states...a reasonable idea.

    It's been part of a strong effort to increase housing supply. Pity the surrounding counties mostly just drag their feet and fight new housing.

    "People are holding on to their money," said Enzo Morabito, head of
    the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't
    like uncertainty."
    I did not fully read the article, but I suspect "Europeans don't like uncertainty"

    Probably not Europeans. My grandparents had a summer home in the
    Hamptons, so I have visited many times. They bought it in the 1940s or
    50s, before the area got fancy. Most of the renters I expect (based on
    what it used to be like) will be rich people escaping from Manhattan for
    the summer. Much better beaches at the end of Long Island than in NYC.

    The banker who needs to pop into work, LIRR runs a train from the
    Hamptons to Penn Station in Manhattan, there's also a bus called the
    "Jitney", and the really rich can helicopter it.

    Elijah
    ------
    has taken that LIRR train

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  • From JAB@21:1/5 to *@eli.users.panix.com on Sat May 31 08:26:44 2025
    On Sat, 31 May 2025 04:48:59 -0000 (UTC), Eli the Bearded <*@eli.users.panix.com> wrote:

    They bought it in the 1940s or
    50s, before the area got fancy.

    Sidebar

    Summer cottages in Minnesota in those days-1940s or 50s-were quite low
    priced. And people with above average incomes could buy them. Then
    came HVAC availability in late 1950s for newly built ranch/etc homes
    in warmer climates...so slowly, fewer and fewer people overtime made
    the trip there. Now, very few outsiders own these cottages.


    "Minnesota's summer cottage tradition began in the late 19th century,
    fueled by wealthy Southerners seeking a cooler climate and the
    burgeoning popularity of summer vacations.
    ...
    By the 1930s, Minnesota promoted itself as "The Summer Playground of
    the Nation. "

    https://www.mnopedia.org/tourism-minnesota-1835-1940

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From JAB@21:1/5 to All on Mon Jun 2 10:40:18 2025
    Sidebar

    Dwindling ticket sales and cancellations: What's behind the decline of
    music festivals

    Music festivals are facing a crisis.

    On the brink of what should be another exciting summer festival
    season, dozens of music festivals are shutting down.

    The trend has been simmering for years -- the longstanding Pitchfork
    Music Festival in Chicago isn't returning this summer, following
    similar announcements last year from Atlanta's Music Midtown and
    Kickoff Jam in Florida. Meanwhile, festivals like Jay-Z's Made in
    America festival and Delaware's Firefly Music Festival haven't
    returned since 2022.

    This year, more than 40 festivals have already been canceled,
    according to one count.
    ...
    Some blame the spate of cancellations on changing tastes; others point
    to the lack of curiosity from younger generations (why pay to see a
    bunch of acts you haven't heard of?). And, of course, there's a
    general belt tightening overall.

    https://www.cnn.com/2025/06/01/entertainment/music-festivals-cancellations-pitchfork-cec

    --- SoupGate-Win32 v1.05
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  • From Retrograde@21:1/5 to All on Mon Jun 2 20:30:09 2025
    This year, more than 40 festivals have already been canceled,
    according to one count.
    ...
    Some blame the spate of cancellations on changing tastes; others point
    to the lack of curiosity from younger generations (why pay to see a
    bunch of acts you haven't heard of?). And, of course, there's a
    general belt tightening overall.

    There's also an increasing number of tragedies at large public
    gatherings. Personally I'm less inclined to go to a festival/large
    event just because it seems there's an increasing chance some idiot
    with a car will drive through it trying to kill people, on some
    perceived grievance.

    --- SoupGate-Win32 v1.05
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