Think About This!
* The Florida Insurance Guaranty Association, which handles the claims of insolvent insurers, plans to borrow $600 million of bonds, according to preliminary offering documents. It is the first time in three decades the agency has tapped the municipal bond market to help support insurance claims. In 2021, Florida represented just 6.9% of total homeowner’s claims, but 76% of the nation’s homeowner’s lawsuits. (Bloomberg)
* Just when you thought Manhattan's office buildings were heading for the sale rack.... A 49.9% stake in Manhattan’s 245 Park Avenue building has been sold to Japan’s Mori Trust, valuing the building at $2 billion! (FT)
* Vornado is betting that building office space around transportation hubs will provide the kind of office space that allows commuters easy one-trip, easy access from home to office..... most people cite the commute as the primary reason for not wanting to return to the office full time, not being in the office. (WSJ)
* According to the Americans Addiction Center, the US cities with the lowest overall drug use are Miami, Washington DC and Atlanta. Miami had the lowest cocaine use, Detroit had the lowest Meth use and El Paso, Texas the lowest Heroin use. Shockingly, Omaha, Nebraska has the highest overall drug use! (American Addiction Center)
* South Korea has one of the steepest death taxes in the world....up to 60%. Japan, Belgium, Germany and France also have high death taxes. Australia, Austria, Canada, New Zealand, Portugal, Mexico, Sweden, Norway and Singapore have zero inheritance taxes. The US and UK are up to 40%. Trusts and gifting - yes, including homes - can reduce the bill! (Bloomberg)
* U.S. home prices rose by 24% between November 2019 and November 2021, according to the Federal Reserve Bank of San Francisco, driven by factors such as shifting demand and regional moves. However, government aid may have also contributed to that growth, including higher rates of fraudulent PPP loans in certain areas. PPP distributed more than $793 billion between April 2020 and May 2021: $117.3 billion of those funds has been flagged as “suspicious lending.”(CNBC)
COMPASStip-of-the-day:
While Summer just started, like all seasons, Summer comes to an end too. Fall will be upon us before you know it and some advertising placement deadlines for September and October are looming. Plan ahead now. Calmly and purposefully.
If you'd like to add someone to this morning memo, (including friends, family or colleagues outside of the COMPASS Family), please click here and include their full name and email address. Thank you!