Paul Evans 🇦🇺

Founder & CEO. Born @ 320 ppm

[Nightingale Associates @FCNightingale]

Tampa, Florida apartment complex faces foreclosure

The Wave at 14350 North 22nd Street has 11 buildings and 242 apartment units.

Owner failed to pay off a $26M mortgage that came due late last year.

#commercialrealestate

[Spachus Aus @SpachusAus]

Employment numbers come in strong, rate hike locked in for August. #RBA

[Nick Gerli @nickgerli1]

Florida's housing downturn is entering a new stage: severe mortgage distress.

It now ranks #1 in the U.S. for foreclosures.

And we're starting to see listings like this, where the homeowner is trying to sell for $130,000 less than they paid in 2022.

That's a 40% loss in just four years.

Many people who bought near Florida's housing peak in 2022-23 are now running into financial trouble.

But what's remarkable is that mortgage distress is still nowhere near 2008-09 levels. Yet we're already seeing individual homes lose 40% of their value.

If this trend continues, today's discounts may only be the beginning.

Check the value estimate of any listing with Reventure's analyzer: https://t.co/nXb7WRppuD

[Paul Evans 🇦🇺 @MrPEvans]

@racefansdotnet Blown diffusers did nothing for road cars… the lack of self-awareness is off the charts.

[Nick Gerli @nickgerli1]

Sellers in Florida are beginning to do massive liquidations.

In some cases, taking $100K losses from peak prices.

This townhouse in Southwest Florida sold for $304k in 2023 as a brand-new build, right near the top of the market.

Just 3 years later, it's listed for $195k.

That's a $109,000 loss. (and 35% discount from the original purchase price)

And this isn't an isolated case.

Florida is now the #1 state for foreclosures and distressed sales in the U.S.

For buyers, that means that the biggest discounts are only just starting to emerge.

Use our Listing Analyzer to see how much we'd offer on homes in your ZIP Code: https://t.co/nXb7WRpXkb

[Alex Joiner 🇦🇺 @IFM_Economist]

If the economic fall out is huge from a 5% pullback in dwelling prices policymakers should be seriously looking at why this is the case.

[Peter Lyndon-James @PeterPerthWA]

“He leased an Australian port to China, then took $880,000 a year from the buyer.”

ANDREW ROBB / PORT OF DARWIN

A Trade Minister signed off a 99-year lease of an Australian port to a Chinese company. The day before he left politics, that same company put him on $880,000 a year.

This one’s been on the public record for years, and it still stops me cold every time.

In 2015, Andrew Robb was the federal Trade Minister. On his watch, the Port of Darwin was leased to Landbridge Group, controlled by Chinese billionaire Ye Cheng, a member of the CPPCC, an advisory body to the Chinese Communist Party. The lease runs 99 years.

On 1 July 2016, the day before the federal election, with Robb on his way out of Parliament, Landbridge began paying him a consultancy worth $880,000 a year. The terms: $73,000 a month for “strategic advice.” No specified deliverables. Thirty days’ notice to end it.

The ministerial standards say a former minister should wait eighteen months before cashing in on their portfolio. Robb waited zero days. He took roughly $2 million from Landbridge before quitting the arrangement in 2019, just ahead of the new foreign-influence register that would have required him to declare it.

I’m not alleging a crime. No crime has been found, and I’m not a court. What I’m pointing at is the structure: the decision in office, the beneficiary, the destination after office, the timing. Lease the port, leave the Parliament, bank the money. All legal. That’s exactly what should worry you.

This is what “legal corruption” looks like in Australia. Not envelopes of cash. A consultancy contract, signed on the way out the door, from the company you just did the favour for.

Cold hard facts. Sourced. Corrected when wrong.

Peter Lyndon-James 🇦🇺

Sources — check it yourself
- Michael West Media: https://t.co/HMT5Zyqz7H
- The Canberra Times (leaked contract, judge’s assessment): https://t.co/LDXPh2DYpI
- Originally: ABC Four Corners + Fairfax/SMH, June 2017 (Nick McKenzie reporting)

[Paul Evans 🇦🇺 @MrPEvans]

@Askarankar Its such an insult that Buffett has to answer questions from this bimbo… she clearly has no idea what he’s talking about, just looking for 8th grader tips.

[Paul Evans 🇦🇺 @MrPEvans]

@bowtiedstocks Ch7 just as pathetic. Who watches this sh!t ?

[Paul Evans 🇦🇺 @MrPEvans]

@BaldingsWorld 💯%

[Sam 🇦🇺🇺🇦 @samstrades]

'A tower in Little Collins Street has sold for less than half of its $83 million post-pandemic purchase price in a deal that is a brutal, and razor-sharp, haircut for the vendor, an unlisted Lendlease fund'

'The 15-storey B-grade tower at 459 Little Collins Street is understood to have sold to a local private investor for just $36 million. The buyer beat five other bidders to snare a bargain' #ausbiz #commercial
https://t.co/nIhNHk3TTE

[Spachus Aus @SpachusAus]

🚨 Breaking
Difference between listing price and sold price over the last 3 months:
📍 #CentralCoast: -$78,000
📍 #Sydney: -$70,000
📍 #Wollongong: -$50,000
📍 #Geelong: -$49,000
📍 #Melbourne: -$30,000

The biggest drops we have tracked since 2022.

[Reserve Bank of Property @RBASHAGGER]

I’m in Beijing after a long flight and watching one of the local tv stations and this ad comes up.

[Paul Evans 🇦🇺 @MrPEvans]

@DanCollins2011 @hostmonster I had a VPN try that sh!t. I simply emailed them saying if they didn’t refund I would report the payments as fraudulent and get them reversed. 👍

[Cameron Murray @DrCameronMurray]

There has been no real (inflation-adjusted) price growth of Sydney apartments for a decade on all measures.

Tokyo on the other hand...

[Peter Strachan @Peter_Strachan]

Who knew! A sharp decline in immigration into New Zealand has meant that housing supply is growing faster than population demand.
Lo and behold, rents have fallen, improving affordability for tenant households.

[Spachus Aus @SpachusAus]

More Australian homes are selling below their original listing price.

Last 3 months:
🔴 Geelong: 87%
🔴 Melbourne: 82%
🔴 Sydney: 75%
🔴 Wollongong: 71%
🔴 Newcastle: 67%

Meanwhile Perth (26%) and Hobart (30%) remain among the strongest seller markets. See where your city ranks on our website. 📈

[Reserve Bank of Property @RBASHAGGER]

House prices in Sydney used to rise by $1400 a day. Now they’re falling by $1400 a day.

[Paul Evans 🇦🇺 @MrPEvans]

@MarkoMatvikov Who’s the pig here?

I have yet to see a single take pointing out the Westpac CEOs self-interest in pushing this story.