Saturday, May 23, 2020

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American billionaires got $434 billion richer during the pandemic
America’s billionaires saw their fortunes soar by $434 billion during the U.S. lockdown between mid-March and mid-May, according to a new report.
Amazon’s Jeff Bezos and Facebook’s Mark Zuckerberg had the biggest gains, with Bezos adding $34.6 billion to his wealth and Zuckerberg adding $25 billion, according to the report from Americans for Tax Fairness and the Institute for Policy Studies’ Program for Inequality. The report is based on Forbes data for America’s more than 600 billionaires between March 18, when most states were in lockdown, and May 19.

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The billionaire gains highlight how the coronavirus pandemic has rewarded the largest and most tech-focused companies, even as the economy and labor force grapples with the worst economic crisis in recent history.

According to the report, the net worth of America’s billionaires grew 15% during the two-month period, to $3.382 trillion from $2.948 trillion. The biggest gains were at the top of the billionaire pyramid, with the richest five billionaires -- Bezos, Bill Gates, Zuckerberg, Warren Buffett, and Larry Ellison -- seeing combined wealth gains of $76 billion.

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Elon Musk had among the largest percentage gain of billionaires during the two months, seeing his net worth jump by 48% in the two months to $36 billion. Zuckerberg was close behind, seeing his wealth surge by 46% in the two months, to $80 billion. Bezos’ wealth increased by 31% to $147 billion. Bezos’ ex-wife, MacKenzie Bezos, who received Amazon shares in their divorce, also saw her wealth increase by a third, to $48 billion.

Coronavirus cures and home remedies 2020 read more here

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While industry professionals are debating the implications of the new normal, one thing has become abundantly clear: The worldwide coronavirus crisis that have locked many citizens indoors is also rapidly diminishing the allure of shiny trophy office towers.

As the restrictions associated with the COVID-19 pandemic gradually come to an end, a growing number of private businesses are allowing workers to tele-commute indefinitely — some permanently.

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9-5 Jobs to be abolished as the world gets paid more for less hours worked
And it probably should be. The modern 9-to-5, eight-hour workday was invented by American labor unions in the 1800s and went mainstream by Henry Ford in the 1920s. Workers today are still prepared to accept the same shifts because we have become so accustomed to it. People are much happier when they're living where they want and spending their time doing things they're passionate about.

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'Could It Work as a Cure? Maybe.' A Herbal Remedy for Coronavirus Is a Hit in Africa, But Experts Have Their Doubts

The launch of Covid-Organics (CVO for short) in Madagascar last month was no different. Within days, multiple African nations, as well as Haiti, were asking about shipments. And while CVO is not yet available for export, Rajoelina acquiesced by sending samples for free. The promotion of an untested cure sparked consternation among the medical community in Africa, and provoked an unusually sharp rebuke from the WHO, which noted in a statement on May 4 that, “Caution must be taken against misinformation, especially on social media, about the effectiveness of certain remedies. Many plants and substances are being proposed without the minimum requirements and evidence of quality, safety and efficacy.” The use of such untested products, it continued, “can put people in danger, giving a false sense of security and distracting them from hand washing and physical distancing which are cardinal in COVID-19 prevention.”

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Saturday, September 14, 2019

Vancouver Luxury Condos for sale receive up to $350,000.00 from 1 post while you sleep + free car from Japan

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Metro Vancouver housing sales remain sluggish in May 2019
Greater Vancouver Real Estate. Pre-sales in Metro Vancouver's housing market dropped by 47% this year to date.

The Vancouver Wealth Fund is offering up to $350,000.00 for small businesses interested in helping the Vancouver Luxury Homes Market. Latest report shows property sales 23 per cent below 10-year average Housing sales in Greater Vancouver were 22.9 per cent lower last month than the 10-year average and the lowest for May since 2000, according to a report by Real Estate Board of Greater Vancouver (REBGV) published Tuesday.

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Condo investors value location and amenities

While buying a new home is usually to fulfil a person or family’s lifestyle needs, it can also be good business.
Along with first-time buyers, downsizers and young professional couples, investors are a prominent demographic purchasing homes at new multi-family developments in the Calgary area.
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They seek desirable floor plans, locations that offer value, and purchase these apartments and townhomes to rent them out.
“I think this is the perfect market right now for investors,” says Kimberly Poffenroth, Urban Analytics’ vice-president, business development and market analysts – Alberta, citing “price drops,” at some developments, particularly in units that are ready for possession, as prime opportunities.
Urban Analytics is a market research and advisory firm.
“Any projects that are complete and do have standing inventory, and are move-in ready, that’s where you’re seeing great opportunities for investors, because (in some cases) they can jump in and buy them, essentially, at pre-sale prices now.”
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While Calgary hasn’t seen activity from foreign investors at the same rate as the markets in Vancouver, Toronto and Montreal, says Poffenroth, she is seeing a pique in interest.
“I have been speaking to a number of foreign investor firms that have been interested in the Calgary market,” she says. “I do see an opportunity there, it just hasn’t been fully captured.”
Poffenroth says the investor buyer, while present, “isn’t as present as they could be.”
“I think marketing to other cities and overseas could be a beneficial opportunity for a lot of developers,” she adds.
In the Calgary area, “You are seeing more local investors purchasing,” Poffenroth says. “They’re seeing how strong the rental market is right now in Calgary, and seeing that as an opportunity, or purchasing it and anticipating to live there down the road, but they might rent it out for a couple of years first.”
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Boris and Janice Marinic are among them.
Three years ago, the couple — who live in Douglasdale — first waded into real estate investment. Now they have three condos in the lake community of Mahogany.
“It was just happenstance,” says Janice, of their first purchase, a one-bedroom condo at Sandgate by Hopewell Residential. “I had some time to kill, went in, saw their plans, and fell in love with the idea. I think there’s potential here.
“We were going in quite early, and thought now is the time to do it, because once (builders) have completed the build, usually prices go up,” she says, adding they’ve found their investment has “appreciated by the time you even walk in the front door.”
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While visiting the development and its progress on a weekly basis, the couple discovered, in the same southeast Calgary community, Calligraphy in Westman Village, buying two more condos here — one with a single bedroom and the other with two.
Westman Village is an innovative, amenity-abundant community by Jayman Built within the community of Mahogany.
Both of Boris and Janice’s one-bedroom condos are presently rented out to single people, and they expect their condo with two bedroom and two bathrooms, once ready for possession, will provide an ideal layout for a range of living arrangements.
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“Even for older, established people who may have (adult) children who may want to visit them, there’s extra space,” says Boris, adding the two-bedroom condo is one they may eventually move into, when they’re ready to downsize, about five years from now.
With location the No. 1 rule of real estate, buying three condos within the same community was no coincidence.
“It is right on Deerfoot Trail and Stoney Trail,” Janice says, adding her tenants have remarked on the convenience of access to these major arteries.
Both Sandgate and Westman Village residents also benefit from their close proximity to the South Health Campus hospital in the nearby community of Seton, sitting less than a five-minute drive away, the couple adds.
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“There are so many amenities there with stores and restaurants … there is a lot of value, even for retirement, to just set up shop there,” Boris says.
At Westman Village, the tenants will receive access to the community’s unique 40,000-square-foot Village Centre, which boasts a range of amenities, such as two swimming pools, a woodworking facility, wine cellar, indoor garden, fitness facilities, indoor garden and golf simulator.
Jennifer Currie de Urrutia, sales manager for Hopewell, says investors are “always interested in finding the best quality and value for their dollar.”
“(Investors) love Sandgate’s well-designed one-bedroom plans and also appreciate its amenities, including a fitness centre, Great Lawn and pet-friendly homes,” she says.
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“Mostly, investors are looking at this as a long-term investment and base their purchasing decisions on the modern finishes that Sandgate offers, the lock-and-leave convenience, the high-quality finishings and craftsmanship, as well as the amenities offered at Sandgate,” Currie de Urrutia adds. “They also know how much people love living in Calgary’s best lake community.”
When it comes to investors, to no surprise, location counts for a lot, says Poffenroth.
“Seton, last year, actually had 20 per cent of all of Calgary’s multi-family home sales, and a ton of investors,” she says, of the mixed-use development by Brookfield Residential commonly dubbed the downtown of southeast Calgary. “Investors saw that opportunity in the Seton market, with the price points that they’re offering — and the fact that they’ll have an employment centre there, they looked at that and getting in on that community in the early stages, and saw that as a great opportunity.”
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A community near the University of Calgary, Foothills Medical Centre and Market Mall, was another draw.
“University District has also seen a high number of investors,” says Poffenroth. “They’re looking at it from the opportunity of ‘What if my kid goes to U of C?’ or ‘What if someone I know is working at the hospital?’”
Having substantial employment hubs near University District by West Campus Development Trust, which has multi-family developments by Brookfield Residential, Avi Urban and Truman Homes, “has been a huge asset for investor buyers,” says Poffenroth.
“We are seeing those (investor) sales occur more likely in areas where there are employment centres either within walking distance or a short commute,” she adds.

Seattle lures B.C. developers, but Vancouver rekindles Chinese interest

Twenty years ago, a partnership between West Vancouver’s Don Milliken and Seattle’s Vulcan Inc. – the development company of Microsoft co-founder Paul Allen – set the stage for 2200 Westlake in Seattle’s Denny Triangle, an area previously known for car dealerships and single-storey light-industrial buildings.

 The Nexus condo tower in Seattle, a 410-storey condo building with 417 units close to the I5.


The groundbreaking project completed in 2006, creating a 975,000-square-foot mixed-use community. Those were heady times for real estate, with the project’s 261 condo units selling for an average of 15 per cent above the offering price.
Since 2010, Milliken has focused on housing for seniors with projects in Calgary and West Vancouver, but the area around 2200 Westlake has continued to grow up. Towers of more than 40 storeys are transforming the neighbourhood, with Vancouver developers Westbank Corp., Concord Pacific Developments Inc. and Bosa Development Corp. all active in the vicinity.
This year, Christian Chan, who took the helm of Burrard Group as CEO at the beginning of August, will complete construction of Nexus, a striking 41-storey condo tower with 417 units, just off the I5.
The developments stand out as opportunities for home ownership in a market that, unlike Vancouver, has tended to see a greater volume of rental construction. Some of the momentum behind the activity stems from changes to state legislation creating greater safeguards for the building corporations that end up operating the communities once the developer steps away.
“We felt we were very supported by the city in building condos,” Chan said. “The city and the community at large feels that it’s important to have both rental and purchase product.”
Bringing new units to market also feeds demand as the economy keeps on chugging along.
“It really is driven by strong, local economic fundamentals,” he said. “You can see people working hard, making money, being able to afford to live in the city, which… maybe isn’t always the case in Vancouver.”
The final 28 units at Nexus were recently released to the market, after the first 389 sold for prices in the range of $300,000 to $1.5 million, or about $700 to $800 a square foot. The remaining units are priced at $1 million to $2.7 million.
Whither buyers?
While the Burrard Group keeps pace with local demand in the Seattle market, a pitch received last week was headlined “Vancouver’s out, Seattle’s in.” It claimed that “new policies and taxes curbing the influx of foreign ownership in Vancouver” had sent international investment interest south to Seattle and other cities on the U.S. West Coast.
The pitch came with a quote from Dean Jones of Realogics Sotheby’s International Realty, a veteran of local real estate marketing who won a gold award for his work on 2200 Westlake (in partnership with Vancouver’s Cliff Bowman). According to Jones, “buyers from Canada and Asia do represent a notable, if not significant, amount of demand for pre-sale condominium projects.”
This stands alongside comments Jones made last month, which indicated that Asian buyers were leaving Vancouver for Seattle in droves.
“Vancouver is now far more expensive, burdened by foreign-buyer taxes, and has less growth potential,” he said. “I see Seattle as the new Vancouver. We are seeing the same growth with Chinese investors who have discovered our market as Vancouver had back in 2015.”
But numbers from Juwai Ltd., which operates an online platform marketing international properties to Chinese buyers, stand in contrast to those claims. Queries through Juwai.com indicate a resurgence of interest among Chinese buyers in Vancouver over the past year. During the second quarter, interest increased fourfold. Interest in Seattle, meanwhile, was stable.
“Our data shows that Chinese buying interest in Vancouver is rebounding strongly from the low levels reached during 2017,” remarked Juwai executive chairman Georg Chmiel.
While the interest may not result in sales, the rebound is significant – indeed, the most significant in any West Coast market or Canada.
Property transfer data from the B.C. Ministry of Finance indicates that foreign nationals were involved in just 2.6 per cent of residential transactions in Metro Vancouver during the first seven months of 2019.

They Sold Their Company for $500 Million, Then Went Real-Estate Shopping

The founders of Big Ass Fans have purchased property belonging to prominent names like Malcolm Forbes and Lance Armstrong. But finding homes that fit the bill was anything but a breeze.

Carey and Nancy Smith toured 41 New York City homes before finally agreeing this spring to pay almost $20 million for a Greenwich Village townhouse once owned by Malcolm Forbes. Their real-estate agent kept count.
Their search took them to houses and glitzy condos on the Upper East Side, Upper West Side, Tribeca, Midtown and beyond—and into the homes of big-name sellers like Jennifer Lopez and the late Deputy Secretary of State John Whitehead. Frequently, they were underwhelmed by what was available.
“You figure you can get whatever you want if it doesn’t matter the amount of money. You expect nice finishes,” Mr. Smith said. “No frickin’ way. Nasty stuff.”
Carey and Nancy Smith Photo: Kelly Marshall for The Wall Street Journal
The Smiths, a quick-witted and plain-spoken couple who spent the last two decades in Kentucky, where they originally moved in 1991 for Mrs. Smith’s career, are rethinking their lives following the $500 million sale of their ventilation company, Big Ass Fans, to the private-equity firm Lindsay Goldberg in 2017. It was the kind of cash infusion they’d never expected. Suddenly, they were setting up a family investment office, dealing with reams of paperwork and managing a national real-estate portfolio that comprised homes in Kentucky, Texas and New York.
“Every time we went to the architect and the builder, we’d say ‘Thank God for fans!’” Mr. Smith said.
The Smiths, who launched the company in 1999, are well accustomed to answering the obvious question. The Big Ass moniker evolved over time, said Mr. Smith, 67. The ventilation company, which produces fans for residential, commercial and heavy-duty industrial use, some priced (before the company sold) as high as $10,000, was originally known as the High Volume Low Speed Fan Company. But “people would call and say ‘Are you those guys who make those big ass fans?’” Mr. Smith remembered. After they renamed the company, critics called Mr. Smith to say he was going to hell and that he was contributing to a general coarsening of American culture, he said. “Preachers and ding dongs,” he dubbed them.
A living area of the Smiths’ new Greenwich Village townhouse in Manhattan. Photo: Kelly Marshall for The Wall Street Journal
A bedroom in the Smiths’ Greenwich Village townhouse. Photo: Evan Joseph
Mrs. Smith, 63, is on board for the silliness. “We used to say to people who thought it was more scatological than descriptive that, first of all, they needed to get a life,” she said.
The Smiths met in college in Illinois. She was at Northwestern and he was at the University of Chicago studying graduate economics. They have an adult son, who works for Mr. Smith’s new venture capital and consulting firm, Unorthodox Ventures. Mr. Smith is originally from California but moved around a lot. She grew up mostly in Washington, D.C., and San Antonio, Texas. Newly flush with cash, they now envision splitting their time between their townhouse in New York and a new Spanish Colonial-style home they recently bought from the cyclist Lance Armstrong in Austin, Texas, for nearly $7 million. The Texas home will be their primary residence for tax purposes, and so Mr. Smith can be near his VC firm, which is based there.
Making that dream a reality has been harder than the Smiths thought. House-hunting, renovations and repairs have all been a headache, not to mention selling their longtime home in Kentucky.
But for Mrs. Smith, owning a property in New York City, where both her parents grew up, was a long-held dream.
A rendering of the planned two-floor living and dining space in the Smiths’ new Austin home. Illustration: Charles Di Piazza Architecture
“One of the things that was funny about looking around properties in New York is that you go in and you go ‘wait, this is J-Lo’s apartment!’” said Mrs. Smith, though the couple weren’t fans of the unit, which Ms. Lopez shared with her fiancé, former Yankee slugger Alex Rodriguez. “It wasn’t so much that she had photos of her and her family prominently displayed, but on every flat surface there was the magazine Cigar Aficionado with A-Rod on the cover.”
At Mr. Whitehead’s home on Sutton Place on Manhattan’s East Side, the décor was dated and looked like “your grandmother’s place,” Mr. Smith said.
“It was like ‘The ‘90s called and they want their house back,’” Mrs. Smith said.
The bedroom of the Smiths’ Lexington, Ky., home. It features a gold-plated Big Ass Fan. Photo: Matt Huber / Matt Mediaworks
The exterior of the Smiths’ Lexington, Ky., home. Photo: Matt Huber / Matt Mediaworks

Mr. and Mrs. Smith Say...

Carey and Nancy Smith have exacting taste. Here are their thoughts on some of the homes they saw along the way:
Jennifer Lopez’s apartment Photo: Evan Joseph
Jennifer Lopez’s Apartment
Listed at $24.99 million
The Whitman Condominium, New York
4 bedroom, 6,540 square feet
LOVED: The outdoor terrace
DID NOT LOVE: “The bedrooms weren’t nice.” Mrs. Smith said.
John Whitehead’s Townhouse
Listed at $14.95 million (Sold to other buyers for $13 million)
Sutton Square, New York
5 bedrooms, 4,440 square feet
LOVED: A dramatic curving staircase with a large picture window; Mr. Whitehead’s extensive art collection; Mr. Whitehead’s second wife, Cynthia Whitehead, who was the listing agent. “She was funny as hell,” he said.
DID NOT LOVE: The décor
Lance Armstrong’s House
Listed at $7.5 million (Sold for $7 million)
Windsor Road, Austin, Texas
6 bedrooms, 8,000 square feet
LOVED: The pool area, below a live oak tree
DID NOT LOVE: The chopped-up spaces, staircases between rooms
Malcolm Forbes’s Townhouse
Listed at $28.5 million (Sold for $20 million)
West 12th Street, New York
5 bedrooms, 9,000 square feet
LOVED: Proximity to Mr. Smith’s favorite bagel joint, “Bagel Bobs.”
DID NOT LOVE: The furniture
One $67 million townhouse has wood cabinets they could have bought at Lowe’s, they said. One particularly memorable townhouse has an enormous swimming pool in the living room with a swing. “We felt like we had to take a shower after leaving that place,” Mr. Smith said.
Eventually, they settled on the former Forbes townhouse because it ticked most of their boxes; it had a Greenwich Village location and outdoor space. The 1847 Greek Revival house, which spans about 9,000 square feet, had been owned for decades by the family of Malcolm Forbes, the late chairman and editor in chief of Forbes magazine. The family sold it in 2012, and it came on the market in April 2018 listed at $28.5 million.
In Austin, the Smiths found the ultrahot market almost impossible to navigate. Properties would hit the market one day and be sold the next. The home they bought required a lot of work, they said. They initially thought they’d rent a condo during renovations but they eventually shelled out $2.71 million for a temporary home in the Pemberton Heights neighborhood.
They’ve also had trouble trying to sell their longtime home in Lexington, Ky., which has an asking price of close to $2 million. Before they sold the company, the Smiths thought it would be their “forever home.” They’d customized it to their personal tastes, which aren’t the typical Lexington look. The three-bedroom, Japanese-style home has open-plan living spaces, stone walls, and maple and bamboo floors.
“Lexington is very traditional,” Mrs. Smith said. “It’s all Chippendale furniture and white columns and intricate moldings. That’s not what this is.”
Of course, almost every room in the house has its own fan, with the pièce de résistance being a gold-plated fan in the master suite. Mr. Smith said he commissioned it, in part, because he thought “it might be interesting to Middle Easterners or Saudis or something.”
The living room of the Smiths’ Lexington, Ky., home. It is listed for almost $2 million. Photo: Matt Huber / Matt Mediaworks
The original home was built in 2003 and then expanded and renovated around 2016 at a cost of around $800,000. It’s been on the market for almost a year and the price has been slashed from $2.999 million to $1.949 million.
Mrs. Smith has been living in Kentucky to sell the house, while Mr. Smith resides mostly in Austin these days to oversee the renovation of their new place. “It’s hard and we don’t get to see each other that much,” Mrs. Smith said. “We saw each other in February and then in April and then not again until July.” While that might be weird for some couples, it is relatively normal for the Smiths, who spent only seven of their first 15 years of marriage living in the same place.
‘It was like ‘The ‘90s called and they want their house back.’ ’
—Nancy Smith
When Mr. Smith first toured their new Austin home, he wasn’t particularly impressed. The 1920s-era Mediterranean-style home, located in the historic Old Enfield neighborhood and once owned by Ben Barnes, the lieutenant governor of Texas, was carved up into tight spaces and had small sets of stairs separating the living areas, he said. An extension that had been added by a previous owner cut out some natural light and made the interiors look gloomy, he said.
The couple have tapped a local architect, Charles Di Piazza, to spearhead a $2 million to $3 million redo, opening up the ground floor into one sprawling two-story living room and combining the bedrooms for better proportions. They estimate that the process could take about two years.
The Smiths purchased this Pemberton Heights home for $2.71 million to have somewhere to live while they renovate their Austin home. Photo: Brian Cole Photography
The office of the Smiths’ temporary home. Photo: Brian Cole Photography
Initially, they didn’t realize the property had belonged to Mr. Armstrong. “In the pool house cabana, there were all these yellow jerseys framed and Carey said, ‘Boy, someone must really like the Tour de France,’” Mrs. Smith laughed. “Then he realized they all said Armstrong on the back.”
Mr. Armstrong’s maintenance of the property wasn’t quite up to the Smiths’ standards, either. “We called him ‘Low Maintenance Lance’ because he didn’t do much with it, God bless his heart,” Mrs. Smith laughed. A representative for Mr. Armstrong said he did about $1.5 million in renovations to the home.
In New York, the couple plans to replace a lot of the décor. They just bought the furniture from the previous owners, Mrs. Smith said, so they would have “a place to sit.”
While the New York house has central air, Mr. Smith said he still plans to bring in fans.
“You always need fans,” he said.
Write to Katherine Clarke at katherine.clarke@wsj.com