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Companies' reluctance to roll back price rises poses US inflation risk Financial Timesfrom "price" - Google News https://ift.tt/tIokSBd
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Monday, January 22, 2024
Companies' reluctance to roll back price rises poses US inflation risk - Financial Times
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Nearly a dime less, gas prices fall again in Boise - KTVB.com
With a 9.7-cent dip, Boise is seeing an average gas price of $2.98 per gallon.
BOISE, Idaho — According to GasBuddy, gasoline prices in Boise have fallen nearly 10 cents in the last week. The new average price for a gallon of gas was $2.98 per gallon, as of Monday.
GasBuddy surveys 216 gas stations in Boise. The survey showed that prices in Boise were 29 cents per gallon less than one month ago and 42 cents lower than a year ago.
The cheapest station for fuel in Boise was priced at $2.83 per gallon, and the most expensive was $3.29, a 46-cent difference. Statewide, the lowest price was $2.35 per gallon, and the highest price was $3.59 per gallon, a difference of $1.24.
"We continue to see gasoline prices bouncing off lows, only to re-test them again and again. While prices jumped in some places, it's being offset by drops elsewhere, and that has kept alive the possibility of briefly seeing the national average fall to the lowest level since 2021," said Patrick De Haan, head of petroleum analysis at GasBuddy.
The national price of diesel gasoline fell roughly 2 cents per gallon since last Monday, bringing the total to $3.87. For unleaded gasoline, the average national price was $3.03 per gallon on Monday.
"We remain just a nickel or so away from a $2.99 national average, and while the window of opportunity continues to slowly close, with refiners now starting the purge of winter gasoline on the West Coast, we still have a low-level chance of getting there. But make no mistake- if we do see a national average of $2.99 per gallon, it won't last long as we start to turn the corner and get closer to the start of the transition to summer gasoline," De Haan continued.
Historical gasoline prices in Boise and the national average going back ten years:
- January 22, 2023: $3.40/g (U.S. Average: $3.39/g)
- January 22, 2022: $3.58/g (U.S. Average: $3.33/g)
- January 22, 2021: $2.33/g (U.S. Average: $2.39/g)
- January 22, 2020: $2.51/g (U.S. Average: $2.53/g)
- January 22, 2019: $2.29/g (U.S. Average: $2.27/g)
- January 22, 2018: $2.62/g (U.S. Average: $2.54/g)
- January 22, 2017: $2.33/g (U.S. Average: $2.30/g)
- January 22, 2016: $2.07/g (U.S. Average: $1.84/g)
- January 22, 2015: $1.86/g (U.S. Average: $2.03/g)
- January 22, 2014: $3.24/g (U.S. Average: $3.27/g)
Neighboring areas and their current gas prices:
Idaho- $2.91/g, down roughly 11 cents per gallon from last week
Ogden- $2.60/g, down roughly 6 cents per gallon from last week
Oregon- $3.57/g, down roughly 8 cents per gallon from last week
See the latest news from around the Treasure Valley and the Gem State in our YouTube playlist:
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Sunday, January 21, 2024
Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next? - The Wall Street Journal
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Restaurant owners say price hikes, labor costs and other woes made for a rough 2023 - Yahoo Finance
From inflation and soaring rents to increased labor costs, most businesses were hit by at least one big challenge during 2023. Restaurants were hit by all of them.
“Someone made a good point: They said everybody's a good captain when the waters are smooth. But there’s turmoil, and then the economy goes bad, and you find out how well you're operating,” said Kennan Shah, co-owner of Arpeggio Grill, a Mediterranean restaurant in Austin, Texas.
After a year of that turmoil, Yahoo Finance reached out to several family-owned restaurants to find out how they overcame their biggest obstacles — and what lies ahead.
Inflation
Laurence Tucker, whose family owns Sun Rey Cafe, a restaurant in Chicago, said he had to raise prices four times in the last 18 months. Price increases for potatoes and eggs, among other ingredients, gave him no choice. “If you don’t jump and change that quick, there’s no way you can recoup … Then you're just giving away all of the ingredients,” he said.
The solution, said Greg Azzollini, co-owner of Paul and Jimmy’s, an Italian restaurant in New York City, is small price hikes. “I have some customers that come in three or four times a week. So if I increase the prices too much, I don't want to scare them away. So I just did it a little,” he said.
Some restaurants have managed to deal with inflation by keeping control of costs. For instance, David Bergeron, the founder of The Creole Creamery, an ice cream shop in New Orleans, explained that he makes all his ingredients in-house and has “complete control” over his supply chain.
He added, “Because everybody's prices are going up, costs are going through the roof, and if you can just stay below where everybody else is, you have a competitive advantage.”
Remote work woes
Thanks, COVID.
Azzollini of Paul and Jimmy's said his Manhattan restaurant frequently served groups of up to 10 people. Now? Remote work has reduced his lunch business by around 50%.
“Most of the restaurants in the area aren’t even open for lunch because it doesn't doesn't make sense. But you know, if people do come into the office, it's two or three days a week,” said Azzollini. “It's not five days a week. And yeah, maybe they're just not doing the group lunches anymore, but we really don't get ... the larger groups that we did.”
Pre-remote work, Anis Habib, the owner of Casablanca Moroccan Kitchens in Los Angeles, had parties of 25 to 30 people who would come to eat. “They’re not having lunch. They’re not going out. They're more comfortable at home. So forget the restaurants because they're going to cook at home more,” he said.
Food delivery challenges
Some restaurants have cleaned up by using food delivery, a trend that started during the COVID years. Others? Not so much. Arpeggio Grill co-owner Shah said that third-party delivery apps like Uber Eats (UBER) take up to 30% of take-out sales. Consequently, even as clientele has increased post-pandemic, his restaurant has struggled to make the same profit.
“Half of our business was like Uber Eats and DoorDash and all those, so that one was very helpful," he explained. "But ... lately, they have really increased the fees and their percentage. So that one has been a bit of a challenge.”
To recoup costs, Shah said that the restaurant has upgraded its POS system (software to manage purchases). Now, customers can order through the restaurant website before the order is sent out to a driver through a third-party app like DoorDash (DASH). Subsequently, the app collects the delivery fee, but the restaurant gets all of the proceeds.
Labor costs
Sun Rey's Tucker said he’d like to hire more employees, but wages are now too high, and business is too slow.
“In Chicago, with it being seasonal, the first 100 days after Christmas are usually very tough for restaurants because a lot of the consumers have spent their money for holidays, parties, drinking, and gifts,” he said. “So I already know that I've got to go in there with a lean payroll. And I've got to really watch my numbers. ... I mean, there's no way around that.”
Shah also said that labor costs have gotten significantly steeper. His solutions: being flexible with schedules, avoiding micromanagement, and even cooking for them on occasion.
“So we try to compensate them not just only financially but with freedom, with all their perks of being here,” he said. “Sometimes I feel like I work for them. But we make it like a family environment. So it justifies getting paid less than the market [rate] or at market.”
High rent
Gregorio Rosas co-owns and runs Ludi’s Restaurant in Seattle, but his business’s future was once uncertain. His restaurant, a well-recognized Seattle institution, had closed down in 2019, and he had taken a four-year break from the industry.
Initially, when his daughter floated the possibility of reopening the space, Rosas said it was out of the question, not because reopening the restaurant didn’t appeal to him but because of Seattle’s astronomical rents.
“We have business, but I don't have enough business to give all the business away for the rent and building owners,” said Rosas.
But with the help of a nonprofit that saw Ludi’s as an important business, Rosas was able to secure an affordable location. The restaurant reopened in June of last year.
“We get a lot of support from the public and new customers who really love your business and love this restaurant,” he said. “Lots of positive comments, so it makes my day good — and what makes it good, of course, is like, I know I can pay the rent.”
Looking ahead
Overall, the restaurateurs were optimistic about 2024. Bergeron, in particular, expressed confidence in the strength of his business and of the resilient demand for ice cream.
“I'm not selling a durable good. I'm not selling something that people really view as a luxury. So we're not going to have the sensitivity to individual families’ cash flow.”
Still, the owners haven’t lost sight of the challenges facing their business. In addition to hoping that Americans will come back to work, the restaurateurs hoped interest rates would come down. Casablanca's Habib, in particular, said he thought the future would be bright, provided a decrease in prices.
“The government should do a better job,” he said. If interest rates and inflation are lower, “people [will] feel that they can buy again. It doesn't take much to make the public at ease, and that's what it takes. And I think we're going to reach that goal this year … It's going be a beautiful year, a very productive year for everybody.”
Dylan Croll is a Yahoo Finance reporter.
Click here for the latest economic news and indicators to help inform your investing decisions.
Read the latest financial and business news from Yahoo Finance
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Conagra's Price Mix Figure Slips. Will Other Food Companies Be Next? - The Wall Street Journal
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US postage stamp and shipping prices go up Sunday - WTOP
(NEW YORK) — The U.S. Postal Service will increase stamp prices starting Sunday, a USPS representative confirmed to “Good Morning America.”
The cost of first-class stamps will rise from 66 cents to 68 cents for letters weighing one ounce or less.
Package shipping costs will also increase by nearly six percent, with Priority Mail Express costs going up by 5.9 percent, Priority Mail increasing by 5.7 percent, and Ground Advantage going up 5.4 percent.
The price hikes, the fifth increase in two years, are part of the Postal Service’s ten-year “Delivering for America” plan to raise rates and recover from plunging profits – a projected $160 billion loss over the next ten years
Some of the cost-cutting measures have already translated into slower deliveries, while the increased prices will more significantly affect residents in the non-contiguous states and territories, like Alaska and Hawaii. Those areas will see an increase of more than nine percent, prompting lawmakers like Alaska Sen. Dan Sullivan to speak out.
“No state, including Alaska, should be punished by our own federal government because of geography,” Sullivan said in part in a statement in December. “These hikes have the potential to severely negatively impact Alaskans – already reeling from inflation – who are more reliant on the USPS for basic goods and services than other Americans.”
Copyright © 2024, ABC Audio. All rights reserved.
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Saturday, January 20, 2024
The Packers Stubbornly Stuck With Anders Carlson — And Paid The Price - Forbes
Former Green Bay Packers general manager Ted Thompson used to refer to the NFL as a “big boy league.”
The Packers operated like they were a little league outfit in recent weeks when it came to kicker Anders Carlson.
Carlson, a rookie from Auburn, was the most unreliable kicker in the NFL this season. As Green Bay’s surprising season continued, it had every opportunity to bring in a veteran to replace Carlson.
Instead, the Packers chose to stick with Carlson, and the results were predictable.
With Green Bay leading, 21-17, over heavily-favored San Francisco in the NFC divisional playoffs Saturday night, Carlson sent a 41-yard field goal wide left. The 49ers then drove 69 yards and won the game when Christian McCaffrey ripped off a 6-yard touchdown with 1:07 left.
Carlson missed at least one kick in his final five games and 10 of his last 12 contests. Afterwards, Packers coach Matt LaFleur had no answers for Carlson’s season-long struggles.
“I think if we had the answer we would have fixed it, right,” LaFleur said. “So, certainly just got to work on the consistency. We’ve seen him do it. We know what he’s capable (of), but you’ve got to be consistent in order to last in this league.”
There were many reasons the Packers lost to the 49ers for a fifth straight time in the postseason.
Darnell Savage dropped a sure-fire, pick-six early in the contest. Jordan Love threw two extremely costly interceptions in the final 17 minutes. And Green Bay’s three trips into the red zone in the first half netted just six points.
But the Carlson problem could have been fixed weeks ago — and even in the week leading up to the San Francisco game. But the Packers stuck their collective head in the sand and somehow hoped the problem would disappear.
It didn't.
Green Bay special teams coordinator Rich Bissacia didn't want to talk about Carlson’s woes last week.
“We’re onto the next game in San Francisco,” Bisaccia said on Jan. 17. “And whatever happened in the last game happened, we’ve looked at it, hopefully corrected it, and we’re moving forward.”
LaFleur said the Packers weren’t entertaining the idea of replacing Carlson.
“We’re committed to him,” Packers coach Matt LaFleur said stubbornly. “And we’re going to see this thing through.”
The real question is why?
Kicker is one of the few positions in football where you can find a veteran on the street late in the year that can improve your team.
Mason Crosby, the leading scorer in Green Bay history, had his contract with the New York Giants end on Jan. 14. Robbie Gould, an all-time Packer killer, announced his retirement on Dec. 7, but might have been lured back to the game to chase his first-ever Super Bowl ring.
Instead, Green Bay doubled down on a player that missed 13 kicks in 2023 — more than anyone in football.
Carlson ranked 23rd in the league in field goal percentage during the regular season, going 27-of-33 (81.8%). He then went 2-of-3 in the postseason and finished the year 29-of-36 (80.6%).
Carlson also ranked 29th in extra point percentage during the regular season, going 34-of-39 (87.2%). He then made 7-of-8 extra points in the playoffs and finished the season 41-of-47 on extra points (87.2%).
No other kicker in football missed more than three extra points.
“I have a tremendous amount of confidence in Anders,” Bisaccia, the NFL’s highest paid special teams coordinator, proclaimed last week.
Again, the question was why?
Carlson, a sixth round draft pick out of Auburn last April, was remarkably inconsistent as a collegian before he ever arrived in Green Bay.
Carlson made just 71.8% of his field goals at Auburn (79 of 110). He went 5-of-17 from 50-plus yards (29.4%) and 25-of-39 between 40 and 49 yards (64.1%).
Carlson has a cannon for a leg and a steady demeanor — two qualities the Packers loved. But he was as inconsistent as a 1990s internet connection in college and throughout his rookie season.
Green Bay went cheap at kicker, punter and several other positions this season, trying to get their financial house in order in what most believed would be a rebuilding season.
When the Packers reached the divisional playoffs, though, they owed it to the other 52 men on the team to fix a problem that was easily fixable.
Instead, they ignored it, which is a huge reason their year is now finished.
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How much are stamps? USPS hikes prices of Forever stamp to 68 cents - The News Journal
Get ready to pony up an extra few cents for your stamps Sunday, Jan. 21.
The U.S. Postal Service will increase the cost of a Forever Stamp from 66 cents to 68 cents.
The price hike is part of a rate increase proposed in October and approved by Postal Service governors in November.
But, it's not the only postage going up in price come Sunday.
How much will First Class mail cost?
The price of a First Class Forever stamp will increase from 66 cents to 68 cents.
It is the third time it has increased in 12 months after rising to 66 cents on July 9, 2023, and 63 cents on Jan. 22, 2023.
How much will other postage cost?
Information provided by USPS.
- Letters (1 ounce): 66 cents to 68 cents
- Letters (metered 1 ounce): 63 cents to 64 cents
- Domestic postcards: 51 cents to 53 cents
- International postcards: $1.50 to $1.55
- International letter (1 ounce): $1.50 to $1.55
How much will it cost for Priority Mail, other shipping?
Starting Sunday, USPS Ground Advantage prices will increase by 5.4%, Priority Mail service prices will increase by 5.7%, and Priority Mail Express service prices will increase by 5.9%, according to a USPS news release.
The Postal Service is also seeking price adjustments for Special Services products including Post Office Box rental fees and some international mail services that include Registered Mail and International Mail insurance. The PRC will review the prices before they are scheduled to take effect.
Why are U.S. Postal Service shipping costs rising?
The increases are part of the Postal Services' 10-year Delivering for America plan, enacted in 2021 by Postmaster General Louis DeJoy. The plan was "absolutely necessary to put the Postal Service on the path to service excellence and financial stability," he told a U.S. House committee in May 2023, USA TODAY reported.
Forever stamps:U.S. Postal Service releases 2024 stamp designs, more to come
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Friday, January 19, 2024
Home sales fell to nearly 30-year low as median home price hit record high in 2023 - The Hill
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Price of stamps going up again - 9News.com KUSA
WASHINGTON — Stamp prices will be on the rise yet again this weekend.
Starting Sunday, the cost of the first-class “forever” stamps will jump from 66 to 68 cents. The latest price comes after forever stamps increased twice last year.
The prices for domestic postcard stamps will increase from 51 to 53 cents and international postcards go from $1.50 to $1.55.
When announcing its intention to raise forever stamp prices late last year, the USPS cited rising “operating expenses fueled by inflation” and the impacts of “a previously defective pricing model” — noting that changes to mail service costs “are needed to provide the Postal Service with much needed revenue.”
This was also the explanation given when announcing last year's stamp increase.
The postal service stated that its prices remain among the most affordable in the world.
Sunday marks the sixth jump in forever stamp prices seen since the start of 2019, when the postage cost 50 cents apiece.
The Associated Press contributed to this report.
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Thursday, January 18, 2024
List Price Of Ozempic And Other Drugs Reportedly Rise: Here’s What That Means For Consumers - Forbes
Topline
Almost 800 medications—including Ozempic and Mounjaro—had a median list price increase of 4.5% this month, according to a Wall Street Journal report, meaning copays may increase for consumers.
Key Facts
Drugmakers increased list prices for 775 brand name drugs during the month of January, including weight loss and diabetes drugs Ozempic and Mounjaro, according to a report by the Wall Street Journal using data from 46brooklyn Research.
The average price hike of the drugs was 4.5%, the report said—which is more than the 3.4% inflation rate recorded 2023—though some manufacturers increased prices by as much as 10% or more.
Ozempic manufacturer Novo Nordisk increased the price of the drug by 3.5% to almost $970, according to the report; the company told Forbes it increases the list price of some of its drugs “in response to changes in the healthcare system, market conditions and the impact of inflation.”
Eli Lilly, the manufacturer of Mounjaro, reportedly increased the price of the drug to $1,069.08, a 4.5% increase, and it told Forbes it takes into account the “medicines’ efficacy and safety profile,” as well as overall value when raising prices.
Gilead Sciences reportedly increased the price of its HIV drug Biktarvy by 4.9% to around $3,980, Vertex Pharmaceuticals upped the price of its cystic fibrosis treatment Trifakta by almost 6% to around $25,550 and Dupixent, made by Sanofi and Regeneron, rose by 6% to around $3,800, according to the report.
There were also reportedly an “unprecedented” amount of drug price decreases—mainly for insulin and inhalers— this year, according to 46brooklyn Research, including a 70% cut in GlaxoSmithKline’s inhaler Advair Diskus, and insulin price decreases between 65% and 80% from Eli Lilly, Novo Nordisk and Sanofi—the largest manufacturers of insulin.
What This Means For Consumers
The retail price of drugs is determined by discount negotiations, or rebates, made between pharmacies and their middlemen and insurers, according to the Congressional Budget Office. Because of these negotiations, drugmakers don’t get paid the full list price of medications. Consumers may only pay a copay for drugs depending on their health insurance plan, and even those with high deductibles don’t typically pay the list price. However, because the amount consumers pay is related to the list price, an increase in list prices typically means an increase in copay. Companies predict the price increase won’t limit consumers’ access to their drugs. “These medicines are broadly available through insurance coverage in the U.S., more than 99% of eligible, covered [cystic fibrosis] patients have access,” Vertex Pharmaceuticals told Forbes.
What To Watch For
Drugmakers typically announce drug price increases within the first few weeks of the year. Several companies like Johnson & Johnson have not posted any increases as of yet, according to 46brooklyn Research’s data.
Key Background
The topic of drug prices has been a salient concern among the Biden administration. The administration announced in December 2023 it would penalize drugmakers that raised the prices of drugs faster than the rate of inflation and pay Medicare a rebate as a part of the Inflation Reduction Act. Under the law, Medicare has the power to negotiate drug prices for some costly Part B and Part D drugs. The first 10 drug prices Medicare is negotiating include insulin, stroke and diabetes drugs, and a final decision on prices is expected to be announced by the fall, though it won’t go into effect until 2026. The act also tackled insulin prices—which are seven to 10 times more expensive in the U.S. compared to other countries—by capping the cost at $35 for Medicare beneficiaries. Health insurance savings of $800 a year were also promised to 15 million Americans, and a yearly cap of $2,000 starting in 2025 for out-of-pocket Medicare expenses are also a part of the act.
Further Reading
FDA Approves Diabetes Drug Mounjaro For Weight Loss Under Brand Name Zepbound (Forbes)
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What drives the price of gold? - CBS News
Have you considered investing in gold? If so, you may know that investing in the precious metal is very different from investing in publicly traded companies. After all, gold doesn't provide dividends, it doesn't have a managing body and it will never be the target of a corporate acquisition. On the other hand, it does have significant value.
Not only does gold have value, but that value changes with time — which is why investors often look to the commodity as a way to grow or stabilize their portfolios.
But where does that value come from? If earnings reports and acquisition chatter don't cause movement in the price of gold, what does?
Add gold to your investment portfolio today.
What drives the price of gold?
Before you make any investment, it's a good idea to do your research and get to know the asset you're buying. So, if you're thinking about investing in gold, it's a good idea to learn about what causes changes in the commodity's value.
"Gold sure is pretty to look at and people have been mesmerized forever by the allure of gold and what determines its price," says Steve Azoury, ChFC and owner of Azoury Financial in Troy, Michigan. "It's believed that three factors usually drive the movement in the price of gold."
Those factors include:
Inflation
The most common driver for gold's price is the expectation of inflation, says Azoury. Inflation "increases investors' interest to purchase, and thus the supply and demand factor takes over, raising the prices." But why does inflation drive the price of gold?
When high inflation sets in, the United States dollar loses value. Over time, seemingly small changes have a significant impact on your ability to trade a dollar for goods and services. Just think about the difference between prices when you were a kid and prices today. Today's dollar simply doesn't buy as much.
Gold has a close relationship with inflation in that when prices rise, the value of gold tends to rise as well. As such, investors often look to gold as a way to protect the value of their portfolios during inflationary periods.
Protect your portfolio from inflation with gold today.
Long-term interest rates
"The second factor impacting the price of gold is expected long-term real interest rates," says Azoury. "A rise in interest rates usually drives down the price of gold. A decrease in the interest rate will do the opposite, increasing the price of gold."
So why do long-term interest rates cause movement in the price of gold? It's a matter of competition.
Gold doesn't offer a coupon rate, dividend or any other cash return. The return on the commodity is solely determined by its growth in value. Long-term interest-based investments, like treasuries, have a value that's tied to their percentage-based returns.
Both of these assets are considered safe-haven investments. As such, when long-term interest rates are high, treasuries are more attractive, which can lead to declines in the demand for, and therefore the price of, gold.
On the other hand, as long-term interest rates fall, bonds and treasuries tend to lose their momentum — leading to higher demand for gold.
Market and economic conditions
"Finally, the third factor that drives the movement in the price of gold is uncertainty in the market," says Azoury. "Gold prices seem to protect against bad economic times, which some refer to as the pessimism about the future conditions factor. People seem to flock toward gold when the economy is in bad shape."
Ultimately, gold is a safe-haven asset. So, when the market and economic conditions are concerning and investors are seeking safety, they tend to flock to gold — causing its price to climb.
How to add gold to your investment portfolio
As a safe-haven commodity, gold has a place in just about any investment portfolio. So, how can you add it to yours? Here are a few options:
- Physical gold: You can buy physical gold coins and bars and store them in your safe or a depository.
- Gold ETFs: Gold exchange-traded funds (ETFs) pool money from a large group of investors and use that money to purchase physical gold. Shareholders share in the gains that gold produces based on the number of shares they own.
- Gold mining ETFs: Gold mining ETFs pool money from a large group of investors and typically use that money to invest in a diversified portfolio of mining stocks. Purchasing shares in these funds usually gives you exposure to gold as well as the potential gains associated with the companies that produce it.
The bottom line
Several factors play a role in the price of gold, but it all boils down to one thing: the law of supply and demand. When economic or market conditions lead to an increase in gold's demand, you can expect to see gains in the price of the commodity. On the other hand, when gold's demand decreases, the price of the commodity typically follows.
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Wednesday, January 17, 2024
Steve Wynn Relists Beverly Hills Home for $75 Million, Major Price Drop - TMZ
Steve Wynn's taking another shot at unloading his massive Beverly Hills estate -- and in this economy ... he's had to slash the price by quite a bit compared to 3 years ago.
The casino mogul has put his mega-mansion back on the market after first listing in 2021 for a whopping $125 million. Now, he's willing to accept much less -- listing the pad for a cool $75 mil ... marking a huge $50 million discount.
Mind you, the dip here was gradual ... SW and co. first dropped the price 6 months after first throwing up, asking for $115M, the dropped it further in March 2022 at $100 mil ... and finally, cut it down some more in January 2023, asking for just $85 mil. Now, it's just this.
It goes without saying ... the housing market just isn't as hot as it was during the pandemic -- and this figure seems to reflect that. With that said, that dough will fetch you a palace.
The property features a humongous main house that has 11 bedrooms, 16 baths and over 27,000 square feet of living space that sits atop 3 acres total. Like we said ... it's big!!!
Of course, it's got all the bells and whistles of luxury too ... including a wine cellar, a pool house, an outdoor kitchen, a championship tennis court with a pavilion, a massage room, a full gym, a state-of-the-art screening room -- just to list a few perks.
If you've got an extra $75 mil lying around, you can live like a king ... or a real estate tycoon, more like.
Kurt Rappaport of Westside Estate Agency Inc. holds the listing.
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Alec Baldwin puts Hamptons home back on market with $10M price cut and a video of himself - New York Post
Actor Alec Baldwin’s luxurious Hamptons estate, located at 335 Town Lane in Amagansett, has made a grand re-entrance onto the sales market, and guess who’s stealing the spotlight?
None other than Alec Baldwin himself.
The lavish property, as reported by Behind the Hedges, is now listed for $19 million, marking a $10 million drop from its initial listing price back in September 2022.
This comes after a brief hiatus from the market, as The Post previously reported, with the estate being temporarily withdrawn, only to return with the massive price cut.
The latest listing is accompanied by a 2-minute video showcasing the property, with Baldwin taking center stage.
In the video, he can be seen strolling on the nearby beach and exploring the expansive 10-acre grounds.
“You just can’t get this out here, you can’t buy big pieces of land, especially in Amagansett,” Baldwin, 65, enthusiastically declares in the promotional video.
The Amityville native acquired the estate in 1995 for a mere $1.7 million, and over the years it has undergone substantial expansions.
With two additions in the last three decades, the main home now boasts an impressive 10,000 square feet.
Moreover, the property has approval for the construction of a separate 10,000-square-foot home, in addition to potential expansions for the existing four-bedroom, seven-bathroom residence.
Baldwin initially set the bar high with a listing price of $29 million. However, realizing the evolving market dynamics, he made strategic price adjustments, first dropping it to $25 million at the beginning of 2023, and later to $22.5 million.
The listing remains under the guidance of Saunders & Associates’ Scott Bradley and Michael Cinque.
While the estate takes center stage, Baldwin has been a busy player in New York real estate.
In 2022, Baldwin and his wife, Hilaria, sold their upstate lake house for $530,000.
Simultaneously, Baldwin has discreetly explored options for his Manhattan penthouse in Greenwich Village.
On a more pastoral note, the couple invested in a picturesque 55-acre farm in Arlington, Vermont, for a cool $1.7 million.
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Tuesday, January 16, 2024
Here are the 20 cities where home prices could see the biggest gains in 2024 — and where prices could fall - CBS News
The real estate market was brutal for home buyers in 2023 as mortgage rates soared above 8% and home prices touched a record high in June. In 2024, buyers in some markets may again not get much of a break, according to a new forecast.
While home prices are expected to appreciate by 2.5% nationally this year, residential real estate in 20 U.S. cities could see pricing gains of at least double that rate, property research firm said. At the same time, a handful of metropolitan areas could see home prices fall, the analysis found.
Only about 16% of homes were affordable for the typical home buyer last year, Redfin economist Zhao Chen told CBS News last month. By comparison, the share stood at about 40% prior to 2022, when mortgage rates began to creep upwards in response to the Federal Reserve's move to start hiking interest rate hikes to combat inflation.
Typically, higher financing costs can weigh on home prices because buyers have to adjust their budgets to compensate. But 2023 bucked that trend as buyers competed for scarce inventory.
"This continued strength remains remarkable amid the nation's affordability crunch but speaks to the pent-up demand that is driving home prices higher," CoreLogic economist Selma Hepp said in a recent analysis.
Where home prices could jump in 2024
The cities forecast to see the greatest increase in home prices this year range from Alaska to Arizona, while five are in California and four in Washington state.
The top gainer is likely to be Redding, California, where homes could jump by 7.3% this year, CoreLogic projected.
Redding, a city of about 90,000 residents in Northern California, has a median home price of about $375,000, according to Zillow.
Where prices could fall
Meanwhile, CoreLogic said a handful of cities are at risk of price slumps, with its analysis suggesting these areas face a 70% chance of a price decline.
Many are regions that saw big pricing gains during the pandemic, such as Florida's Tampa-St. Petersburg metropolitan area, where housing costs have soared 72% since early 2020, prior to the pandemic. Four of the five cities that could see the sharpest price declines are in Florida, according to Florida.
1. Palm Bay-Melbourne-Titusville, Florida
2. West Palm Beach-Boca Raton-Delray Beach, Florida
3. Tampa-St. Petersburg-Clearwater, Florida
4. Delta-Daytona Beach-Ormond Beach, Florida
5. Atlanta-Sandy Springs-Roswell, Georgia
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The Actual Louisiana Purchase Price - JSTOR Daily
It’s one of the most famous financial figures in American history. In 1803, the United States paid France $15 million for the Louisiana Territory. Henry Adams, in his 1909 history of the Jefferson administration, described the amount as “almost nothing.” At the 150th anniversary in 1953, Bernard DeVoto termed it “fantastically small.” Today, website after website translates the amount into terms everyone can understand: “4 cents an acre.”
These numbers may be the last vestige of the tradition of erasing Native Americans from American history.
Historian Robert Lee, who quotes the historians above, writes that the $15 million “has long signaled one of world history’s most spectacular real estate windfalls.” This triumphalist vision of American history obscures things, however, and quite a bit more money. Lee does the math.
The Louisiana Territory was, of course, already inhabited. Under the doctrine of discovery, what the US actually purchased from the French wasn’t title to land but the right of preemption. Preemption was the legal authority—or legal fiction, depending on how you look at it—to be the sole purchaser of land from Indigenous people in the territory. The Louisiana Purchase was therefore only the starting cost. For decades afterwards, the US purchased Native American land in the former territory, often at outrageously undervalued prices.
“A violence-backed power imbalance favored US negotiators but never eliminated Indian leverage completely, resulting in a piecemeal take over” writes Less. The result? What another historian, quoted by Lee, calls “conquest by contract.”
So how much did the US pay Native Americans for the actual land in the Louisiana Territory, not counting land taken by executive order and other non-compensated methods?
“The sheer scope of the exchange has discouraged active investigation,” writes Lee.
Hundreds of treaties, agreements, and land seizures carved chunks out of Indian country. Promises of future goods and services as consideration have prevented agreements from projecting costs reliably. Broken treaties, altered agreements, and fragmented compliance combine to make it far more difficult to assess the amount expended for Indian title.
As Lee notes, some payments were still being budgeted for in 2015: a “$30,000 appropriation for a Pawnee cession of 10 million acres made in 1857.”
To come up with a more realistic figure of the total paid to Native Americans for the Louisiana Territory, Lee dug into financial audits used in legal proceedings since 1881, when Congress passed a jurisdictional act that allowed the Choctaw sued the US in the Court of Claims. Since then, “tribes have doggedly pursued claims for economic damages caused by broken or inequitable treaties, compelling auditors to dredge up information otherwise obscured by the splintered complexity of payments.”
Indian claims cases “crested in the 1930s.” Hundreds more cases were heard after the 1946 establishment of the Indian Claims Commission. After 1978, these cases “subsided but never ceased.”
The Court of Claims rarely ruled in favor of Native Americans. When it did, “offsets” were typically deducted from the awards, reducing them as much as 90 percent, including for the cost of children “recruited”—we would say “kidnapped” or “stolen” today—into boarding schools. A seven-year study of Sioux claims over the taking of the Black Hills, for instance, listed more than $34 million (in 1931 dollars) in potential offsets to any claims awards.
Nevertheless, the records of these cases are troves of financial data. Tallied and mapped, the results of Lee’s forensic accounting investigation show that the “aggregate disbursements made from 1804 to 2012 for discrete Indian cessions within the Louisiana Territory” add up to $2.6 billion. This price tag “dwarfs the $15 million deal for preemption. Adjusted for inflation, the figure is comparable to roughly $418 million in 1803 dollars or more than $8.5 billion in 2012—far more than historians have thought.”
In short, it cost a lot more than what Napoleon received. Not that Napoleon made out badly: he is supposed to have thought the territory worth 50 million francs; the US paid him 60 million francs plus 20 million francs in debt relief, funding for his plans for European empire rather than a more phantasmagorical North American empire.
This, of course, is only an economic accounting, not a moral one.
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Monday, January 15, 2024
Price analysis 1/15: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE - Cointelegraph
Bitcoin price is trying to stabilize after a sharp fall, indicating that the froth may be out of the system.
After years of rejections, Bitcoin (BTC) exchange-traded funds (ETFs) finally started trading last week. Speculators expected the event to boost Bitcoin’s price, but that did not happen. That led to total sales of about $4.7 billion, according to CryptoSlate research and data analyst James Van Straten
The Crypto Fear & Greed Index that has been in “extreme greed” with a score of 76 recently has plunged to neutral at 52. This is a positive sign as it shows that much of the froth may be out of the system.
With the "sell the news" event out of the way, traders are likely to focus on the macroeconomic data. All eyes are on the United States Federal Reserve, which is expected to start cutting rates as early as March, according to the CME Group’s FedWatch Tool data. If that happens, risk-assets are likely to do well.
Is the correction in Bitcoin and altcoins over? Could the major cryptocurrencies resume their uptrend in the short term? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) turned up from the 20-day exponential moving average (4,727) on Jan. 8, indicating that the uptrend remains intact and traders view the dips as a buying opportunity.
The upsloping moving averages indicate that buyers have the upper hand, but the negative divergence on the relative strength index (RSI) warrants caution. If the value maintains above 4,800, the index is likely to ascend to the psychologically important level of 5,000.
On the downside, the 20-day EMA is the first support to keep an eye on. If this level gives way, it will suggest that the buying pressure is reducing. The index may then fall to the 50-day simple moving average (4,601).
U.S. Dollar Index price analysis
The U.S. Dollar Index (DXY) has been consolidating in a downtrend near the 20-day EMA (102) for the past several days.
The flat 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price sustains below the 20-day EMA, the bears will try to pull the index to the critical support at 101.
On the upside, the bulls are likely to face selling at the 50-day SMA (103). A break and close above the 50-day SMA will suggest the start of a stronger recovery to 104.50. This level may again witness strong selling by the bears.
Bitcoin price analysis
Bitcoin broke and closed below the support line on Jan. 14, signaling that the bears are trying to make a comeback.
The 20-day EMA ($43,693) has started to turn down, and the RSI is near 46, suggesting that the bears hold a slight edge.
Any recovery attempt is likely to face selling at the 20-day EMA. If the price turns down from the overhead resistance, it will signal a shift in the sentiment from buying on dips to selling on rallies. The BTC/USDT pair may fall to $40,000 and later to $37,980.
Contrary to this assumption, if buyers overcome the barrier at $44,700, it will suggest that the corrective phase may be over. The pair will then try to reach the psychologically important level of $50,000.
Ether price analysis
Ether (ETH) is correcting in an uptrend with the bulls trying to keep the price above the immediate support at $2,458.
The upsloping 20-day EMA ($2,398) and the RSI in the positive zone indicate that the bulls are in command. If the price turns up from the current level or rebounds off $2,400, it will signal strong buying on dips. The ETH/USDT pair may then rally to $2,717. If this level is scaled, the next stop could be $3,000.
This positive view will be negated in the near term if the price continues lower and plunges below $2,400. That could sink the pair to the 50-day SMA ($2,282) and eventually to $2,100.
BNB price analysis
BNB (BNB) dipped below the 20-day EMA ($301) on Jan. 12, but the bears could not sustain the price below the 61.8% Fibonacci retracement level of $291.
That started a relief rally, which picked up momentum on Jan. 15. If buyers hold the price above $317, the BNB/USDT pair could rise to $338 and thereafter dash to $350. The $350 level is likely to attract strong selling by the bears, but if bulls overcome this barrier, the pair may soar to $400.
The important level to watch on the downside is $291 because a slump below it could tug the price to the neckline.
XRP price analysis
Attempts by the bulls to start a recovery in XRP (XRP) stalled near the downtrend line on Jan. 11, suggesting that the bears remain in control.
The downsloping 20-day EMA ($0.59) and the RSI below 43 suggest that the path of least resistance is to the downside. The selling could accelerate if the price plummets below the $0.56 support. That will clear the path for a drop to $0.50 and then to $0.46.
If buyers want to prevent the decline, they will have to shove the XRP/USDT pair above the downtrend line. That will invalidate the bearish pattern and start a relief rally to $0.67 and eventually to $0.74.
Solana price analysis
Solana (SOL) returned from the downtrend line on Jan. 14, indicating that the bears are vigorously protecting the level.
The 20-day EMA ($96) has flattened out and the RSI is near the midpoint, signaling a balance between supply and demand. If the price skids below the uptrend line, the SOL/USDT pair may tumble to $67.
Related: Here’s what happened in crypto today
Alternatively, if the price rises above the downtrend line, it will suggest that the correction may be over. The pair could then travel to $117 and later to $126. Buyers will have to clear this hurdle to signal the resumption of the uptrend.
Cardano price analysis
Cardano (ADA) has been falling inside a descending channel pattern for several days, but a minor positive is that the bulls have maintained the price above the breakout level of $0.46.
If buyers kick the price above the 20-day EMA ($0.55), the ADA/USDT pair could climb to the downtrend line of the channel. A break and close above the channel will indicate that the downtrend could be over. The pair may then surge to the overhead resistance at $0.68.
Contrarily, if the price turns down from the 20-day EMA, it will suggest that the bears continue to sell on rallies. That will increase the likelihood of the pair dropping to the support line of the channel, where the buyers are likely to step in.
Avalanche price analysis
Avalanche (AVAX) has been trading below the breakdown level of $38 since Jan. 12, but the bears have failed to sink the price to the strong support at $31.
The 20-day EMA ($37.32) is gradually sloping down, and the RSI is just below the midpoint, indicating a slight advantage to the sellers. If the 50-day SMA ($35.68) support gives way, the AVAX/USDT pair may retest the $31 support. A strong bounce off this level may keep the pair rangebound between $31 and $43.50 for some time.
The next trending move is likely to begin after buyers drive the price above $43.50 or bears pull the pair below the crucial support at $31.
Dogecoin price analysis
Dogecoin (DOGE) has been sustaining below the 20-day EMA ($0.08) for the past few days, but the bears have failed to sink the price to $0.07.
The downsloping 20-day EMA and the RSI in the negative territory indicate an advantage to sellers. If the price turns down from the current level or the 20-day EMA, the bears will again try to sink the DOGE/USDT pair to $0.07.
Contrary to this assumption, if the price breaks above the 20-day EMA, it will suggest that the bears are losing their grip. Buyers will then try to propel the pair to the stiff overhead resistance zone between $0.10 and $0.11.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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