MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 9/25/2023 – 10/2/2023
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* Oil that is produced in different parts of the world via different methods delivers different profits….. Crude oil is produced worldwide from various locations, such as traditional oil wells, deep-sea (ocean) wells, oil shale fracturing, and Canadian tar sands. The cost to produce a barrel varies from about $20 per barrel in Saudi Arabia’s deserts to $90 per barrel for some deep-water wells. PS: More than 80% of the world’s largest yachts are owned by Gulf nationals. Big profits further fueled by OPEC production cuts buy big yachts?
– Mark Cuban, when asked in a recent GQ interview what the “key to selling well” was.
* Ticketmaster sold over 295 million event tickets in the first 6 months of 2023, up nearly 18% year-over-year, as many consumers opted to spend on vacations and experiences instead of saving for bigger purchases….like homes. Bloomberg calculations show that the poorest 80% of the US population now have less cash on hand than they did before Covid. (WSJ)
* In March 2020, student loan payments were halted. 40 million people collectively owe more than $1.6 trillion in education-related debt in the US fueling concerns that discretionary consumer spending will take a hit as the average student has a payment of around $300 per month starting in October…..that’s around $1,2 billion not being spent in the rest of the US economy per month….. Several retail brands including Walmart, Target and Levi Strauss have warned that the resumption of payments could negatively affect their earnings in the second half of 2023. Will they raise prices to make up the difference? (Bloomberg)
* The average price per gallon of gas in the US($3.83 per gallon) is up 2.95% from a year ago. In parts of California the price is close to double national averages. California has a special blend and there is a lack of refining capacity. California’s gas tax is currently $0.58 per gallon, the highest in the US. Motorists also pay around $0.42 more per gallon towards the state’s environmental initiatives, plus added federal tax. Since 1993 we all pay a Federal excise tax of $0.183/gal for gasoline and $0.243/gal for diesel. EV’s power is not free and averages between $11 and 14 per 100 miles of range. If the average US gas powered car gets 25 miles per gallon, that’s an average cost of $15.32 per 100 miles.
Courtesy of Stephen Lascher, Wells Fargo
