Farmers will get roughly $46 billion from US taxpayers this year (mostly for very large farmers reliant on exports): government support will account for about 40% of total farm income this year. Debt in the farm sector is projected to increase by 4% to a record $434 billion this year and farm bankruptcies have continued to rise across the country, especially for smaller farmers.
Meanwhile, the coronavirus pandemic may end up costing Americans $16 trillion, far more than anyone predicted when the virus first emerged in the US back in March. This is according to a new study published in the Journal of the American Medical Association, co-authored by former Treasury Secretary Lawrence Summers and Harvard University economist David Cutler.
Consider this: While AMAZON PRIME DAY entices us with deals, remember that each time you click online for a purchase you may be taking away a sale from a local store that creates the very fabric of our neighborhood…..once that is gone, it’s very tough to get it back! I am all for convenience but know that you wield much more power over your environment than some might lead you to believe.
And while I am on the subject of convenience; if you truly want to support local restaurants, consider NOT using the meal delivery services like Doordash or Uber Eats. Those services cost the restaurants as much as 40%. If you instead walked, biked, or drove down the street to pickup your take-out food, the savings to the restaurants could make the difference as to whether they survive the downturn or not.
In real estate news…
Our North Santa Monica market is currently even with where it was last year at this time. What is impressive about this is that despite the distractions of politics, the election and a global pandemic we had a very busy summer market. At the mid-year point our market was down about 25% and in the third quarter it caught up to last year’s numbers.
Right now we have 28 active listings in 90402, which have been on the market for an average of 56 days. 10 properties are in escrow and 11 have closed in the last 30 days, with an average sales price of $4.4M.