Michael Stoler Real Estate Newsletter
TripAdvisor Survey reports Hotel Profitability to Rise in 2013
Travelers spending and hotel profitability in the U.S. are expected to rise in 2013, according to TripBarometer by TripAdvisor, a bi-annual trend study of more than 35,000 travelers and accommodations from around the world.
Forty-two percent of U.S. travelers are planning to increase travel spending this year, and 79 percent of U.S. hoteliers are optimistic about increased profit this year, leading the world average of 68 percent. Throughout North America, 82 percent of respondents said they are optimistic about business profitability in 2013.
In addition, 56 percent of U.S. accommodations plan to increase their room rates in the next three months, making them the most bullish about rate hikes of all countries polled.
When planning vacations, U.S. travelers in 2013 are looking for a beach (21%) culture (17%) and adventure (15%). U.S. travelers are most often travel with significant other (60%), followed by flying solo (17%) and with kids (15%). For a long trip, 80% of U.S. travelers begin planning their vacation two or more months ahead of time. For a short excursion, 77 percent plan their trip within a month of departure.
What deals will motivate U.S. travelers to book in 2013? Room discounts (79%), a free night's stay with booking (51%) and free Wi-Fi (45%).
In the U.S., the majority of travelers are booking via accommodations'' website (32%), closely followed by web-based travel agencies (28%). Business owners report their own websites as the channels that generate the most bookings (50%), followed by the telephone (22%).
According to the TripBarometer, 62 percent of U.S. travelers believe it is beneficial for properties to allow them to book an accommodation via a mobile device. Similarly, 78 percent of accommodations' think it is important to allow guests to book their property on a mobile device. However, only 37 percent of U.S. business respondents currently engage with guests via mobile devices. Of those that do engage with travelers via mobile, 69 percent allow guests to book rooms on mobile devices.
The top 15 U.S. Cities Emerging Downtowns
Forbes Magazine recently provided its insight on "What's Behind America's Most Surprising Real Estate Boom?-The emergence of U.S. cities which are downtown.
One of the main factors businesses consider when deciding on where to relocate or expand is the available pool of college-educated young adults. There's one place this desired demographic, college educated professionals between the ages of 25 and 34, tends to want to live, in urban neighborhoods that are close to work and have lots of entertainment and shopping options within an easy walk. This demographics' population grew 26 percent from 2000 to 2010 in the major cities downtowns, or twice as fast as it did in those cities' overall metro areas, according to the CEPs for Cities report based on U.S. Census data.
The combination of these factors coupled with massive amount of public and private funding in downtown cities has resulted an emergence of major downtown cities.
The top 15 Cities' Emerging Downtown
- Denver, Colorado
- El Paso, Texas
- Des Moines, Iowa
- Detroit, Michigan
- Louisville, Kentucky
- Milwaukee, Wisconsin
- Cincinnati, Ohio
- Birmingham, Alabama
- Grand Rapids, Michigan
- Pittsburgh, Pennsylvania
- Memphis, Tennessee
- Atlanta, Georgia
- Cleveland, Ohio
- Los Angeles, California
- New York, New York
Beverly Hills, Aspen had highest volume of luxury real estate sales in 2012:
Luxury Daily website reported that Barring New York City, the Beverly Hills, CA, market had the highest volume of real estate sales that started at $10 million in 2012, according to the 2013 Coldwell Banker Previews International Luxury Market Report.
Other cities that ranked high in terms of the number of sales and listings of more than $10 million include New York; Aspen, CO; Montecito, CA; Bel Air, CA; Malibu, CA and Greenwich, CT.
Luxury real estate seems to be bouncing back as many affluent consumers are purchasing more homes.
Beverly Hills, CA, reported the highest volume of luxury home sales starting at $10 million in the ZIP code of 90210. This ZIP code saw 21 luxury home sales in 2012.
Other areas that saw the highest volume of luxury real estate sales in 2012 are Aspen, CO; Montecito, CA; Bel Air, CA; Miami Beach, FL; Brentwood, CA; Malibu, CA; Atherton, CA; Greenwich, CT and Miami, FL.
Malibu, CA, also topped the list with the highest number of luxury real estate listings, $10 million and up, with 65 listings.
Areas that also reported a high volume of luxury real estate listings are Beverly Hills, CA; Aspen, CO; Bel Air, CA; Montecito, CA; Greenwich, CT; Miami Beach, FL; Laguna Beach, CA; Atherton, CA and Naples, FL.
These rankings do not include New York, which reported 71 sales of luxury real estate and 176 listings of luxury real estate in 2012. The Upper East Side neighborhood in New York had the most sales and listings.
Forty-six percent of affluent men with a household income of more than $250,000 are optimistic or very optimistic about the U.S. economy, while 21 percent of women express the same sentiments, according to a monthly report from the Shullman Research Center.
Temporary casualty of the cupcake war-Buttercup Bake Shop: by the Board of Health
The competition is keen in New York City and around the nation for cupcakes. The competitors according to CBS New York, 9 Best Cupcakes in New York City Red Hook's, Food-Network featured bakery Baked; Billy's Bakery; Butter Lane; Chokolat Patisserie; Ivy's Bakery, Sugar Sweet Sunshine, Sweet Revenge, Tu-Lu's Gluten-Free Bakery, Two Little Red Hens. Other notable names and chains include Magnolia Bakery, Crumbs, Sugar Sweet Sunshine Bakery, Cupcake Café, Tribeca Treats, Baby Cakes, Amy's Bread, Sprinkles, and the famed Buttercup Bake Shop, located on Second Avenue between East 51st and East 52nd Street.
Buttercup was started by long time baker and original Magnolia co-owner Jennifer Appel, in August 1999, and has won numerous awards and featured on television. The bakery has its own cook book, "The Buttercup Bake Shop Cookbook", which was released in October 2001 and continues to be available on Amazon. Nevertheless, while walking to the office on Friday, April 12th, I noticed a sign in the window, announcing that the Board of Health has closed the establishment, by order of the Commissioner of Health and Mental Hygiene.
Arriving at the office, I searched the Internet to determine if the news had reached the World Wide Web and visited the website at www.buttercupbakeshop.com. I placed a call to the shop at 973 Second Avenue, and the recorded message stated "Buttercup Bake Shop on Second Avenue is temporary closed, the company was fulfilling past order at its location in White Plains.
A number of famous bake shops and establishments have been temporary closed over the past few years in Manhattan.
The City of New York, Department of Health and Mental Hygiene, Division of Environment Health, shutter Manhattan Magnolia bakery at 401 Bleeker Street in February. The establishment was temporary closed when the Health Department found rodent droppings in some of the storage areas. The bakery which was shut down on Valentine's Day re-opened a few days later.
Last December, the Board of Health, closed the 110 year old Glaser's Baker Shop, in the Yorkville section of Manhattan, renowned for its black and white, for having a vermin infestation on the premises.
Based upon the re-openings of other bake shops throughout the city, Buttercup will return to its normal operation after all of the boards of health standards are fulfilled.
This Week on "The Stoler Report-New York's Business Report"
"What's Happening in Newark-Part II"
The Stoler Report: What's Happening in Newark? - Part 2.
Miles Berger Berger Organization
Kevin Cummings Investors Bank
Frank Giantomasi Genova Burns Giantomasi & Webster
Steven Pozycki SJP Properties
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This week on Building New York-New York Life Stories
Debuting: Monday, April 15th at 10:30 AM
A lively conversation with Lowell Hawthorne, CEO, Golden Krust Carribean Bakery & Grill
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