Jake Miles

One pretty cool thing I've observed about top brokers: The ones crushing it are not telling anyone (but a specific target market) that they are crushing it. Their confidence is quiet, and there are apparent healthy patterns to observe in their life. Enlarged capacity is obvious — a flurry of activity but moving with purpose. Not talking about individual wins but plenty of spotlight on the team and thankfulness for clients. If you consistently see someone bragging about their success, they likely don't have much going on. Snowballing wealth and success are pretty quiet. Goals.

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With rates pushing in 7% i hear many folks keep referring to the ~80s when “the rates were in double digits and no one complained” (somehow forgetting SFRs were on average about 3x of income). Compare that to today’s market where SFR goes for 7-8x of income - and you won’t be surprised why millennials are the first generation in America who aim to be a homeowner only in their late 30s~ early 40s. 

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Going Solo: The Rise of Single-Tenant Rentals Salt Lake City was the leader in solo rental growth (with an increase of 24.9%), followed by McAllen (24.2%), and Austin (23.9%). RentCafe notes that the draw for many single renters in these areas is the surge in economic development they’ve seen in recent years. In Salt Lake City, for example, the rise of tech and the healthcare sectors mean an influx of new residents pursuing a different pace of life and a thriving job market. Similarly, Austin has seen massive growth in the tech sector, making it an attractive proposition for industry professionals. On the other end of the scale, in metros like San Jose, San Francisco, and Los Angeles, renters typically need a much higher income to afford properties on their own. As a result, those cities had the lowest proportion of solo renters. Read the entire article - https://ow.ly/7bAw50Ri7US

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August 2024 Real Estate Market Analysis & Infographic Burbank, CA   Home Values Steady The Median Sold Price peaked recently at $1,405K in April, dropping to $1,328K this month. In August, 2023 the Median was $1,352K. Median sale price year over year was down $24K or -1.8%. The Living Square Area decreased from 1,807 Square Feet Aug 2023 to 1,695, a decline of 112 Sq. Ft. or -6.2%.  The Average Sold Price Per Square Foot decreased from $831.56 in 2023 to $813.62 in Aug -  a decrease of  -$17.84, -2.1%.   Mortgage Interest Rates Increasing The Jumbo 30-Year Mortgage Rate was 7.18% in Aug. 2023 according to Bankrate.com, peaking at 8.02% in December, and finishing Aug 2024 at 6.69%. Buyers waiting for lower mortgage rates may face a problem of values remaining strong as the rate has been slowly decreasing.   Buyer Perspective – Strong Demand Continues Over half the Sold listings received an accepted offer within 11 days, the same as July.  In August, 2023, over 70% of listings sold above list price –so we conclude the market is cooling.   Seller Perspective- Correct Pricing Is Essential About one-quarter of Active listings have made price reductions averaging -$107K and after 64 Days In MLS are still on the market. Two-thirds of the Active listings are averaging 23 DIM before receiving an offer, compared to 32 DIM a year ago   Overbidding Decreases As interest rates have dipped slightly buyers are still competing. The Average List Price to Sold Price Ratio was 100.0% in August, down from 102.5% in July.   Months of Inventory MOI increased from 1.5 in 2023 to 2.1 in Aug. 2024 (below 2.0 MOI indicates a strong sellers market). Although still low from a long-term perspective, MOI increases can be another sign that demand could be weakening.   Celebrating Twenty Years Serving Our Clients We offer free, No-Obligation Highest Price Analysis, looking at your property from the buyer perspective and how you could maximize the sale price and profit. Ask for our free report, “Selling For The Best Price In Any Market in 2024”.   #homevalue #larealestate #kweso #realestatelife #realtorlifestyle #realtorlife #ownahome #sellahome #greaterlosangeles #listingspecialist #realestateexperts #losangeleshome #realestatelife #realtorlifestyle #realtorlife #ownahome #sellahome #greaterlosangeles #listingspecialist #realestateexperts #kellerwilliams #SoremandAssociates #KeithSorem #PamSorem  

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I lost money on this deal. 7-8 months ago, after 2 years of ownership, I convinced my partners to sell one of our Mobile Home Parks. I invested $125K and got back roughly $118K - $7K down the drain - 2 years of work for nothing (some very valuable learnings, nevertheless) - Stress went down to 0, which is nice So, at the turn of the year, I put that money in Berkshire stock, which is up roughly +15% YTD Therefore, I made some $17K this year. If I kept the park, I'd still be at $0 (and working on it :-/) What's the point of the story - 1. In your path you will encounter set downs, but recognizing those, getting rid of losers and moving forward as efficiently as you can, is how you overcome these obstacles and persevere. 2. My partners didn't want to sell, because they didn't want to "recognize" the loss. They were hoping we'd re-animate the dead horse. This was emotional decision and has no place in business. 3. When one door closes, another one opens, but we look at the closed door so long, we missed the new opportunity in front of us. Today, I'm wealthier and happier due to this decision. We all make mistakes. How quickly we move on - that's the most important thing. #realestate #wealth #change

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I sold some real estate earlier on the year and got about $300K worth of equity back to me earlier this year. I haven't bought any new Real Estate in 2024 and put this excess cash into stockmarket for the time being. That account is up about $45K YTD (about 15%). I didn't make a ton of money on those properties all together maybe $10-12K (loss of 7K on one and gain of 20K on another). This is not a "successful" sale in my book, but rather repositioning from poorly performing to better performing assets. Nobody wants to invest and not make money, but holding onto loser properties doesn't make financial sense. Many people think that "you didn't lose money until you sell", but I don't. I think the value is what the value is at any point in time, and even if that's unrealized loss - it's a loss. The only question always is (at any point in time): "Is this the best place to have your money in?" For me - it was not in these properties. The key is selling losers and holding onto winners. Don't let your ego comes ahead of the results. Onward and upward! #investing #realestate #stocks

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I came across this chart today I know that the average rent growth in the past ten years is about 3.18% every year. The growing sunbelt region has decreased rent growth immensely. Salt Lake City is one of the fastest growing cities in America, but not the rent growth. We have seen a massive amount of new multi-family and single-family supply enter the market. I often see apartment buildings offering concessions like: "First month's rent is free!" or builders willing to buy down home buyer's rates. What do you think about Salt Lake City's real estate market today? What does the future hold for us?

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Friday Graph: Is There a Flight to Quality in Utah's Industrial Market? The graph I created below on Salt Lake County's year-to-date industrial leases paints a compelling picture. In the 0-10,000 SF lease range, the average building age is 36 years old (built in 1988), highlighting a common challenge across many markets—it's simply harder to make small buildings pencil out. There's also a clear trend: the larger the leased space, the newer the building. This suggests that new construction, particularly in larger spaces, will continue to thrive. It's also worth noting that there are limited options above 300,000 SF in Salt Lake County, and most of them are newer facilities. Functionality is a key factor in space selection, with larger spaces offering higher ceilings, which can greatly enhance efficiency. Tenants in distribution, in particular, value vertical space to maximize operational effectiveness. While the data doesn't indicate a significant "flight to quality" trend in Salt Lake County, it does highlight some fascinating dynamics that reinforce the value of new construction in attracting above-average demand. Jeremy A. Jensen, SIOR, CCIM Travis Healey Tom Freeman Skyler Smith Jeremy Terry

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Digging into the data on deliveries in Seattle, Q1 2024 had either the most, or second most (except for townhouses), amount of all types of residential unit deliveries over the past four years including: Apartments: **1st - Q1 2024 (4,260)**, 2nd - Q4 2023 (2,603) Single-Family: 1st - Q2 2023 (179), **2nd - Q1 2024 (168)** Townhouses: 1st - Q2 2021 (391), 2nd - Q4 2020 (388) ADU/DADU's: 1st - Q2 2023 (274), **2nd - Q1 2024 (257)** Congregate: **1st - Q1 2024 (137)**, 2nd - Q2 2022 (106) New applications are up 11% from the same period last year, and building permit issuance has been essentially flat, down 1%. Despite all this new supply coming online, rent increased 0.6% in Seattle in May. Compared with a 0.5% nationwide increase, per Apartment List. Year-over-Year rent growth in Seattle now stands at +0.8%.

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We just bought a 20-story tower for $32 per square foot. New construction costs? $600+ per square foot. That's not a typo. We're calling the bottom of the Bay Area office market. Here's why: The math is undeniable: • Insurance says it can't be replaced under $150/sq ft • New construction costs 1,875% more than our purchase price • The asset is still incredible: Building includes a 635-bay parking garage • Direct connection to 19th St. BART station • 15 minutes to Downtown SF, 9 minutes to Berkeley This is how market bottoms work: 1. Buildings empty 2. Loans default 3. Banks won't lend 4. Institutions won’t invest and will even “blacklist” your geographic market or asset type 5. Average person says “there is no hope” Only one private cash buyer remains… We bought 1950 Franklin for 6% of what it cost to build 1900 Broadway next door. Here's the opportunity: - Construction costs rarely fall, meaning your cost basis advantage is nearly permanent - Recovery doesn't lower your cost basis - Only revenue increases - Buying right is everything What does this mean for tenants? We can offer AI companies and startups Class A space at a fraction of market rates. When you buy at $32/sq ft, you can: - Build premium amenities - Add entertainment spaces - Create destination offices - Still charge competitive rents That's how you attract talent back to offices. The market feels uncertain. But when skies clear, these prices vanish. That's why we're pushing the gas pedal now. Question for CRE veterans: When was the last time you saw pricing this disconnected from replacement cost? #CommercialRealEstate #BayArea #RealEstate #Investment

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I’ve worked closely with over 15 different brokers who make over $1,000,000 a year, consistently. They’ve become close friends. I met them over the years. Different companies, different geographic market focuses, different product specialization, different business plans. Here’s what they all have in common: 1. They have a competitive drive that rivals pro athletes. 2. They put in 70+ hour weeks when they were young. 3. They have a NICHE: Market & Asset-type namely. 4. They focus on the long-term (not the short-term). 5. They focus on small details rather than big wins. 6. They have a passion for commercial real estate. 7. They know how to have fun (& decompress). 8. They say “No” to anything not in their niche. 9. They know their market better than anyone. 10. They don’t work alone, they have a team. 11. They understand “the right actions” win. 12. They obsess over creating efficiencies. 13. Relationships are everything to them. 14. They seek discipline over motivation 15. They are masters of their “tonality” 16. They aren’t easily distracted. 17. They focus on habits vs outcomes. 18. They are focused on what they can control. 19. They have a “positive discontent”. 20. They collaborate with other successful brokers. Too many brokers are commoditized. You want to win big? Learn this: To be paid for your mind rather than your time. P.S. Would you add anything to the list?

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I’m a 400% Return on Investment born from a $1 Hack. What Am I? The answer: $1 of Cost Savings. (Efficiencies in San Francisco and Bay Area multifamily commercial real estate operations). Here’s the math behind this powerful hack: In CRE, every dollar you save annually directly increases your Net Operating Income (NOI). If your property operates at a 5% cap rate, that $1 saved translates into an increase in property value of $20—a 400% ROI. Why Everyone’s Chasing Cost Savings The promise of reducing costs is simple yet transformational. It’s often easier and faster to cut expenses than to grow revenue. Here’s why... Cost Savings Directly Impact NOI: Unlike chasing higher rents or occupancy rates, reducing expenses immediately adds to the bottom line. For every dollar saved, the math works in your favor—especially in a low-cap-rate environment where value multiplies quickly. Predictability: Cost-saving initiatives like energy efficiency or AI-driven maintenance often have predictable outcomes. Revenue growth, on the other hand, is influenced by market conditions, competition, and tenant demand. Compounding Effect: In CRE, reducing recurring costs—such as utilities, maintenance, or management fees—compounds over time. Each year of savings amplifies the overall return. At Stak Ventures, we’re using AI and innovative tech solutions to streamline operations, reduce inefficiencies, and unlock significant value across our properties. For example: Smart Energy Management: Platforms like GridPoint help reduce energy bills by up to 30%, multiplying savings across entire portfolios. Predictive Maintenance: AI tools like Facilio reduce unexpected repair costs, ensuring smooth operations and fewer tenant disruptions. Automated Workflows: Solutions like MeetElise lower administrative overhead by automating tenant communications and leasing processes. Why Cost Savings Beat Revenue Growth in CRE Growing revenue usually means spending more: marketing, tenant acquisition, and service upgrades all come with a cost. In contrast, cost savings require a one-time investment in technology or process improvement but deliver returns for years. The Takeaway If you're in CRE, ask yourself: Where can you cut a dollar? That single move could be your easiest path to a 400% return on investment. Would you like to see more examples of specific cost-saving technologies we’re implementing? Let’s discuss! #CommercialRealEstate #CostSavings #ROI #CRETech #PropTech #RealEstateInvesting #Efficiency #AI #NetOperatingIncome #CRELeadership #BayAreaTech

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𝗝𝗨𝗦𝗧 𝗥𝗘𝗟𝗘𝗔𝗦𝗘𝗗: 𝗤𝟭 𝟮𝟬𝟮𝟰 𝗦𝗢𝗨𝗧𝗛 𝗦𝗢𝗨𝗡𝗗 𝗢𝗙𝗙𝗜𝗖𝗘 𝗜𝗡𝗦𝗜𝗚𝗛𝗧𝗦 𝗣𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝟮𝟬𝟮𝟰: 𝗟𝗲𝗮𝘀𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁: • The South Puget Sound leasing market will remain strong through 2024, with transaction volume in 2024 exceeding 2023. • We will see a slight uptick in rental rates as quality product continues to garner the most interest.  • Absorption will likely be flat as the market balances new leases with “give back” space due to the WFH trend.   𝗦𝗮𝗹𝗲𝘀 𝗠𝗮𝗿𝗸𝗲𝘁: • The South Puget Sound sales market will remain volatile through 2024, with transaction volume exceeding 2023. • We predict an increase in Value Add sales transactions as the bid-ask spread continues to shrink. • Owner/User transactions of less than 20,000 SF will be the driver of the sales market as pricing remains strong, comparable to pre-pandemic levels. 𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐝𝐢𝐯𝐞 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐧𝐮𝐦𝐛𝐞𝐫𝐬, 𝐝𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐨𝐮𝐫 𝐐𝟭 𝟐𝟎𝟐𝟰 𝐑𝐞𝐩𝐨𝐫𝐭 𝐡𝐞𝐫𝐞: https://lnkd.in/gKfb6rmw https://kmteamframe.com/ Drew Frame

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The Utah Association of Realtors released market stats for August 2024 and here is what it’s showing: - The median sales price increased 2.4% from $490,000 in August 2023 to $502,000 this year in August 2024. Prices are slowly growing! - Average days on market until sale increased 10.6% from 47 days in August 2023 to 52 days in August 2024. This means on average it 5 more days to sell a home in Utah. Slower, but still a sellers market. - Total sales reported dropped by 4.2% from 3,821 sales in August 2023 to 3,659 in August 2024. So, less activity, although only slightly less - Inventory of homes is basically how many homes were available to purchase or for a buyer to choose from. This increased by 15%! In August 2023 there were 11,583 homes available, in August 2024 there were 13,324. Let me know what you think of our market!

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Good list and it is why being a trusted, knowledgeable advisor is the value for your client not acting simply as a broker. Knowledgeable advisors create a repeatable, valuable business and brokers get a one off fee.

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Utah is #1... Again... Two years in a row... Fueled by top 5 scores in Infrastructure, Education, and Economy... Utah is still on top... Of course, now's where I tell you why INVESTING in Utah real estate is a great idea... But frankly, if you're on LinkedIn, you're much smarter than the average person Facebook, Instagram, or TikTok... So you really don't need me to tell you that the most important thing in real estate investing is LOCATION... And you already know that education and infrastructure are crucial to keeping the economic engines running... And you realize that a rip-roaring economy fuels growth in many areas (especially migration)... What you may need me to tell you is HOW to start investing in Utah... That's simple. 👉 Find someone like me that's actively purchasing apartment communities in the area (I focus on the Wasatch Front - aka Greater Salt Lake City)... 👉 Ask them if they're looking for investors... 👉 Schedule a call to interview them... 👉 Review their open opportunities... Then if you like them and like their deal(s)... You invest. My recommendation? Same as always: Don't wait to invest in real estate (in Utah)... invest in real estate (in Utah) and wait!! DM me if you're one of many that are trying to get into this hot real estate market!! #Utah

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The best investment Opportunity my team has released to date: 146 units in a market, which grew by nearly 6% in 2023 and is located in an opportunity zone. Investment highlight: - Multifamily development in Idaho - Permit in hand - Low market vacancy and low new supply - Targeted IRR 15-18% - 85/15 profit split - Over 40% already funded Comment or Dm me for additional information . . . This email is not an offer nor solicitation of an offer to buy or sell securities. Offers will be made available to qualified investors through Regulation D compliant offering documents from Cornerstone Commercial Investments LLC and its affiliates. The Regulation D Offering is being made pursuant to 506© and is strictly limited to accredited investors. Past performance is not an indication of future results. Investing involves risk and may result in partial or total loss, therefore, potential investors should carefully consider making an investment in real estate development in light of their investment objectives, risks, charges, expenses, location and other relevant factors. Cornerstone recommends that prospective investors consult with their tax, legal and/or financial advisor in connection with making any investments.

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