I finally did it. Over the weekend I ported this blog over from Tumblr to WordPress. I had been thinking about doing this for a while, but kept putting it off (1) because of the work involved and (2) because I was worried about my permalinks changing. About 35-40% of the visits to this blog come from organic search. I'm on the first page when you Google "real estate developer."

I had been using Tumblr since I first started writing this daily blog back in August 2013. But it started feeling increasingly limited. It isn't great for longish-form blogs like this one and it is terrible at handling photos and other embedded content. (I plan to post more of my photography now.) The last straw for me was the inability to blog from a mobile device. I tried that over the weekend and it was bad.

I was also starting to feel like the product was on the decline. Yahoo acquired Tumblr in 2013 for $1.1 billion. Tumblr hadn't yet figured out how to effectively monetize its platform and Yahoo needed a cool social product in their portfolio. But that deal doesn't seem to have gone as planned, at least not for Yahoo.

So here I am on WordPress. I'm still working out some of the kinks, but I think we're almost there. If you're reading this post in your inbox, it should be business as usual. If you're reading this post on the web, you'll notice a few differences (I'm still fine tuning the design).

Regularly scheduled programming will resume tomorrow now that we're just about setup.

A few days ago it was announced that Blackstone has entered the multi-family space in Canada through a JV with Starlight Investments. They are buying 6 undisclosed multi-family buildings. 5 in Toronto. And 1 in Montréal. The total is 746 units.

The message in the press release is that apartment buildings in Canada are difficult to find and buy at meaningful scale. Most are held by small private investors and those owners are reluctant to sell. 

At the same time, places like Toronto and Montréal have built relatively little purpose-built rental over the past few decades. Supply is restricted. 

This is an interesting stat from the announcement: The Canadian rental market is about 2 million housing units. Dallas, alone, is 500,000 units. But this must only be purpose-built, investment grade, and/or some other subset of units. Because there are over 14 million private households and over 4.4 million rented households in Canada (2016 data).

They also hint at a longer-term relationship between Blackstone and Starlight. Perhaps that will translate into some purpose-built rental development in the future.

On a related note, I recently picked up the book, King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. It was published in 2012, so it’s not new. But as soon as I stumbled upon it, I picked it up. It was new to me.

Once I’m finished it maybe I’ll report back here on the blog.

Photo by Warren Wong on Unsplash

So Amazon is buying Ring (they make video doorbells, among other things) for north of $1 billion. Supposedly, it is the second largest acquisition that Amazon has ever made – the first was Whole Foods.

If you consider that Amazon is also looking to enter the delivery business, it should be obvious that they want to control everything related to the home delivery process.

For one, it likely enhances Amazon Key and helps with the “porch pirate” problem. Apparently Amazon has had to restrict same-day delivery from some high crime neighborhoods because of this exact problem.

And there’s already speculation about what this could mean for grocery deliveries. Amazon needs to find a frictionless way to get your food orders into your refrigerator. 

There are also many possible tie-ins to Alexa/Echo. It’s probably safe to assume that Jeff Bezos sees a lot more than just a doorbell with a camera in it.