october

Palm Beach Single-Family Home Median Prices Increase in October

2019 JTHS-MIAMI President Kim Price

“Homebuyers are not just buying homes in Palm Beach County; they’re moving their businesses here”

MIAMI (PRWEB) November 22, 2019
Palm Beach County single-family home median prices increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Palm Beach County single-family home median prices rose 3.3%, from $347,500 to $359,000. Palm Beach continues in a seller’s market (inventory below 6 months of supply) with months of supply trending downward, a sign of the high demand for Palm Beach real estate.
“Homebuyers are not just buying homes in Palm Beach County; they’re moving their businesses here,” 2019 JTHS-MIAMI President Kim Price said. “The IRS tax overhaul passed by Congress in 2017 has led to more residents of high-tax states such as New York and California purchasing Palm Beach real estate.”
Palm Beach County Total Home Sales Decline in October
Total Palm Beach County home sales declined 4.8%, from 2,533 to 2,412. Palm Beach single-family home sales decreased 6.2%, from 1,459 to 1,369. Palm Beach condo sales decreased 2.9%, from 1,074 to 1,043.
Lack of inventory in lower price points contributed to the decline in transactions. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Palm Beach real estate should enjoy steady growth.
Single-family home dollar volume decreased 10.8%, from $795 million to $709.3 million. Condo dollar volume decreased 0.3%, from $285 million to $284 million.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.
A new condo approval process could increase sales in the future. The new guidance, which goes into effect in mid-October, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, should yield thousands of new homeownership opportunities.
Another Month of Price Appreciation in Palm BeachPalm Beach County single-family home prices increased 3.3% in October 2019, increasing from $347,500 to $359,000. Existing condo prices decreased 7%, from $185,000 to $172,000.
Palm Beach Distressed Sales Stay Low, Reflecting Healthy MarketOnly 3.9% of all closed residential sales in Palm Beach were distressed last month, including REO (bank-owned properties) and short sales, compared to 3.1% in October 2019.
Total Palm Beach distressed sales increased 20.3%, from 79 to 95.
Short sales and REOs accounted for 0.7% and 3.2%, respectively, of total Palm Beach sales in October 2019. Short sale transactions increased 6.25% year-over-year while REOs decreased 23.8% percent.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Palm Beach Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Palm Beach single-family home sales was 54 days, a 3.8% increase from 52 days last year. The median number of days between the listing date and closing date for single-family homes was 95 days, a 2.2% percent increase from 93 days.
The median time to contract for condos was 57 days, a 9.6% increase from 52 days last year. The median number of days between listing date and closing date increased 4.2% to 99 days.
The median percent of original list price received for single-family homes was 95.1%. The median percent of original list price received for existing condominiums was 93.8%.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Palm Beach Cash Buyers Represent More than Double the National FigurePalm Beach cash transactions comprised 42.8% of October 2019 total closed sales, compared to 43.9% last year. Palm Beach cash transactions are double the national figure (19%).
Condominiums comprise a large portion of Palm Beach cash purchases as 57.2% of condo closings were made in cash in October compared to 31.8% of single-family home sales.
Seller’s Market for Palm Beach Real EstateInventory of single-family homes decreased 9.7% in October from 7,112 active listings last year to 6,420 last month. Condominium inventory decreased 4.7% to 5,743 from 6,027 listings during the same period in 2018.
Months supply of inventory for single-family homes decreased 6.3% to 4.5 months, which indicates a seller’s market. Existing condominiums have a 5.2-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Total active listings at the end of October decreased 7.4% year-over-year, from 13,139 to 12,163.
New listings of Palm Beach single-family homes decreased 1.1% percent to 2,104 from 2,127. New listings of condominiums increased 0.4%, from 1,815 to 1,822.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Palm Beach Statistical Reports, visit http://www.miamirealtors.com/news/south-florida-market-intelligence
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

Broward County Single-Family Home Sales Rise in October

Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker

“Fort Lauderdale and all of Broward County has become a more mature community, and it’s leading to homebuyers from all over the nation and world to purchase property here”

MIAMI (PRWEB) November 22, 2019
Broward County single-family home sales, median prices and dollar volume increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Broward single-family home sales increased 1.7% year-over-year, from 1,322 to 1,344. Broward County continues in a seller’s market (inventory below 6 months of supply) with months of supply trending downward, a sign of the high demand for Broward real estate.
“Fort Lauderdale and all of Broward County has become a more mature community, and it’s leading to homebuyers from all over the nation and world to purchase property here,” said Broward-MIAMI President Jonathan Keith, a Fort Lauderdale broker. “New federal tax law limiting deductions on state and local taxes and low mortgage rates will continue boosting home sales.”
Total Home Sales Decreased in OctoberBroward total home sales decreased 5.9% year-over-year, from 2,799 to 2,632. Lack of inventory in lower price points contributed to the decline in transactions. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Broward real estate should enjoy steady growth.
Broward single-family home sales increased 1.7% year-over-year, from 1,322 to 1,344. Broward existing condo sales decreased 12.8%, from 1,477 to 1,288.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
Single-family home dollar volume increased 3.6% from $590.4 million to $611.6 million. Condo dollar volume decreased 16.9% percent from $328.3 million to $272.9 million.
Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.
Broward Median Prices Continue RisingBroward single-family home median prices increased 2%, from $355,000 to $362,000. Broward existing condominium median prices increased 7%, from $157,000 to $168,000.
Broward Distressed Sales Stay Low, Reflecting Healthy MarketOnly 4.8% of all closed residential sales in Broward were distressed in October 2019, including REO (bank-owned properties) and short sales, compared 4.3% in October 2018.
Total Broward distressed sales increased 5% year-over-year, from 120 to 126.
Short sales and REOs accounted for 0.9% and 3.9%, respectively, of total Broward sales in October 2019. Short sale transactions decreased 29.4% year-over-year, from 34 to 24. REOs decreased 18.6%, from 86 to 102.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Broward Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Broward single-family home sales was 46 days, a 7% increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 88 days, a 6% increase from 83 days.
The median time to contract for condos was 51 days, an 8.5% increase from 47 days. The median number of days between the listing date and closing date for condos was 92 days, a 5.7% increase from 87 days.
The median percent of original list price received for single-family homes was 96.2 percent. The median percent of original list price received for existing condominiums was 95.8 percent.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Broward Cash Buyers Represent Almost Double the National FigureBroward cash transactions comprised 31.9% of October 2019 total closed sales, compared to 38.6% last year. Broward cash transactions are almost double the national figure (19%).
Condominiums comprise a large portion of Broward’s cash purchases as 47.4% of condo closings were made in cash in October compared to 17.3% of single-family home sales.
Seller’s Market for Broward Real EstateMonths supply of inventory for single-family homes decreased 8.9% to 4.1 months, which indicates a seller’s market. Existing condominiums have a 5.6-month supply, which also indicates a seller’s market. A balanced market between buyers and sellers offers between six and nine months of supply.
Total active listings at the end of October decreased 5.7% year-over-year, from 13,947 to 13,152. Inventory of single-family homes decreased 9.3% in October from 5,913 active listings last year to 5,362 in October 2019. Condominium inventory decreased 3% to 7,790 from 8,034 listings during the same period in 2018.
New listings of Broward single-family homes decreased 6.9% from 2,010 to 1,872. New listings of condominiums decreased 12.2%, from 2,348 to 2,062.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Broward County Statistical Reports, visit http://www.SFMarketIntel.com
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

Miami Luxury Home Sales Surge Double Digits in October; Total Sales, Median Prices Also Increase

MIAMI Chairman of the Board José María Serrano

“Miami’s rise as a global city, a new federal tax law limiting deductions on state and local taxes and low mortgage rates continue boosting home sales”

MIAMI (PRWEB) November 21, 2019
Miami-Dade County luxury $1-million-and-up home sales, total home transactions, single-family home purchases, median sale prices and dollar volume increased year-over-year in October 2019, according to the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service (MLS) system.
Miami single-family home sales are up 2.3% year-to-date compared to first 10 months of last year; condo sales are up 0.5% year-to date. Miami real estate continues seeing increased demand as months of supply and inventory trends downward for both property types.
“Miami’s rise as a global city, a new federal tax law limiting deductions on state and local taxes and low mortgage rates continue boosting home sales,” MIAMI Chairman of the Board José María Serrano said. “Northerners and other homebuyers are not just purchasing second homes; they are bringing businesses and moving here full time.”
Miami Luxury Home Sales, Total Sales Rise in OctoberTotal luxury ($1-million-and-up) home sales surged 13.8% year-over-year in October 2019, from 123 to 140. Single-family home luxury sales jumped 16.7% to 77 transactions last month. Condo luxury sales increased 10.5% to 63 transactions.
Total Miami-Dade County home sales increased 3.1% year-over-year, from 2,285 to 2,355. With consumer confidence rising, unemployment low, job creation high and increased migration to Florida, Miami real estate should enjoy steady growth.
Miami single-family home sales increased 6.8%, from 1,073 to 1,146. Miami existing condo sales decreased a negligible 0.2%, from 1,212 to 1,209.
The increased number of luxury transactions raised the total dollar volume for Miami real estate last month. Single-family home dollar volume rose 7.7%, from $522.9 million to $563.1 million. Condo dollar volume jumped 8.1%, from $426.2 million to $460.7 million.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 3.69% in October, up from 3.61% in September. The average commitment rate across all of 2018 was 4.54%.
Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 13 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.
A new condo approval process could increase sales in the future. The new guidance, which went into effect in mid-October, extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. The changes, many of which MIAMI and NAR has championed, are expected to generate increased homeownership opportunities.
Almost Eight Consecutive Years of Price Appreciation in MiamiMiami-Dade County single-family home prices increased 6.8% in October 2019, increasing from $350,000 to $365,000. Miami single-family home prices have risen for 95 consecutive months, a streak of 7.92 years. Existing condo prices increased 5.1%, from $235,000 to $247,000. Condo prices have increased or stayed even in 97 of the last 101 months.
Despite the price increase, Miami, where the median price is still comparable to 2006 figures, remains a bargain compared to other global cities. In Miami, $1 million can net homebuyers 93 square meters of prime property, according to Knight Frank’s 2019 The Wealth Report. Monaco (16 square meters), Hong Kong (22), New York (31), Los Angeles (36) and others offer significantly less prime land for $1 million.
Miami Distressed Sales Stay Low, Reflecting Healthy MarketOnly 6.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 6.6% in October 2019. In 2009, distressed sales comprised 70% of Miami sales.
Total Miami distressed sales stayed even at 150 in October 2018 and October 2019.
Short sales and REOs accounted for 1.2% and 5.1%, respectively, of total Miami sales in October 2019. Short sale transactions increased 3.6% year-over-year while REOs decreased 0.82% percent.
Nationally, distressed sales represented 2% of sales in October, unchanged from September but down from 3% in October 2018.
Miami Real Estate Selling Close to List PriceThe median number of days between listing and contract dates for Miami single-family home sales was 50 days, a 16.3% increase from 43 days last year. The median number of days between the listing date and closing date for single-family homes was 95 days, a 6.7% percent increase from 89 days.
The median time to contract for condos was 71 days, a 1.4% increase from 70 days last year. The median number of days between listing date and closing date stayed even at 113 days.
The median percent of original list price received for single-family homes was 95.9 percent. The median percent of original list price received for existing condominiums was 93.7 percent.
National and State StatisticsNationally, total existing-home sales transactions increased 1.9% from September to a seasonally-adjusted annual rate of 5.46 million in October. Despite lingering regional variances, overall sales are up 4.6% from a year ago (5.22 million in October 2018).
Statewide closed sales of existing single-family homes totaled 23,440 last month, up 5.2% from October 2018, according to Florida Realtors. Florida’s condo-townhouse market totaled 9,226, relatively the same level (down 0.5%) as a year ago. Closed sales may occur from 30- to 90-plus days after sales contracts are written.
The national median existing-home price for all housing types in October was $270,900, up 6.2% from October 2018 ($255,100), as prices rose in all regions. October’s price increase marks 92 straight months of year-over-year gains.
Statewide median sales prices for both single-family homes and condo-townhouse properties in October rose year-over-year for 94 months in a row. The statewide median sales price for single-family existing homes was $263,000, up 3.6% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month’s statewide median price for condo-townhouse units was $190,500, up 5.8% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.
Miami’s Cash Buyers Represent Almost Double the National FigureMiami cash transactions comprised 32.6% of October 2019 total closed sales, compared to 37.2% last year. Miami cash transactions are almost double the national figure (19%).
Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international homebuyers, who tend to purchase properties in all cash.
Condominiums comprise a large portion of Miami’s cash purchases as 43.9% of condo closings were made in cash in October compared to 20.7% of single-family home sales.
Seller’s Market for Single-Family Homes, Buyer’s Market for CondosInventory of single-family homes decreased 4.6% in October from 6,864 active listings last year to 6,548 last month. Condominium inventory decreased 4% to 15,295 from 15,928 listings during the same period in 2018.
Months supply of inventory for single-family homes decreased 6.3% to 6 months, which indicates a seller’s market. Existing condominiums have a 13.2-month supply, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six- and nine-months supply.
Total active listings at the end of October decreased 4.2% year-over-year, from 22,792 to 21,843. Active listings remain about 60 percent below 2008 levels when sales bottomed.
New listings of Miami single-family homes decreased 4% percent to 1,835 from 1,912. New listings of condominiums decreased 10.9%, from 2,641 to 2,354.
Nationally, total housing inventory at the end of October sat at 1.77 million units, down approximately 2.7% from September and 4.3% from one year ago (1.85 million). Unsold inventory sits at a 3.9-month supply at the current sales pace, down from 4.1 months in September and from the 4.3-month figure recorded in October 2018.
To access October 2019 Miami-Dade Statistical Reports, visit https://www.miamirealtors.com/news/south-florida-market-intelligence?
Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.
About the MIAMI Association of RealtorsThe MIAMI Association of Realtors was chartered by the National Association of Realtors in 1920 and is celebrating 99 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward-MIAMI Association of Realtors, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents 52,000 total real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S. and has official partnerships with 221 international organizations worldwide. MIAMI’s official website is http://www.MiamiRealtors.com

October Restaurant Sales Performance Prove it's too Early to Declare a Recession

“Those that are better prepared for a downturn are those brands that have been succeeding on the people side of the equation,” said Fernandez.

DALLAS (PRWEB) November 08, 2019
It is undeniable that the restaurant industry is experiencing a significant slowdown in same-store sales growth since the second quarter of the year, however in October, the industry was able to post its second consecutive month of small positive same-store sales growth at 0.1 percent. In addition, reversing the trend of negative year-over-year sales growth reported for July and August is welcomed news for the industry and consumer spending.
This report comes from Black Box Intelligence™ data from TDn2K™, based on weekly sales from over 31,000 and $72 billion in annual sales.
“What is even more encouraging for the industry,” said Victor Fernandez, Vice President of Insights and Knowledge for TDn2K, “is that this small positive growth during the last two months has been achieved despite the industry lapping over two months with relatively strong performance in 2018. The industry’s two-year same-store sales growth continues to be positive and stable. The industry grew its same-store sales by 1.0 percent compared with October of 2017, while the average two-year growth for the previous six months is also 1.0 percent.
Given the relentless erosion of guest counts, the industry is holding its ground surprisingly well when it comes to sales in the most recent months. The reason has been the acceleration in guest checks year over year. Consumers have signaled they are willing and able to spend increasingly more every time they eat out.”
Traffic Growth Remains Top Concern
Same-store traffic growth was -3.1 percent during October, which represented a 0.2 percentage point drop from September’s result. October’s weak traffic has become the norm in the industry. Same-store traffic growth has averaged -3.2 percent for the seven months since the beginning of the second quarter.
Although the net growth in the number of chain restaurant locations has slowed in recent years, growth continues to be positive and is compounded year over year. The result is a highly saturated industry in which restaurant visits continue to get diluted among many possible options for diners. In this environment, same-store traffic growth continues to be a real challenge for operators.
Off-Premise Sales Continue Fueling Growth, Third Party Delivery An Important Factor
Even if overall sales in comparable stores achieved some positive growth during October, it was entirely due to off-premise sales growth. This has been one of the most persistent and important shifts that we are tracking. The norm for the industry is now declining dine-in sales growth offset by very strong to-go and other forms of off-premise sales.
Third party delivery is undoubtedly playing a part in this shift, driven by the rapid adoption rates by the industry of this new sales channel. According to a recently published survey by Black Box Intelligence*, 86 percent of restaurant companies currently use some form of third party delivery, up from 82 percent at the end of 2018. And perhaps more telling, 86 percent of those restaurant companies that currently don’t use it are planning to implement third party delivery within the next twelve months.
*For access to the 2019 Third Party Delivery Survey Results, please contact info@tdn2k.com.
Family and Upscale Dining are Best Performing Segments, Casual Dining Hurting
The fine dining and family dining segments continued to achieve positive same-store sales growth during October. Upscale casual rounded up the list of best performing segments based on same-store sales growth during October. The latter had been struggling through declining sales growth for most of the year, but experienced a strong rebound helped in part by a weaker comparison in October of 2018.
After a strong 2018, casual dining is experiencing a downturn this year. This segment was the worst performing based on sales growth during October. Casual dining has now endured four consecutive months of negative same-store sales growth.
Pay Increases Necessary for Restaurant Managers
Restaurants continue adding jobs at an unyielding pace. The latest numbers from the Bureau of Labor Statistics show the number of employees in the industry growing by 2.6 percent in October. This rapid growth continues to ratchet up the pressure for those tasked with keeping restaurants staffed, especially considering the historically high turnover rates that the industry has been experiencing.
There was some relief for restaurants in the form of rolling 12-month turnover for hourly, non-management employees declining slightly during September. This small reduction notwithstanding, turnover for hourly crew remains at unsustainable levels for most restaurant companies. Furthermore, turnover is not expected to decrease significantly in the near term as long as unemployment continues to be this low.
After a slowdown in its upward trend in August, restaurant manager turnover increased again during September. Management turnover is crucial given its relationship to hourly employee engagement and retention, as well as its direct effect on the overall restaurant sales and traffic performance as revealed through ongoing TDn2K studies. Some of the reasons management turnover has been skyrocketing in recent years has been the tight labor market coupled with stagnant pay.
People Report™ data shows the median base salary for general managers in limited service restaurant brands has increased by only 1.2 percent over the last four years once adjusted for inflation. As small as this increase is in real pay, it is much better than the -3.5 percent general managers in full service brands have experienced during the period. Their employers are likely asking them to do more than they did four years ago in an increasingly complex environment, yet their pay is not reflecting that.
Looking Ahead
When it comes to sales, the industry’s run to the finish line at the end of 2019 will be much more of a crawl than a sprint. Macroeconomic conditions are not very encouraging for anything but maintaining present consumer spending trends. Restaurant traffic continues to slowly vanish. Sales were relatively strong for the last two months of 2018 which means tougher hurdles when calculating sales growth in November and December this year.
The best case scenario for the industry remains small positive same-store sales growth for the rest of the year, but dipping into negative territory again continues to be a distinct possibility.
What definitely will not change is restaurants struggling to find employees and keep them engaged. “As the word ‘recession’ starts appearing more often in the media and restaurant operators wonder what lies ahead with the economy we know those that are better prepared for a downturn are those brands that have been succeeding on the people side of the equation,” said Fernandez. “Those that have provided a compelling employee value proposition and are effectively delivering on it are likely to remain the winners in the current environment and fare better should economic conditions deteriorate.”
TDn2K (Transforming Data into Knowledge) is the leading insights & knowledge provider of restaurant industry human resources, financial performance and consumer insights data through their products People Report™, Black Box Intelligence™, White Box Social Intelligence™ & Consumer Intelligence. TDn2K allows organizations to leverage benchmarked data to achieve best-in-class performance results. TDn2K currently tracks, analyzes and benchmarks the largest database of real restaurant data in the US that includes over 300 companies, over 2.8 million employees and $72 billion in annual revenue. TDn2K also produces the Global Best Practices Conference held annually each January in Dallas, Texas.

Gumbiner Savett Inc. Supported Breast Cancer Awareness in October

We feel it is important that as a firm, we support local charities like the Dr. Susan Love Foundation for Breast Cancer Research.

SANTA MONICA, Calif. (PRWEB) November 06, 2019
Gumbiner Savett Inc., a full-service public accounting firm in Southern California, dedicated their October 2019 fundraising effort to Breast Cancer Awareness Month, specifically to the Dr. Susan Love Foundation for Breast Cancer Research.
The firm held bake sales throughout the month allowing employees to show off their baking skills and raise money for the foundation. During the course of the month, the firm collected names of employees’ family and friends who are survivors and have fought the disease and honored them at the final bake sale dedicating the fundraising effort to them. The firm will match all proceeds raised.
“We are proud of our people and the enthusiasm that has been created for our Breast Cancer Awareness month,” said Shreedhar Kothari, CPA, Audit and Accounting Shareholder. “We feel it is important that as a firm, we support local charities like the Dr. Susan Love Foundation for Breast Cancer Research.”
This is the fourth year that the accounting firm has dedicated the month of October to the Dr. Susan Love Foundation for Breast Cancer Research. The charity’s mission is to improve the lives of those impacted by breast cancer through education and advocacy. The Foundation drives collaborative, cutting-edge research to bring to light the collateral damage of treatment and seeks ways to diminish it.
“We do the breast cancer research no one else will or can. Charitable donations from organizations such as Gumbiner Savett empower the Foundation’s vision for meaningful research and forging unique partnerships that create the clearest path for making breast cancer a thing of the past,” said Christopher Clinton Conway, CEO, Dr. Susan Love Foundation for Breast Cancer Research. “This year the Dr. Susan Love Foundation for Breast Cancer Research has been recognized as the number one breast cancer organization in the U.S. and a 4-star rating on Charity Navigator for responsible spending.”
About Gumbiner Savett Inc. – http://www.gscpa.com
Gumbiner Savett Inc. is a full-service accounting and consulting firm headquartered in Santa Monica. Founded in 1950, its purpose is to facilitate the achievement of clients’ financial objectives and provide career fulfillment for its employees.
Known for its diverse culture, Gumbiner Savett Inc. is dedicated to being a preeminent assurance, tax and business advisory firm for growth oriented businesses, middle market enterprises and high-net worth individuals in Southern California. In addition to traditional private and public company accounting and tax services, it specializes in general business consulting, estate and trust planning, fraud examination studies, business services and bookkeeping and litigation support.
Gumbiner Savett Inc. is an independent member firm of BKR International.
About Dr. Susan Love Foundation for Breast Cancer Research® – http://www.drsusanloveresearch.org
Dr. Susan Love Foundation for Breast Cancer Research is dedicated to mobilizing a future without breast cancer by igniting visionary, collaborative research, with a distinctive approach to education. The Foundation makes innovative breast cancer research possible by generating bold ideas and enlisting the best experts, both inside and outside the field of cancer research, in order to better understand the complex nature of breast cancer and the experience of those impacted by the disease. Its approach to education reflects an understanding of the patient, the doctor and research advances ensuring that everyone has the knowledge to be their own health advocate.

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Cyber Escape Room Startup Travels 150k Miles in October to Celebrate Security With Clients and Their Employees

Press Release – updated: Nov 6, 2019 07:12 CST

AUSTIN, Texas, November 6, 2019 (Newswire.com) – National Cyber Security Awareness Month or NCSAM is an opportunity each year for organizations around the world to celebrate security, spread cyberhygiene and energize positive culture change across the enterprise.
​​Living Security – a startup out of Austin, TX – traveled 150k+ miles in October to celebrate NCSAM with 85 clients across North America, Asia and Europe. Instead of “death-by-powerpoint,” Living Security’s CSO, Drew Rose, said they re-imagine security awareness for people using cybersecurity-themed escape rooms. 
The Living Security Escape Room™ is an immersive team experience designed to teach security concepts in a game-based learning environment. Instead of participants “solving their way out” of traditional escape rooms, participants learn to “secure their way out” of Living Security escape rooms by solving security-themed puzzles and interacting with a custom curriculum. 
Dir. of Intelligence & Content, Graham Westbrook, said, “Some vendors make security relevant; some make it funny. Only Living Security makes it fun. It is so rewarding to see people smile, cheer and high-five in the name of cybersecurity.”
In addition to training over 12,500 people (in-person) in October, Living Security also launched a new, Hollywood-style video series for its online platform users who reside within Fortune 500, Defense and SMB organizations. 
Living Security would like to extend a special thanks to their client partners, advisors, team members and families for helping to make the busy October possible: “How lucky we are, as security evangelists and friends, to share such moments with you every October. It is truly a joy. We don’t take it for granted. Every laugh is a metric … and it is continually a blessing to partner with you to deliver the best security awareness training possible.” 
About Living Security: 
Living Security reduces the #1 cybersecurity risk for enterprises, human error, through engaging and impactful security awareness training that is brought to life by innovative tech-enabled experiences. Co-founders, Ashley and Drew Rose, recognized that traditional security awareness programs were failing to move the needle and it was time for a fresh approach backed by science, designed for real people. 
To find out more, visit https://livingsecurity.com. 
Source: Living Security

Louisville Attorney Represents Victim of October 2018 Shooting in Class-Action Lawsuit Against Kroger and Gregory Bush

LOUISVILLE, Ky. (PRWEB) November 05, 2019
Attorney Will Nefzger of Bahe, Cook, Cantley & Nefzger, Louisville’s personal injury law firm, is representing Denise Clark, a customer who was shopping in the Jeffersontown Kroger during the deadly shooting of Oct. 24, 2018, in her class-action lawsuit against the shooter, Gregory Bush, and the supermarket chain.
Clark filed the lawsuit, case number 19-CI-006629 in Jefferson Circuit Court, on the eve of the one-year anniversary of the attack, which took the lives of 67-year-old Vickie Lee Jones and 69-year-old Maurice Stallard, both black shoppers. Clark claims she has suffered “physical, mental and/or emotional injuries” allegedly as a result of witnessing and fleeing from the shooting.
Bush is facing murder and hate crime charges in state and federal court in connection with the shooting. Clark claims Kroger allegedly had no security measures in place to prevent Bush from carrying out a mass shooting in its store or at least mitigating it. The class-action suit invites others, with certain exceptions, who suffered physical, mental or emotional issues as a result of the shooting to join it. The lawsuit also seeks unspecified damages and compensation along with a jury trial.
Bahe Cook Cantley & Nefzger PLC has been serving the residents of the Louisville area since 2004. Five Partners and 10 knowledgeable, trusted lawyers are ready and able to help the area’s residents with personal law practice areas. If legal help is needed, visit the firm’s website at kentuckyinjurylaw.com.
Media Contact:Ashley Shadburneashley@hatfieldmedia.comhttp://www.hatfieldmedia.com

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