Share this article!

A decades-old crime is solved, an emergency without urgency is declared, and bizarre happenings in the UK and Canada. From the wild and wooly world of real estate, here are the Hits and Misses for the week of Sept. 1-5.

Hit: Justice is Done. The happiest news of the week is arguably the recovery of an 18th century painting that was looted from a Dutch-Jewish art collector by the Nazis during World War II and was considered lost until last month when it was spotted in an online real estate listing in Argentina. The painting was in the possession of Patricia Kadgien, whose father was Nazi financier Friedrich Kadgien – he evaded capture after the war and absconded to Argentina with the painting. Kadgien, who initially tried to retain the work after it was found in her possession, was arrested in Buenos Aires and charged with concealment and obstruction of justice. The family of Jacques Goudstikker, the collector who was the rightful owner of the artwork, is preparing to claim the work.

Miss: Bessent Bloviates, Part 1. Treasury Secretary Scott Bessent used a Labor Day interview to announce President Trump was considering the declaration of a national housing emergency. However, this wouldn’t happen until at least the fall. “We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties, and municipal governments,” said Bessent. “I think everything is on the table.” Well, this is unique – an emergency that won’t be addressed for several weeks or perhaps months, with no clue on what the declaration is going to include. Let’s see what (if anything) transpires.

Miss: Bessent Bloviates, Part 2. The Treasury Secretary struck again today with a long, long opinion piece in an online magazine called The International Economy that criticizes (what else?) the Federal Reserve. Bessent uses this forum to sneer about how the Fed’s “missteps and policymaking arrogance have placed its credibility at risk.” Bessent also cites the central bank’s “lack of humility.” Oh, please! Getting a lecture from Scott Bessent on arrogance and the lack of humility is like getting a lecture from the Kardashian sisters on demure behavior. And in view of today’s dismal jobs data, maybe Bessent should focus on his department and not worry about Jerome Powell and his team.

Miss: Carry On Bumbling. Perhaps we shouldn’t be too hard on the American political and central bank leadership when you consider what’s happening in the UK. Earlier this week, Deputy Prime Minister Angela Rayner admitted she failed to pay the proper tax bill on a $1 million property, claiming she had “done everything properly, and I relied on the advice that I received” – which is ironic, considering she has been a harsh critic of Britons who underpay their taxes. Earlier today, she resigned her position. Meanwhile, Bank of England Governor Andrew Bailey stated he was “very concerned” about what he perceived as President Trump’s threats to Federal Reserve, declaring the US central bank “has built up a very strong reputation for independence and for its decision making.” Bailey’s comments were unprecedented for a Bank of England chief, and perhaps he should focus on his own nation’s many problems and not offer unsolicited comments on what is happening across the Atlantic.

Miss: Ontario Anger. The UK isn’t the only country where things are going awry. The Real Estate Council of Ontario (RECO), the provincial regulator, is the target of industry anger after it declined to prosecute iPro Realty and its principals following the disappearance of $10.5 million from the brokerage’s trust account. Nine Ontario realtor associations are calling on Canada’s federal government to appoint an ombudsman to oversee RECO, writing in a letter that the “presence of an independent and impartial oversight body for RECO will ensure that systemic complaints are analyzed through the lens of fairness, transparency, and effectiveness at arm’s length from RECO.” Hey, it’s not every day when there’s a call for a regulator to have its own regulator.

Miss: Commanders, Spare Those Trees. In their rush to create a new football stadium for the Washington Commanders, the DC Council is seeking to cut down 31 “heritage trees” as part of the development of the new facility. According to WTOP, the “heritage trees” are large and mature trees that are traditionally protected by city law. Vincent Drader, communications director for the nonprofit Casey Trees, warned, “Developers should be considering each existing heritage and special tree on a case-by-case basis instead of cutting down everything that took decades to grow…They provide shade for the community and stormwater runoff protection. The trees on this site are over 60 years old, some of them are over four feet wide.” Anyone who is concerned about the reckless destruction of nature should hope the trees will be spared when the DC Council’s final vote on the stadium occurs later this month.

In Memoriam: This week, we learned of the passing of two prominent developers who reshaped their respective markets. Stephen Muss, a third-generation developer who gained national prominence for rescuing Miami Beach’s legendary Fontainebleau Hotel from bankruptcy and restoring it to a new era of glory, died at the age of 97. Al Brende, the co-founder and CEO of the Houston-based developer Land Tejas who led the creation of more than 20 master-planned communities, died at the age of 80. Both men were generous philanthropists who used their wealth for the betterment of the wider world. Their impact on the industry was significant, and their leadership will be missed.

Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].

Photo courtesy of StockCake