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[0:23] ..." appraisal work for attorneys and banks and whatever but. On you're you're fine dining restaurants started a couple of around thanksgiving time. -- prepared stole -- also probably why they're not seeing a lot of growth you're still probably doing very well although there are starting new. But feel the pressure they're under a lot of expense account businesses -- cut off and then they're they told how much they can spend. But you're fine dining restaurants stake -- seem to be doing well and you're what we refer to a fast fast food a quick casual now would"...
[1:16] ..." sudden start markets flout their house valued down. All the utility Carlton gas prices and everything in its its people going off for breakfast breakfast is -- that this sort of you know the breakfast today"...
[1:44] ..." We year old I'm in July the Dow Jones is trading at 1214000 points today itself twelfth 125 but it's been coming for the last 67 months and I think there's just general feeling of always felt there with the what's happening with home values -- Iraq in the presidential election -- everything."...
[0:00]" And how how many listings do you have now and a how does that compare to what we have been in good economic times."
[0:06]" It's we shall we felt that we -- about 45 restaurants a year we usually carry in inventory of about twenty right now we're pushing forty. And still growing."
[0:17]" Tell me about that what do restaurant owners telling you about about what the market news."
[0:22]" Aren't aren't we do a lot of appraisal work for attorneys and banks and whatever but. On you're you're fine dining restaurants started a couple of around thanksgiving time. -- prepared stole -- also probably why they're not seeing a lot of growth you're still probably doing very well although there are starting new. But feel the pressure they're under a lot of expense account businesses -- cut off and then they're they told how much they can spend. But you're fine dining restaurants stake -- seem to be doing well and you're what we refer to a fast fast food a quick casual now would be and our bread Dunkin' Donuts Starbucks. They're doing well it's Sabrina held that the road taking it on the job especially companies like outback steakhouse opportunities and and anything in the general market business. Why is that -- I think because you know for years people using their armed with an ATM machine but I think all the sudden start markets flout their house valued down. All the utility Carlton gas prices and everything in its its people going off for breakfast breakfast is -- that this sort of you know the breakfast today involved in the black coffee and bagel. Com and -- is sort of a necessity it's that time for people get all the alternate take a break the -- is very definitely discretionary meal period and that's -- that's that's when the feeling it right now."
[1:41]" Has this been going on for a while hers and I."
[1:44]" We year old I'm in July the Dow Jones is trading at 1214000 points today itself twelfth 125 but it's been coming for the last 67 months and I think there's just general feeling of always felt there with the what's happening with home values -- Iraq in the presidential election -- everything."
[2:00]" Now on on the other side on the business side of the restaurant a business I'm sure that your costs are increasing as well."
[2:08]" Very much anything that's all right related -- as you know that the price of squeezed the of the price has gone up so much I mean if they were paying fifty dollars for a bag of flour that spending probably 35 to forty today that's the first time that really that donut -- from the pizza shops have been affected by it but although -- and it's you know that consumer doesn't -- in a lot of the restaurants are. Sort of the sort of taking it on the chin because they don't want -- and it's so competitive out there that they don't want to raise prices."
[2:38]" Now what what about rents are the increasing."
[2:41]" A lot of belief is that -- in the 200345 -- when sales were growing on the coming back they're they're. It's yes it's a big issue for. Typically less strong point 86% of their failed for -- when -- you you -- expressions like -- thirty dollars forty dollars a square foot that's a retail term but restaurants have such a huge capital investment and their and there are businesses that they try to keep their occupancy costs somewhere around 67% of sales. A lot of -- leases that were written in the last three or four years have escalators where -- discuss its fixed for five years they 50000 dollars for five years and it goes up twelve and half for 15% at you know starting at the end of -- five year term. A lot of the leases -- three years ago are growing up. 234% every year and restaurant sales are flat when they restaurant sales were -- I'm talking about big companies like outback steakhouse cheesecake factory to milk bread you know these are industry giants you know they've got huge marketing budgets and and their sales were flat right now"
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