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Well in the California wine country, Sonoma and Napa counties, there are track
developments that read," Homes start in the low $700,000". In the worst
sections of town and areas that are unincorporated, homes start at $275,000 to
$325,000 and they are selling. Little square footage and no lot size. It isn't
the wine industry as the majority of their employees are field workers and
telecom valley is rocked back on its heels as you well know, so where is the
money coming from? Home prices have not leveled off in this area as yet. I
mentioned home price phenom here last year and many scoffed. Let us see what
happens from here. With a falling dollar, can inflation be far behind? people
scoff at that also as they did in the early 1970s, but we did see $50 silver and
$800+ gold and oil was only at $32/bbl. there is the other alternative, look at
the Japanese market. A 1987 type recovery, I don't think will happen. A nice
bear market rally would help or maybe a short squeeze of some proportion. Just
my thoughts. Ira.
Don Ewers wrote:
> My condo sale I mentioned before happened in one day. A house down the
> street sold in 6 days at the asking price (which was a bit high $460K) and
> 20K worth of decks needed to be replaced on it. As I said there is an
> extreme shortage of used homes here in Minneapolis. Not sure these prices
> will hold though, almost a buying panic in spite of the economic conditions.
>
> Beginning to wonder if people have given up on stocks for the moment and
> have decided to invest their money in something they can feel and touch, and
> that won't "totally" go away on them? They are worn out?
> don ewers
>
> ----- Original Message -----
> From: "sptrader" <sptrader@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, August 22, 2001 9:14 AM
> Subject: Re: [RT] sentiment
>
> > Here in Denver, 1 year ago, I offered asking price for a home and lost it
> to
> > someone who offered more than asking price !! My next door neighbor just
> > sold his home in a few days to the first person that looked at it. $250k
> for
> > a small 3 br trilevel (1500sf) is crazy.
> > Steve
> >
> > ----- Original Message -----
> > From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Tuesday, August 21, 2001 8:52 PM
> > Subject: Re: [RT] sentiment
> >
> >
> > > In Minneapolis a total sellers market, very few used homes. Prices have
> > gone
> > > up so much I just sold a condo I bought 2 1/2 years ago that was using
> as
> > an
> > > office (vs renting office space) for 50% more than I bought it for.
> > > Incredibly that was up 15% over last December 2000(sold it in July
> 2001).
> > >
> > > So the market seems to vary by region or maybe just peaking here late?
> > >
> > > Hey I may have finally sold a top he-he.
> > > don ewers
> > > ----- Original Message -----
> > > From: <SLAWEKP@xxxxxxx>
> > > To: <realtraders@xxxxxxxxxxxxxxx>
> > > Sent: Sunday, August 19, 2001 3:41 PM
> > > Subject: Re: [RT] sentiment
> > >
> > >
> > > > In Seattle expensive (over 1 million) Downtown condos, penthouses
> marked
> > > down
> > > > 35% & no rush of buyers
> > > >
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> > > >
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