Real Estate Markets: It seems that all the speculative areas are hot and selling strong, foreclosures, reo's and the like. Southern California, Nevada, Arizona and Florida among other areas, are setting home sales records. The areas that were less speculative in the boom are making a lazy bottom. However, property is selling in Bergen County New Jersey again. There are deals being made. It is too soon to tell how many but I think it will be significantly higher than last year in volume. Yes, prices are lower, about 20% from the highs. However, the speculative areas are off about 60% off their highs.
It better to be a little slower, than to have lost so much in price. The market is finding its legs. With all the mortgage money coming in, it is getting easier. We are seeing a lot of activity, lets hope it keeps up!
Last up date we said.
We will look to buy the SPM09 or ESM09 as follows; unit one at 770, unit 2 at 745 unit three we will reserve for now.
We missed this buy, the market pulled back to the low 770's and we were not filled and are flat.
We will look to sell short the June ESM09 at 850 and a second unit at 870.
We said last;
We were short from $51.00 and covered at $49.00 for a $2.00 profit..
WE will buy the June QMM09 or CLM09 at $46.00 and a second unit at $44.00
Last update we said.
Currently: 30 year Treasury Bond USM09
We were short one unit from 129, we covered at 126 16/32. for a 2.5 point profit.
View my new homes for sale
Richard
Richard - As usual, it looks like you are making some great calls ! I so wish I had more liquidity for that. I just used a small chunk to become an owner of our RE/MAX franchise. This happened on Friday - you are the first to know. Will write a blog about it soon. Have been so jammed up recently I apologize I have not popped by your blog more often.
I hear the Vegas and AZ markets are super super hot. Am glad to hear your area is picking up steam too !
I think we are off more than 60%.
My house was valued $600K at high. Bought in 2002 for $235K. Today it would only go for $180-220K if I had to put it on the market 30-90 day marketing time. Some areas are in the 90s as far as pricing goes. I even saw a subdivision that was pre-1986. Condo development built in mid 80s. Units going for half they were when they were built.
Nothing like basement bottom prices and super low interest rates to spur the frenzy!
Christopher and Stephanie:
It is good to hear from you. I said 60%, Renee Burrows thinks they are off more!
Congrates again on ownership in your office!
Renee:
I love following all these markets, it is what Elliott Wavers do. I think you would like Elliott Wave Theory also, you seem to be in up to your elbows with the dynamics of it all.
Lets watch what goes on, as you all know I was predicting this to pick up with all the cash coming in. Lets see what happens. Don't look for a lot of appreciation, but getting off the bottom will happen.
Richard