It’s a pretty ho-hum day so far; as I’m typing this, the IWM is, as Tom likes to say, “massively unchanged.” Here’s one idea to consider – shorting KB Home, which has been lurching through a series of lower highs and is at what I consider an attractive shorting price now.
Here’s your latest real estate update about my neighborhood: in this morning’s paper, I was amused to see this color photo of a house that was just sold which – evidently – exhibits “Gorgeous Craftsmanship.” Try to drink in the beauty……….if you can:
It was offered at $2 million, but as you can see, it “SOLD over asking!” I would also point out to the uninitiated that this hallmark of craftsmanship is in a pretty nasty part of town. So there ya go.
Anyway, with all the post-Fed nonsense, I just thought I’d post something silly.
It seems that one of the principal beneficiaries of the constantly-declining interest rate market has been real estate (coupled with the fact, I suppose, that newly-minted millionaires from China want to shove their money safer than the Middle Kingdom). Whatever the reason, the chart below, which is the triple-bullish real estate ETF, is jaw-dropping. (more…)
I did a post less than a month ago called Won’t You Be My Neighbor? which vividly captured a crumbling rustbucket of a “house” that was being offered for $1.8 million. The house is located on a very busy boulevard (in spite of the “very desirable area” mentioned below), and I’ve been keeping an eye on it for a “Sold” sign ever since. The absence of such a sign made me think, well, people have finally come to their senses. No one is buying this dump.
Of course, this isn’t the case………I present to you this news from this morning’s paper:
After reading the “0.1% Problems” post on ZeroHedge (which was about a snippet from a local paper about a fellow complaining that billionaires can get whatever they want, whereas ‘average millionaires’ in Palo Alto cannot), I thought I’d share a property listing with you good people in case you want to join me here in my fair city (my house, mercifully, I bought into back in 1991 when prices were merely above-average, and not insane).
May I present to you 258 Middlefield Road, Palo Alto, California, which is located within walking distance from my house and is a mere $1,800,000 (well, that’s the asking price, but it’ll probably go for more). The property features ample storage in the back…….. (more…)
The Palo Alto Daily Post is packed, cover to cover, with real estate ads these days. Most of the houses range from $5 million to $12 million, but in case you got into Facebook (or one of their target companies) early, maybe that isn’t enough. Perhaps that’s why, day after day, the Post is running a full-page ad for a $21 million residence in Italy, of all places. Here’s the web site for the residence, in case you want to kick the tires.