I’ve probably done six or seven posts in recent memory about the oh-so-expensive housing market around here, and honestly, even though I see crazy prices every day, I try to avoid doing posts like these, only because…….well………you get the point. But sometimes a place is just so danged ugly, I have to say something. Thus, I offer you:
On this quiet holiday weekend, I’m just going to share charts which have these characteristics: (1) I am not in position on any of them; (2) they look like attractive short set-ups; (3) they are all in the same sector; in this case: finance and real estate. Here you go:
Bank of New York:
I haven’t done many real estate posts lately, although, as an update to this one (in which an empty dirt lot was being offered for $10 million) I’ll mention that although the For Sale sign seemed to linger longer than usual, it was supplemented with a SOLD sign yesterday. So I guess the Chinese are still buying.
I’ve become quite inured to the lunacy of Silicon Valley real estate, so not much surprises me anymore, but I saw a full page color ad this morning in Gentry magazine (which is a free magazine they distribute around here, packed with a combination of real estate ads, for the tech zillionaires, and plastic surgery ads, for their vain spouses) that demands a post. So I’m writing it, you lucky so-and-so.
The color photographs of this nearly $5 million property featured the most blase, ordinary, McMansion style place you could imagine, but the headline was……. (more…)
I have written about my town, Palo Alto, many times here on the Slope of Hope (a sampling can be found by clicking here), and these posts tend to focus on its rapidly-escalating real estate prices. I personally think we’re past the top at this point, since I’ve noticed the For Sale signs in my neighborhood are actually just sitting there. It used to be that houses sold instantly. At this point, I’m noticing the signs lingering for weeks. Something has changed.
In spite of this, I noticed something on my regular early morning dog walk that I wanted to mention. In the twilight of 5:30 a.m., I noticed a small home around the corner from mine had a For Sale sign. I had long noticed this little house, because it was on a surprisingly large lot, almost completely devoid of anything but squirrels, and it was a cute little cottage. Having seen the sign, I was curious what they were asking. Two million? Three million, perhaps?
I’ve offered many tales about the insanity of real estate here in the Silicon Valley, such as:
But now I’ve got a new high – – not in Palo Alto exactly, but just up the road a few miles. This big-ass (20,000 square feet) house is going for Eighty Eight Million dollars (which is a non-too-subtle inducement to some Chinese billionaire, since the more superstitious among them are really, really hung up on the number 8). But if this strikes your fancy, you don’t have to be Chinese, so long as your money is green. Form a single line! No cutting, please!
Since Tim is taking some time off, and we are in the holiday slumber, I am posting some non direct, market topics. Enjoy.
As the elites desperately try to centralize and homogenize us. Technology allows us to stay a step ahead. This is becoming ever clearer in the home. For rural communities it is now a reality, and increasingly so for the suburban family.
It all started with solar hot water, for the home and the pool. This technology is over 100 years old, and used quite a bit before utility gas replaced it. Now the systems are very space efficient and durable.
NOTE: This post is now not a post! i had put a video here about the insane valuations of Palo Alto real estate, but for some reason, the video is private (which is peculiar, since it’s actually a documentary with pretty high production values). Anyway, I’m just putting this place-filler in so people aren’t perplexed. Please just head over to the next post.