ac, the data looks terrible to me. I doubt anyone would mistake that for a recovery! I spoke with one of the top agents in San Diego over the weekend - the market is UGLY.
My favorite datum: "...3,282 transactions last month, up 2.3 percent from September."
There were 3.3% more days in October. There were however 5 Fridays in Sept and only 4 in October. The idea of using month to month variations of this type is just desperation.
"On Nov 13th, Spanish central banker Jose Manuel Gonzalez-Paramo said the ECB was looking at rising house and share prices, and the explosive Euro money supply and credit trends. 'When rapid price growth of house and stock assets coincide, there is an empirical association between this situation and inflationary pressures in three or four years, its not difficult to understand its like this,' he said." Are Arab Oil kingdoms and China Attracted to Gold’s Glitter?
A Bridge Loan Too Far
Starring Ben Bernanke as Major General Moneybags. Tells the story of Gen Moneybags failed campaign 'System Open Market Garden Account' meant to rescue the American middle class.
The force with which middle class households here are getting replaced by wealthier ones was reflected in the recent hysteria over the Tishman Speyer group's $5.4-billion acquisition of 110 apartment buildings in lower Manhattan, the largest real estate deal in recent history. The apartment blocks are home to thousands of rent-controlled tenants who should have been priced out of the city years ago - and fear they now will be by market rents under the new owner.
I was in San Diego over the weekend. The condo build-out around the downtown baseball stadium is still in progress with a number construction sites active on Saturday (Veteran's Day). My guess is that these were union crews, so someone was paying double-time to get their inventory to market sooner rather than later.
On the side of one nearly completed building (one of dozens) was a large billboard reading: "300 units in Phase 1 sold in 9 hours. Phase 2 now available."
Let's conservatively assume that Phase 1 sold for an average of $350K a unit. When in our lifetime has someone with no special skills, connections or knowledge beyond what might be acquired in a local high school been able to undertake a venture that generated >$100 million in revenue in nine hours? I submit that this is a very special moment in the history of speculation; gazing at the San Diego skyline, it is difficult to imagine that we will see anything like it in the foreseeable future.
The units you are refering to are Hotel Condo units in the Hard Rock Hotel. They are for a second residence that can't be lived in year round. Instead, they are put into the rental pool of the hotel where you recieve a commision depending on the rental rates received by the hotel. They sold for a minimum of 800,000. Yikes...
Increasing sales, increasing prices, and decreasing inventory.
One might mistake that for a recovery, no?
The key word being "mistake".
How high does a dead cat bounce?
ac, the data looks terrible to me. I doubt anyone would mistake that for a recovery! I spoke with one of the top agents in San Diego over the weekend - the market is UGLY.
Best Wishes.
YOY transactions down 21%-looks like transactions level between 1996-1997 level. Can't be a good sign for inventory levels going forward.
My favorite datum: "...3,282 transactions last month, up 2.3 percent from September."
There were 3.3% more days in October. There were however 5 Fridays in Sept and only 4 in October. The idea of using month to month variations of this type is just desperation.
"On Nov 13th, Spanish central banker Jose Manuel Gonzalez-Paramo said the ECB was looking at rising house and share prices, and the explosive Euro money supply and credit trends. 'When rapid price growth of house and stock assets coincide, there is an empirical association between this situation and inflationary pressures in three or four years, its not difficult to understand its like this,' he said."
Are Arab Oil kingdoms and China Attracted to Gold’s Glitter?
"While growth was important to the bank, the ECB's mandate continues to be inflation, he said."
ECB's Gonzalez-Paramo refuses to contradict expectations of December rate hike - Forbes.com
"Bernanke's Inflation Target May Encounter Democratic Opposition"
Bernanke's Inflation Target May Encounter Democratic Opposition - Bloomberg.com
"Sterling's Past, Dollar's Future: Historical Perspectives on Reserve Currency Competition"
http://http://www.google.com/url?sa=t&ct=res&cd=1&url=http%3A%2F%2Fwww.econ.berkeley.edu%2F~eichengr%2Fresearch%2Ftawney_lecture2apr29-05.pdf&ei=Ml1ZRfG6IMr2YNeuxPkG&usg=__y_UpKT333YkvOiRC1s1Zbo1mv-c=&sig2=QEfsj2hAMUQgK9D1vEL2ew
A Bridge Loan Too Far
Starring Ben Bernanke as Major General Moneybags. Tells the story of Gen Moneybags failed campaign 'System Open Market Garden Account' meant to rescue the American middle class.
Could somebody please pass the popcorn?
Thanks,
are these figures seasonally adjusted
Does this make sense?
Bubble-proof markets | 1 | Business 2.0
Bullet proof? How can they even have the gaul to say this crap?
Agreed, Nozferat. But please: some Gauls may gall, but not all gall is Gaulish.
Loved this one Nozferat from your URL
The force with which middle class households here are getting replaced by wealthier ones was reflected in the recent hysteria over the Tishman Speyer group's $5.4-billion acquisition of 110 apartment buildings in lower Manhattan, the largest real estate deal in recent history. The apartment blocks are home to thousands of rent-controlled tenants who should have been priced out of the city years ago - and fear they now will be by market rents under the new owner.
Middle class being replaced by the wealthy?
I was in San Diego over the weekend. The condo build-out around the downtown baseball stadium is still in progress with a number construction sites active on Saturday (Veteran's Day). My guess is that these were union crews, so someone was paying double-time to get their inventory to market sooner rather than later.
On the side of one nearly completed building (one of dozens) was a large billboard reading: "300 units in Phase 1 sold in 9 hours. Phase 2 now available."
Let's conservatively assume that Phase 1 sold for an average of $350K a unit. When in our lifetime has someone with no special skills, connections or knowledge beyond what might be acquired in a local high school been able to undertake a venture that generated >$100 million in revenue in nine hours? I submit that this is a very special moment in the history of speculation; gazing at the San Diego skyline, it is difficult to imagine that we will see anything like it in the foreseeable future.
4shizl-
The units you are refering to are Hotel Condo units in the Hard Rock Hotel. They are for a second residence that can't be lived in year round. Instead, they are put into the rental pool of the hotel where you recieve a commision depending on the rental rates received by the hotel. They sold for a minimum of 800,000. Yikes...