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http://www.bloomberg.com/news/2012-07-26/hamptons-home-sales-jump-to-5-year-high-as-luxury-demand-climbs.html
Home sales in the Hamptons, the Long Island beach retreat for summering Manhattanites, jumped to a five-year high as both the priciest mansions and entry-level properties attracted buyers.
News flash! Cream cheese prices drop to historic lows! Demand seen spiking as a result. The fairway on the uws reports one particular bese elderly man who looks to have had sex once in the late 60's hoarding $20k in cream cheese. He signed over his social security check for it.
The sales clerk was quoted as saying 'that wasn't the last time that old man bought cream cheese in bulk with social security chks'
Herez a little economic lesson for you. When mortgages go from 5% to 3%, and actual cash on cash pv needs go down by 20% but sellers can only extract 1/2 of this 'bubble imploding Bennie', the market NOT so hot hot hot. It's social security day. Better get to the post office early!
so high end sales are increasing mean prices and this guys thinks that means market is booming? median is down 10%. seems to me funny money at play. rich folk buying from one another at huge prices while sub $5mm properties are on the way down.
example of that guy selling at 10% above what he paid in 07 doesnt talk about how much he put into that house.
In related news, Rolls-Royce posted better than expected first half earnings this morning causing the stock to jump nearly 7%. I guess people are buying cars to fill all those empty garages out East.
News flash I'm up $400k on Sprint on Pre market trading.
Flmaozz. Go ahead Riversider. Keep filtering all the news to pump up your uws coop you bought for $50k and a well timed blow job in late 70's. I doubled up on sprint at $2.40. Do the math. This trip to Europe is gonna be great! Euro cheaper, I'm richer, my manhattan c7 gonna be $400psf!