Real Estate and the White House Pre-Stimulus
The stimulus package that will more than likely become law on Tuesday did include a few things for Real Estate as mentioned on my post
So, why am I writing about Real Estate and the White House. In some ways I’m feeling like I should be apologetic but I’m actually compelled to write because I think Washington should know what is going on in the “other” Washington regarding Real Estate-pre-Stimulus.
In Seattle while nobody noticed especially during December’s deep freeze there were intriguing property sales. I’ll just mention a few…. In a one week period of time in a tony Seattle neighborhood there were three sales that occurred. Two for over $1 million and one for over $6.5 million….all cash….no bank…..
25 of the 36 luxury units have sold. 22 have closed with prices ranging from $1.26 million to over $11 million.
I guess my point is that as evidenced in Seattle there are some buyers who are truly embracing the fact that the current real estate market “pre-stimulus” is a “buyers” market and they are doing what most sane buyers do in a “buyers” market. They are out there buying property.
For some reason I think the White House should know this. And for some reason I think that there is a lot of cash on the sidelines waiting for stability in the market. I’m hoping we will see a post-stimulus market traction take hold.
BTW…Whatever happened to the guys who brilliantly hedged against the real estate market in 2007. What is the close to $9 billion dollar windfall they received doing these days?