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Existing Home Sales at Highest Level in 14 Years

Summary:
Herkie1 hrI wrote Friday that there is a party house full of 20 somethings that the parties ended mysteriously the same time the PUA ended early August. Then I was excited because the house had a for sale sign out front. I looked it up and they want 0K for it. It is 3 bed 2 bath 2 car garage with pool and lanai and just less than 1/3 acre. Does anyone remember that, did anyone read it? Well a couple weeks ago the lawn sprouted a Remax for sale sign so I looked it up on the MLS and sure enough it is a party house. Painted in garish colors and with a great pool and hot tub, a outdoor BBQ space, and ping pong table, wired for music outside and the house had a few other items that were listed as sales pluses like stone counters. Well my house is a three bed three bath two car garage,

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Herkie

I wrote Friday that there is a party house full of 20 somethings that the parties ended mysteriously the same time the PUA ended early August. Then I was excited because the house had a for sale sign out front. I looked it up and they want $260K for it. It is 3 bed 2 bath 2 car garage with pool and lanai and just less than 1/3 acre.

Does anyone remember that, did anyone read it?

Well a couple weeks ago the lawn sprouted a Remax for sale sign so I looked it up on the MLS and sure enough it is a party house. Painted in garish colors and with a great pool and hot tub, a outdoor BBQ space, and ping pong table, wired for music outside and the house had a few other items that were listed as sales pluses like stone counters.

Well my house is a three bed three bath two car garage, with extra shop space. It is over a third acre, and my lanai is not aluminum and screen but real beams and the whole house is architect designed and built, it has 17 foot ceilings in the garage, master and living/dining rooms. Living and dining room are one big room, but at 40 feet it does not seem like they are one room, and it would be hard to describe all the things about my house that made me want it, like the fireplace on the end of the living room wing that soars 17 feet and has sidelight windows on both sides that go to the roof from the floor. Or the 4 panel sliders that open all the way in what they call pocket sliders in Florida, so you can open them and presto 25 feet of living room wall is not there. Open to the pool.

But the best part for me (live alone no kids or pets) is that a large chunk of the house is the master space, it is a third of the house. The bedroom is 28 by 32 feet.

It has three walk in closets, a water closet for the toilet, a shower/jacuzzi nook, vanity for two, a walk in closet 13X8 and another 8'1" by 7'4" so his and hers or his and his, or one huge closet and an office instead of two huge closets, and the third walk in is basically a linen closet. The suit has it's own 8 foot hall. Again 17 foot ceilings and floor to ceiling windows and every window in the house has marble sills.

Every counter surface is about the most expensive stone you can get. The walk in pantry even has it. I could go on and on, it is a very special place. And I got it for less in April than some ticky tacky set of drywall boxes are fetching only 6 months later. My house is on more than a third acre set far back on the property, I can see no neighbors from any window. I do have a next door neighbor but they are in their 90's and scared to death of Covid so we have only spoken by phone. No house in this subdivision is without a greenspace behind it either golf course or forest.

So when I saw today that there is a pending sale for full price after little more than a week on the market for the party house that is so much smaller for more than I paid for this house I was pretty shocked. That house would have sold for maybe 199,500 in January.

Mike Shedlock
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

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