Monday, March 02, 2009
Booming Sales, Busting Prices
My buddy down in Naples, FL is doing a mad business these days selling foreclosures. In fact, he's so busy he just hired two assistants.
I'm on his *list* of potential buyers so I get spammed with not only a daily listing of new bank-owned property, I occasionally get hit with his real estate propaganda.
Today he sent an email out with the header I've cropped out above.
I knew exactly what was going to follow - some news story about the *volume* of transactions in SW Florida.
Stone-breaker that I am, I replied that he ought to check out the volume on shares of Citigroup these past few days. On Friday, it traded 1.8 billion shares! One might even say, "Sales of Citigroup shares SURGED last week!"
Of course, the one-time largest bank in the world fell to $1.20 per share.
The volume of real estate transactions only matters to, well, real estate brokers.
See also - $42 Per Square Foot and Knife Catching In Cape Coral, Florida.