Downturn is here.. house sold below asking in PA!

Peninsula
1

Not sure if this will be a norm or someone just snagged a deal… but have rarely if ever seen a house go below asking in PA!
https://www.redfin.com/CA/Palo-Alto/3852-Corina-Way-94303/home/683982?

2

Wow. Back to 2016 price! Maybe because the street name is too close to corona? :rofl:

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3

Almost bottom. 2016 price is a strong support.

4

That seems like a good price for the buyer given similar house sold in the same period with 2.6M

https://www.redfin.com/CA/Palo-Alto/3819-Louis-Rd-94303/home/1412616

That Louis price is actually higher than from last yr: https://www.redfin.com/CA/Palo-Alto/3827-Ross-Rd-94303/home/1315237

5

It went sale pending on March 15th. The seller had no clue that the Fed was about to pump in 6 Trillion dollars into the economy the following week. They must be kicking themselves for this. S&P 500 is just down 12% from the peak.

6

Downturn is national. The stock market is in a bear trap. Wall Street is delusional. Main Street is in depression

7

Yea, seems like someone got a good deal when there is huge fear on the street. Hindsight is 20/20, only time will time.

8

Dow down 2.67% this morning. With Newsom basically saying the western states won’t open up till it’s safe. With no real path to make things safe and no deadline for the quarantine nightmare. That means uncertainty that the market hates.

Waiting for testing and tracing to work means waiting forever because of the asymptotic. Plus the idea that herd immunity will kick in is a fantasy that even if it works it will take years. And vaccines will take maybe two years to become universally effective. Knowing of course that flu vaccines are only 50% effective

Once the market digests this reality it will test the lows by August. In the 1930s the DOW jumped around for 10 years. The economy was finally saved by WW2. But the Dow didn’t recover until the fifties.

Locally in Tahoe. Lakeside casino has closed permanently. And I bet the Hardrock will close soon. Casinos have not been approved by the rescue SBA loans. Only the big casinos will survive. Why risk getting sick gambling when you can do it online?

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9

You mean bull trap.

It’s a game of psychology. Wall Street is optimistic but companies are conservative in their estimates for earnings calls. If you are a company executive it’s better to underestimate now than overestimate and underperform later.

10

I feel like i don’t want to work anymore. The government should print 8000 trillion and just give stimulus and free healthcare and luxury item to us every month. I just wanna sleep, eat , watch tv everyday from now on. Let’s do it baby

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I have been doing this for nearly 20 years :hugs:

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12

come on US, let’s make everyone here become a 100 millionaire. just print enough and give to everyone. I need it, i wanna be like hanera

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13

@dioworld your wish is coming true, but you need to switch to a lower paying job:

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i don’t want to work, so hence i need to switch to jobless

15

It’s so boring…

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I wonder how many trillions of debt this will add. This is insane.

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Won’t make a dent at this point. Might as well while the Fed printer is on 24/7.

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18

if they gonna print, let’s make everyone able to retire at this point.

19

Lakeside Casino had 218 employees. Pretty big deal for Tahoe.
Have the owners sold to someone else?

20

I actually had an unsolicited offer today. The bottom feeders are out looking for deals. Tahoe got hit hard fast. Could be back fast if we can get our summer season. Starts 6/15. Praying for a miracle. So far only 10 cases and no hospitalizations at Barton hospital