September 12, 2014
Comment on Model Portfolio activity
retuned from the Badlands of South Dakota (fantastic) and the Grand Canyon
(ditto) and avoided the flash floods in Arizona and New Mexico (in between) to
find the markets meandering at new highs with little conviction of whether they
will go higher or lower.
return we read this article from the NYT which gives us pause:
What will $1 million buy in New
York City? A diamond-encrusted Cartier men’s watch. A small fleet of
2014 Bentley Continentals. Or maybe your very own parking spot in SoHo.
A new development, 42 Crosby Street, is pushing the
limits of New York City real estate to new heights with 10 underground parking
spots that will cost more per square foot than the apartments being sold
The million-dollar parking spots will be offered on
a first-come-first-served basis to buyers at the 10-unit luxury apartment
building being developed by Atlas Capital Group at Broome and Crosby Streets,
itself the former site of a parking lot. At $250,000 a tire, the parking spaces
in the underground garage cost more than four times the national median sales
price for a home, which is $217,800, according to Zillow.
So instead of a 5,000-square-foot house with a wine
cellar in Dallas or a 3,500-square-foot home with a sauna in Seattle, one could
choose 150 square feet in the basement of 42 Crosby, a condominium designed by
the architect Annabelle
first thought is that it would be cheaper to hire a limo than lease a parking
space. Our second is that the parking spaces will probably sell out.
returned we added to our Verizon; repurchased Whole Foods, DreamWorks, Coach
and Cree (the LED makers) and one day traded Sprint for a ten percent gain.
correction doesn’t occur soon we may run up into year end next year ala 1985,
September 5, 2014
Comment on Model Portfolio activity
Still Travelin', back next week.
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