But did you buy those RIM stocks?
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
cdr108
Senior Member
Ric
Active Member
If 6.50 doesn't hold then this puppie going all the way down to $2.90 (based on my own techical analysis). My buy order is at 6.50 with a tight stop loss at 6.30. It's still a gamble though, there is no bottom in sight for RIM (RIP).
Ric
Active Member
No I didn't. Shorted from $33 to $12 now I'm waiting for the $6.50 buy.
Back on topic: Man the rental market is HOT. Cannot say the same for Resales though.
James
Senior Member
Resale's definitely not "cold" though. It has cooled off, as expected around this time of year, but I still see some good properties going for more than asking. I think when the market was red hot earlier this year, many sellers were simply putting their property up on the market to see if they'd get any bites and, for the most part, buyers came out in droves. Right now you still see homes where the sellers don't really need to sell and with a high asking price, they simply sit on the market a little longer with no price drops. I do hope sellers start to recognize this gradual correction and start pricing their properties more realistically. If I see another fixer-upper listed at over $1M, I'm going to...ahhh, I digress.
A hot rental market is a good sign. I believe people who bought pre-con condos that are now closing should definitely consider keeping them as rental properties. Hopefully those "investors" had enough of an investment to return positive cash flow.
redfirm
Active Member
redfirm
Active Member
interested
Senior Member
Great call on RIM. Uncovered shorts though....you can really get burned....unless you had stock that you were covering.
In my experience no one gets it right much more than 50% of the time....however you are in the wrong profession (realtor) if you can do better than 50%.
I still think condos are moving in resale in the core. In our building that I follow, there were I believe 6 for sale about 3 weeks ago. There is now 1. The six sat for about 3-4 weeks but then started to move and 5 gone in the past 3 or so weeks so there is still demand. Asking I believe was around the $550/sq.ft. mark on average at Richmond/Simcoe area.
There will be a lot of rental market product however at the high end coming on.
KA1
Senior Member
Ric
Active Member
That's easy, don't even need my crystal ball for that one: Argos.
Ric
Active Member
Interested, I do have my fair share of losers (BAC, HMX); I just don't want to talk about them; typical human nature to hype their winnings and downplay the losers. I think I will hit the jackpot with Sprint though. Bought that puppy 3 months ago for $2.4; currently at $4.86 and I see this hitting $20 in a couple years; Just in-time for my INDX closing.
On the subject of rental condos, this is the first time I've seen the market this hot: everything rents within a couple days with multiple offers and over asking. A lot of potential buyers choosing to rent instead. Very good for investors with rental +ve cash flowing properties.
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Kenny
Active Member
Ric
Active Member
Kenny,
Anecdotal. I haven't looked at the rental #'s for July and mid August but I'm very sure the numbers will back my experience. I've never seen the rental market for downtown condos this hot b4 and also have not had so many clients looking to rent.
This is also the experience of other agents in my office, so I think it amounts to something. I'll take a look at the MLS #'s and provide a follow-up.
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Kenny
Active Member
Dan_550
New Member
Adding some fuel here - we listed our condo 6 days ago, and it's now sold. Multiple offers, full asking, no conditions. Prior to listing was worried it wouldn't move quickly, however after going through the process the downtown condo market still seems alive and strong. Just my 2 cents.
Cheers,
Cheers,