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Technology Stocks : Wolf speed

WOLF 18.05

-4.8%

Jan 5 3:59 PM EST

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To: Richard Habib who wrote (2460)	3/18/2000 5:09:00 PM
From: Dave B	of 10714

Richard, The wealth effect is alive and well up here in Jackson Hole Wyoming where tract homes sell for 1-2M and relatively nice homes on a few acres are being snapped up for $19.5M cash Ditto here in Silicon Valley (Los Altos). We have 4 houses on our court. Eight months ago one of the houses (2000 sq. ft., 1/3 acre lot, 3 bedroom, 2 bath) sold for $1M. The new owner just got a job offer in San Diego so they put it back on the market. Offered it at $1.25M (and I was thinking "a cool 25% gain on the house in 8 months!"). Had seven offers and took the one for $2.3M! The new buyers are apparently going to gut it and remodel, fill in the pool, etc. before they move in. The wealth effect seems to have had a huge effect on housing prices. Dave p.s. This isn't an isolated example. A couple of months ago, another 3 bedroom, 2 bath house about a quarter of a mile away was listed for $1.35M and sold for >$2M.

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