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

To: Richard Habib who wrote (2460)	3/18/2000 5:22:00 PM
From: RR	Read Replies (1) \| Respond to of 10714

OT..... same for Breckenridge, Colorado, where we have a place and hang part of the time. Over recent years, I was amazed at the obnoxiousness of wealth, as I called it, up there. I could look in any direction and see construction. Wy wife's boyfriend built houses in the summer. Use to go by and look at them. Million dollar ones. You would not believe how many he helped build where the owner had neither seen the property initially before building, nor had ever visited the construction site while it was being built, yet had already paid the cash.... I'm bullish CREE with Sept call options. Would like to see this baby move up again soon. Rick