There is good news for collectors of scarce and very expensive items out there. Routinely over the past 12 months, the Sotheby’s Auction House has achieved sales results individually which are significantly higher than pre-auction estimates. This points to a new trend of where liquid investment dollars are being placed by the super wealthy.
This article shows some of the incredible pieces and where the results have ended up: http://www.businessinsider.com/sothebys-auction-items-2010-4#brilliant-cut-rare-blue-diamond-geneva–23-million-1
Here is a link to the Sotheby’s website which shows all results. These numbers are mystifying: http://www.sothebys.com/app/live/event/EventResultsLanding.jsp
According the New York State Association of REALTORS, Housing Unit sales for the 1st quarter of 2010 are up 17.7% as compared to the same period of time in 2009. Additionally, the unit sales in the Greater Capital Region Association of Realtors show a 11.9% percent climb for the same area.
New York Metro area is up over 24.5%, and with an increase in price by approx. 3.4% as well. The only metro markets to out perform New York in both categories for the quarter are Pittsburgh, St. Louis, and Boston.
This seems to indicate that a change for the better is on the way, and perhaps we have reached the bottom of the curve and are on the doorstep of the housing recovery. Let’s hope the trend continues for Q2.
John Paulson, the hedge-fund manager famous for betting against mortgage securities, is now bullish on the U.S. housing market and the economy. During a conference call with investors April 21, Paulson said he was
concerned earlier this year about a potential double-dip recession. “I’m not concerned about that at all today,” he said. It’s more likely there could be a V-shaped recovery, Paulson elaborated. House prices have stabilized and could climb 8% to 10% nationwide in 2011, he added.
– “Paulson & Co. Turns Bullish on Housing, Economy,” by Alistair Barr, MarketWatch, April 21, 2010.
The economic impact of no action, or the possibility of the wrong direction on the issue of VLT’s and NY Thoroughbred racing is staggering. Saratoga County and Washington County are filled with magnificent facilities that are designed to breed winning race horses. This is a major part of our culture in upstate New York, and the lifeblood of industry in many small towns.
There are horse farm owners heading for the hills, and this is not good for our region. If we continue to allow this, the well known mantra that is on the signs which stand near the various gateways to our community and say “Health, History, Horses” will need to be modified to say just “Health”. One could seriously read into the ironny in that!
Please read the following article published in the Post Star, and written by Drew Kerr: Farm Sales Stagnate