Monday November 30, 2009
Greek Mythology has a character called “KAIROS.” As the youngest of the sons of Zeus, he was depicted as a bald young man with a single long lock of hair hanging down from his forehead which depicted opportunity. He would run swiftly and wore no clothes. If you grasped the lock of hair on his forehead as he came upon you, one might have a chance to hold him. Once he had moved past, none could pull him back. Kairos, from Greek Mythology, depicts the brief moment in which opportunity shows up and is gone.
Much of the same is here today in the Housing market. The Home Buyer’s Opportunity is at hand, but is quickly passing. Rising cost generated by inflation will soon choke the opportunities at hand. Not only are inventory levels of homes in Richmond and nationally at an all time high, but so are the values of Richmond Homes . All this stimulated by the Home Credit now adopted by congress to stimulate the economy. The real question is this: “What is value?” Here are some of the answers I am hearing:
· Price per square foot
· Corporate Owned
· Short Sales
· REO-real estate owned
· Distressed builders
What is the answer? Over the next few posts we will analyze each one of these types of real estate and see what truly makes sense. Each one may be an opportunity…but opportunity for what? There is just as much room for disaster as there is for success. Tune in. I’d love to hear your comments.