11.15.2009

Glue-sniffer of the Year: Peggy Madura, West Coast Properties, 701 Santa Rosita, Solana Beach

Peggy Madura is asking $608/sqft for this house east of the freeway, a full 47% more than the sellers paid for it during the housing bubble in 2003. Did she not notice that the most recent sale in that neighborhood was at $256/sqft, and the highest price paid in the last 2 years in that neighborhood was $505/sqft?

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Quotations from Chairman Varones

There are very few financial problems that can't be solved by a suitable application of asset bubbles.