"I was born with a plastic spoon in my mouth"

"The north side of my town faced east, and the east was facing south"  The Who

It has been a busy week for our complexes.  Two units in the front buildings closed in Windrush.  One closed for $123,600 and the other closed for $125,000, all these units are 2 bedroom 2 bath units with 1240 square feet.  Another came on the market for $179,000, probably a little aggressive for a front unit.

A new listing in The Diplomat came on the market.  This unit is direct ocean with 2 bedrooms 2 baths and 900 square feet.  Priced at $218,000, this unit is an excellent rental income unit with great views.

Windward East 408 is now under contract and should close by next week.  Unit 208 was scheduled to close yesterday but again the lender package from Wells Fargo didn't make it on time.  The unit should close Monday.

Interesting news in the market this week.

Home prices soar to a 12.1% increase and this is the largest gain in 7 years.  Nevada led the increase with a increased rate of 24.6%.

On the other hand mortgage applications dropped because of the slight increase in rates.  Ending in May the average rates were 4.07%, still a good rate.  We have to understand as the market gets better the rates will go higher.  It is the nature of the beast.

Enjoy your weekend.

Jim Bagwell