Shorewood Calls the Bottom, Sorta

By Dave Fratello | June 4th, 2007
In unveiling April sales data for South Bay neighborhoods, Shorewood Realtors recently issued a typical sun-is-shining-everywhere press release.

As MBC has said before, if the data back it up, it's fine to sound as bullish as can be. If South Bay sales have really increased year-over-year in three consecutive Aprils, that's something to crow about.

And yet there's a stretch beyond the data here, too. A statement attributed in the release to Shorewood's co-owners, Arnold Goldstein and Larry Wolf (apparently they were speaking at the same time), says:
We believe we’re seeing a renewal of confidence among both buyers and sellers that the housing downturn which began in the fall of 2005 has more or less run its course in the South Bay. Prices are holding steady for the most part and smart buyers have decided not to wait for further downturns, which frankly we don’t think will occur, so long as mortgage rates hold steady.
Let's examine this a bit further.

First, has the record really been clear – has Shorewood always said a "downturn" began in Fall 2005? Good research question.

Second, does Shorewood believe the slump, however mild, has "run its course?" Oh no, that's the "buyers and sellers" who have "confidence" that the "downturn" is over, not Shorewood. Don't blame us if we're wrong.

"Further downturns" will not occur, in the Shorewood owners' frank view, so long as rates are steady. Hey – that is an opinion. We'll check back on that one.

OK now, "smart buyers," remember, you're the ones who are not going to wait any longer. Any buyers who are waiting, sorry to insult your intelligence, just please call Shorewood when you're ready to make a move.

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