You are on page 1of 34

0RQGD\0D\

<RXU/RFDO0DUNHW
V MISSION VIEJO, CA
([HFXWLYH6XPPDU\ Condos - Townhomes

7KLV:HHN
5HDO7LPH0DUNHW3URILOH 7UHQG
0HGLDQ/LVW3ULFH  r
$VNLQJ3ULFH3HU6TXDUH)RRW  r
7KHPHGLDQOLVWSULFHLQ0,66,219,(-2&$WKLVZHHNLV $YHUDJH'D\VRQ0DUNHW '20  r
3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
3HUFHQW5HOLVWHG UHVHW'20 
,QYHQWRU\KDVEHHQOLJKWHQLQJODWHO\DQGWKH0DUNHW$FWLRQ,QGH[
KDVEHHQWUHQGLQJXS7KHVHDUHPLOGO\SRVLWLYHLQGLFDWLRQVIRUWKH 3HUFHQW)OLS SULFHLQFUHDVHG 
PDUNHW 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 
0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  

6XSSO\DQG'HPDQG
+RPHVDOHVFRQWLQXHWRRXWVWULSVXSSO\DQGWKH0DUNHW$FWLRQ,QGH[ r 1RFKDQJH  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
KDVEHHQPRYLQJKLJKHUIRUVHYHUDOZHHNV7KLVLVD6HOOHU
VPDUNHW
VRZDWFKIRUXSZDUGSULFLQJSUHVVXUHLQWKHQHDUIXWXUHLIWKHWUHQG  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
FRQWLQXHV

3ULFH
0DUNHW$FWLRQ,QGH[ 7KHPDUNHWVHHPVWRKDYHSDXVHGDURXQGWKLVSODWHDX7KH
0DUNHW$FWLRQ,QGH[LVDJRRGOHDGLQJLQGLFDWRUIRUWKHGXUDELOLW\
RIWKLVWUHQG

3ULFH7UHQGV

'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH %X\HU6HOOHU&XWRII

7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH
0DUNHW"E\PHDVXULQJWKHFXUUHQWUDWHRIVDOHYHUVXVWKH
DPRXQWRIWKHLQYHQWRU\,QGH[DERYHLPSOLHV6HOOHU
V
0DUNHWFRQGLWLRQV%HORZFRQGLWLRQVIDYRUWKHEX\HU

4XDUWLOHV
'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH

&KDUDFWHULVWLFVSHU4XDUWLOH ,QYHVWLJDWHWKHPDUNHWLQTXDUWLOHV
ZKHUHHDFKTXDUWLOHLVRIKRPHV
RUGHUHGE\SULFH
4XDUWLOH 0HGLDQ3ULFH 6TXDUH)HHW %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
<RXU/RFDO0DUNHW
V
0$5.(783'$7(
0,66,219,(-2&$

&XUUHQW5HDO(VWDWH0DUNHW&RQGLWLRQVIRU&RQGRV 7RZQKRPHV
7UHQGVLQ3ULFLQJ
&XUUHQW/HYHOVRI6XSSO\DQG'HPDQG
9DOXH0HWULFV

5HSRUWIRUWKHZHHNRI
0D\

3UHVHQWHGE\<RXU/RFDO0DUNHW5HSRUWV




3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
&LW\2YHUYLHZ &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$

7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV7KH $YHUDJH/LVW3ULFH 
SURSHUWLHVKDYHEHHQRQWKH $VNLQJ3ULFH3HU6TXDUH)RRW  r
PDUNHWIRUDQDYHUDJHRIGD\V $YHUDJH'D\VRQ0DUNHW 'R0  r

,QYHQWRU\RI3URSHUWLHV/LVWHG  n

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\KDVEHHQOLJKWHQLQJODWHO\ /HDVW([SHQVLYH/LVWLQJ 

DQGWKH0DUNHW$FWLRQ,QGH[KDVEHHQ $YHUDJH$JHRI/LVWLQJ 
WUHQGLQJXS7KHVHDUHPLOGO\SRVLWLYH 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
LQGLFDWLRQVIRUWKHPDUNHW 3HUFHQW5HOLVWHG UHVHW'20 
3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
+RPHVDOHVFRQWLQXHWRRXWVWULS 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  
VXSSO\DQGWKH0DUNHW$FWLRQ,QGH[ 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
KDVEHHQPRYLQJKLJKHUIRUVHYHUDO LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
ZHHNV7KLVLVD6HOOHU
VPDUNHWVR EX\HU
ZDWFKIRUXSZDUGSULFLQJSUHVVXUHLQ
WKHQHDUIXWXUHLIWKHWUHQG 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
FRQWLQXHV r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0HGLDQ3ULFH
7KHPDUNHWDSSHDUVWREHKRYHULQJDURXQGWKLVSODWHDX7KLVZHHNSULFHVHDVHGGRZQDELW7KH0DUNHW$FWLRQ,QGH[LVDJRRG
OHDGLQJLQGLFDWRUIRUWKHGXUDELOLW\RIWKLVVKLIW

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
3ULFHVKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOOIRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW
XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURPWKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

3ULFHSHU6TXDUH)RRW
7KHPDUNHWSODWHDXLVVHHQDFURVVWKHSULFHDQGYDOXH7KHSULFHSHUVTXDUHIRRWDQGPHGLDQOLVWSULFHKDYHERWKEHHQ
UHDVRQDEO\VWDJQDQW:DWFKWKH0DUNHW$FWLRQ,QGH[IRUSHUVLVWHQWFKDQJHVDVDOHDGLQJLQGLFDWRUEHIRUHWKHPDUNHWPRYHVIURP
WKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQIDOOLQJLQUHFHQWZHHNV1RWHWKDWGHFOLQLQJLQYHQWRU\DORQHGRHVQRWVLJQDODVWUHQJWKHQLQJPDUNHW/RRNWR
WKH0DUNHW$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVFKDQJLQJZLWKWKHDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW$FWLRQ
,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKHPDUNHWDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


1HLJKERUKRRG'HWDLO &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  
EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW 'R0  nn
GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
'HPDQGPHDVXUHGE\WKH0DUNHW /HDVW([SHQVLYH/LVWLQJ 

$FWLRQ,QGH[LVLQFUHDVLQJDQGGD\V $YHUDJH$JHRI/LVWLQJ 
RQPDUNHWLVWUHQGLQJGRZQZDUG 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
(YHQDVPRUHSURSHUWLHVFRPH 3HUFHQW5HOLVWHG UHVHW'20 
DYDLODEOHWKHVHDUHSRVLWLYHWUHQGV 3HUFHQW)OLS SULFHLQFUHDVHG 
IRUWKHPDUNHW 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWKDVEHHQVWURQJIRU 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  
VHYHUDOFRQVHFXWLYHZHHNV 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
5HIOHFWLQJWKHVHLQYHQWRU\ LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
FRQGLWLRQVZLWKWKH0$,LQWKH EX\HU
6HOOHU
V]RQHLWLVQRWVXUSULVLQJWKDW
SULFHVKDYHUHFHQWO\UHVXPHGWKHLU 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
FOLPE r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
'HVSLWHWKLVZHHN
VGRZQWLFNSULFHWUHQGVLQWKLV]LSFRGHKDYHEHHQPRYLQJXSLQWKHODVWIHZZHHNV:HDUHEHORZWKH
PDUNHW
VKLJKSRLQWDQGZH
OOLQYHVWLJDWHWKH0DUNHW$FWLRQ,QGH[ODWHURQWRVHHLIZHH[SHFWWKLVZHHN
VEOLSWREHFRPHD
GRZQZDUGWUHQG

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFHVLQWKLV]LSFRGHKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOO
IRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURP
WKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
7KHSULFHSHUVTXDUHIRRWLVLQFUHDVLQJDELWUHFHQWO\DQGRYHUDOOSULFHWUHQGVKDYHQ
WVKRZQDFRQVLVWHQWXSZDUGO\SXVK7KLVFDQ
LPSO\WKDWLQYHVWPHQWFRQGLWLRQVDUHRSSRUWXQLVWLF:DWFKWKH5HPRGHO,QGH[IRUDPRUHGHWDLOHGDQDO\VLVRIWKHLQYHVWPHQW
RSSRUWXQLW\LQWKHDUHD

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW
$FWLRQ,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


1HLJKERUKRRG'HWDLO &RQGRV 7RZQKRPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  r
EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW 'R0  r
GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  n

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\KDVEHHQOLJKWHQLQJODWHO\ /HDVW([SHQVLYH/LVWLQJ 

DQGWKH0DUNHW$FWLRQ,QGH[KDVEHHQ $YHUDJH$JHRI/LVWLQJ 
WUHQGLQJXS7KHVHDUHPLOGO\SRVLWLYH 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
LQGLFDWLRQVIRUWKHPDUNHW 3HUFHQW5HOLVWHG UHVHW'20 
3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG $OWRV5HVHDUFK9DOXH6WDWLVWLFV
,QWKHODVWIHZZHHNVWKHPDUNHWKDV 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  r
DFKLHYHGDUHODWLYHVWDVLVSRLQWLQ 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
WHUPVRIVDOHVWRLQYHQWRU\ LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
+RZHYHULQYHQWRU\LVVXIILFLHQWO\ EX\HU
ORZWRNHHSXVLQWKH6HOOHU
V0DUNHW
]RQHVRZDWFKFKDQJHVLQWKH0$,,I 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
WKHPDUNHWKHDWVXSSULFHVDUH r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
OLNHO\WRUHVXPHDQXSZDUGFOLPE

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW          0RVWH[SHQVLYHRISURSHUWLHV

8SSHU6HFRQG          8SSHUPLGGOHRISURSHUWLHV

/RZHU7KLUG          /RZHUPLGGOHRISURSHUWLHV

%RWWRP)RXUWK          /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
,QWKHODVWIHZZHHNVZH
YHVHHQSULFHVLQWKLV]LSFRGHERXQFLQJDURXQGWKHVHFXUUHQWOHYHOV/RRNIRUDSHUVLVWHQWFKDQJHLQWKH
0DUNHW$FWLRQ,QGH[EHIRUHZHVHHSULFHVGHYLDWHVLJQLILFDQWO\IURPKHUH

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFLQJDFURVVPRVWRIWKLV]LSFRGHUHODWLYHO\VWURQJUHFHQWO\:KLOH4XDUWLOHLV
EDVLFDOO\IODWDOORWKHUVHJPHQWVDUHLQDQXSWUHQGSHULRG8QOHVVWKH0DUNHW$FWLRQ,QGH[KDVDSHUVLVWHQWGRZQZDUGVKLIW
H[SHFWWKDW4XDUWLOHZLOODVVXPHDVLPLODUWUHQGZLWKWKHRWKHUJURXSV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
7KHPDUNHWSODWHDXLVVHHQDFURVVWKHSULFHDQGYDOXH7KHSULFHSHUVTXDUHIRRWDQGPHGLDQOLVWSULFHKDYHERWKEHHQ
UHDVRQDEO\VWDJQDQW:DWFKWKH0DUNHW$FWLRQ,QGH[IRUSHUVLVWHQWFKDQJHVDVDOHDGLQJLQGLFDWRUEHIRUHWKHPDUNHWPRYHVIURP
WKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQIDOOLQJLQUHFHQWZHHNV1RWHWKDWGHFOLQLQJLQYHQWRU\DORQHGRHVQRWVLJQDODVWUHQJWKHQLQJPDUNHW/RRNWR
WKH0DUNHW$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVFKDQJLQJZLWKWKHDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW
$FWLRQ,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI  0RQGD\0D\


&RQGRV 7RZQKRPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI  0RQGD\0D\


0RQGD\0D\
<RXU/RFDO0DUNHW
V 0,66,219,(-2&$
([HFXWLYH6XPPDU\ Single Family Homes

7KLV:HHN
5HDO7LPH0DUNHW3URILOH 7UHQG
0HGLDQ/LVW3ULFH  r
$VNLQJ3ULFH3HU6TXDUH)RRW  r
7KHPHGLDQOLVWSULFHLQ0,66,219,(-2&$WKLVZHHNLV $YHUDJH'D\VRQ0DUNHW '20  
3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
3HUFHQW5HOLVWHG UHVHW'20 
7KH0DUNHW$FWLRQ,QGH[KDVEHHQWUHQGLQJGRZQODWHO\ZKLOH
LQYHQWRU\DQGGD\VRQPDUNHWDUHFOLPELQJ7KHWUHQGVLPSO\D 3HUFHQW)OLS SULFHLQFUHDVHG 
ZHDNHQLQJPDUNHW 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

6XSSO\DQG'HPDQG 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU


V  n

7KHPDUNHWKDVVWDUWHGFRROLQJDQGSULFHVKDYHEHHQIODWIRUVHYHUDO r 1RFKDQJH  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG


ZHHNV6LQFHZH
UHLQWKH6HOOHU
V]RQHZDWFKIRUFKDQJHVLQ0$,,I
WKH0$,UHVXPHVLWVFOLPESULFHVZLOOOLNHO\IROORZVXLW,IWKH0$,  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
GURSVFRQVLVWHQWO\RUIDOOVLQWRWKH%X\HU
V]RQHZDWFKIRUGRZQZDUG
SUHVVXUHRQSULFHV

3ULFH
0DUNHW$FWLRQ,QGH[ 7KHPDUNHWDSSHDUVWREHKRYHULQJDURXQGWKLVSODWHDX/RRNIRU
DSHUVLVWHQWFKDQJHLQWKH0DUNHW$FWLRQ,QGH[EHIRUHZHVHH
SULFHVGHYLDWHIURPWKHVHOHYHOV

3ULFH7UHQGV

'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH %X\HU6HOOHU&XWRII

7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH
0DUNHW"E\PHDVXULQJWKHFXUUHQWUDWHRIVDOHYHUVXVWKH
DPRXQWRIWKHLQYHQWRU\,QGH[DERYHLPSOLHV6HOOHU
V
0DUNHWFRQGLWLRQV%HORZFRQGLWLRQVIDYRUWKHEX\HU

4XDUWLOHV
'D\5ROOLQJ$YHUDJH 'D\5ROOLQJ$YHUDJH

&KDUDFWHULVWLFVSHU4XDUWLOH ,QYHVWLJDWHWKHPDUNHWLQTXDUWLOHV
ZKHUHHDFKTXDUWLOHLVRIKRPHV
RUGHUHGE\SULFH
4XDUWLOH 0HGLDQ3ULFH 6T)W /RW6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20

7RS)LUVW   VTIW        0RVWH[SHQVLYHRISURSHUWLHV


8SSHU6HFRQG   VTIW        8SSHUPLGGOHRISURSHUWLHV


/RZHU7KLUG   VTIW        /RZHUPLGGOHRISURSHUWLHV

/HVVWKDQ
%RWWRP)RXUWK   VTIW        /HDVWH[SHQVLYHRISURSHUWLHV

3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
<RXU/RFDO0DUNHW
V
0$5.(783'$7(
0,66,219,(-2&$

&XUUHQW5HDO(VWDWH0DUNHW&RQGLWLRQVIRU6LQJOH)DPLO\+RPHV
7UHQGVLQ3ULFLQJ
&XUUHQW/HYHOVRI6XSSO\DQG'HPDQG
9DOXH0HWULFV

5HSRUWIRUWKHZHHNRI
0D\

3UHVHQWHGE\<RXU/RFDO0DUNHW5HSRUWV




3RZHUHGE\$OWRV5HVHDUFK//&_ZZZDOWRVUHVHDUFKFRP_&RS\ULJKW$OWRV5HVHDUFK//&
&LW\2YHUYLHZ 6LQJOH)DPLO\+RPHVLQ


0,66,219,(-2&$

7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV7KH $YHUDJH/LVW3ULFH 
SURSHUWLHVKDYHEHHQRQWKH $VNLQJ3ULFH3HU6TXDUH)RRW  r
PDUNHWIRUDQDYHUDJHRIGD\V $YHUDJH'D\VRQ0DUNHW 'R0  

,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
7KH0DUNHW$FWLRQ,QGH[KDVEHHQ /HDVW([SHQVLYH/LVWLQJ 

WUHQGLQJGRZQODWHO\ZKLOHLQYHQWRU\ $YHUDJH$JHRI/LVWLQJ 
DQGGD\VRQPDUNHWDUHFOLPELQJ7KH 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
WUHQGVLPSO\DZHDNHQLQJPDUNHW 3HUFHQW5HOLVWHG UHVHW'20 
3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 

6XSSO\DQG'HPDQG
0HGLDQ1XPEHURI%DWKURRPV 

$OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWKDVVWDUWHGFRROLQJDQG 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  n
SULFHVKDYHEHHQIODWIRUVHYHUDO 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
ZHHNV6LQFHZH
UHLQWKH6HOOHU
V LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
]RQHZDWFKIRUFKDQJHVLQ0$,,I EX\HU
WKH0$,UHVXPHVLWVFOLPESULFHV
ZLOOOLNHO\IROORZVXLW,IWKH0$, 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
GURSVFRQVLVWHQWO\RUIDOOVLQWRWKH r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
%X\HU
V]RQHZDWFKIRUGRZQZDUG
SUHVVXUHRQSULFHV

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W /RW6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20


7RS)LUVW   VTIW        0RVWH[SHQVLYHRISURSHUWLHV


8SSHU6HFRQG   VTIW        8SSHUPLGGOHRISURSHUWLHV


/RZHU7KLUG   VTIW        /RZHUPLGGOHRISURSHUWLHV

/HVVWKDQ
%RWWRP)RXUWK   VTIW        /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0HGLDQ3ULFH
7KHPDUNHWVHHPVWRKDYHSDXVHGDURXQGLWVKLJKSRLQW/RRNIRUDSHUVLVWHQWGRZQVKLIWLQWKH0DUNHW$FWLRQ,QGH[EHIRUHZH
VHHSULFHVGHYLDWHIURPWKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
3ULFHVKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOOIRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW
XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURPWKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

3ULFHSHU6TXDUH)RRW
7KHPDUNHWSODWHDXLVVHHQDFURVVWKHSULFHDQGYDOXH7KHSULFHSHUVTXDUHIRRWDQGPHGLDQOLVWSULFHKDYHERWKEHHQ
UHDVRQDEO\VWDJQDQW:DWFKWKH0DUNHW$FWLRQ,QGH[IRUSHUVLVWHQWFKDQJHVDVDOHDGLQJLQGLFDWRUEHIRUHWKHPDUNHWPRYHVIURP
WKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW$FWLRQ
,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKHPDUNHWDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
1HLJKERUKRRG'HWDLO 6LQJOH)DPLO\+RPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  r
EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW 'R0  
GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
7KH0DUNHW$FWLRQ,QGH[KDVEHHQ /HDVW([SHQVLYH/LVWLQJ 

WUHQGLQJGRZQODWHO\ZKLOHLQYHQWRU\ $YHUDJH$JHRI/LVWLQJ 
DQGGD\VRQPDUNHWDUHFOLPELQJ7KH 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
WUHQGVLPSO\DZHDNHQLQJPDUNHW 3HUFHQW5HOLVWHG UHVHW'20 
3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 

6XSSO\DQG'HPDQG
0HGLDQ1XPEHURI%DWKURRPV 

$OWRV5HVHDUFK9DOXH6WDWLVWLFV
7KHPDUNHWKDVVWDUWHGFRROLQJDQG 0DUNHW$FWLRQ,QGH[ 6HOOHU
V$GYDQWDJH  n
SULFHVKDYHUHFHQWO\SODWHDXHG 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
6LQFHZH
UHLQWKH6HOOHU
V]RQH LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
ZDWFKIRUFKDQJHVLQ0$,,IWKH0$, EX\HU
UHVXPHVLWVFOLPESULFHVZLOOOLNHO\
IROORZVXLW,IWKH0$,GURSV 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
FRQVLVWHQWO\RUIDOOVLQWRWKH%X\HU
V r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
]RQHZDWFKIRUGRZQZDUGSUHVVXUH
RQSULFHV

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W /RW6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20


7RS)LUVW   VTIW        0RVWH[SHQVLYHRISURSHUWLHV


8SSHU6HFRQG   VTIW        8SSHUPLGGOHRISURSHUWLHV


/RZHU7KLUG   VTIW        /RZHUPLGGOHRISURSHUWLHV

/HVVWKDQ
%RWWRP)RXUWK   VTIW        /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
:HFRQWLQXHWRVHHSULFHVLQWKLV]LSFRGHVHWWOHGDWDSODWHDX7KLVZHHNSULFHVEXPSHGGRZQDELWEXWQRWVLJQLILFDQWO\HQRXJK
WRFKDQJHWKHRYHUDOORXWORRN/RRNIRUDSHUVLVWHQWFKDQJH XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHZHVHHSULFHV
VLJQLILFDQWO\GHYLDWHIURPWKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFHVLQWKLV]LSFRGHKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOO
IRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURP
WKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
7KHPDUNHWSODWHDXLVVHHQDFURVVWKHSULFHDQGYDOXH7KHSULFHSHUVTXDUHIRRWDQGPHGLDQOLVWSULFHKDYHERWKEHHQ
UHDVRQDEO\VWDJQDQW:DWFKWKH0DUNHW$FWLRQ,QGH[IRUSHUVLVWHQWFKDQJHVDVDOHDGLQJLQGLFDWRUEHIRUHWKHPDUNHWPRYHVIURP
WKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW$FWLRQ,QGH[
VWDQGVDWZKLFKLQGLFDWHVWKDWGHPDQGLVVWURQJDQGDYDLODEOHVXSSO\RIKRPHVJHWVVQDSSHGXSUHODWLYHO\TXLFNO\

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
1HLJKERUKRRG'HWDLO 6LQJOH)DPLO\+RPHVLQ


0,66,219,(-2&$


7KLV:HHN 5HDO7LPH0DUNHW3URILOH 7UHQG


7KHPHGLDQOLVWSULFHLQ0,66,21 0HGLDQ/LVW3ULFH  r
9,(-2&$WKLVZHHNLV $YHUDJH/LVW3ULFH 
7KHSURSHUWLHVKDYH $VNLQJ3ULFH3HU6TXDUH)RRW  
EHHQRQWKHPDUNHWIRUDQDYHUDJHRI $YHUDJH'D\VRQ0DUNHW 'R0  
GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\DQGGD\VRQPDUNHWDUH /HDVW([SHQVLYH/LVWLQJ 

ERWKWUHQGLQJKLJKHUUHFHQWO\ $YHUDJH$JHRI/LVWLQJ 
+RZHYHUWKHLPSURYLQJ0DUNHW 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
$FWLRQ,QGH[LPSOLHVVRPHLQFUHDVHG 3HUFHQW5HOLVWHG UHVHW'20 
GHPDQGZLOOWHPSHUWKHQHJDWLYH 3HUFHQW)OLS SULFHLQFUHDVHG 
WUHQGV 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 

6XSSO\DQG'HPDQG
0HGLDQ1XPEHURI%DWKURRPV 

$OWRV5HVHDUFK9DOXH6WDWLVWLFV
,QWKHODVWIHZZHHNVWKHPDUNHWKDV 0DUNHW$FWLRQ,QGH[ 6WURQJ6HOOHU
V  r
DFKLHYHGDUHODWLYHVWDVLVSRLQWLQ 7KH0DUNHW$FWLRQ,QGH[DQVZHUVWKHTXHVWLRQ+RZ
VWKH0DUNHW"E\PHDVXULQJ
WKHFXUUHQWUDWHRIVDOHYHUVXVWKHDPRXQWRIWKHLQYHQWRU\,QGH[DERYH
WHUPVRIVDOHVWRLQYHQWRU\ LPSOLHVDVHOOHU
VDGYDQWDJH%HORZFRQGLWLRQVJLYHWKHDGYDQWDJHWRWKH
+RZHYHULQYHQWRU\LVVXIILFLHQWO\ EX\HU
ORZWRNHHSXVLQWKH6HOOHU
V0DUNHW
]RQHVRZDWFKFKDQJHVLQWKH0$,,I 7UHQG.H\  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG
WKHPDUNHWKHDWVXSSULFHVDUH r 1RFKDQJH  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
OLNHO\WRUHVXPHDQXSZDUGFOLPE

&KDUDFWHULVWLFVSHU4XDUWLOH

4XDUWLOH 0HGLDQ3ULFH 6T)W /RW6L]H %HGV %DWKV $JH ,QYHQWRU\ 1HZ $EVRUEHG '20


7RS)LUVW   VTIW        0RVWH[SHQVLYHRISURSHUWLHV


8SSHU6HFRQG   VTIW        8SSHUPLGGOHRISURSHUWLHV


/RZHU7KLUG   VTIW        /RZHUPLGGOHRISURSHUWLHV


%RWWRP)RXUWK   VTIW        /HDVWH[SHQVLYHRISURSHUWLHV

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
:HFRQWLQXHWRVHHSULFHVLQWKLV]LSFRGHERXQFHDURXQGWKLVSODWHDX/RRNIRUDSHUVLVWHQWGRZQVKLIWLQWKH0DUNHW$FWLRQ
,QGH[EHIRUHZHVHHSULFHVGHYLDWHIURPWKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

4XDUWLOH3ULFHV
,QWKHTXDUWLOHPDUNHWVHJPHQWVZHVHHSULFHVLQWKLV]LSFRGHKDYHVHWWOHGDWDSULFHSODWHDXDFURVVWKHERDUG3ULFHVLQDOO
IRXUTXDUWLOHVDUHEDVLFDOO\PL[HG/RRNIRUDSHUVLVWHQWVKLIW XSRUGRZQ LQWKH0DUNHW$FWLRQ,QGH[EHIRUHSULFHVPRYHIURP
WKHVHFXUUHQWOHYHOV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
7KHYDOXHSODFHGRQKRPHVDSSHDUVWREHRQWKHXSVZLQJGHVSLWHWKHIDFWWKDWSULFHVLQJHQHUDOKDYHUHPDLQHGEDVLFDOO\IODW
7KHVHFRQGLWLRQVFDQDULVHZKHQLQYHQWRU\LVOLJKWDQGDJUHDWHUQXPEHURIVPDOOHUKRPHVKDYHPRUHLQIOXHQFHRQRYHUDOOSULFHV

GD\$YHUDJH GD\$YHUDJH

,QYHQWRU\RI3URSHUWLHV/LVWHGIRU6DOH
,QYHQWRU\KDVEHHQFOLPELQJODWHO\1RWHWKDWULVLQJLQYHQWRU\DORQHGRHVQRWVLJQDODZHDNHQLQJPDUNHW/RRNWRWKH0DUNHW
$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVNHHSLQJXSZLWKDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0DUNHW$FWLRQ,QGH[
7KH0,66,219,(-2PDUNHWLVFXUUHQWO\TXLWHVWURQJO\LQWKH6HOOHU
V$GYDQWDJH]RQH JUHDWHUWKDQ 7KHGD\0DUNHW
$FWLRQ,QGH[VWDQGVDWLQGLFDWLQJYHU\OLWWOHVXSSO\UHODWLYHWRWKHGHPDQG

GD\$YHUDJH %X\HUV6HOOHUV&XWRII

0DUNHW$FWLRQ,QGH[SHU4XDUWLOH
1RWVXUSULVLQJO\DOOVHJPHQWVLQWKLV]LSFRGHDUHVKRZLQJKLJKOHYHOVRIGHPDQG:DWFKWKHTXDUWLOHVIRUFKDQJHVEHIRUHWKH
ZKROHPDUNHWFKDQJHV2IWHQRQHHQGRIWKHPDUNHW HJWKHKLJKHQG ZLOOZHDNHQEHIRUHWKHUHVWRIWKHPDUNHWDQGVLJQDOD
VORZGRZQIRUWKHZKROHJURXS

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

%X\HUV6HOOHUV&XWRII
5HVLGHQWLDOKRXVHSULFHVDUHDIXQFWLRQRIVXSSO\DQGGHPDQGDQGPDUNHWFRQGLWLRQVFDQEHFKDUDFWHUL]HG
E\DQDO\]LQJWKRVHIDFWRUV:DWFKWKLVLQGH[IRUVXVWDLQHGFKDQJHVLIWKHLQGH[IDOOVLQWRWKH%X\HUV
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\0D\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


'D\VRQ0DUNHW
7KHSURSHUWLHVKDYHEHHQRQWKHPDUNHWIRUDQDYHUDJHRIGD\V+DOIRIWKHOLVWLQJVKDYHFRPHQHZO\RQWKHPDUNHWLQWKH
SDVWRUVRGD\V

GD\$YHUDJH GD\$YHUDJH

'D\VRQ0DUNHWSHU4XDUWLOH
,WLVQRWXQFRPPRQIRUWKHKLJKHUSULFHGKRPHVLQDQDUHDWRWDNHORQJHUWRVHOOWKDQWKRVHLQWKHORZHUTXDUWLOHV

)LUVW7RS 6HFRQG8SSHU 7KLUG/RZHU )RXUWK%RWWRP

3DJHRI 0RQGD\0D\

You might also like