You are on page 1of 17

0RQGD\-DQXDU\

<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 $YHUDJH'D\VRQ0DUNHW '20  
3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
3HUFHQW5HOLVWHG UHVHW'20 
,QYHQWRU\KDVEHHQGHFUHDVLQJODWHO\EXWWKH0DUNHW$FWLRQ,QGH[LV
IDOOLQJDOVR:LWKGD\VRQPDUNHWFOLPELQJWKHVHDUHUHODWLYHO\ 3HUFHQW)OLS SULFHLQFUHDVHG 
QHJDWLYHLPSOLFDWLRQVIRUWKHPDUNHW 0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 
0HGLDQ1XPEHURI%DWKURRPV 

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


V  

+RPHVDOHVFRQWLQXHWRRXWVWULSVXSSO\DQGWKH0DUNHW$FWLRQ,QGH[ r 1RFKDQJH  6WURQJXSZDUGWUHQG nn 6WURQJGRZQZDUGWUHQG


KDVEHHQPRYLQJKLJKHUIRUVHYHUDOZHHNV7KLVLVD6HOOHU
VPDUNHW
VRZDWFKIRUXSZDUGSULFLQJSUHVVXUHLQWKHQHDUIXWXUHLIWKHWUHQG  6OLJKWXSZDUGWUHQG n 6OLJKWGRZQZDUGWUHQG
FRQWLQXHV

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'$7(
0,66,219,(-2&$

²&XUUHQW5HDO(VWDWH0DUNHW&RQGLWLRQVIRU6LQJOH)DPLO\+RPHV
²7UHQGVLQ3ULFLQJ
²&XUUHQW/HYHOVRI6XSSO\DQG'HPDQG
²9DOXH0HWULFV

²5HSRUWIRUWKHZHHNRI
-DQXDU\

²3UHVHQWHGE\<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  nn

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

EXWWKH0DUNHW$FWLRQ,QGH[LVIDOOLQJ $YHUDJH$JHRI/LVWLQJ 
DOVR:LWKGD\VRQPDUNHWFOLPELQJ 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
WKHVHDUHUHODWLYHO\QHJDWLYH 3HUFHQW5HOLVWHG UHVHW'20 
LPSOLFDWLRQVIRUWKHPDUNHW 3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 

6XSSO\DQG'HPDQG
0HGLDQ1XPEHURI%DWKURRPV 

$OWRV5HVHDUFK9DOXH6WDWLVWLFV
+RPHVDOHVFRQWLQXHWRRXWVWULS 0DUNHW$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 /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\-DQXDU\
6LQJOH)DPLO\+RPHVLQ
&LW\2YHUYLHZ

0,66,219,(-2&$

0HGLDQ3ULFH
3ULFHVDSSHDUWREHKRYHULQJDURXQGWKHLUKLJKSRLQW/RRNIRUDSHUVLVWHQWGRZQVKLIWLQWKH0DUNHW$FWLRQ,QGH[EHIRUHZHVHH
SULFHVGHYLDWHIURPWKHVHOHYHOV

GD\$YHUDJH GD\$YHUDJH

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

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

3DJHRI 0RQGD\-DQXDU\
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\KDVEHHQIDOOLQJLQUHFHQWZHHNV1RWHWKDWGHFOLQLQJLQYHQWRU\DORQHGRHVQRWVLJQDODVWUHQJWKHQLQJPDUNHW/RRNWR
WKH0DUNHW$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVFKDQJLQJZLWKWKHDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\-DQXDU\
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\HU·V
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\-DQXDU\
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\-DQXDU\
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  nn

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

EXWWKH0DUNHW$FWLRQ,QGH[LVIDOOLQJ $YHUDJH$JHRI/LVWLQJ 
DOVR:LWKGD\VRQPDUNHWFOLPELQJ 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
WKHVHDUHUHODWLYHO\QHJDWLYH 3HUFHQW5HOLVWHG UHVHW'20 
LPSOLFDWLRQVIRUWKHPDUNHW 3HUFHQW)OLS SULFHLQFUHDVHG 
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

/HVVWKDQ
/RZHU7KLUG   VTIW        /RZHUPLGGOHRISURSHUWLHV

/HVVWKDQ
%RWWRP)RXUWK   VTIW        /HDVWH[SHQVLYHRISURSHUWLHV

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

0,66,219,(-2&$


0HGLDQ3ULFH
3ULFHVLQWKLV]LSFRGHVHHPWRKDYHVHWWOHGDURXQGDSODWHDX/RRNIRUDSHUVLVWHQWGRZQVKLIWLQWKH0DUNHW$FWLRQ,QGH[EHIRUH
ZHVHHSULFHVGHYLDWHIURPWKHVHOHYHOV

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\-DQXDU\
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\KDVEHHQIDOOLQJLQUHFHQWZHHNV1RWHWKDWGHFOLQLQJLQYHQWRU\DORQHGRHVQRWVLJQDODVWUHQJWKHQLQJPDUNHW/RRNWR
WKH0DUNHW$FWLRQ,QGH[DQG'D\VRQ0DUNHWWUHQGVWRJDXJHZKHWKHUEX\HULQWHUHVWLVFKDQJLQJZLWKWKHDYDLODEOHVXSSO\

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\-DQXDU\
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\HU·V
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\-DQXDU\
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\-DQXDU\
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  nn


GD\V ,QYHQWRU\RI3URSHUWLHV/LVWHG  nn

0RVW([SHQVLYH/LVWLQJ 
,QYHQWRU\LVWLJKWHQLQJDQGGD\VRQ /HDVW([SHQVLYH/LVWLQJ 

PDUNHWLVIDOOLQJ7KH0DUNHW$FWLRQ $YHUDJH$JHRI/LVWLQJ 
,QGH[VKRZVGHPDQGKHDWLQJXS 3HUFHQWRI3URSHUWLHVZLWK3ULFH'HFUHDVH 
7KHVHDUHUHODWLYHO\EXOOLVKVLJQVIRU 3HUFHQW5HOLVWHG UHVHW'20 
SULFHV 3HUFHQW)OLS SULFHLQFUHDVHG 
0HGLDQ+RXVH6L]H VTIW 
0HGLDQ/RW6L]H VTIW
0HGLDQ1XPEHURI%HGURRPV 

6XSSO\DQG'HPDQG
0HGLDQ1XPEHURI%DWKURRPV 

$OWRV5HVHDUFK9DOXH6WDWLVWLFV
+RPHVDOHVFRQWLQXHWRRXWVWULS 0DUNHW$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 /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\-DQXDU\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


0HGLDQ3ULFH
:KLOHWKLVZHHNWKHPHGLDQSULFHLQWKLV]LSFRGHGLGQ
WIOXFWXDWHPXFKZHFRQWLQXHWRVLWDWDOOWLPHKLJKSULFHV:DWFKIRU
SHUVLVWHQWGRZQZDUGVKLIWLQWKH0DUNHW$FWLRQ,QGH[LQWRWKH%X\HU
V]RQHDVDOHDGLQJLQGLFDWRURIWKHSULFHVWUHQJWKVXEVLGLQJ

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\-DQXDU\
6LQJOH)DPLO\+RPHVLQ
1HLJKERUKRRG'HWDLO

0,66,219,(-2&$


3ULFHSHU6TXDUH)RRW
,QDPDUNHWZKHUHSULFHVDUHULVLQJIDLUO\FRQVLVWHQWO\SULFHSHUVTXDUHIRRWLVHVVHQWLDOO\IODW7KLVRIWHQLPSOLHVWKDWQHZ
KRPHVFRPLQJRQWKHPDUNHWDUHSULFLHUDQGDOVRODUJHUWKDQROGHUKRPHV$VDUHVXOWWKHYDOXHRQHFDQEX\VWD\VWKHVDPH

GD\$YHUDJH GD\$YHUDJH

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

GD\$YHUDJH GD\$YHUDJH

3DJHRI 0RQGD\-DQXDU\
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\HU·V
$GYDQWDJH]RQH EHORZ IRUDORQJSHULRGSULFHVDUHOLNHO\LQIRUDGRZQZDUGFRUUHFWLRQ

3DJHRI 0RQGD\-DQXDU\
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\-DQXDU\

You might also like