Team McAleer

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3rd Quarter 2016 Sequim Real Estate Report

October 17th, 2016 by Team McAleer

Residential Report – Home Sales in the Sequim Area*

Sales Volume– There were 100 home sales in the month of August – that is the highest number of home sales in any month ever in Sequim, besting the previous record of 82 home sales recorded in June of 2015. The flurry of August sales contributed to the record breaking 3rd Quarter sales volume.

Quarterly Sales Volume- The 53 sales in July, 100 in August and 69 in September were enough to make the 3rd Quarter of 2016 the highest in terms of sales volume for any quarter in Sequim. There were 222 total home sales or an average of 74 sales per month.

Housing Inventory – Like most markets, Sequim’s housing market follows seasonal trends: more inventory and sales in the warmer months and fewer when it gets colder. Because of this we like to compare like quarters in terms of inventory and volume. Our housing inventory continued to fall along with the increase in sales volume. 3rd quarter inventory was the lowest for any 3rd quarter since 2005. The 312 average homes on the market was 23% lower than Q3 of 2015.

Median Price –   The median price rose to an 8 year high of $276K. The average sale rose from $292K in the 2nd quarter to $312,450 in the 3rd quarter.

3rd Quarter Median Sale Profile – asking price rose $10K to $279,900, 1778 SF on 0.4 acres, built in 1995, on the market for 30 days, sold at $155/SF and at 98% of the last asking price.

Notes regarding the current inventory – as of the date of this report, there are 307 homes on the market in Sequim with a median asking price of $349,900 (almost $20K higher than the median asking price 90 days ago). Of the current inventory, 37% of the homes are either under contract or pending sales. 50% of the homes listed under the median asking price of $349,900 are under contract or pending while 24% of the homes over the median asking price are under contract or pending.

The trend line of “distressed sales” continued to fall. Despite healthy sales volume this past quarter, there were only 6 home sales deemed “distressed”.

(Foreclosure sales, bank owned properties and short sales are all considered “distressed sales”.)

 

Housing Outlook: We expect these high sales volumes and price increases to continue. Buyers coming from our feeder markets of Seattle and California continue to find the values incredible compared to where they are coming from and the traffic is reportedly lighter here as well. Mortgage interest rates remain incredibly low with the average 30 year mortgage sitting at 3.41%.

Land Report

Median Sales Price, Volume and Q3 Inventory: The median sale price for land rose slightly to $70K. The inventory fell to an 8 year low and the sales volume remained steady. Local building contractors are very busy with remodels and even new construction presumably for clients who bought their land prior to 2008. Of the 54 land sales last quarter, 11 were in the city of Sequim.  The median days on market for these sales was 120 days while the average was 243. The National Association of Home Builders asserts that a consumer will be willing to pay 10% more to buy land, and hire a contractor to get exactly what they want when deciding on building a new home or buying an existing home. We believe our housing prices are rising to a point where the buy land and build option will become very attractive to consumers sooner than later.

3rd Quarter 2015 Sequim Real Estate

October 26th, 2015 by Team McAleer

3rd Quarter 2015 Sequim Real Estate Report
Residential Report: Home Sales in the Sequim Area*

Number of Sales: As you may recall from my last report, the sales volume in the 2nd Quarter of 2015 was a new record. Well, that record didn’t last long. There were 211 home sales in the 3rd Quarter – the most ever. The above graph compares 3rd quarter sales volumes since 2004. In any given year, the 3rd Quarter usually sees the most closed sales.
*Sequim area is roughly defined as the Sequim School District boundaries stretching east just past the Jefferson County line and west to Blue Mountain and Lewis Rd., excluding homes on leased land. Information is collected from the Olympic Listing Service database.

Record number of home sales: The 70 home sales per month average this past quarter was the highest on record.

Median Price: The median price rose once again to $256K. That is the highest median sale price in 24 quarters going all the way back to Q3 of 2009. The median sale profile looked as follows: asking price of $260K, 1759 SF on 0.37 acres, built in 1994, on the market for 39 days, sold at $148/SF and at 97.5% of the last asking price. The average list price of these sales was $300,032 with an average sale price of $291,095. The reason for the big difference between the median and the average home sale price this past quarter is that we had a number of higher end homes sell. There were 8 home sales over $650K this quarter! Team McAleer is proud to have represented the seller in 5 of those 8 sales.

Housing Inventory – Like most markets, Sequim’s housing market follows seasonal trends: more inventory and sales in the warmer months and fewer when it gets colder. Because of this we like to compare like quarters in terms of inventory and volume. The low inventory this past quarter was very telling. Our inventory was down 15% compared to Q3 of 2014 and was the lowest for a third quarter since 2005.

Land Report
Volume: There were 56 land sales in the 3rd Quarter – down just a few from the 59 sales in the previous quarter. The 18 sales/month over the quarter however was the most for a 3rd quarter since 2005 as illustrated in the slide on the following page.

Median Price: The median price actually fell again to $73K. The median days on market for those sales was 149 days. 18 (or 1/3) of the 54 sales were in the City of Sequim, the rest were in the county. That is a higher proportion to the previous quarter when only 17% of the land sales were within the city limits.

Inventory: Inventory fell to 457 parcels on the market which is the lowest for a 3rd Quarter since the 452 on the market Q3 of 2006. The median days on market for the active inventory currently sits at 330 days. The current median asking price holds steady at $80,000.

Enjoy this great fall weather and…Go Seahawks!!!

2nd Quarter 2015 Sequim Real Estate Market

July 26th, 2015 by Team McAleer

2nd Quarter 2015 Sequim Real Estate Report
Residential Report: Home Sales in the Sequim Area*

Number of Sales: Sales volumes increased to record highs. There were 200 home sales over the quarter boosted by a record 82 home sales in June! As you’ll see in the next graph that is the highest in terms of sales volume for any month.
*Sequim area is roughly defined as the Sequim School District boundaries stretching east just past the Jefferson County line and west to Blue Mountain and Lewis Rd., excluding homes on leased land. Information is collected from the Olympic Listing Service database.

Record number of home sales: 82 home sales in June!

Median Price: The median price rose once again to $250K. That is the highest median sale price in 23 quarters going all the way back to Q3 of 2009. The median sale profile looked as follows: asking price of $250K, 1767 SF on 0.40 acres, built in 1990, on the market for 31 days, sold at $146/SF and at 97.7% of the last asking price. The average list price of these sales was $278,612 with an average sale price of $270,157.

Housing Inventory – Like most markets, Sequim’s housing market follows seasonal trends: more inventory and sales in the warmer months and fewer when it gets colder. Because of this we like to compare like quarters in terms of inventory and volume. The low inventory this past quarter was very telling. Our inventory was down 12% compared to Q2 of 2014 and was the lowest for a second quarter since 2005.

The trend line of “distressed sales” continues to fall. There were only 3 distressed sales out of the record breaking 82 home sales in June. The current housing recovery includes more strict guidelines in terms of lending, including some consumer protections that will be in place this fall called TRID (TILA-RESPA Integrated Disclosure). Although TRID may lengthen the time it takes to obtain bank financing, our hope is that it serves to help protect borrowers and keep the trend line of distressed sales pointing downward.
(Foreclosure sales, bank owned properties and short sales are all considered “distressed sales”.)

Housing Outlook: We expect these high sales volumes to level off but for appreciation to continue. The warm weather and beautiful days have made it easy for buyers to want to write offers on homes – hopefully the forest fires in B.C. will be put out so we can get our blue skies back. There has been quite a bit of worry recently in the local real estate community regarding our local school facilities, the future of SARC, and the shortage of physicians. Hopefully there will be enough political will to keep and improve our infrastructure so that buyers continue to see Sequim as a place they’d like to live.

Land Report
Volume and Median Sales Price: There were 59 land sales in the 2nd Quarter – the highest of any quarter since the 4th quarter of 2005. The median price actually fell to $77K. The median days on market for those sales was 68 days. 10 of the 59 sales were in the City of Sequim, the rest were in the county, where the bulk of our growth continues to occur.

Inventory: Inventory rose to 438 parcels on the market which is just slightly higher than Q2 of 2014. The median days on market for the active inventory currently sits at 356 days. Hopefully the raw land sales volume will keep rising and in turn help our local builders.

1st Quarter 2015 Sequim Real Estate

April 26th, 2015 by Team McAleer

1st Quarter 2015 Sequim Real Estate Report
Residential Report – Home Sales in the Sequim Area*

Median Price – The median price rose to $245K. That is the highest median sale price in 22 quarters going all the way back to Q3 of 2009. The median sale profile looked as follows: asking price of $255K, 1748 SF on 0.37 acres, built in 1996, on the market for 99 days, sold at $139/SF and at 96% of the last asking price.

*Sequim area is roughly defined as the Sequim School District boundaries stretching east just past the Jefferson County line and west to Blue Mountain and Lewis Rd., excluding homes on leased land.
Housing Inventory – Like most markets, Sequim’s housing market follows seasonal trends: more inventory and sales in the warmer months and fewer when it gets colder. Because of this we like to compare like quarters in terms of inventory and volume. The low inventory this past quarter is very telling. Our inventory was down 18% compared to Q1 of 2014 and was the lowest for a first quarter since 2006.

Number of Sales – Sales volumes remained high with 113 home sales this past quarter. This number was boosted by 52 home sales in March, the most for a March since 2005.

The trend line of “distressed sales” continues to fall. The current housing recovery includes more strict guidelines in terms of lending. Hopefully the banking and real estate industries have learned lessons that aren’t forgotten anytime soon and at the same time continue to provide financing to qualified buyers.
(Foreclosure sales, bank owned properties and short sales are all considered “distressed sales”.)

Housing Outlook: We expect these high sales volumes and price increases to continue, considering a home buyer with good credit can get a 30 year fixed mortgage today at a ridiculously low 3.75%. Prices have been rising in Seattle, California, and many of our traditional feeder markets for a few years now whereas Sequim’s price increases have only just begun. Buyers considering Sequim are often seeing our area as a great value compared to where they’re coming from. On an anecdotal note, we are also getting an increasingly high number of buyers escaping blizzard conditions, drought, hurricanes, etc. and they see the Northwest as one of the last places of refuge. Sequim’s rain shadow and moderate climate is increasingly attractive to the rest of the country.

Land Report
Volume and Median Sales Price: The median price for land rose to $85K. There were 32 land sales which is still low considering there are over 400 parcels actively on the market and that doesn’t take into account the shadow market. Only 4 of the 32 sales were in the city of Sequim, the rest were in the county. The median days on market for those sales was 159 days.

Inventory: Inventory is down to 418 parcels on the market – the lowest since 2006. That’s improvement but with 11 sales/month and 418 on the market, we have over a 3 year inventory of land. The median days on market for the active inventory currently sits at 322 days!

4th Quarter 2014 and 2014 Year End Sequim Real Estate Report

April 18th, 2015 by Team McAleer

Residential Report – Home Sales in the Sequim Area*

Number of Sales – The sales volume continued to rise in 2014 with 614 home sales in 2014, the second most on record. We finished the year with 146 sales in the 4th quarter matching the highest on record.

Median Price – The median price rose from $215K in 2013 to $232K in 2014.  Keep in mind that the peak was $290K in 2007.

Days on Market – The median number of days on market for those sales in 2014 was down to 69 days. That is another positive sign as it is down from 76 days in 2013 and the shortest time frame for homes to sell since 2006.

Housing Inventory continues to fall – There were only 285 homes for sale in December which was the lowest in terms of inventory in any month since February of 2007!  For perspective, compare that to the December high of 480 homes for sale in 2008 or the all time high of 611 listed homes in June of 2009.  The 4th quarter 2014 average of 321 homes on the market calculated at the beginning of the month was the lowest for a 4th quarter since 2005.

Number of Distressed Home Sales – The overall trend line for distressed sales is now really tilting downward.  The latest Clallam County unemployment rate was down to 8.9% which is better than the 9.4% this time last year. Compared to the state average of 6.1% and the national average of 5.8%, Clallam County’s rate is still quite high.

 

Land Report

Number of total land sales and median price – The 126 land sales in 2014 in the Sequim area was the most since 2007. The sale prices stayed steady with a median sale price of $70K.  The median days on market for those sales was 161 days. Of those 126 sales, only 15 were Sequim city lots, down from 24 sales within the city limits in 2013. The rest of the sales of course were on acreage outside of the city limits.

Land Inventory – There was an average of 423 land parcels on the market at the beginning of the month in the fourth quarter. That is the lowest for any quarter since the second quarter of 2006. Hopefully that is a sign of the beginning of a recovery in the local land market.

 

Let me know if you have any questions. Have a great 2015!

6 Up-And-Coming Retirement Spots You’ve Probably Never Considered

December 15th, 2014 by Team McAleer

http://www.huffingtonpost.com/2014/12/08/best-places-to-retire_n_6194576.html

Real estate on the rise?

October 23rd, 2014 by Team McAleer

http://www.sequimgazette.com/news/280121172.html

Real estate on the rise?

Brown M. and Sarah Maloney invited the community to join in a ribbon-cutting ceremony for Cedar Ridge Properties on Friday, Oct. 17. Two houses were open for viewing and eventually will be part of a 180-lot community just east of Sequim within city limits. - Sequim Gazette photo by Alana Linderoth

Brown M. and Sarah Maloney invited the community to join in a ribbon-cutting ceremony for Cedar Ridge Properties on Friday, Oct. 17. Two houses were open for viewing and eventually will be part of a 180-lot community just east of Sequim within city limits.

— Image Credit: Sequim Gazette Photo By Alana Linderoth
  • by ALANA LINDEROTH,  Sequim Gazette Reporter
  • Oct 22, 2014 at 4:00PM updated Oct 23, 2014 at 10:36AM

 Recent trends in the real estate market in Sequim and the surrounding area give hints toward a recovering industry.

“Homes are selling like mad,” Elray Konkel, City of Sequim administrative services director, said to Sequim city councilors on Oct. 13. “Two or three new residences are coming in everyday. The market is very active.”

More sales equals less inventory

Echoing Konkel, Michael McAleer, managing broker with RE/MAX, has kept ongoing quarterly reports of the area’s (roughly the Sequim School District boundaries) real estate status since 2004 and concludes that 64 homes sold in September, which equates to the most homes ever sold for September, McAleer said.

Additionally, not only is the volume of sales gaining momentum, but of the 186 homes sold within the third quarter (July-September) buyers are paying on average 96 percent of the asking price.

“The trend is a good thing from the perspective of the homeowner,” McAleer said.

With an increasing number of homes being sold, supply and demand begin to come into play — driving up the average price. According to McAleer’s report, the average price increased throughout the third quarter reaching $273,000.

The average price of homes will keep pace with the increase in sales because the inventory (homes on the market) is lowering and therefore making those on the market more valuable, McAleer explained.

“The Sequim real estate market is recovering, but not booming,” Heidi Hansen, managing broker with Windermere Sequim East and president of the Sequim Association of Realtors, said.

Hansen is somewhat hesitant to begin celebrating the return of the local real estate market just yet because the recovery is slow. Within the Sequim School District, year to date sales are fairly even with last year’s at 515, however the average days on the market and inventory is declining, Hansen said.

“I’ve watched it (the market) kind of position itself over the last couple years,” Hansen said.

Given the decrease in interest rates and reduced inventory, most of the elements that would deter people from entering the market are fading, Hansen said. Yet, there is still enough inventory with 325 homes to sustain itself for about five months.

During the peak of the real estate market around 2005, inventory was scarce, whereas during the low in 2010 years of inventory were compiled, Hansen said. Slowly, but surely the real estate agents have been chipping away at the built-up inventory.

In 2005, the local real estate market kept about 200 real estate agents busy, but by 2010 the number of agents dropped by 55 percent. Since, there has been slight growth with about 120 agents.

On the upswing

The slow, yet positive trend of the real estate market is impacting homeowners, buyers and agents, but also the City of Sequim’s capital project budget.

With each sale within Sequim’s city limits, 0.5 percent of the sale price is collected for capital projects. Once collected, the Real Estate Excise Tax (REET) is split into two funds, REET1 and REET2, with varying spending restrictions. For example, some capital projects aided by REET1 include public works projects for planning, acquisition, construction, reconstruction, repair, replacement, rehabilitation or improvement of streets, roads and sidewalks, domestic water systems, parks, law enforcement facilities and libraries.

Reflecting the real estate market, the REET funds are 44 percent above the 2014 budgeted amount at $203,276.

“We’re ahead, which means we conservatively budgeted with very unpredictable revenue sources,” Sue Hagener, City of Sequim accounting manager, said. “Now we have more money for capital projects.”

Before mid-2013, the REET funds weren’t too active, Hagener said. In 2011, REET funds spiked primarily because three large property sales and another spike in 2013 following a transfer of controlling interest in Assisted Living Concepts, Inc.

Within the past six to eight months, Shelli Robb-Kahler, executive director of the Sequim-Dungeness Valley Chamber of Commerce, said there’s been an increase in requests for visitor and relocation packets through the chamber’s website and the city’s. The packets are being sent across the country and it is the most she’s seen in her tenure.

Robb-Kahler attributes the increased interest with the recent national news reports indicating Sequim is the best place to retire and be happy, as well as overall economy improvement and incredible summer weather.

“It’s a combination of all those things,” Robb-Kahler said.

McAleer points toward larger trends at play, noting there has been a “pent-up demand” for some people to move here, but they were unable to relocate because they couldn’t sell their existing home elsewhere.

The ongoing recovery of the real estate markets in bigger cities like Seattle and within populated areas of California is a reflection of the upswing being experienced locally, McAleer said.

“We tend to lag about two years behind the Seattle and California market,” McAleer said.

Land sales

Although the developed properties are experiencing high sale volumes, the same cannot be said for bare land.

“There were (July-September) 39 land sales, which is not great,” McAleer said.

Until the market drives up the price of developed properties with homes, bare land cannot compete given the expense associated with building a home and the permitting costs. According to National Association of Home Builders, a consumer is willing to pay 10 percent more to build.

The median price for land was at $75,000, according to McAleer’s third quarter report.

“I see more people buying a lot or a couple acres,” Hansen said. “Bare land has not been selling.”

One element possibly impacting the local real estate market since January 2013 is the Dungeness water management rule. The rule restricts water use within the Dungeness watershed and more so in the southern portion that includes lands like the upper reaches of Palo Alto Road, Taylor Cutoff Road and Blue Mountain Road, Texas Valley and even parts of Happy Valley.

“I have a lot of people that have a problem with the water rule,” Hansen said. “In many cases we help redirect people to properties that have been grandfathered in.”

Hansen “believes we’ll continue on the same trend” until homes within a certain price range are no longer available.

“It is great to be a retirement destination, but they depend on service-based industry and if there aren’t affordable houses for those working, we can get out of whack,” Hansen said.

Of the overall market “distressed sales” that include foreclosures, bank-owned properties and short sales, decreased to 9 percent, according to McAleer’s third quarter report. Compared to the beginning of 2011 when 41 percent of the overall market was accounted for by distressed sales, the significant decrease is another good sign, McAleer said.

Hansen agrees, noting that bank-owned properties and short sales represent a small part of the market at this point, but it is a very active part.

Sequim Real Estate Market Report for the 3rd Quarter, 2014

October 14th, 2014 by Team McAleer

The sales volume for homes is very high including a record number of homes sold in September. The median price held at $231K, but inventories are down to a 9 year low!  Raw land is showing some signs of life – hopefully next year we see some sort of meaningful turn around there.

After 31 years in the Army and 23 years a Realtor, Mike Sr. has spent the past few months in his new Mercedes RV driving around the country with my mom, Lynn. The photos of them driving around the country visiting old friends and family have been fantastic including a few shots of my dad washing and waxing his new rig in some poor hosts driveway. They are in D.C. now to cheer on family members running the Marine Corp Marathon and to celebrate the birth of their 13th grandchild.

Let me know if you have any questions regarding the quarterly report or if we can help you in any way. Enjoy the Fall!
Michael McAleer

Residential Report – Home Sales in the Sequim Area*

Median Price – The median price for the 3rd quarter held at $231K. The average price however was up to $273K. September in particular, with a huge sample size of 64 home sales, saw significant gains with a median sale price of $267K. Homes sold on average at 96% of the last asking price this past quarter.

Home Sales over $500K – 10 homes sold for more than $500K in the third quarter. That makes 36 sales over $500K this year! I was happy to have represented 3 of the buyers and 3 of the sellers of those 10 sales this past quarter and 15 of the sides from the 36 sales above $500K over the entire year. We’ve been busy – just the way we like it. 

Number of Sales – The sales volume is now at a record pace. There were 186 home sales in the 3rd Quarter. That was just one home sale shy of the all-time record of 187 home sales from Q3 of 2004. Further, the 64 home sales in September was the most EVER in a September.  Being that the median price of those 64 sales was all of the way up to $267K, we are obviously feeling positive about our local market going forward.

The percentage of the market that fell into the “distressed sale” category continued to fall, down in the 3rd quarter to 9% of the overall market. Compare that to the scary 41% of the market comprised of distressed properties in Q1 of 2011 and you really begin to appreciate how far we’ve come.

(Foreclosure sales, bank owned properties and short sales are all considered “distressed sales”.)

We check the number of homes on the market at the beginning of each month. Traditionally, there are more homes on the market in the 2nd and 3rd quarters so comparing similar quarters in different years is the best indicator for inventory trends.

The housing inventory in Sequim has fallen sharply. The 428 homes on the market on average to begin a month was the lowest for a 3rd quarter since 2005. There were only 388 homes on the market to begin September. For perspective, consider the fact that there were 589 homes on the market to begin September of 2010 and 611 on the market June of 2009. If you’re a property owner in Sequim, read this paragraph again. It feels good. 

Volume and Median Sales Price: The median price for land rose slightly to $75K.  There were 39 land sales which is not great, but much better than the dry spell between 2008 and 2012.  25 of those 39 land sales were over one acre.

Inventory:   Inventory fell to an average of 477 on the market to begin each month this past quarter – that is the lowest average in a 3rd quarter since 2006. That is certainly encouraging. We believe that as the home prices rise, consumers will eventually consider buying raw land and building – something our local builders have been waiting on for far too long.

Sequim! #1 of 6 Of The Best American Cities For Growing Old And Happy

August 15th, 2014 by Team McAleer

When it comes to naming the best places to grow old in America, there are lots of formal studies out there. One by the Milken Institute found Provo-Orem, Utah to be among the best large metro areas for successful aging. Another focusing on countries found Sweden to be the best place for seniors to live out their retirement.

But here at Huff/Post50, we wanted to hear from you. So we asked our Facebook fans, what city in America do YOU believe to be the best place to grow old — and why? Some people mentioned multiple places. “I have a few. St. Augustine, Florida, Austin, Texas, Savannah, Georgia … for affordability as well as nature with a little culture thrown in,” said Teresa Bunnell Penner. Others cited whole states: “So many cities to choose from in Michigan … we can’t pick just one! A wonderful sense of community and support from each other.”

In the end, there were six cities though that stood out from the rest. Here they are below. Have anything to add? Let us know in comments.

1. Sequim, Washington
sequim
“It’s near the water, and same rainfall as Los Angeles. Or Walla Walla, Washington.Four mile seasons and tons of wineries. Both places are much cheaper than Los Angeles, have no smog or water or gang worries. Assisted suicide is legal, as is pot!”

 

 

 

 

http://www.huffingtonpost.com/2014/08/11/best-places-to-retire_n_5655591.html

Mike’s Retirement Letter

August 8th, 2014 by Team McAleer

July 28, 2014

 

Dear Friends,

The time has come!  After 31 years in the Army and 23 years in real estate, and at age 76, it is time for new endeavors.
The past 23 years of serving clients and the community have brought me a lot of satisfaction.  It has been very satisfying to serve in an industry that brings new friends, as well as interesting challenges that keep one’s brain engaged.  I’ve certainly learned a lot about people and the land and that has been very rewarding.
But, in the last few years, Michael and Jackie have assumed increasingly more of the business activity.  I’ve enjoyed taking a big share of the profits, but Michael has stepped up to purchase the business and allow Lynn and me to seek new adventures.  Tomorrow, we’ll be headed out for one of those Viking River Cruises that you’ve seen advertised ad nauseum and then will pick up an RV and tour the country and visit friends we haven’t had time to see in the past 23 years.

Jackie now has her license and will be able to do a lot more than she has in the past.  Michael has adopted most of the systems I had in place and, as many of you know, is a much greater communicator than I ever aspired to be.  His skills have been the major contributor to our success: number one in total production for over the past ten years.  It is a fact that he has represented more buyers in the past ten years than any other agent in Clallam County.  They will both serve you well.

I will continue to be involved in the community, particularly Rotary service, Economic Development Council and political affairs.  We live in such a wonderful community, but it can always get better!

I’ve truly enjoyed knowing and serving so many of you.

 

 

Mike McAleer, ABR, CRS, E-Pro, SRS

Managing Broker, retired!