In reference to the housing market where you live, a reader writes: “I live in a southwest suburb adjacent to Chicago. My neighbor put his house up for sale. It’s a small two-bedroom frame house.
“The market seems to be quite hot as he sold it for $15,000 over list price. Buyers apparently were bidding against each other.”
And from the Midwest to the Sun Belt…
“The Orlando suburbs are super hot at the moment.
“We just sold our house on the first showing two hours after listing for 105% of the asking price. We had expected to have to come down about 5-8% to sell it!”
Finally, a reader in the Northeastern U.S. says…
“We live in the Hudson Valley, 90 miles north of New York City. People are leaving NYC in droves. They have driven real estate values sky high, and most homes sell in a few weeks , many with multiple offers.”
Thanks for dropping us a line. We’ll have something Wednesday from a reader considering leaving Cali — for multiple reasons.
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Monday, Sept. 28, 2020…
Tesla Defends Against Nikola Lawsuit
In early September, The Rundown reported an interesting pairing: a pillar of the auto industry, GM, plus an up-and-comer in the EV space, truck maker Nikola.
Recall General Motors (GM) plans to sink $2 billion into Nikola Motor Company (NKLA), representing an 11% stake in the Phoenix-based company. And with GM’s backing, the electric Badger truck was expected to roll out by the end of 2022.
We said we’d keep you posted on what appeared to be the other Tesla… so here goes. In scant weeks, the Nikola story has gone from promising to potentially scandalous.
First, Nikola CEO Trevor Milton resigned last week after a research firm claimed the company had taken credit for technology that actually belonged to second-party vendors thus deceiving shareholders (and presumably stakeholders like GM).
In fact, Hindenburg Research called Nikola “an intricate fraud” — something Nikola denies, of course. As a result, the SEC has opened an investigation.
And over the weekend, we learned Nikola is under more scrutiny after going on the attack, filing a lawsuit against its competitor Tesla.
According to Nikola’s suit filed in 2018: “The truck, the Nikola One, is at the centre of a $2 billion lawsuit with Tesla, in which Nikola alleges its rival infringed on its patents,” Ars Technica reports.
“Nikola claims in that lawsuit that Mr. Milton began designing the model in 2013, with other company staff later working on it.”
Last week, Tesla responded to the suit saying: “Nikola could not protect the designs because they did not originate from the company itself, but from Adriano Mudri, a designer based in Croatia.”
Furthermore Ars Technica says: “Nikola did not mention Mr. Mudri… or say that the designs were purchased, in its 2018 filing against Tesla.”
We were most interested in the GM partnership, and for now, GM is standing by Nikola. But we’ll keep you posted…
Market Rundown for Monday, Sept. 28, 2020
S&P 500 futures are up 35 points to 3,333.
Oil’s down $0.28 to $39.97 for a barrel of West Texas crude.
The price of gold is up $8.10 per ounce to $1,875.40.
Bitcoin is up $141.79 to $10,882.39.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
Happy Monday. We’ll check back before you know it…
For the Rundown,