| Clouds With Silver Linings |
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| Written by Gary Edelbrock |
| Saturday, 28 November 2009 06:54 |
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13
Bump it!
Clouds With Silver LiningsStill waiting for the stimulus money to kick in! Good news from the Wall Street Journal this week: "Existing Home sales rose 10.1% to a 6.1 million annual rate in October. Inventories shrunk to a seven month supply. Prices fell and the median price for an existing home was $173,000, down 7.1% from $186,000 in October of 2008." This is all good news, but the undercurrent news is a lot more interesting to me. Yes the economy sucks. Yes unemployment is up, and they are lying to us about the number s(they are not taking into consideration, graduates choosing not to enter the work force with no jobs available and people previously employed full time who are now working part time to stay afloat). And yes there will be more blood in the streets before this is all over. But take heart my friends. Here is some great news for us. A recent article in the Las Vegas Review -Journal points out that since August there have been bidding wars, yes I said bidding wars by builders for lots in established subdivisions! Follow me here. There is no market for raw land right now. No one is producing finished lots. And lot prices have pretty much hit a bottom price where builders can project costs and build a home which they can sell and make a profit. These builders such as KB homes, Richmond America and Harmony, have all decided to get back to what they do best – build homes. Where will they build? Their options are few. Unless like Pulte, they are sitting on large properties, they have to buy lots in existing subdivisions. Subdivisions such as Providence, Mountain's Edge, and Southern Highlands. The article projects that by the end of next year the subdivisions in Vegas (one of the most over-developed areas in the southwest) will be out of lots for sale. Which means, developers will have to crank back up and start developing finished lots and subdivisions. This employs people who buy houses, who eat out, who buy cars, groceries, etc. Perhaps it is just me, but I am taking this as the best news I have heard yet. A Distinguishable Difference in Service
A Quick Note from Gary
Of course, if you have out-of-town visitors, please remember to check into the Log Cabin. Gary Edelbrock (928)-778-0442 Home/Cell (928)-778-7036 Office This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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| Last Updated on Saturday, 28 November 2009 06:54 |
Looking for a silver lining in the clouds? This is Gary Edelbrock here, with an interesting perspective brought to you by Dan Shaw. Read on...
In the meantime, should you have any real estate needs, give me a call, and I'll do all I can to get you some answers. |
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