Brand New Homes in AZ: Were $215k, Now $137k; Naples, FL - Were $450k, Now $344k

Discussion in 'Wall St. News' started by ByLoSellHi, May 29, 2007.


    "Atlanta-based Beazer Homes USA Inc. was offering houses in the first quarter at a development about 44 miles outside Phoenix, Arizona, for $136,990, down 36 percent from the year-earlier price of $215,490, said Samantha Morris, senior consultant in Houston- based Metrostudy's Mesa, Arizona, office."

    "Prime Home Builders, a closely held company in Fort Lauderdale, Florida, is advertising a 23 percent discount on a new four-bedroom townhouse with two and half bathrooms in Naples, Florida. The price was slashed to $344,169 from $449,258 in a development where about half the units have been sold, said Keith Thompson, a marketing consultant with Prime Home Builders."
  2. Time to buy!
  3. Deflation is an impossibility on a 137k home. You're right about Naples, FL though.
  4. If they can't sell them at 137k, because there are no buyers, what will they do?

    I have seen this area first hand - there is no industry or job base. Flippers were buying anything in Arizona or Nevada or Florida, anywhere, for the last 4 years.

    137k is still too expensive if there aren't any buyers.
  5. I hate Naples. $20M for those condos near Venetian Bay was a great example of how ridiculous Naples area was selling for. Crazy crazy crazy. :D
  6. I've said this before BLSH: location. location, location.

    By definition anyplace that "new homes" are being built is on sub-prime land. The good shit is long taken.

    A townhouse in "Naples" for 300k? Doubtful it's in Naples. Probably in a swamp far east of Naples.

    I just searched for homes in two of Naples best zip codes, 34102 and 34103. Unless you consider 900k for rather pedestrian looking condo's to be a freefall in prices then their isn't exactly a panic occuring.
  7. I don't know.

    The article says the Prime Builder units are in Naples.

    Maybe the article is wrong?
  8. You would not want to rush into this market for a mere 30% discount.

    With no good news on the horizon, only degrees of bad news, coupled with some of the most unfounded lying I have ever heard or read, I would be inclined to close the book on RE and revisit for a look in the spring /summer of 2008 with no commitment to buy even then.
    #10     May 29, 2007