just food for thought..... went to the lumberyard AGAIN this morning and it looked like somebody called in an anthrax scare. I do trim work in 10,000- 20,000 sq ft homes here in the hamptons. (long island n.y. ) Soon to start my own fund, I pay attention to my surroundings.I'VE NEVER IN 20 YEARS SEEN THIS. We are supposedly " shock proof" out here because our RS IS SO VALUABLE. So lets see how this pans out..........anybody else got any input? this "ghosttown like scene" at building supply yards started in oct.
Ghost town in Michigan, but everyone knows that. I'm in the biz - develop subs and retail strip centers.
I live on NY(Long Island) and i am currently in the market for a bigger house. The prices around here are still ridiculous + very high taxes. There is more on the market but prices really haven't droped that much. The only visable drop has been in the 1.5 MIL + range.
Central Florida/Orlando in one of the most desirable areas to live in the state: High end houses ($800K+) not moving for 9+ months. Many of these are 'spec' homes and have been empty for months. Homes that are in building process are being finished at a snails' pace. Open houses are slowing down as realtors wait in empty homes for an entire day without a single client even looking. Lower end houses are moving but seem to be fire sales from investors. Most of these are in significant disrepair and really are only suitable to be knock-downs. $100K haircut from zillow estimate on price realized in sale and 'value' for a $350,000 home (valued at 400k, sold 300k, appraised 320K). Many houses going below appraised value. There are jobs here, and there was a brief flurry of activity in January, but it seemed to be bargain-hunting. We're fixing up the house and getting ready to more or less hunker down. We will see.
The homes I work on are "mega homes" and the rich will always be rich ....right? I've never seen this and I'm not a newbie at this. The home I'm working on now is 22,000 sq ft. and owned by a fund owner( 35 years old). He makes most of his money in foreign trading. building a new home on the ocean ( 8,000 ft) and nothing to bid on after that.....we'll see. usually a "recession" brings alot of "additions" and not new home contruction.
I have a friend in the furniture business. He has talked with a few wood suppliers from the northeast saying all the top salesmen have seen sales down across the board. He also told me alot of the guys who worked with the major homebuilders are now slow so they are now doing alot of carpentry work on the side for themselves and this has sort of slowed things down a bit as well.
risky I know of a homebuilder that builds in the ny/conn area and he is pretty busy. Right now hes building in Greenwich doing new home construction, the houses he works on are $1 million and up. However for the little guys doing new bathrooms, kitchens and carpentry its pretty slow out there.
Word on the street is that it's bottomed here in Tallahassee. My property peaked after about a 40%+ increase in just 3 years. Everything seems to be for sale though nowadays. I think college towns are a bit harder to predict with the constant influx of students and what not.
in phoenix prices have dipped a few percent but still quite overpriced. Also rents have been rising a lot.
Thats what usually happens after housing prices have gone up so fast in a short amount of time, rents tend to drop. Now that housing prices are dropping rents are going back up, rents peaked where I am in late 90's early 2000, there finally coming back up.