Great article regarding an advisor to real estate developers.
"We have been suggesting smaller, different products, much lower prices and telling them to expect half as many sales per month as we were seeing before.
"Communities where homes were selling in the high $300,000s at a rate of four to five units per month are now getting $250,000 to $280,000 per home and, if their sales are good, they are selling two units per month."
"Land that they paid $50,000 to $60,000 an acre for has dropped in value to $20,000 to $30,000 per acre and that has really hurt
The private equity firms are looking to invest in land and want advice. The banks are now controlling lots of land that they have foreclosed on and they need to understand what to do with it."
Click on the following for more of the details: Daily Herald | Region's demographics point to starter homes