New Con Dead Cat Thud
January 27th, 2012 . by Jon Modene13.
That’s how many new build houses are on the MLS as I write this.
13.
In a city/township of almost 50,ooo people.
That’s. Not. Many.
13.
The new construction market has imploded. Died. The builders are gone. Busted. The developers are gone. Broke. The few homes on the market are by very specialized and savvy niche builders.
And they tend more towards building for contract rather than speculation.
Want a new home? You are going to have to sign a contract and have your financing in place. That’s how it works in 2012.
(By way of the old memory bank . . . it worked this way in 2005 – we would get in a car and show you 25 houses in various stages of completion in Perrysburg and if you didn’t like any of them we would have one build just for you . . . )
How bad was it nationwide? National TOTAL new construction sales fell 2.2% from last month to a rate of 307,000 annualized. The total in 2010 was 323,000, the lowest amount since record keeping began in 1963.
That’s the dead cat thud.
There is now nowhere to go but up . . . right?
Builders have to be very careful . . . but there is no competition if you have a spec or can build on a contract.
Buyers? Better be ready to rent while you build!





















