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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
A WORD ABOUT THE NEW HOME MARKET
from: http://www.millionairenowbook.blogspot.com/
An article, Builders regroup in Valley, from the Arizona Republic, reports that a year after they set records for revenue and income and their stocks lit up Wall Street, homebuilders are scrambling to recover from a downturn that has sent their share prices plunging and forced them to reassess their strategies to increase sales. Some builders are slashing prices on existing inventory. Builders are circling back to their subdivisions, running demographic profiles and realizing that their customer can no longer afford the houses that were within financial reach before last year's boom, said local housing analyst RL Brown. The median sales price of a new home in the Valley sits at $297,000 in May, up more than $76,000, or 35 percent, from the same month last year.
MY TAKE:
Suddenly, there is a change happening right in front of us that have left Home Builders unprepared (as well as their stockholders and analysts): Here in Phoenix, where we build more houses than anywhere in the country, there is a shift in buyer's interest away from new builds and towards older, more established neighborhoods. Why? They no longer want to live in construction zones, in new areas, where no (retail) services are available close to where they live. No wonder downtown urban vertical living is experiencing a new boom.
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