Builders bowing out
Original post made on Apr 4, 2008
Read the full story here Web Link posted Thursday, April 3, 2008, 3:24 PM
on Apr 4, 2008 at 3:26 pm
The problem is many builders will tell you it cost more to build in Bay Area... which isnt true! The same builders are making 2x the size of homes for a fraction of the costs in Los Banos.
Since the profit margin isnt as fat the builders are just not building. But as history will show.. these prices are in a bubble like the tech bubble of a few years ago. The prices are not justified and unsupported by real incomes. That is why they need ARM and I/O loans.
Even MT View will see a correction..
on Apr 5, 2008 at 8:22 pm
No one mentioned the status of the Grant Road farm property in this article. Isn't Summerhill Homes suppose to be building single dwellings there?
on Apr 7, 2008 at 9:49 pm
Did you remember Old Mill townhouses/condos built at 49 Shower Dr. by L B Nelson during May of 1973 thru late of 1977? 50% were completed then around 2.5 years later the builder finished the rest of 279 total units.