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Builders bowing out

Original post made on Apr 4, 2008

Market conditions and tight money are causing some builders to shut down large housing projects here, despite relatively firm prices and brisk sales of completed homes.

Read the full story here Web Link posted Thursday, April 3, 2008, 3:24 PM

Comments (5)

3 people like this
Posted by NVBeringer
a resident of Old Mountain View
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.

Web Link

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..

Web Link

3 people like this
Posted by reader
a resident of Waverly Park
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?

3 people like this
Posted by Kent Scharninghausen
a resident of another community
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.

3 people like this
Posted by DG
a resident of North Whisman
on Apr 14, 2008 at 3:42 am

Have you all seen the 39 row homes under construction next to Landels Elementary? Seems like they are building the units as big and as tall as possible, as close to each other as possible, and as close to the property line and street/sidewalk as possible. Seems like developers nowadays get away with building stuff like this because home buyers, in desperation for a convenient location and a good school district, will compromise and put up with bad architecture.

3 people like this
Posted by Ago
a resident of North Whisman
on Apr 28, 2008 at 1:15 am

Any updates in terms of the former Summer Hill Apartments? Maybe they can at least demolish the buildings? It's very much an eyesore since the buildings are all fenced in with the doors and windows boarded up. The landscaping is out of control now as well since there is no one left to maintain it.

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