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<blockquote data-quote="Brandonm22" data-source="post: 852264" data-attributes="member: 7645"><p>That might work well in Texas. The recession really never got bad there. In most of the U.S., the deadest segment of the real estate market is spec macmansions on large acreage lots. People are too scared to tie up that much money in housing (now seen as a bad investment for the first time in my life), they don't want a long commute, people that can easily afford that are reluctant to show out while their friends are losing jobs, and there are thousands of homes like that on the market selling for well below the cost of building the house. Horses are starving because families can't afford to fee them any more and all the rescues are full. Here in the great Birmingham market we took a 9% cut in average home selling price from June last year (and June 2010 sucked). The homes that are selling well are small on even smaller lots. The builders would build 950 sq foot homes on 4000 sq foot lots if the stupid towns zoning laws would allow it, because it's what the market wants. The last guy who tried a gated horse set subdivision like that here cut well over a half mile of roads and utilities built 4 spec homes 3500 sq foot plus, sold (or rented) one, and lost it all to the bank. I don't think the first horse ever arrived. I feel sorry for the one family living down there. Off the top of my head, I can't think of one of those that developments locally that are actively marketing and building new homes, though that was a VERY popular market segment in the 90s. Real estate became a whole different world in 2008.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 852264, member: 7645"] That might work well in Texas. The recession really never got bad there. In most of the U.S., the deadest segment of the real estate market is spec macmansions on large acreage lots. People are too scared to tie up that much money in housing (now seen as a bad investment for the first time in my life), they don't want a long commute, people that can easily afford that are reluctant to show out while their friends are losing jobs, and there are thousands of homes like that on the market selling for well below the cost of building the house. Horses are starving because families can't afford to fee them any more and all the rescues are full. Here in the great Birmingham market we took a 9% cut in average home selling price from June last year (and June 2010 sucked). The homes that are selling well are small on even smaller lots. The builders would build 950 sq foot homes on 4000 sq foot lots if the stupid towns zoning laws would allow it, because it's what the market wants. The last guy who tried a gated horse set subdivision like that here cut well over a half mile of roads and utilities built 4 spec homes 3500 sq foot plus, sold (or rented) one, and lost it all to the bank. I don't think the first horse ever arrived. I feel sorry for the one family living down there. Off the top of my head, I can't think of one of those that developments locally that are actively marketing and building new homes, though that was a VERY popular market segment in the 90s. Real estate became a whole different world in 2008. [/QUOTE]
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