The Irresistable Failed Project
Homebuilders have been hard hit in the recession and collapse of the residential markets. AND now even they are finding lot prices in failed developments irresistable.
The June 24th issue of the Wall Street Journal reports that in some metro areas, finished lots are going for as little as 25 cents on the dollar for what they fetched at their peak in 2005. Homebuilders like Meritage, Lennar and Horton are snapping them up.
Here are the stats:
- Las Vegas lot prices DOWN 72% from their peak
- Phoenix lot prices DOWN 71%
- San Diego lot prices DOWN 70%
- San Francisco lot prices Down 66%
- Chicago DOWN 62%
- Los Angeles Down 62%
I just hope they have the longevity to hold on until the new home markets actually begin to breathe again.
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
Leave a Reply