|
The wrecking ball continues to spin!
Old, not necessarily “historic”, but certainly long time landmark properties are being leveled and trucked off to the landfill. They are being replaced with nice, new, shiny trophy condos and townhomes.
An unfortunate byproduct of this process is the homes getting leveled were previously occupied by local workers, and the new occupants will be 2nd homeowners, the ones who depend on those locals to serve them drinks, teach their kids, and mend their broken bones at our local hospitals.
We have a critical shortage of affordable housing for locals, and it is a conundrum not easily solved and exacerbated every time one of these older homes gets demolished.
Interestingly, and as mentioned above, our market is turning. Having experienced countless real estate cycles over the past 40+years, one thing is crystal clear. You don't want to be the last developer through the door. Mark my words --- there will be new developments coming out of the ground over the next few years that are going to stall and/or belly up.
Interest rates have doubled and values are going down. Not a good formula for developing new condos. THAT SAID…. if you're thinking about building a home for yourself, be patient!
Contractors laid off from stalled projects will be looking for work and building material cost will go down. Related, check out this link on lumber cost.
| 
