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The buiders are getting rich unless thet are all stone masonry or the
like, and a zillion upgrades...and/or all union labor...etc.
I have surveyed most of the publicly traded housing companies in SC and
they all sub contract to lowest bidders and use imported Mexican
carpenters [who are excellent but not highly paid} supervised by their own
USA staff for the most part.
Buffet bought a modular builder Clayton Homes that also makes a ton of
money and then gets plugged into his inflated BRK PE.
Sincerely,
John
> In Southampton New York they charge to build 200-250 per sq feet
> (plus cost of land)
> Ben
> ----- Original Message -----
> From: <jvc689@xxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Sunday, July 25, 2004 12:07 PM
> Subject: [RT]-Homes
>
>
>> Just so it is clear.Where are these houses located? How many square
>> feet of living space doe one get for $900,000 and what is the lot
>> size?
>>
>> I doubt that there is any place that a quality house can not be built
>> for $100 per square foot plus lot.
>>
>> Many people just buy large vanity houses for two people and no
>> children. So ego plays into financial home choices also.
>>
>> I ran into the same experience looking in Cape Corral, FL. Houses were
>> mostly cinder block, stucco and buyers in a lot of cases had to pay
>> the water and sewer assessment. People were buying houses and putting
>> them up for sale in a year. It seemed like the greater fool theory to
>> me. Prices come down when mortgage rates go up since affordability on
>> "buying house on minimum margin" make payments higher...obviously.
>>
>> You can still buy magnificent Beach front homes in Myrtle Beach for
>> around $1,000,000 , 3 BR 2 bath Ocean front condos for $330,000 and
>> lake side/back/front homes just a few miles from the beach for less
>> than that.
>>
>> Likewise the houses here go up with each new development extension
>> because the lot costs go up. I know of people who bought multi houses,
>> rent them and plan to sell about five years later for handsome
>> profits.
>>
>> Just my take. It is not always as clear cut as it seems.
>>
>> Sincerely,
>>
>> John
>>
>> > Another interesting lookback into history is the 1930's. Compare
>> the
>> policies Hoover implemented after the roaring 20's to what's going to
>> be 'proposed' this week in MA.....
>> > ----- Original Message -----
>> > From: Pete Hallock
>> > To: realtraders@xxxxxxxxxxxxxxx
>> > Cc: NQoos@xxxxxxxxxxxxxxx
>> > Sent: Saturday, July 24, 2004 7:36 PM
>> > Subject: Re: [RT]
>> >
>> >
>> > Ira,
>> >
>> > Prices going up? I like to think of it as our currency continuing
>> to
>> > lose value. Legal tender laws are the only thing saving it.
>> >
>> > It's only been a little over thiry years since Nixon cut the
>> dollar
>> > loose to float. Perhaps the grand experiment with our fiat currency
>> is
>> nearing its end. After all, when one looks back in history, none have
>> ever endured. Have a great weekend.
>> >
>> > Pete Hallock
>> >
>> > www.xlibris.com/duped.html
>> > ----- Original Message -----
>> > From: mr.ira
>> > To: real traders
>> > Cc: NQoos@xxxxxxxxxxxxxxx
>> > Sent: Saturday, July 24, 2004 7:14 PM
>> > Subject: [RT]
>> >
>> >
>> > The housing boom must be near an end. There was an article in
>> > today's paper about people lined up 2 days in advance, living in
>> their
>> cars, in order to buy homes that start at $900,000. The
>> > average price of homes here is going up about $3000 per week. Last
>> week
>> the average price was $500,000, today it is $503,000.
>> >
>> > The housing market here is like the stock market in 1999 and
>> 2000.
>> > I don't think the housing market will fall to the same degree as the
>> stock market did, but a 20% drop will hurt a lot of people. It will
>> also reflect upon some commodities, housing stocks and housing
>> > related stocks.
>> >
>> > Of course there is no inflation. Just ask the government.
>> >
>> > Have a good week end. Ira.
>> >
>> >
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>> >
>> >
>> >
>>
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