It’s A Ghost Town Out There
At several properties, there were a significant number of fully built homes sitting vacant along with a large number of additional homes still under construction
At one master plan community, the entire development appeared to be vacant — with the exception of crews working on new construction, it was a ghost town
The homes all appeared to be empty, and there were no prospective buyers anywhere to be found. Surprisingly, the sales office was open … but the woman working there had questionable English fluency. When asked how many homes had been sold in the past month she simply responded, ‘Uh huh. Thank you. Yes!’ and handed us some additional literature on the property
Perhaps the most interesting aspect to the development was what it revealed about the nature of the housing boom: that at the peak even the most undesirable and remote locations were worthy of expensive, high-end homes
– Analyst Aaron Deer talks about the housing market in the Inland Empire.
With the exception the exorbitant prices, aren’t we seeing this all across America?
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I remember reading in the Wall Street Journal a month back about a real Estate Developer offering a free row house if you buy a bigger house. Situation’s so bad they’re giving away houses for free…