Yes, we will all be excited to see the end of 2008, and can all look forward to a great 2009.
Years ago, when the dot com bust occurred,
At that time, there really was not much in the way of new residential developments. I had just started to sell a 200 unit loft project in
Today, that South of Market skyline is vastly different. New loft developments sprang up over the years and the housing boom soon followed…which transformed
That day, I explained to the
As the commercial sectors in both cities continued to climb, so too did new homes sales. At one point, the
The gluttony of available housing was an obvious by-product from that boom…and one that has greatly contributed to what we are experiencing today. What has come to the surface through all this, however, is that many new developments have been put on hold, or have converted themselves into ‘for rent’ properties. In turn, that gluttony of product is slowly being absorbed. Coupled with plunging prices and steady interest rates, the percentage of people that can qualify for homes has increased dramatically. Soon, we will start to feel the results of the government’s response with new legislation focusing on the housing markets as well.
Where will things begin to turn around first? According to a recent Urban Land Institute (ULI) survey, most believe
A lot is being done to correct the markets today. The beginning of next year will bring change in many sectors across our economy, which will have a direct impact on our business…no matter where you call home. I know many people in our industry will be toasting to the end of 2008 and looking forward to those changes in 2009.