Quote:
Originally Posted by Sethseekstruth
you know, all the sprawling suburbs athat were spec built and getting forclosed on now? that would be good to tear down
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The town I live in has one of those. They built it in three phases. Phase 1 had some nice houses that went for around 250-275K and sold out as soon as the model homes were built. Then phase 2 had even nicer houses and they went for 305-355K and it sold out pretty quickly. The last phase had the same type homes as phase 2. The built it in advance and were trying to sell them for 399K+ and then the housing market collapsed so now they are sitting there with about 30 empty homes that are probably worth less than it cost them to build them. The company is now trying to rent them out while they still look for buyers.