Saturday, April 21, 2007

Hard times in N.C. housing market

I arrived at Washington Dulles airport to see three building cranes rising in the distance within sight of the tarmac. A sure sign of continued building.

I connected from there to Raleigh and drove to Hampstead down highway 40. I saw lots of billboards advertising houses, condos and real estate agents. The rest of the billboards were mostly for cars which can be had right now for 50 to 70% off of the sticker price…Yah, that’s quite a price cut.

Driving around a small town called Surf City in the Wilmington area, I saw row after row of new beach homes with more for sale signs than you could read while driving. I opted to walk a bit, but then a R/E agent spotted me and saw I had a pulse, the chase was on! Me running for my life, him running for his dinner. I got away.

I managed to pick up a flier for one house listed for 1.4 million, price reduced to $999,000. A couple of streets on an owner had a custom made banner hanging across the house that read ‘Make me an offer’.
(Smells like desperation to me).

I have to say that so far I am surprised to find the number of projects under way here in the area and the shear number of for sale signs, far more than I had imagined. It leaves me wondering, what are they thinking?


Blogger Corey said...

Will tomorrow be "subprime Tuesday?"

Monday, April 23, 2007  

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