Housing Doom

From CNBC this morning:

A majority of Americans think now is a good time to buy a home, although few believe the U.S. economy can escape a recession, according to a Reuters/Zogby poll released Wednesday.

The survey of 1,049 likely voters found that 53.8 percent thought this was a good buying opportunity as home prices have fallen sharply in many parts of the country. Some 41.6 percent said it was not a good time to buy, and the rest were unsure.

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In June 2007 I was checking out new communities in Gilbert, and looked into Stratland Estates.  I thought it looked like a neighborhood in trouble with too many specs.  A check of records at the Assessor’s office showed five sales at the time.

Stratland Estates sounded wonderful on their website- here’s how the builder describes it:

This beautiful community not only offers excellent homes, but an inviting and lovely outdoor atmosphere as well. Our impressive water feature entry previews the boulevard, tree-lined streets and lush landscaped common areas. Nestled in the center of the community is a beautiful lake and community amphitheater perfect for social events and family get-togethers.

I asked M what he thought. Here’s how he described it last June after he took a look:

Stratland opened July 24, 2006 and finally has five sales.  New Home Builder Search showed they have twenty (20) specs which seems awfully high for such a new and small sub.  Upon entering the sub the landscaping is still not completed, the amphitheater is a nice touch but surrounded by barren dirt.  I saw homes that were in various stages of completion…………….indeed there were 20 homes with red signs in the window simply stating "Available" .  There were a few half-finished homes that had "Sold" signs in the front yard…I’m not sure if they ran out of "Available" signs or the buyer’s just had not cancelled yet. 
 
As for the 5 homes that have sold, 4 were bought Billy and Karen Littleton.  A quick search indicates he was Designated Broker SunWest Communities which is now called Stratland Homes.

The last sale went to James Bovino who just happens to be the Chairman and CEO of Stratland Homes!
 
Well, let’s hope the first retail sale closes soon……..Stratland can’t have that many employees!

Here it is 21 months after Stratland Estates opened, and M visited them again- this time with his camera.  We’ll let the pictures tell the story….

 Sales Office

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