Reply to McLean Custom Home Builder Files for Bankruptcy

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You find it sad that a biulder overextended themselves financially? I don’t find that sad, I find it to be poor business decisions. So many builders are floating a ton of lots right now that they cannot sell. They got greedy assuming this areas building/sales market would never dip.[/quote]

All the lots sold around us are being built, none is sitting, but there is also a glut of new homes over 4m and they aren’t selling. IDK what’s going to happen to all these builders who have completed their homes and have others in the pipeline, but people aren’t buying at these prices.

Does it also mean that people will soon start buying older homes that used to be tear downs and remodeling them instead?[/quote]

Builders have plenty of cushion with their projects.   They make not earn as much or at worst break even but they will sell.  No people are not going to purchase tear downs and remodel them - much cheaper to build new.  [/quote]

I am curious what will happen - still seems like alot of $4M+ homes out there either coming soon or available (even some mid- to high- 3s) - curious how much things might come down

Also still trying to comprehend the prices of these place from 1 or 2 years ago - get that pre-covid (2019-2021 saw tons of growth) but many homes bought in 2023-2024 have same lot prices but like a $1M more on the list price - did materials / labor really go up that much?[/quote]

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