Quote:
Originally Posted by melpetezrinski
New homes are certainly a different animal but I thought it was starting to follow the existing market more closely about a few months ago but I was wrong and it's all because of Richmond. When they started building in West Deluna (actually just Deluna), homes just sat and I mean over hundred, which is completely out of character for TV. I thought, here it goes, we finally have hit saturation. But people were just waiting for Richmond. Now that Richmond is in process, people are finding out that 20 other people have bids on the same house and nothing is available. So, those same 200, 300, 400... potential home buyers that waited on Deluna in hopes for Richmond are now relegated to buying in Deluna in my opinion. There were 200+ NEW homes available back in June, mostly in Deluna. Now there are 100.
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Count me as one of those potential DeLuna buyers, that held out for Richmond - had Richmond not been on the horizon, I think more DeLuna homes would have sold over the summer - once Richmond is built out and sold in the month or so, I think you will see some who were unable to secure a home in Richmond snatch up what’s left at that time in DeLuna. What will be a test case under the current economic situation is how timely Newell sells.