Alright, the August 2009 Real Estate Market Report from John Burns Consulting is ready for ya…
The country’s recession has made the real estate market very volatile and difficult but it has practically burned out the construction business.
* Lending has become tougher so there are fewer spec houses built.
* The demand for new homes has really declined with people just trying to cover their month-to-month expenses.
* The vast inventory of homes in foreclosure offer better low cost investment opportunities than buying new construction.
The same holds true in the commercial market. If fewer small business owners are opening brick and mortar stores, real estate developers are hesitating to invest their time and money into building new commercial construction.
However, there is a sliver of hope! John Burns has compiled a list of the top 20 markets in the country based on the number of construction permits issued and there are a few surprises.
Enjoy!
– Trevor
The money has definitly shifted. There’s a lot of opportunity in ventures that promote urban villages, with multiple-residency properties clustered around commercial properties that directly support, employ and service those residences. The exurbs, with their long commutes and sterile minimalls are dying fast.
Kudos to you Trevor for your great work, living in Canada I’d like to learn more about virtual real estate living in Canada doing deals in the United States. Thanks
Regards,
Manny