09-03-2007, 08:14 AM
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CC Member
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Join Date: Feb 2000
Location: Neverland,
TX
Cobra Make, Engine:
Posts: 7,460
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Not Ranked
That's true Ron,
The flippers and would be investors were a very large contributing factor.
I know in Florida builders had to limit how many homes a person could buy at one time. People would stand in line to buy them ten at a time.
Most of those were never closed on and the builders now have them in inventory.
The builders acted way too late in those markets. Had they restricted the homes to end users only this would not have happened. I have seen people buy up to 50 homes in one community.
Toll Brothers for example, has over 2,000 completed homes that are unsold.
That is just STUPID on the Division President's part. They got HUGE bonuses for selling these. I wonder if they have to pay them back... NOT!
Can you say
POOR LEADERSHIP
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