FW: Residential stats

This is how quickly a broker should work for you. Below is what I just got back from Kevin on my absorption question. All I did was just email him my BLOG post!

 

This looks good. So Far. As soon as we get info on 2006, I'll feel good. Then, just need to find out what's on the books for 2007 coming online and we're set with this aspect of DD.

 

JERRY A. JONES

Salem, Oregon

P: 503-218-0557

F: 503-218-0557

 

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From: kevin@medfordexit.com [mailto:kevin@medfordexit.com]
Sent: Friday, December 08, 2006 3:41 PM
To: Jerry Jones
Subject: Residential stats

Just preliminary, and I'm waiting on call-backs from City of Central Point, but this should give you an idea of how crazy absorption is in this area...

 

Below are Medford's stats, I know just from living in CP and working the market that all lots that come available get gobbled up when priced right.  There is one subdivision with 10-12 lots sitting right now, but they are very pricy ($135,000 +), and CC&R's require 2200 sqft homes or larger, and those are not selling very well right now, thus builders don't seem too willing to sweep them up.  Interesting though, the developer wanted to get his "phase 1" lots off the books, so dropped the last 8 lots to $99,000 and blew them out in a week.  Jake is planning to list his at $125,000 and is feeling pretty confident.

 

Medford:  '04 - SFR Lots created = 479: SFR building permits issued = 590

              '05 - SFR Lots created = 497: SFR building permits issued = 569

              '06 - SFR Lots created = ***: SFR building permits issued = 363

              ***Kid I spoke with said that in order to compile these stats, it would be some 2 hours worth of work at $31/hr.  You've got me as to why pushing a couple of buttons is this difficult, but he seemed to think so.

 

You'll notice that builders slowed down in building spec homes, now they wait for buyers to purchase before building the home.  Good plan in this market.  Jake is pretty optomistic on selling his lots because last week a completed 6-lot subdivision in Central Point went pending at $113,000/lot the day it hit our MLS.  Yes, we'll be promoting this to builders.

Kevin Anderson
Broker
Cell: 541.621.7758
Office: 541.770.5200
Fax: 541.770.5201
e-mail: kevin@medfordexit.com