Last week at Northstar there was so much activity in the real estate market that I thought maybe I had gone back in time. Back to a place where real estate was hot and people were excited to contemplate a second home in a resort area.
No joke in our office alone we had about 7-10 offers on condos and 5 offers on Village Walk Townhomes. This week left the developer of the Village at Northstar with only 1 two bedroom condo and 4 or 5 one bedroom condos left. All the Village Walk Townhomes are sold. Just like that!
Buying frenzy? What does it mean?
Maybe nothing but I spoke with a local builder friend of mine yesterday and he is swamped with bidding on new construction projects, both residential and commercial. He said that people are recognizing that they had better take advantage of these low building costs in combination with the ability to get great deals on land. He also said that contractors in general are still "hungry" but new jobs are lining up for them quickly.
I also spoke with several clients of mine who are entrenched in the financial world on both coasts. They are saying it is time to invest in real estate again...they are seeing more confidence.
I saw this article in the Wall Street Journal the other day, and I am hoping it ties in. I would rather be on the "recovery" side of the recession, I think.
Well, maybe we don't want the "good old days" because that is what got us into this mess. But we will take "better days", right??
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