Quote:
Originally Posted by Jeff Lebowski
Amen to that. Cougjunkie probably knows the local market better than I do, but Utah Valley is loaded with new McMansions constructed in the last 2-3 years. It seems like most of them are in the 5-8000 sq ft range. Construction has just gone crazy. New subdivisions going in everywhere. There is one down the street from us. Lots are $350K for 1/4 acre. Huge homes are going up and all ten lots have been purchased by investors hoping to build a huge home, sell it, and make a profit. If the market tanks, I am sure lots of folks are going to go belly up.
I have a good friend who is a realtor. Last summer he told me that he expected the bubble to burst in about a year. He said that there should be lots of big homes for sale dirt cheap.
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The crazy thing about this market right now is that starter homes between 150-250k are still selling like hotcakes. Middle priced homes between 275-500k are sitting on the market for months and months. Homes between 500-800k are the worst to try and sell, but once you get over the 1million dollar mark they are selling like crazy. Ideally anything between 2 and 5 million wont stay on the market for long.