The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Travis_Bickle who wrote (91374)	10/5/2007 10:23:50 AM
From: John Vosilla	Read Replies (2) of 306849

'In September 2005, Standard Pacific division Westbrooke Homes paid $18 million for 54 acres just south of Belvedere Road along Florida's Turnpike. Two years later, the builder has sold the property for $14.25 million, a loss of $3.75 million. The price cut provides another indication of how far the housing market has fallen since its 2005 peak. Then, speculators were lining up to buy every house that builders put on the market. Now, sales volumes have plummeted, and Palm Beach County builders have laid off hundreds of workers. Standard Pacific hoped to build 266 homes on the property along the turnpike. The new owner, West Palm Beach developer Steve McCraney, has much different plans. He wants to build 600,000 square feet of industrial space.' Anyone in our fair state should consider themselves very lucky to get out at only 20% loss on residential land purchases from the summer of 2005. Only continued demand for industrial use saved SPF.. I've got a large industrial future land use parcel in Central Florida. I'd be tickled pink at $50k an acre

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