GLG News by Homebuilding Joint Venture Experts

Jim BelfiorePresidentBelfiore Real Estate Consulting

Another Lesson to be Learned?

June 16, 2008

Analysis of:Lessons From the Housing Bubble | online.wsj.com

Our next lesson may be that homebuyers should carry some of the financial risk associated with owning a home.

Jim BelfiorePresidentBelfiore Real Estate Consulting

Phoenix Attached Projects in Trouble

June 6, 2008

Analysis of:$3.1M lien filed against condo developer | www.bizjournals.com

The question many looking from the outside-in may soon start asking is, “How many buyers are there for $300 / square foot to $800 / square foot housing in Phoenix?”  As the single-family market bottoms out, the answer will come.  Hopefully the timing is sooner rather than later.

Carl StreckOwner & PrincipalMountainseed Advisors

CDD's aren't all their cracked up to be...

June 5, 2008

Analysis of:Residential real estate set to double | www.business24-7.ae

For years developers were utilizing this public finance tool as a way to drive up their bottom line while passing on the infrastructure cost to the end homeowner. This is a thing of the past.

Anthony TrellaCEO/PresidentThe Meranth Company, Inc.

Why is there no effort by the media to understand the DEMAND side of the housing industry?

June 2, 2008

Analysis of:The Truth Behind Florida's Housing Numbers | online.wsj.com

This article is just another example of somewhat reckless reporting by the “drive-by” media. Yes, there was excessive overbuilding of housing during the three years prior to 2006.  Yes, there is a huge number of empty or unsold housing that must be sold over the next few years.  This message is old and it has been beaten to death -- supply – supply – supply.  It’s time for new media people to step up and deal with demand.  It’s time for media people with housing knowledge and business savvy to study and put forward visions of the housing recovery.  We need in-depth segmentation of facts.  In south Florida, unsold, high rise, luxury condo’s have very little to do with current and future housing needs of the mass workforce.  Why is such housing data merged with all other housing data as if they are one and alike?  Why is there no expressed understanding of the limited amount of undeveloped land remaining in south Florida  for the very certain growth of housing that will come?

Jim BelfiorePresidentBelfiore Real Estate Consulting

For Buyers with Income, Feelings are Problem, not Financing

May 29, 2008

Analysis of:Consumers Are Downbeat on Economy | online.wsj.com

An improvement in consumer sentiment will lead to an improvement in new home traffic and home sales, as well as an improvement in other areas of the economy.  Buyers that “feel” good make confident purchases.  Watch consumer sentiment and confidence indices, as well as BREC traffic count figures, for improvements, which we expect late in 2008.

Jim BelfiorePresidentBelfiore Real Estate Consulting

HOA Bankruptcies Coming

May 27, 2008

Analysis of:As Dues Dry Up, The Neighbors Pay | online.wsj.com

Rising costs and high delinquencies are pushing HOAs into bankruptcy.  Add HOA solvency to your underwriting checklist.

Anthony TrellaCEO/PresidentThe Meranth Company, Inc.

South Florida Condominium Minefield -- Condominium Associations

May 19, 2008

Analysis of:Investor Report: Miami-Dade County | realtytimes.com

Buyers and Investors Beware:  In addition to determining values (prices), careful analysis of the financial conditions of Condominium Associations (CA's) must be prudently examined before purchasing.  

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC.

Continued Housing Difficulties

May 14, 2008

Analysis of:The Housing Crisis is Over | online.wsj.com

The housing bust is not over and trends continue to be negative.  The only positive activity is that homebuilding stocks have gone up, without a good reason.  We still have a ways to go to work through all this.

Jim BelfiorePresidentBelfiore Real Estate Consulting

The Housing Crisis is Over? Not in Phoenix

May 12, 2008

Analysis of:The Housing Crisis is Over | online.wsj.com

Mr. Moulle-Berteaux seems to lack is an in-the-streets perspective.The housing market will shrink and prices will decline further before the Phoenix metro housing market hits bottom.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC.

Direct Expensing of Interest by Homebuilders

May 6, 2008

Analysis of:Hidden Mortgage Risks Abound in U.S. Home Market | www.bloomberg.com

Not capitalizing interest in inventory causes acceleration of losses and deterioration of book value.

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