GLG News by Land Banking Experts (US)

Steve BottfeldPrincipalMarketing Solutions

The Beginning of The Beginning: Las Vegas turning the Corner

May 20, 2008

Analysis of:Housing Prices Going Lower | www.lvrj.com

To paraphrase Winston Churchill, April’s housing data for Las Vegas could be the “beginning of the beginning.”  undefined·      -----Prices of ALL new homes have reached a yearly high of $291,080 – just 9.3% below last April.  The price differential between 2008 and 2007 has narrowed in each successive month of this year. undefined·         undefined--Sales of existing homes (2.225) boasted the first year-over-year increase since September 2005. undefined·         undefined--At 21,338, existing home inventory is at the lowest point since February 2007.  At current sales rates, that represents just under 13 months of supply. Normal markets are defined as seven to ten months of supply. undefined·         undefined undefined·         undefined

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.

Howard LiggettPresident and CEODistressed Real Estate Consulting Services, Inc.

The Future of Florida's Municipal Golf Courses

May 1, 2008

Analysis of:How Green is Golf? | www.golfdigest.com

Foreclosures,tax increases,land devaluations and a sour economic outlook  for the remainder 2008 have forced municipalities and counties to look at fat trimming measures which hurt the least number of citizens.  The recently passed Amendment One forces local governments to limit tax increases to a 10% cap.  Critics say the amendment's provisions are draconian,but Florida taxpayers demanded relief.  The frills get cut first and tax subsidized golf courses are the easiest of targets.  The weather along with escalating gasoline prices will change the "look" of golf as many have come to expect.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC.

ARE HOMEBUILDING STOCK PRICE INCREASES PREMATURE?

April 24, 2008

Analysis of:Construction Companies Are Clamoring for Managers | online.wsj.com

Recently, stock prices of most public homebuilders have increased 20-30 percent.  This despite no visible signs of improvement in the overall housing industry.  It seems early in the cycle for these stock price upward movements, as it appears the housing market has not yet found bottom.  Equity buyers at the present stock prices must be patient and have a mid- to long-term perspective on their investments. There may be several reasons for the recent price appreciation including: 1. Short sellers covering positions as hedge funds encounter increasing risks in other parts of their portfolios or simply decide to concentrate their efforts in another sector. 2. A perception the government enacted or proposed initiatives will cause significant improvement in homebuilding activities, including sales and financing of homes. 3. A belief the housing downturn is at or nearing bottom and this is the appropriate time to purchase homebuilder stocks.

David KellerFormer Chief Executive OfficerUNITED SUBCONTRACTORS, INC.

IMPAIRMENT REVERSALS – IMPACT ON COST OF GOODS SOLD

April 24, 2008

Analysis of:New-Homes Supply Builds; Durable Goods Orders Slide | online.wsj.com

Homebuilders have recorded large inventory impairments over the last couple of years.  Most of these impairments have been for land and lots.  As these previously impaired lots are built on and a completed home is delivered, the land component as a percentage of Cost of Goods Sold may decline significantly.

Howard LiggettPresident and CEODistressed Real Estate Consulting Services, Inc.

Will Rogers was REIT~Buy Land;Especially Residential

April 22, 2008

Analysis of:The REIT Time? | www.forbes.com

The nation's homebuilders have an enormous inventory problem and it is not limited to only completed homes sitting idle on the market.  Many builder-developers with planned for housing communities have seen the blueprints shelved as existing home sales have stalled and new homes garner little more than drive-by attention.  As the misery index rises,many of the large land tracts committed to subdivision housing are being sold as cash starved builders try to weather the storm.

Steve BottfeldPrincipalMarketing Solutions

TURNING THE CORNER?

April 22, 2008

Analysis of:Study: Few can afford homes in LV | www.lvrj.com

March Las Vegas housing results can best be described as mildly disappointing. Although prices remained relatively stable and inventory continued decline, surprisingly, sales did not improve significantly. Although sales did not increase in March, there is sufficient anecdotal evidence (increasing traffic, multiple offers on specific properties) to suggest they will increase strongly over the next two quarters.  undefined undefined

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