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New home sales are up, but you still have to pay attention to where you build

Oregon has seen some recent activity in new home construction that to say the least is encouraging, but in order to make a profit and no go bankrupt like so many builders have in the past 2 years you need to be smart!
Know your numbers is the first thing I can suggest and second is know the area and what is going on in that area. About three years ago a well known builder in the Portland area started a subdivision up in the Clackamas County area of Oregon. Great views, large houses and sales were going great when he started.

But, when the housing bust arrived, he was stuck with many houses and lots that couldn’t sell. These houses were selling in the upper $400,000 price range. But when the first phase was being finished they only had about 25 homes built and out of those 25, 22 sold. Not too bad, but the problem was the bust had arrived and those last 3 homes sat there for another 2 years with many, many price reductions.
There were approximately 75 lots still undeveloped and no sign of them going anywhere. About 4 months ago, the bank that ... more

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