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Old 01-08-2009, 05:25 PM
 
Location: Oklahoma City
279 posts, read 1,014,286 times
Reputation: 99

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Livingstone Myer homes; Did weschester homes go out too?
Any info would be great.
What led to this fall of great builders
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Old 01-09-2009, 07:41 AM
 
Location: In My Own Little World. . .
3,238 posts, read 8,790,523 times
Reputation: 1614
Quote:
Originally Posted by FutureArchitect View Post
Livingstone Myer homes; Did weschester homes go out too?
Any info would be great.
What led to this fall of great builders
I don't personally know why these particular builders went belly up, but there is a whole lot of problems with the economy right now (world wide), and construction has been hit hard. Not as bad here in OK, but it's being felt.
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Old 01-10-2009, 12:10 PM
 
Location: Oklahoma City
279 posts, read 1,014,286 times
Reputation: 99
That is true. The ecomomy is a factor. Great Post! But I was kinda shocked because these builders had really nice big homes.
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Old 01-10-2009, 06:06 PM
 
Location: Pawnee Nation
7,525 posts, read 16,985,416 times
Reputation: 7112
That was one of the problems.....really nice, big homes, are not selling. Interest payments and hold costs on high dollar houses are prohibitive and it doesn't take many of those high dollar things to bankrupt even a healthy company.
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Old 01-13-2009, 05:21 PM
 
Location: Oklahoma City
279 posts, read 1,014,286 times
Reputation: 99
Yes. Thats also true goodpasture.
I also think that they "Overbuilt" houses.
And what i mean by that is they built to many in an economy like this.
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Old 01-13-2009, 05:33 PM
 
Location: Fort Worth/Dallas
11,887 posts, read 36,925,657 times
Reputation: 5663
It has happened less in Oklahoma, but it is as GP said; nice BIG homes aren't selling because people are in financial straights right now.

It ain't pretty and it probably won't get better for another 18 months or so.
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Old 01-13-2009, 08:35 PM
 
22 posts, read 104,496 times
Reputation: 84
Default A Sobering Fright

I know in my neighborhood there has been a sobering transaction. A house two down from mine the tax assessor valued at $265,000. Wells Fargo repossessed it. Wells Fargo sold the house for $65,000, I suppose just to dump it (and maybe it had a few problems). If the house did have problems, I know they weren't worth $200,000.

It's a great buyer's market, terrible for sellers. So, a bit of advice, shop around and you too can get a $265,000 house for only $65,000.

Good luck!
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