AgentMarkets & Economy

6 reasons builders are bullish on 2013

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A friend of mine moved to Orange County, Calif., just before the housing market collapsed. He paid more than $1 million for a high-rise condominium that in lightning speed dropped about 40 percent in value. He's been consulting the economic soothsayers ever since, sending me clippings from local publications about improvements in the Orange County housing market. As I sorted through the latest stack of articles about Orange County that arrived in my mailbox, I noticed a number of the clippings reported on new residential developments, condominiums, apartments and single-family. Now, I thought, that is a tangible sign that the Orange County market is actually turning around. (I lean more on sales of new builds rather than existing-home sales as an indicator of the health of a housing market.) In regard to Orange County, one clipped article noted that Toll Brothers Inc. has bought half of the 2,379-home community for the Baker Ranch in Lake Forest. Soon afterward, I picked ...