Stop The Presses: Even Park Cities Joins The Slide!!!!!
So says Steve Brown today. He’s talking about the lots and spec homes mostly. Told you weeks ago that we would see some deals on raw land and spec homes both in the Park Cities and Preston Hollow area. Told you the bankers have said to the builders “enough!” Told you jumbos were in the same boat as sub-prime — no one seems to want to lend uber-qualified peeps money over $417,000 and we Texans did not reap any benefits here from the government’s emergency infusion. (David Fair says one of these days someone will wake up and start loaning those qualified folks money at non-highway robbery rates.) Told you that the healthiest market is one million and over — now seems to be three million and over. But bet you any day now the Appraisal district will be sending a big fat juicy bill showing how much your property has appreciated. Rx: save today’s DMN.
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