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| Name: |
Catherine
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| Subject: |
Russell Lands back to building
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Date:
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11/1/2008 3:00:23 PM
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Rumor is that Russell Lands is about to return to building homes, starting with a model home or two in Glynridge.
That will give us all at least one more option for a decent builder!
(See, I don't ALWAYS post negative stuff about Russell, and they did build nice homes when they did it before)
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| Name: |
Catherine
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| Subject: |
In the Ridge also
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Date:
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11/1/2008 3:14:52 PM
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Supposedly going to build at least one or two in the Ridge also.
Maybe this will be the spark that the Ridge has needed?
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| Name: |
AUCATZ
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| Subject: |
In the Ridge also
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Date:
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11/1/2008 5:30:39 PM
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I thought there were a lot of homes for sale in the Ridge, etc. already. Why would they build even more during this recession?
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| Name: |
Sandman
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| Subject: |
Russell Lands back to building
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Date:
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11/1/2008 7:37:25 PM
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Glad they are---the whole area needs the business
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| Name: |
Sandman
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| Subject: |
Russell Lands back to building
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Date:
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11/1/2008 7:41:03 PM
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glad they are --the whole area needs the business
URL: Sandman
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| Name: |
Catherine
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| Subject: |
I think Glynridge first,
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Date:
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11/1/2008 8:46:31 PM
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then the Ridge.
Many of those homes in the Ridge are Builder Program homes, which Russell Lands will own for little or (literally) nothing as the builders bankrupt. I think the biggest reason they would build in the Ridge would be to give the appearance that "something is going on," and the development is not stagnant. You have to remember also that they have almost no cost in those homes in the Ridge (built on their lots, with their materials, by builders who do not pay for the home and lot until it is sold, so they will foreclose on many of those homes for pennies on the dollar, if anything at all). Maybe John can give us some insight as to what they might be thinking in getting back into building now, and specifically in the Ridge?
Glynridge is a different story. They've already staked the lot they'll build on first, so it is basically "kickstarting" the development, and getting a foothold back in the construction business. They really did build some beautiful homes when they were active in that business, so I'm anxious to see what they will turn out as they get back in.
A construction business would also create jobs that could possibly be filled by some of the employees who were recently laid off or terminated.
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| Name: |
Catherine
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| Subject: |
I agree. And the competition!
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Date:
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11/1/2008 8:48:22 PM
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I am glad they are getting back in. More choices, different styles, more development...
Everyone wins!
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| Name: |
lakeplumber
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| Subject: |
I think Glynridge first,
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Date:
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11/1/2008 11:44:55 PM
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I cannot afford to do any plumbing at the ridge. They want million dollar homes with first class plumbing but "habitat for humanity" prices. I priced one (way low) and the builder like to have fainted.
Also they (Ridge builders) will soon discover that they got what they paid for: cheap plumbing for a cheap price. Some showers installed on ground floors will not drain (not hooked to drainage system). Good plumbing ain't cheap and cheap plumbing ain't good.
Good old boys club can have it's disadvantages. If it was done by Custom plumbing, expect major problems. I inspected some systems as they were topping out and spotted many non code installations.
Spend al the money on brick, rock, windows, doors and landscaping and the toilet will not flush nor the shower drain. Tsk, tsk.
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| Name: |
lakeplumber
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| Subject: |
A parable of purchasing....
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Date:
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11/1/2008 11:54:43 PM
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Beware of the seller of the Mercedes Benz who is asking a Yugo price. You'll keep on spending money on the bargain.
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| Name: |
AC KT
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| Subject: |
Russell Lands back to building
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Date:
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11/2/2008 6:06:29 PM
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Where is Glynridge located? I have heard of Glynmere and Willow Glynn but did not know of a Glynridge? It's not listed on the Russell Lands website either. Must be something really new.
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| Name: |
Talullahhound
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| Subject: |
You're scaring me...
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Date:
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11/2/2008 6:14:24 PM
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I don't live in the Ridge, and I don't think Custom plumbing did my plumbing, but I have a new house and right now I've got a leak somewhere in my master bath shower that is effecting my master bedroom closet. Plumber and builder are coming tomorrow.
When I was living in VA, a colleague of mine's husband worked for a well known builder up there. This was during the building boon and the builders got some very nice incentives for building quickly. In one of their projects they hooked the main drain line to the Radon vent and very soon some of the homeowners had real problems. Builder thought it was funny, but I don't think the homeowners thought so.
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| Name: |
Broke Point
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| Subject: |
Russell Lands back to building
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Date:
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11/2/2008 8:46:15 PM
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Lots of talk about RL and the Ridge. Where is the Ridge located via lake? Is it south or north or both of the marina? What is custom plumbing?
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| Name: |
John C
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| Subject: |
I think Glynridge first,
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Date:
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11/3/2008 12:25:36 PM
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?? I have no clue as to their reasoning. I am sure that they have some good ones. I doubt that they will be the direct inheritors of foreclosed homes as the lender will have more skin in a foreclosed spec home than they will on the lot "loan." Who knows. Maybe they will buy up some spec homes, but then again (theoretically) anyone can do that.
The thing I wonder mostly is what direction they will go, will it follow the example of, e.g., Lowder New Homes? back in the 1970s they would offer lots to builders. Now they do developments and build homes themselves, but have radically different attitudes about sales and relationships with other agents, and how their homes get sold. So who knows how all that will work out. I am sure that RL will be OK.
Basically, it doesn't matter what we think or do, because they have a well earned natural monopoly on land. So it doesn't really pay my bills to worry about the whys or wherefores. The more interesting questions to ponder, and the ones for all the rest of the world that don't own the shoreline, are:
1. Sellers - What is your plan, now that a very strong fish is swimming in your tank? Are they your competition or not? If not, who is? If so, how to plan for it? When planning your marketing, pricing, and potential competition, are you factoring in all of the angles? Whom will you ask for advice?
2. Buyers - same essential question. In any real estate discussion, certainly in a transaction, we real estate agents are required by Alabama law to inform the consumer / client as to the relationship (if any) we have with the seller and with the consumer / client. Basically, we are required to tell them for whom we are working and to whom we have allegiance. This applies whether you're buying a $5,000 lot in Slapout or a $5 million home in Shoal Creek. Hey, Jane Agent, for whom are you working? The builder? The seller? Is the builder the seller? Are you a buyer's agent, working for me? What's the deal? I am not saying anything is wrong with handling both sides of the transaction, it's legal. But the buyer needs to know that. I am always shocked when, after I get through that required talk with a person, that they say it's the first time they've heard that "disclosure" talk even though they have done many RE transactions, whether in LM or elsewhere. So to buyers - I say also - whom will you ask for advice?
It's still possible to get deals done in this climate, you just have to be extremely realistic, extremely patient, and have a plan.
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| Name: |
Talullahhound
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| Subject: |
John, A Question
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Date:
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11/3/2008 5:09:24 PM
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My BIL who handles a lot of bankrupsy tells me that the transactions with foreclosed homes have been streamlined. When I listed my house in VA last July, the realtor told me not to worry about competing with foreclosed and short sale homes because dealing with the owner banks was a long drawn out process with a lot of pitfalls. I'm assuming that there can't be that much difference between VA and AL.
Have you had any experiences with this? I'm just curious.
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| Name: |
Lakey
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| Subject: |
A parable of purchasing....
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Date:
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11/3/2008 8:01:37 PM
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One reason is that there are
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| Name: |
roswellric
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| Subject: |
In the Ridge also
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Date:
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11/3/2008 8:15:25 PM
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Gotta keep the boys busy.
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| Name: |
John C
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| Subject: |
John, A Question
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Date:
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11/3/2008 11:05:23 PM
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prob pretty similar in both states. Yes there is some streamlining in the process in that some banks have created dedicated staff to deal with what used to be the loan officer's problem. But you still have to go through a lot of red tape and committee meetings to get a yes or a no.
I do think that forc / shorts compete to a large degree because most buyers do not realize who the seller is.
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