New Loop On Housing Rollercoaster

While new home sales may have fallen in October, the National Association of Realtors reported today that existing home sales were up over 10% during the same period! An exisiting federal tax credit, low prices and mortgage rates are credited. So market conditions remain favorable for resales.

 

New-Home Starts Drop In October But Expected To Improve

Bad weather and uncertainty over extension of a homebuyer tax credit are being blamed for a 10.6% drop in new home starts in October, according to the Commerce Department. Starts of single family homes dropped 6.8%. However, earlier this month Congress extended and expanded the homebuyer tax credit program. The program now runs through April 2010 so new home construction should improve.

 

Home Buyer Credit Extended & Expanded

A tax credit is available for first-time home buyers and some existing homeowners who have a binding contract on a house in place on or before April 30, 2010. Contact me for information.

 

Build Your Smaller Dream Home

Today’s Wall Street Journal reports that the average new single-family house peaked at 2,507 square feet in 2007 and has since slipped to 2,392 square feet, according to Census Bureau data.   On the Journal’s Real Estate webpage, you can tour a builder’s recent design to appeal to today’s buyers of newly constructed luxury homes.  The houses are smaller and the 2 -story family rooms and butler’s pantries are gone.

 

Construction Boom in Macau

While new construction development has slowed in the United States and much of the world, it is back on track in the Cotai area of Macau. Today’s Wall Street Journal reports that Las Vegas Sands is resuming construction of a 13.3 million square feet casino and 3 new hotels and conference halls slated to open by June 2011. Las Vegas Sands plans to hire 12 to 13 thousand construction workers ober the next 12 to 18 months. Las Vegas Sands already operates the Venetian Macau casino-hotel.

 

Global CFO Economic Survey Results

A 3rd quarter survey of 1299 CFOs from global public and private companies reports that CFOs say they will reduce domestic jobs and make few capital expenditures, they expect inflation to climb and the credit crisis to continue to spread, with more firms directly affected this quarter than last quarter.    However, many CFOs believe the economy is beginning to bottom out and will rebound next summer.  Full results of the 2008 Duke University/CFO Magazine Global Business Outlook Survey are at http://www.cfosurvey.org/

 

Remembering What Was Lost Seven Years Ago Today

On this anniversary of the terrorist attacks in New York, Pennsylvania, and Washington, D.C., a nation remembers the individuals who innocently lost their lives.  In downtown New York starting at sunset this evening and lasting until dawn Friday two beams of light will be turned on toward the sky at the location where the Twin Towers stood.  The beams of light can be seen from all over the City, much the way the Twin Towers were a visible part of the Manhattan skyline.  See the changing sklyine of Lower Manhattan on the Wall Street Jounal’s website at http://s.wsj.net/public/resources/documents/info-launch08.html?project=WTC_ANNIV08

 

Hello world!

Welcome to my blog!  I have my own construction law firm located in Manhattan.  My email address is: msupcoff@designandbuildlaw.com.   The purpose of my blog is to share information and discuss legal developments in the design and construction industries.  Please check back from time to time for new information.