Bugs, can you elaborate on your post? I have often wondered how the land is valued? When you say the market, do you mean what developers will pay? And by extension, what consumers pay for their homes?
How is this data tracked? Who keeps the records?
When a development fills up, and there is no more land, how do they keep valuing it?
We have touched on some of this before, but I’m just now putting it all together – I seem to remember a post about Warren Buffet saying something about his multi-million dollar home in Laguna wasn’t really worth the multi-millions, that it was really the land….
On a related note to construction costs – my office manager just told me her husband who is a supervisor at a construction remodeling company is experiencing the slowdown. Their biz is down 33% over last year, and they just laid off 2 supervisors. The owner pulled her husband aside, and told him if it comes down to it, he may be letting all of them (5 supervisors) go, but he’ll keep her husband. Her husband called some his suppliers to ask “what was going on.” They all told him it’s county-wide, but that “they expect it to pick up soon.”