I make a point not to gloat or anything. We are close colleagues and it was more healthful discussion than anything. We have a project on the tables that has 4000 residential units so that’s why we are discussing it. We have another 2 years of entitlement on the project. Before anyone says anything we are looking at 15 year absorption on that residential and some of it is for-rent product.
Anyway he is debating whether to sell his home in Muirlands and buy something bigger or remodel his existing home. I think he bases a lot of his information on what he sees in his market. His neighbor but his smallish house on the market (2000sf) and had 4 full price offers (in the millions) the first week (2 of which were all cash). The simple fact is that while the housing market is falling, there are always extremely rich people out there ready willing and able to buy. I think our conversation today really cemented him to remodel the existing home. The fact is home contractors are desperate for work right now and it’s a great time to get great pricing for a remodel.