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Perry Homes Selling Land Outside Downtown


Scharpe St Guy

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I live in Ella Crossing subdivision (just south of 1960 on Ella). It's a very nice subdivision and Perry built out Part 1 & 2 furthest to the back, but they have completely stopped any new construction closer to the front of the subdivision. So you drive in and there are acres of vacant land (kinda cool actually), but there is no time table from them on when they are gonna finish it --which is actually fine with me. I kinda like it being vacant out here.

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Banks are being very reluctant to loan to anyone right now and credit terms are not great. I would imagine they are floating quite a few spec homes and tax bills are due in January for all those homes. When a home is completed and your not getting draws on it then you start using up your margins on taxes, insurance, utilities, employees, overhead, etc.... Very expensive.

I'm sure Niche can fill us in with some additional information.

Scharpe St Guy

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Banks are being very reluctant to loan to anyone right now and credit terms are not great. I would imagine they are floating quite a few spec homes and tax bills are due in January for all those homes. When a home is completed and your not getting draws on it then you start using up your margins on taxes, insurance, utilities, employees, overhead, etc.... Very expensive.

I'm sure Niche can fill us in with some additional information.

Scharpe St Guy

And if Perry --one of the better builders in the city is doing this-- things must not be all that great for lesser builders.

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Perry seems to be very cash flow sensitive. Sometimes they will hold out as long as it takes and sometimes they price to move houses quickly. Our house, for example, Perry priced them about $30 p/sf less than the going rate at the time. Doing this they had all houses sold before they even poured a slab. That fit their needs at that time. About a year later Perry built some identical homes in Shady Acres, on smaller lots, and priced them for about 50K more than ours. They sold but it took about 6 months to clear that inventory. Guess they had the cash on hand to wait. I don't think you can identify a trend unless some other builders try to dump their lots. Perry is not a very good indicator.

On the other hand maybe 'ol Bob Perry needs some cash for the '08 elections.

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I live in Ella Crossing subdivision (just south of 1960 on Ella). It's a very nice subdivision and Perry built out Part 1 & 2 furthest to the back, but they have completely stopped any new construction closer to the front of the subdivision. So you drive in and there are acres of vacant land (kinda cool actually), but there is no time table from them on when they are gonna finish it --which is actually fine with me. I kinda like it being vacant out here.

Smells like an opportunity. With land prices depressed the way they are you and your neighbors could pool some money and buy a few lots for a private park. Put it in a trust or something to keep anything bad from happening.

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Tricon has 85 finished properties in the inner loop area that they are trying to sell. I know someone that just got 70k off of the list price.
Wasn't there a recent thread about Tricon homes having problems?
Smells like an opportunity. With land prices depressed the way they are you and your neighbors could pool some money and buy a few lots for a private park. Put it in a trust or something to keep anything bad from happening.
Yeah, I've thought the same thing. Actually, back in the section where I am, I am 3 houses away from a small park (maybe .5 - 1 acre). I do not see them doing the same thing in the sections closer to Ella, but I could be wrong.
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