Lake Martin Topics: Builders 250-400/sf

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	Name:	Barneget -
	Subject:	Builders 250-400/sf
	Date:	1/28/2009 8:26:06 PM

Woodman, I'm not a builder, but here is my understanding. The runup in home prices was driven by supply and demand. Things began to boil in late 2003, low interest rates allowed people to refinance and take equity from their homes. This put pressure on the trades, they responded by increasing their rates. Even illegals were commanding $11/hour. Then, the 2004/2005 hurricanes put tremendous price pressure on limited building supplies. Wall board jumped 20% the day after Katrina hit the Mississippi Gulf Coast. Meantime, my custom builder friends continued to work on 13% gross margins. I'm not very good with math BUT, a 13% margin is a long way from the 50% you are quoting. My builders, at the lake, and in town, were worth every penny we paid.