Cheryl Pate-Yow rushed to LGI Homes Inc.’s sales office south of Houston the day after receiving a mailer that said she could own a new home for $689 a month, only $24 more than rent on her one-bedroom apartment.
Florida’s Woodmont Country Club, which once boasted 1,200 members, has been hit hard in the past decade as hurricanes and then the recession kept golfers away. Now the club’s owner is adding conference space, stores, restaurants, a spa and a hotel as part of a planned revival.
For the first time since the U.S. housing crash, new condominium towers are sprouting in downtown Boston, Seattle and Los Angeles as developers bet on the return of the riskiest type of residential real estate.
Jaimie Adler said it’s getting cramped in the Lexington, Massachusetts, house she shares with her husband, two daughters and an au pair who occupies the former office. They’d sell, Adler said, if more homes were on the market in the Boston suburb.
Even as U.S. housing rebounds from its worst downturn since the 1930s, production bottlenecks are pushing up building-materials costs, land prices are rising and skilled labor ready to begin work is hard to find.
The tan, three-bedroom house on Chicago’s North Side sits half a block from a Family Dollar store and a pawn shop -- an unlikely patch of gold to mine for Blackstone Group LP in the single-family rental market.
Emile Haddad , a former Lennar Corp. executive, sold 12,000 acres in California for a $277 million profit at the housing market’s peak four years ago. He and his partners then reacquired it at half the price in 2009. Now, Haddad says, it’s time to build.