Re: VACANCY RATE POLL - Is Cohousing Overbuilt? How many vacancies at your community?
From: Robert Heinich (robertenocommons.org)
Date: Mon, 11 Aug 2008 05:38:46 -0700 (PDT)

Eno Commons (Durham, NC) have had no available units for over a year now. The last time we had an available unit we had a bidding war.

There was a fledgling cohousing development, Footpath, that would have bordered our property but the reasons it did not go forward was not due to lack of interest.

I suspect that some of openings in other communities is more due to credit crunch than oversupply. People leave a cohousing development for variety of reasons (job opportunity, to be nearer to family after a death, the neighborhood is not a good fit, ...) but those who seek to move in are having more difficulties securing a mortgage/selling their house.

--
Robert Heinich
Eno Commons Cohousing Neighborhood
http://www.enocommons.org
Durham, NC
who is counting his blessings


Quoting Thomas Lofft <tlofft [at] hotmail.com>:



I noted on a few sig lines, promotion of available units.

One of the major weaknesses of the present US economy is the overbuilding of the residential market from 2003 through 2006. This is prototypical of the residential development cycle: every time the glut gets sold off (1998-2001) and the market demand increases, builder/developers all figure thay can each develop a project to capture, say, 1% of the market. No risk in only targeting 1% of the market, is there? Unless, perhaps, 200 builder/developers all start projects to capture 1% of the market. Suddenly, the market is 100% overbuilt. How did that happen? Duh?

If you're willing to share, I'd love to know how many communities still have unoccupied units for sale, how long they have been on the market, and whether any communities have seen what they would perceive to be an overbuilding of cohousing units in their particular demand area.

Thanks for sharing.

TOM LOFFT
Liberty Village, MD


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