Tuesday, June 9th, 2009
Hi there,
As predicted, the costs for construction of real properties are dropping. There are two reasons for that, one is that the costs for materials are lower due to lack of demand and lower energy and transportation prices. The other is the lack of jobs for contractors and strong competition for the little amount of work available.
The second item – competition in the construction arena – will tend to even out over time. What we expect to happen is that the weaker (presumably marginal) contractors will be forced out of business on a financial basis. The buyers will (have) become more discerning, making sure that their contractor lives up to the contract and does the job properly the first time. The days of the “slap it together and get rid of it” are over, at least for the near to medium term.
Finally, the market prices will be limited by the partially-finished properties that were stopped due to the lack of money and buyers. It will be less expensive and faster to finish the better of these than to start from scratch. The less viable incomplete construction (with design and/or infrastructure problems) probably will be demolished over the medium term, which will reduce the pressure on the lower end of the price range.
Craig
for
Bulgaria Realtor
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Posted in Construction | No Comments »
Sunday, June 7th, 2009
Hi there!
It appears that the beginning of the end is here – the end of what? Come on! The “disaster,” what else. At least for the Bulgarian real estate market. Now you have to ask “what makes you think that?” And I have an answer for you – it’s not just wishful thinking, either.
- Housing sales increased in both March and April according to experts at the National Real Property Association as reported on Novinite.com (http://www.novinite.com/view_news.php?id=104056)
- In the same article, it’s reported that Bulgarians have around EUR 2-3 thousand millions (billions for US readers) in savings, some of which will likely go toward real estate as soon as the prices start up again.
- In another article from the London Times Online (http://property.timesonline.co.uk/tol/life_and_style/property/buying_and_selling/article6379298.ece), the British Pound Sterling is starting an admttedly shakey recovery against the Euro. Also, the Brits are discovering that some European real estate is discouted even more than their own. And even if the Brits have been scared away from Bulgaria by the nasty stories we’ve all read, they will push other nationalities out of wherever it is they want to go, and into the waiting arms of… Bulgaria! But I also believe that, when the market is right, the Brits will be back to join their compatriots already in Bulgaria.
- In addition, my sources in the USA tell me that it appears that the sales slump there has starting to bottom out. This will not affect Bulgaria directly, but will start to put pressure (albeit VERY little, right now) on the world real estate market in general. Also, to help add a little emphasis there, the commercial market (everything from factories to skyscraper office buildings to strip shopping centers and mini-motels) never suffered the big hurt from the mortgage problems, “only” from the general economic depression.
So there’s our next real estate buying push, in the making. The questions are who? And when?!
Ciao for now,
Craig
for
Bulgaria Realtor
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Thursday, June 5th, 2008
Hi everybody,
We’re just starting up this blog, and we are struggling a little with the concept of how we will get our newspaper clippings onto the blog – legally as well as accurately. I suppose that we’ll try something with rss feeds to start with, but not all our sources come with a feed, so we’ll start trying to re-invent the wheel…
In the mean time, take a look at the website for the latest clippings – the link is http://good2004.biz/news_clippings.htm .
Also, our report from the February-March trip is long overdue… keep looking, we’ll have it up soon! And here, on the blog, rather than on the website.
Also also, we want to wish Elena the best with her health problems – you know we’re 1000% behind you! Get healthy fast!
There will be more later, but
Ciao for now
Craig
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