Suburban Chicago Housing Starts
Mayor John Purcell says more new homes were built in Yorkville (IL) in 2020 then the previous year, according WSPY News. (WSPY is local AM / FM radio station serving Sandwich, Plano and Yorkville, IL)
New construction is a daunting prospect for many of us. However, the housing shortage precipitated by the Crash of '07 / '08 is coming to fruition. Estimates at the time were that some 80% of builders and developers went under in the crash, including Lakewood and Pulte in the suburban Chicago market. Home building all but stopped for many months ... well over a year.
Demand in some places is precipitating bidding wars. In other places, equity is rising quite nicely as increased demand supports higher property values. Some rents are likewise trending upward.
Around here we're seeing abandoned subdivisions being restarted. New homes are being pre-sold in some cases even before they are built.
Was just curious about how folks would feel about building new versus fix-and-hold, or even buying dilapidated homes for the land value, razing them and building new.