I don't see how people are buying new homes. The selling prices have just about doubled in the last 4 years and the interest rates have just about quadrupled.

Builders are buying down rates for new construction, so a buyers rate may be in the 5.5-6.5% range and there’s still a fair amount of folks paying cash.

Real Estate is in freefall here in one of the fastest growing cities in the US. Homes below 300k are still hot but everything above 300k is stagnant. I speak with Real Estate agents and developers weekly and they are all saying the same thing. I spoke to an agent last week that sold 61 homes in 2022. He's sold 12 this year and nothing over 300k the last 3 months. I spoke to a developer a couple weeks ago that had started clearing 200 acres at the end of last year for a subdivision that was to have 350k to 500k houses and he's stopped all work on that property and put it on hold until the market improves.

When I moved here there were 200k people and the city was growing rapidly. In the last 5 years they've grown another 15% and it isn't slowing down but even rental rates have leveled off the last year. The market has peaked and those who are in the middle of developing mid to high end subdivisions are about to take a bath.

Around here too[/quot

Our area is still pretty hot as well.

i wonder if they're changing locations. There's plans to build a big ply wood manufacturing plant in enterprise. I bet they've built over a thousand homes in coffee county in the last year or so.

That's my former, Liberal company that shoved DEI down our throats constantly. I hate it for people that work there, but it wouldn't bother me if they went belly up, for good.

Location location location. Closed 3 spec builds in the 400-500 range in the last 30 days which is low-mid level pricing here. Two sold before I had them dried in, and the other stayed on the market for 10 days once it was listed. It has definitely slowed some, but prices are not dropping. This time last year, I would have had multiple offers as soon as the lots were cleared and plans posted. The frenzy we saw in the past couple years was an anomaly and unsustainable. It's simply returning back to a more normal market/demand level. Interest rates are now back to just slightly over the historical avg rate. Everyone thought the easy, free money would last forever, it doesnt. We will never see those types of rates again in our lifetimes. Demand is still outpacing supply in a significant number of areas that didnt go bat chit crazy like the Huntsville and Nashville markets did. Main reason new construction is still a good play is that nobody in these calmer, more desirable areas (areas of steady but not explosive growth, with good schools, good jobs, low crime, where people want and need to live) with a 2-4% mortgage rate is even thinking of selling their used homes, like they normally would. They simply sit tight and dont list those homes like they normally would because where are they going to move and they dont want to pay a 7.5% int rate, when they are currently sitting at 2-4%. With job growth, and yankees moving south everyday, and used inventory being held artificially low, that demand has only one place to look, NEW. Yes, things are going to tighten up in the market and I wouldnt do anything big like a 150-300 lot subdivision, but tossing a few homes out here and there, in very specific, well established, stable areas, is still solid business. Those that have it stuck way out there, that are over extended, dependent on bank financing, and not building out of "cash" will get caught up in it and get in trouble, which is bad for them but good for those of us that are.

We have 11 houses in the $6-800k range that have been sitting on the market for months new builds and a bunch of used that have been sitting for that long.

I had not heard or read anything about a plywood mfg plant coming to Enterprise, but you are dang sure right about the residential construction in the Enterprise area - it has been booming in a big way the past year. Is it mainly due to the need of off base housing because of Fort Novosel (Rucker for the OG folks) being there? Every time I get over that way it seems like there is a new area of housing being built.

If you knew the stuff they took for canterwood it’d probably scare you. It does shock me though because they were able to cut a ply log off some of the canterwood which means they were getting a ply log for canterwood price.

I’ve started seeing handfuls of half started/ half finished houses already going up for sale. I’m assuming people got in over their heads and cutting their loss. Probably got stuck with higher than expected materials and way higher than expected interest rates.

Think we've sold just under 200 permits this year

Dothan to Enterprise are kind of growing together like Auburn/Opelika. A lot of the new people there are transfers from Florida who like our low property tax/insurance rates.

The mayor told me about it last week. I'm not sure why the population increase. Ft Ruckers part of it. Like skinny said. Alot of fl folks. After that last hurricane, alot of folks stayed, more followed. There's also a lot coming from big cities up north. The dollar goes further here, I reckon. There's a lot of homes being built in enterprise, but there building alot in the country and around new brocton as well

There's also supposed to be a big VA Hospital supposedly gonna be built as well. Not sure of the exact location. I heard the plywood plant is supposed be between the airport and the highschool.

What alot of Florida folks are doing is either selling or renting their Florida PCB/Mexico Beach homes and then moving to a decent new home around Dothan/Enterprise (Dothan has a good hospital system and Enterprise Ozark have good access to the base). If they want to go to the beach, its 1.5 hours away.

Will lumber/plywood prices start to drop anytime?

The company press release and the news article both say the layoff is not in the plywood production operations. Just the lumber mill side. I’m not familiar with what lumber production they did there, anyone else know?

4x4’s

VA is between Hwy 51 and 167 north of town a couple miles.
Main entrance is on 167 and construction entrance on 51.
It spans the entire distance between the two highways..