Many people have asked about the Good project and what is going to happen to it with all the changes going on around here so I thought I would do a post on the topic and see if we can’t spell it all out.
Basically we have hit a wall with pricing where the current market has gone below what it costs us to build the product we believe so strongly in. So what we are going to do is finish and sell a few more houses that we already started and put the project on hold for a bit while we wait out the storm. It’s no secret that the market has taken a huge hit in the past year and our project although still faring better than others has been hit and is now in a spot.
There is one good thing about all this….If you want a good home, we are going to be selling the few that are under construction at below the cost to build them! So you could come in and get a killer deal on what I still believe to be the best example of Eco-Urban housing anywhere in the world.
We hope to be able to resume construction soon on the remaining lots and are already seeing signs that the market has bottomed out and is leveling off. Inventory has been in steady decline for the past 5 months which is typically the precursor to a recovery. At least that is what has always happened in the past.
So that is the story of Good.
to be continued…
Levi
4 responses so far ↓
1 Doug // Jul 10, 2009 at 7:08 am
I read the above but…I haven’t seen anybody work on the uncompleted units in several weeks, are they going to get finished? Also, all your “Sit Here and Dream Big” signs have been replaced with For Sale signs…are you really selling all your properties? Hmm… how much?
I know this market has been really rough, but c’mon, hang in there…I know, I know, it’s just sad to see that you guys have abondoned your plans.
2 micah // Jul 13, 2009 at 8:01 pm
Doug,
In most cases we did not abandon plans but rather had our plans changed for us. We are still negotiating with the bank and investors on the Good Project and hope to finish the homes quickly. We are hanging but just barely.
3 Doug // Jul 14, 2009 at 5:44 am
I kinda figured it was something like that. It’s just disheartening because, I got excited about all your plans for the Washington area. You guys really had (or have) an awesome vision for this place. I truly believe this area is a gem that needs a little refinement and polishing that can become something really special with committment. I wish I could do something to contribute to making those visions a reality.
4 Ian M. // Jul 16, 2009 at 8:09 am
Doug – tell your friends who are renting to BUY NOW – it may not be the bottom or the side or whatever. Most people still have secure jobs with a source of income. I think they’re just scared.
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