How is it possible to make money building luxury homes in today's economic environment?

I remember a few months ago, people were waiting in mile-long lineups for the ';opportunity'; to buy a Mc Mansion. Now they are gone, but I am sure that this desire to buy into a luxurious lifestyle could not have died so quickly, or could it?


So what exactly is happening in the housing market today?


Why are the people not buying homes like they once used to?


It is because their friends did not like the color of their wallpaper?





I ';was'; thinking about beginning to build in either Arizona, Las Vegas, or Southern California, because those are the fastest growing hot spots, but a friend once told me that it has cooled a bit since then. OK, so it will get hot again, and then those will be the best places to build, or will they?





If you were going to build luxury homes for the masses, where in North America would you begin building. I'm talking about 10,000 sq ft +How is it possible to make money building luxury homes in today's economic environment?
these were selling so well because the mortgage companies were loosening their criteria's for jumbo loans. as the economy continues to sink you will see many more of these dream homes go to foreclosure.





the market will not get hot for a couple years in those markets as the builders are sitting on thousands of brand new units that have to be purchased first.





the real market is to purchase existing structures from the bank for 25% of what it would cost you to build one then have it rehabbed. the trick is getting the money if you dont have cash.How is it possible to make money building luxury homes in today's economic environment?
Two types of homes are still selling in my area. The obscenely huge Mc Mansions and the entry level beginner tract home around 1200 sq. ft. Since there are a lot more low income people than obscenely rich, more entry level homes are being built and sold.





The $300,000 to $1,000,000 homes aren't moving because they are the financial bracket hit hardest by the economic melt down.





If you want to cater to the Rich, you need to build where the rich are located. Places like Bend, Oregon, or Aspen, Col. for example.





There are many, many foreclosed homes for sale in the Phoenix, Arizona area. Check the government web sites.