| Our stagnant market has duly impacted the building | | | | In the Myrtle Beach area, if we continue at the same |
| industry. This week KB Home, a leading home builder | | | | pace we've had during the last quarter of 2007, it |
| that investors have viewed as well-positioned to ride | | | | would take about 24 months to sell out of single family |
| out the downturn, posted a net loss of $772.7 million | | | | home inventory. Compare that figure to the seven and |
| for the quarter ended Nov. 30. | | | | a half years it would take to deplete the land inventory. |
| Centex, Lennar, Beazer, DR Horton... they are all hurting | | | | Those statistics are even more dismal in various other |
| and they are all relinquishing their hold on countless land | | | | areas of the beach: in the Little River area, for |
| opportunities. Those are the powerhouses of the | | | | example, it would take over 14 years to sell out of the |
| building industry. The small town builders, with less | | | | current land inventory. Ouch! |
| sophisticated modus operandi have been impacted | | | | Translation: if you are a lot owner and you need to |
| even more severely. | | | | liquidate pronto, it doesn't look too good for you, Mr. |
| With specs lingering on the market for many months, in | | | | Seller! If you can hold long term: "Congratulations, you |
| areas bulging with Real Estate inventory, and with the | | | | are a lot owner in one of the most successful Real |
| dramatic surge in short sales and foreclosures, builders | | | | Estate locations in the World! |
| have been cornered in a very tight spot. With specs to | | | | For all those investors who are positioned long term, |
| carry and bills to pay, many builders see no way out of | | | | take note: BUY LAND IN THE MYRTLE BEACH |
| their financial pinch, but to relinquish land they own to | | | | AREA !!! Because of the plethora of available choices |
| the highest bidders, for a life line infusion of cash much | | | | of lots, you will be paying pennies on the dollar for "dirt" |
| needed to save their businesses. | | | | that will be as good as gold in the next few years. |