Housing Starts Drop Sharply

October 17, 2008 RSS Feed Print

The government on Friday released its new home construction figures for September, which showed that the sector weakened even more than expected.

From the report:

Privately-owned housing starts in September were at a seasonally adjusted annual rate of 817,000. This is 6.3 percent (±12.0%)* below the revised August estimate of 872,000 and is 31.1 percent (±8.3%) below the revised September 2007 rate of 1,185,000.

Single-family housing starts in September were at a rate of 544,000; this is 12.0 percent (±8.3%) below the August figure of 618,000.

The good news?
Single-family starts have dropped "hopefully to a level that will prove low enough to begin reducing the overhang of excess inventory," Goldman Sachs economists said in a report.

The bad news?
"In the meantime, [the report is] just one more sign that the economy ended Q3 on an extremely weak note," they added.

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On Oct. 9, Hamptons Luxury Homes, a comapny who builds and renovates large houses, on Long Island, issued a press release which states that it was voted Best Builder in the Hamptons, according to Hamptons Style Magazine and Dan's Papers. The release is below.

Hamptons Luxury Homes’ Telemark Recognized as Best of the Best by Prestigious Hamptons Publications

Bridgehampton, NY (October 9, 2008) – Telemark, Inc., a subsidiary of Hamptons Luxury Homes, Inc. (OTCBB:HLXH), a construction services company that builds and renovates multi-million dollar estate homes in the Hamptons area of Long Island, New York, has been voted the Best Builder in the Hamptons by the readers of Hampton Style Magazine and Dan’s Papers.

According to the publications’ website “Voting for the Best of the Best is almost a birthright for East End Consumers…this title offers a prestigious recognition for local companies and year-round leaders that bring us great food, service and shopping.” The awards, now in their eighth year, are the result of more than 10,000 votes cast by residents of the area.

“This recognition is particularly noteworthy because it is a strong validation by consumers,” said Frank Dalene, President of Telemark, Inc. “To be recognized by one’s peers is always an honor and Telemark has received such recognition in the past. Yet, being recognized by the general public, which can include past, present and future clients, is a recognition that we are very honored to receive.”

Interestingly, voting in the Best of the Best does not provide voters a prepared slate. Rather, it is akin to a write-in vote – and that makes it even more special, explained Dalene. “Voters for the Best of the Best are usually an excellent barometer of what people in the Hamptons really think. And, we are delighted that our reputation for quality and service is viewed by so many that they would think of us when voting for Best of the Best.”

The award was presented to Frank Dalene at a special awards presentation held yesterday afternoon at the Bay Street Theatre in Sag Harbor.

Hamptons Luxury Homes, Inc. (www.hlxhomes.com) is a regional construction services company that builds and maintains custom homes, luxury vacation homes and ultra-luxury estate homes throughout the eastern end of Long Island, New York, with its principal offices located in Bridgehampton, New York. The Company’s wholly owned subsidiary, Telemark Inc. is a nationally recognized and award winning ultra-luxury homebuilder. The Company maintains an industry leading reputation for construction of luxury vacation homes from foundation to completion, with values ranging up to $60 million. Hamptons Luxury Homes combines ultra-high quality materials

Phil Collins of IL 12:19PM October 22, 2008

The Home Front

The Home Front

Associate Editor Luke Mullins tracks the treacherous housing market and explains how to unload a five-bedroom McMansion or even find that dream home.

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