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REAL ESTATE Plus to Downturn: Lower Costs For Renovating or Building a Home

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andviv

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I found this news today, and thought it would be very interesting, especially for rehabbers:

The housing slump has pushed down prices on everything from lumber and drywall to labor and design fees.
...
One reason some renovations will cost less this year is the falling price of many key building materials. The price of oriented strand board, a plywood substitute used for walls and roof sheathing, dropped 40% from the third quarter of 2005 to the same quarter this year, according to the National Association of Home Builders. During the same period, framing-lumber prices fell 24%, says the association. And drywall prices -- which soared during the real estate run-up to a record -- dropped 35% from last year's third quarter, according to United States Gypsum Co., the largest manufacturer of drywall in North America.
...
"If you're going to do any kind of construction...now is the best time you're going to have to do that in the next five years," says Bill Harrison of Harrison Design Associates, an Atlanta-based architecture firm that specializes in high-end homes.

Read the article here http://www.realestatejournal.com/buildimprove/20071130-lin.html

 

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