Survival of the Fittest

SURVIVAL OF THE FITTEST “The days are long gone when sales were so brisk that everyone from accountants to lawyers snapped up empty lots to build homes in Houston, where loose laws meant at the height of the property boom anyone could be a builder. . . . Mike Salomon, president of Sandcastle Homes, however, says those unprepared for an inherently risky business have been chased out of the industry. ‘We’ve gone from a market that was very forgiving, and you could make mistakes and still be profitable,’ he says. ‘We’re close to what it should be like, where people who don’t know what they are doing are going out of business.’ His profits were down by 30 to 40 per cent in 2008, but volume was up 37 per cent. ‘We have to do more stuff to make the sales, but we have a profitable business that we’re still running.’” [Financial Times, via Swamplot inbox]

2 Comment

  • What B.S.

    That house marked down to $1.39 is 3730 Purdue.

    That house is NOT even in West U., never mind the “most sought-after areas” of West U.

    Don’t these journalist have a duty to check their facts?!?!?!?

    This article has no credibility at all…

  • Ha Ha!

    Those folks on Pemberton are so jealous that “one of the most sought-after parts of West U.” is not only not “their part” but, gallingly, the “Houston” part of West U.

    Nice catch, boz…