Just what we need... another development!

[Dredly]

What are these idiots thinking?

http://www.poconorecord.com/apps/pbc...NEWS02/6300329

Tobyhanna developer swims against economic tide

Over the last 20 years, housing developments popped up in Monroe County faster than builders could keep up with them.

Those days are gone, victims of the collapse of the housing market and the resulting economic crisis.
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In Tobyhanna Township, however, one new development is about to test those murky economic waters.

Keswick Point, a luxury home and townhouse development about one mile north of Interstate 80 on Route 115 in Blakeslee, is about to start marketing homes in mid-July on 110 acres.

"It's scary as hell, it really is," said Chuck Hannig, president of Spread Eagle Realty and, with his sons Donald and Patrick, the man behind the development. "I don't think anybody ever expected a recession of this magnitude. But I think there are good signs."

Monroe County single-family building permits are down more than 86 percent from the height of the building boom, from 1,644 in 2004 to 230 in 2009, according to statistics from the Monroe County Planning Commission.

Six Monroe County municipalities issued more than 100 single-family building permits in 2004, but in 2009, Middle Smithfield's 44 permits ranked highest.

Hannig said he hopes this new development of 111 single-home lots and 59 townhouses could spur other new homebuilding, and in turn help other aspects of the local economy.

"When you build a house, you need rugs," he said. "You need furniture and movers. It could help."

The development plans were filed at Tobyhanna Township and Monroe County in 2005, and Hannig Development LLC has been proceeding with working with the township ever since to secure its building permits.

Tobyhanna Township Supervisor Heidi Pickard said it's been a long process, but seeing houses being built is encouraging.

"These days, any construction is good construction," she said. "And it's going to be a really nice development."

In addition to the homes, there are adjoining pieces of the property to the north and south of the residential development being reserved for future businesses. Hannig said one property is a good size for a bank, the other for a family-type restaurant, though nothing is finalized.

He has owned the land for more than five years, and his realty company had listed the property for a previous owner before that.

"But when we were showing it, we kind of fell in love with it," Hannig said.

Hannig said his company plans to build all of the homes ordered in the development and not subcontract the work to other builders or allow owners to have their own builders.

The single-family houses will cost about $400,000 and the townhouses will be $300,000 and about 2,400 square feet.

"These aren't your typical townhomes, these are luxury townhomes," he said.

Part of the allure of the development, Hannig said, is the Blakeslee area, a town he said is primed to "come into its own," with its location near Wilkes-Barre, Hazleton and still within New York City commuting distance.

what a fucking moron. 400,000 dollar homes aren't selling, nobody is going to buy a 350k town home. especially on 1/2 acre lots (if that) when they can go a minute down the street and buy 5 acres for 100k and build their own house on it.

[jcabin]

After a couple years when they go into foreclosure I'll buy one

[dc dalton]

Hell what are these commercial developers thinking? Have you SEEN 611 lately? I mean for god's sake they are trying to make it rt. 4 in NJ! New stores going up faster than anything I've seen anywhere.

Don't know what they hell any of these developers are thinking right now.

[jcabin]

Hell what are these commercial developers thinking? Have you SEEN 611 lately? I mean for god's sake they are trying to make it rt. 4 in NJ! New stores going up faster than anything I've seen anywhere.

Don't know what they hell any of these developers are thinking right now.

Business is a'boomin. Almost everyone in monroe county commutes into ny/nj, and for the people who still work in the city and commute, nothing has really changed for them. Their families are still consuming at excessive rates. A significant amount of the jobs here in monroe have all but disappeared, save for the service jobs. Which pay shit, and run the grocery stores and restaurants for the city folk.

[MischaBurns]

Shit...I work in Blakeslee. Right about where this development is gonna be

way to go idiot developers, building houses no one can afford!

[redeye202]

Someone got one heck of a stimulus check.
Obamanomics at work.

[Bravo Whiskey]

I know first hand the folks that were developing Camel Back Mtn. . All the lots that were cleared for Singles and Twins. Last year they resorted to Quads and singles. They are done. Just check out all the cleared lots and half completed infrastructure. The Backing Company is still OK as they have very deep pockets, but the scapegoat company is done.
What everone has to understand is that the Federal Govt. thru fannie & freddie allowed many folks who could not or had no right to borrow the large sums of money to buy houses over the last 8 years caused the stupid run up of housing. All the other banks just did the same thing to keep up with the jones's.
To me it is simple.
When I file my family taxes and the stats say our household income is well above the 50% index and we live in an old fix upper 2400sq. house with the family car a '99 and we have little debt, are not drug adicts an most likely will have to work untill we die situation here is what I think.
Most folks were living beyond thier means as perpetuated by the loose lending BS ..
When the average house rental @ the shore is $3000 for a week.
When a Pocono house is $400k as a second house .WTF
My buddy just picked up 65 acres in NY for $60K. What ever happened to the A frame in the mts/shore where all the kids piled upstairs in the loft and the parents had the 2/3 rooms down stairs.
I you have it and want to spend it ++ to you but if you don't and what to scam your way in and then want a bailout/default Screw you as you are part of the problem.
Way to long of a rant and run on sentences/bad spelling but its my B day so GFY

[amill94]

lol. Does this developer thing he's in the Lehigh Valley and it's 2006?

[headcase]

Oddly enough, I am putting the fire and burg systems in these townhomes. Just about done with the model.

[Dredly]

Oddly enough, I am putting the fire and burg systems in these townhomes. Just about done with the model.

Think they are gonna sell?