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Originally Posted by City Wide
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personally in my little corner of the construction world I haven't seen or heard of any slowdowns or not being able to get product. My guess is that the owners of the supply chain and developers are happy to keep things moving, because they can protect themselves even while the rest of the 'chain' keeps moving along. But I wonder at what point the unions might step in and act to try to protect their members from un-needed contact. This is such a fluid issue its hard to even imagine where things might be in a week; just look at the changes in the last week.
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There seems to be an impact, but not so much on actual construction. Yet, anyway. From some local developers and others in the field in this area.
"...complicated question. We are business as usual in construction but are facing two significant headwinds. The supply chain of material from China (rebar, toilets, faucets, vanities, etc.) is broken resulting in a higher cost of goods and a lack of critical products. Of greater concern, the flow of capital has been compromised (hopefully only temporarily). Title companies, architectural offices, inspectors, and bankers are home which makes requesting funds for completed work difficult. Similarly, licenses and inspections decided to update their computers this week. Permits are not being issued and inspections of job sites are happening at a reduced clip."
"I work for a tile company, and we were CRAZY on Friday. All the GCs are trying to get their orders buttoned up before life has to be put in hold."
" I have three listings coming up that all have some level of work being done to be ready for sale, and the folks doing the work are glad to have work to do and keep getting paid, as they only get paid when they are working. It's generally 1-3 workers in a property at a time, and they are only exposed to each other, so basically no more risk than being at home with family, so long as none of the folks on site have any symptoms. It's financially and emotionally comforting for them. I work from home half the time usually, but my entire team at Compass is now completely work from home. We'll have to see when to actually start listing these properties, depending on how things progress through the month. We're avoiding holding open houses, and instituting precautions for individual showings."
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Oil prices are dropping rapidly and that is never a good sign for investors and for things to come. Mortgage rates keep falling to lows we haven't see in years and I am seeing over lending and also falling real estate prices (even in our area, I am amazed at some of the decline and how long desirable houses are staying on the market now), the auto industry is having some major issues, you name it at the moment. I am not a doomsday-er by any means and some of what we are seeing is correction for over inflated prices but I would be prepared for a very real ripple effect and those with the big money are definitely getting skittish.
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. I'm not aware construction has started at this point but some have said IIRC June might be the magic month.
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