Housing's Woes Hit Builders' Convention as Financing for Model Project Stalls
Each year at its convention, the National Association of Home Builders highlights "The New American Home," a high-end model home designed to capture emerging trends in residential building and the shifting lifestyles of Americans. For its builder, the project is usually a career-boosting -- and profitable -- venture.
This year, the New American Home has unexpectedly become a poster child for the building industry's money troubles. The 6,800-square-foot contemporary home -- located 10 minutes from the Las Vegas Convention Center -- has five bedrooms, eight bathrooms and more than 50 solar panels.
What it doesn't have is most of the flooring, landscaping or a finished pool.
Domanico Custom Homes, the small private builder selected for the project, had to halt construction this month after a private investor pulled out. Now, Domanico says, the home has a "fire sale" price tag of $1.8 million, and the company warns that a big loss could put it out of business.
From The Wall Street Journal
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