Demand for high-end housing has slowed dramatically during a deep recession that has left many unable to afford homes or sell them.
But some developers are planning to flood what experts say is an already oversaturated market with homes, condos and town homes in Northeast Richland and the Vista at prices of $400,000 and up.
“Finding qualified, motivated buyers that don’t have anything to sell that want to buy something at $400,000 and up, that’s a rare creature,” said longtime Northeast Richland real estate agent Doug Bridges. “Right now, it’s just all about price.”
But developers of these high-end projects, including ones planned for the tony Woodcreek Farms neighborhood, point to some positive signs, such as a new think-tank report that ranked Columbia among the nation’s top 21 major metropolitan areas recovering from the recession.