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My Mother and her friends visited the beautiful new Water’s Edge community on the Manasquan River in Point Pleasant, New Jersey last week. It’s being developed by Pulte Homes, a big publicly-traded home builder. Standard features include granite countertops, chrome Moen bath fixtures and hardwood floors. Mom was told that prices for the two-bedroom, two bath townhouses were now starting at $630,000, down from over $800,000 when the community was launched last year. My Mother asked if Pulte was offering any additional incentives to buyers. “They are $200,000 less,” the saleswoman said. “That’s the incentive.”
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.