Even more interesting, developers are trying to slow the speculative tide (Why? Who knows...):
he lenders' caution coincides with some developers trying to cut down on speculative buying as well. For example, in Las Vegas, Arizona, California, and Florida, KB Home, one of the largest US home builders, is now inserting language into buyers' agreements that states the buyer must live in the home for one year and it must be their primary residence.Drug tests
"There is a difference when someone comes in to buy and sell: They don't take care of the property the same way as a primary owner does," says Daniel Weidman, a spokesman.
In fact, Mr. Lyles the Starpointe developer, says he really dislikes it when multiple out-of-town buyers purchase one of his units and then lease it out to different people every weekend. "There is a new rock 'n' roll band every week that the permanent owners have to live with," he says.
Lyles says his firm can usually weed out investors during the qualification process. "If you look at their assets and they already own eight other condos, you know," he says.