Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Friday, August 04, 2006

A Shot Across the Bow at Christopherson

.....And Pink Slips Across the Board

"Sonoma County's largest home builder will lay off 25 to 30 workers in a range of jobs at both its Santa Rosa headquarters and its Sacramento division."

"Feeling the blow from the housing market's downturn, Christopherson Homes is laying off 18 percent of its employees over the next three to six months, company officials said Thursday."

"The company has built homes across the North Bay. Among Christopherson's largest projects in Sonoma County are Skyhawk and Ragle Ranch in Santa Rosa, Shiloh Greens in Windsor and Adobe Creek in Petaluma."

"An eight-year run of sales peaked last year, hitting first in Sacramento and then in Sonoma County and the market has been coming back down. Christopherson has slowed housing starts in response."

"Climbing interest rates, increases in energy costs and longstanding affordability issues in California's metropolitan areas are all factors that have combined to slow the market down. Christopherson Homes is not immune from macroeconomic trends," George Casey, the company's chief executive officer said.

"Construction job cuts have historically followed market declines."

and guess where we are now? Right... ummm a housing market decline. oh.. but wait, I thought real estate only goes up? How can we have a decline in demand when they aren't building any more land? Doesn't everyone want to live here? Oh no! I guess it isn't really different in Sonoma County now is it?

"At Christopherson, layoffs will be made across the board, including production supervisors and workers in land acquisition and permitting, purchasing and sales."

Christopherson regularly expands and contracts its work force in line with the direction of Sonoma County's housing market.

Oh my...this is not a dream... do not pinch yourself. It really is happening.

"You keep adjusting your overhead to your level of operations," Casey said

Dear real estate agents and loan brokers... take notes you're next!

The layoffs will be divided equally between the Santa Rosa headquarters and the Sacramento-area division.


At 8/04/2006 08:01:00 PM , Anonymous tom stone said...

so,what will all the illegals working for the subs do?somehow i doubt they will be counted in the unemployment stats,but they spent a lot of money in the local economies.nice to see you posting regularly again.

At 8/04/2006 11:43:00 PM , Blogger marin_explorer said...

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At 8/05/2006 08:15:00 AM , Anonymous tom stone said...

main explorer,christopherson built (i think)44 $1M tract homes in west petaluma.which seems bizarre to me.i mean,unless you are a mormon who needs a 6br 5 bath home? on a tiny can buy some acreage for that $ even now.i believe these wre 3500-4000 sq ft homes on 6,000 sq ft lots.and where is the water coming from for these homes...even if they recycle each others pee there won't be enough for a lawn.

At 8/05/2006 04:17:00 PM , Blogger Lisa said...

These are good jobs that are going to start disappearing - home building, realtors, mortgage brokers, appraisers, contractors, etc. To be replaced by what, pray tell???


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