Monday, April 14, 2008

Not A Good Sign for High-End Housing

by Tom Bozzo

Most of Madison was never especially bubbly, but the Big Shitpile has a way of getting under one's shoes:
Sub-Zero/Wolf of Fitchburg, a manufacturer of high-end refrigeration and cooking appliances, will lay off 235 employees at its plants in Fitchburg and Phoenix, Ariz...

"It's no secret what's going on in the economy and what's happening with consumer confidence," [Chuck Verri, VP of HR] said. "We're building inventories too rapidly and we've got to do something to react."

Verri said employees were notified Monday and will lose their jobs on or after June 13.

He said the slowdown in construction of high-end homes and condominiums is a major factor in the layoffs.

So no high-end housing market recovery until at least the fall. Now that buyers of $10,000 fridges demonstrably are not recession-proof, we may need to look to mega-yacht cancellations for more bearish news.

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