"Land sellers are at a disadvantage right now, and some, because of the way they're financed, can't really hold on and wait for the market to normalize," says Mackey O'Donnell, founder and CEO of O'Donnell/Atkins, the largest land-acquisition firm in California.
Builders tell O'Donnell they are seeing up to 10% to 20% reductions in land prices from recent highs. As large builders reduce their holdings, some smaller public and private builders are moving in, he says. Smaller firms have had trouble competing against larger builders.
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