Just when you think you have heard all the news about the economy, housing market, and politics we learn that East West Partners (developers of Old Greenwood, Gray's Crossing, etc.) have just let numerous employees know that they have been laid off or are going to be laid off in the near future. EWP is letting these employees go due to decreased revenues and a slow real estate market.
This is not good news for the people of Tahoe/Truckee that have worked hard for years to make sure that the projects that EWP have developed have been successful. These people are now going to have to find new jobs in the Tahoe market which can be challenging to say the least as full time work in this area is very limited.
What does this mean for the community? This means that with fewer jobs in the area that fewer full time residents will be able to make a living in this beautiful area. When that happens more homes come on the market for sale and this increased inventory coupled with a struggling economy can lead to home prices falling.
AAG, Inc. wishes all those that have been laid off recently the best of luck finding new work in the Tahoe area or abroad.
Wednesday, September 3, 2008
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