Other areas are rental ghettos and yet they rise in value because there is a shortage of housing.So, you need to really understand the economics of an area before determining what strategies might work.

In the current environment there are too few buyers in my opinion, very little cash floating about looking to buy, so the shortage of buyers works to my advantage and now I can get deals that would not have been available 1-2 years ago because the cabal of insiders would have been snapping them up.Do you think rents will go down due to oversupply of rental homes?

Sounds like there's no shortage of work in your field.

I'm sure there's no shortage finding them.

Meanwhile, there is still a shortage throughout many parts of the valley.  

If there is a shortage of two bedroom units that is good as you will easily keep it rented.

All this :play has caused a shortage.

So many people have left the AEC community due to the recession that this shortage may be a continuing trend.Best of luck in completing this project but you will need to get together with the owner and decide where to cut SF and /or quailty of finishes.Chad Conrad, AIA

First of all, there is ample water here, one of the few areas in the state that has little to no worry about having a water shortage in the main residential areas.

If you can make up the shortage you can avoid the pain of a short sale.