These developers used to flip houses. Here’s why they’re pivoting to high-end remodels

With interest rates high, even wealthy
home owners don’t want to buy a new home.

Higher home values and a stubbornly high interest rate has meant more Americans, even the well-off, are sitting on their homes, decreasing mobility and freezing up the housing market. One developer, Thomas James Homes, believes there’s big business in helping high-end homeowners remake, as opposed to resell, their existing real estate.