Local home builders ride out slow marketWritten by Duane Ramsey | | email@example.com
Local builders are doing all they can to not fall with the housing market.
“We’re not any different than the rest of the country hoping that we are close to or at the bottom of the cycle,” said Dan Bollin of Eagle Creek Builders and president of the Home Builders Association of Greater Toledo (HBA). “We’re struggling, but still building some new homes and keeping as many trade workers employed as possible.
“The whole building industry hopes that it will turn around soon. We’re hoping the stimulus package with the $15,000 tax credit for homebuyers will pass and the government will help stop foreclosures in our neighborhoods and towns,” Bollin said.
Bollin’s company has sold 18 Energy Star homes during the past few years and continues construction of single-family homes in the Plumgrove development on Dorr Street, west of McCord Road, ranging in price from $179,000 to $230,000.
Eagle Creek is also building villas on Nebraska Avenue.
These homes are designed for empty nesters and retired couples, selling from $169,000 to $200,000.
The company is building all Energy Star homes, which are more energy efficient.
Activity has slowed down considerably, but that is to be expected in the winter, Bollin said.
The weekend of Feb. 7 and 8 was busy because of the warmer weather. People wanted to see what was on the market, according to Michael Dean, owner of Michael Development Ltd. and past president of the local HBA.
“There are buying opportunities in new construction for people with good credit,” Dean said.
Dean’s company is building three custom homes in the Toledo suburbs that will carry his company into late fall.
Dean said the work on the homes is varied at different stages of construction, so he is keeping about 40 contractors working on the three sites.
“There is a certain demographic that wants custom homes since they can’t find what they want in existing houses on the market,” Dean said.
These custom homes require 30 percent down, limiting the number of clients who are eligible. One couple recently put down $200,000 on the $600,000 home they were buying, Dean said.
Bollin also owns Transtar Electric Security & Technologies, an electrical contracting business for residential and commercial projects.
That company employs about 50 people which is down from 125 two years ago, Bollin said.