it has the distinction of being the second fastest growing county in Ohio and is 45th in the nation. For attached housing, permits are up 2.8% from last year due to some significant activity that’s concentrated in a couple of counties.
Overall, we’ve had 3,304 units permitted this year, which is just shy of where we were at this time last year. Like most others, our market is still benefiting from mortgage interest rates being so low — some buyers are taking advantage of the opportunity to trade up to better homes rather than refinance. When all is said and done, 2003 will probably be at least as good a year for home building in our area as 2002, though there’s the potential for it to be even better if construction picks up as expected in Warren County.
Biggest source of concern for builders:
On the development side, anti-growth sentiment, unfavorable zoning and fee increases have been big issues. But as far as the local economy goes, our job market has been somewhat insulated because our industry base — which includes the headquarters of Proctor & Gamble, Kroger and General Electric Aircraft Engines, to name a few — is so varied and diverse. If one industry is hurt, the others are able to absorb the shock. None of our major companies has had significant layoffs at their home bases, so that is reassuring.
Market trends:
We’re seeing a little of everything getting built right now — from urban infill development to neo-traditional and active-adult communities. Based on our current HOMEARAMA® (Luxury Edition) showcase, luxury homes are hot. After only a week, six of the nine million-dollar-plus homes we’re featuring have been sold. Last year, one of our two HOMEARAMA® shows, the New Lifestyles Edition, was specifically geared to the empty nester. The homes had mostly one-story floor plans with walk-out basements, plus lots of high-end amenities, and smaller, low-maintenance lots. The show was hugely successful.
We are planning another show this September, which will also include nine builders, and the homes will be priced from $569,000-$685,000. People came to our shows to get ideas for how to redecorate their existing homes as well as to shop for their next homes in this market niche. More of our builder members are now doing significant remodeling work, too — even those who previously focused only on new construction. That segment is doing very well.
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