Home construction better than the
initial numbers
While homebuilding has come to a complete halt in some parts of the country, home builders in Ashland say that they are moving forward, mostly with custom-built homes.
"Nobody has as hardly any spec houses out there, but there are a few," said builder Corey Myers.
New residential construction permits in Ashland year-to-date stand at 18, a far cry from the 2004-05 years when Palomino Ridge was being built and more than 50 residential home permits were being issued.
But Ashland City Administrator Chris Heard said he expected the number of permits to be 25-30 by the end of this year and that was a good number, considering the population of Southern Boone County.
"You have to look at this not only within what else is happening with the economy in the state and the rest of the nation, but also within the context of the size of our community," Heard said. "Having 18 permits for new homes in our-sized town in this economy....I would consider that very good."
Heard said it was important to also consider the estimated value of the building permits.
"We are averaging $145,000 per building permit and that is strong growth. It's good for the growth of the property tax base, from which the school system benefits most."
Heard said the total value of building permits was $2.6 million, with homes being built in a range of $80,000 to $285,000.
"We have good inventories on existing homes for sale and we are seeing a bit of an uptick in commercial business as well," he said.
Myers said that while most realize that 2008 had been a disaster elsewhere, local builders - those who have been established in the area - have remained busy.
The national real estate market has been stung by a strong foreclosure rate. Foreclosures jumped in July by more than 50%, to 272,000 homes, according to RealtyTrac. However, the largest majority of those homes were in Nevada, California, Florida, Arizona, Ohio, Georgia and Michigan.