Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, January 24, 1993 TAG: 9301250346
SECTION: HOMES PAGE: E-1 EDITION: METRO
SOURCE: CHARLYNE H. McWILLIAMS
DATELINE: LENGTH: Medium
THEY'VE BEEN BUILDING MORE
There were 1,371 building permits issued by the end of the third quarter of 1992 in the Roanoke Valley, according to information from the Roanoke Regional Home Builders Association. The third quarter came in at 429, a 7.9 percent decrease from the 466 permits issued in the second quarter.That is a 14 percent increase compared to 1,202 permits issued during the same time in 1991, which by year-end saw 1,522 total permits issued.
The number of actual housing starts could vary but the numbers give an idea of the building activity.
David Vaughn, recently installed president of the builders association, said most of the builders had a good 1992 because of the low interest rates and increased confidence of prospective home owners. He said he expects the fourth quarter numbers for the Valley, which will be released soon, will show a significant increase over the previous year.
"We're going to see an upswing in the fourth quarter," he said. "There are new developments starting and plans for more."
Vaughn, owner of Dominion Builders, said he's seen local builders become more positive about what they're building and the what the market wants.
Here's how some local builders fared in 1992:
THOR Inc., a 27-year-old Roanoke-based company, had a near 50 percent increase in jobs in 1992 over 1991, said vice president Jim Bradshaw. The commercial and industrial contractor had 65 jobs in 1992 with the largest project being a $5 million solid-waste transfer station in Roanoke that is scheduled to be completed in Octobet. However, Bradshaw said the company isn't getting as many big jobs as it used to because "there isn't enough work to go around."
PD&M Inc. - Eddie Fort, owner of the residential Smith Mountain Lake construction company, said business wasn't much different in 1992 than in 1991. He said he built three custom homes in 1992 that ranged in cost from $130,000 to $180,000.
For seven years the company has been concentrating on the Lake area, however, in 1992 it had to branch out to South Roanoke County. Fort said he's afraid to say that things will drastically improve in 1993 but he said he's starting to see some signs of a better year.
Zeigler & Parsell - Diane Zeigler and Terry Parsell started their residential building and developing company nine years ago. They built a total of 27 houses in Roanoke, and Roanoke and Botetourt counties in 1992, nearly doubling their production from 1991. The houses ranged in cost from $65,000 to $150,000. Zeigler attributed their success in this market to good land development and to offering first-time home buyers amenities that in the past have not been available to them at affordable prices. She said the improving economy and continued low interest rates will help their success continue.
Keystone Management Inc. - The development and residential general contracting company in Moneta didn't build anything in 1992. Instead, owner David Oliver said the company concentrated on selling two houses built on speculation at the Lake. The year-old homes went for $350,000 and $355,000. Despite the lack of building activity, Oliver said 1992 was better than 1991 because of two land developments. One is in Franklin County and has six lots - three of which have already sold for $50,000 to $90,000. The other development is in Bedford County and will have 10 homes ranging from $146,000 to $224,000.