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Parade of Homes Has New Look
It may be one of the toughest housing markets we've ever seen but some builders are still stepping out and taking a big risk. Reporter: Chris WoodardEmail Address: cwoodard@nbc15.com |
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POSTED: Saturday, June 13, 2009 --- 4:00 p.m.
It may be one of the toughest housing markets we've ever seen but some builders are still stepping out and taking a big risk.
They're hopeful things are turning around and confident they can get you to buy.
Whether tan brick or brown just about every neighborhood these days has a lot of houses sharing the same thing, they're for sale.
Dan Duren with Duren Custom Builders dove into this market head first building a 525-thousand dollar beauty during a time where there is no shortage of supply.
He's hoping to catch someones eye at the Madison Area Builders Parade of Homes.
Duren says, "You get a little nervous just because everything you read is so terrible and you talk to other people and they don't have anything going."
Duren says it's been about 12 or 13 years since he's built a parade home that still wasn't sold at this point but he's encouraged by the turnout.
There are 5 homes at the parade site in Sun Prairie and 14 overall. That's way down from about 30 that builders usually include.
As things got worse many builders dropped out.
Mike Vilstrup with TimberLane Builders says, "It's a significant risk in this economy to put a 500-thousand dollar house on the market and hope that it's going to sell."
Vilstrup is in good shape. The home he built is sold. He says the building game has definitely changed but things are starting to get better.
He says, "People have been terrified of what's happening. I've felt all along they're out there. There is a huge pent up demand. People haven't done anything for 3 years."
Dozens are filing through these parade homes and some are just curious, others are looking for ideas and Dan and Mike can only hope many are ready to buy and put a dent in the supply.
Duren says, "For crying out loud, 5 percent interest rate? It's unheard of, just amazing."
At this point the builders say 8 of the 14 parade homes have sold.
Latest Comments
It always gets me how they build these HUGE OVERPRICED HOUSES the Ave guy cant afford in this day and age and to tell ya the truth alot of these houses are ugly and too close together. Why not build a house the ave guy can afford? I am sure it can be done
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