Thursday, April 25, 2013
The Oldham County Council met at the John W. Black Aquatic Center in Buckner on April 25th for a panel of speakers and a time of Q&A. The meeting was sponsored by Carpet Specialists represented by Chad Turner, Chris’s Custom Cabinets represented by Tim Johnson, Sonne Steel represented by Ben Tribble and Bluegrass Lighting represented by Kris Phillips.
The Q&A panel included the following:
Billy Doelker, builder and developer with Key Homes
Paul Miele, K-I Lumber
Russ Lohan, Market Graphics
Jarrod Orr, River City Bank
Cindy Hack, RE/MAX Properties East
Jim Urban, Oldham County Planning and Zoning
Russ –There are a shortage of spec homes.
Billy – Builders have readapted to what the consumer wants, smaller, more functional space, more amenities, and energy efficiency, location is and will always be important.
Paul – Confidence and availability are key.
Cindy – Interest rates are still low, people that are on the fence don’t want to miss out. Appraisals have been a problem, comps are hard to find.
Jarrod – For the short term there is no change for interest rates, consumer confidence, credit standards are still same but they try to be creative and accommodating.
Jim – Permits have been up.
Potential recovery problems:
Labor force lacking
Cost of construction materials (25-40% higher than 2012)
Still tough credit standards
Appraisals with few or no comps
New developments with sale lots
Down sizing (small space and lower price)
Lack of supply and increased demand
Carpet Specialists gave away a sheepskin rug to Kevin Passanisi of P.C. Home Center. Chris’s Custom Cabinets gave away an Applebee’s gift card to John Journey of Kintec and two Starbucks gift cards, one each to Tim Baker of Farm Credit Mid-America and Carol Block of Citizens Union Bank.
Our next meeting will be June 27th.