To say that the Atlanta Real Estate market has been a bit tough over the last several years may be a bit of an understatement. While virtually every segment of the market has suffered to some degree, I don’t think any segment has suffered any more than New Home Builders. While costs continued to escalate the market has driven pricing down and that is a recipe for disaster. According to The Home Builder Implode-O-Meter, since late 2006, 83 major national home builders have imploded. Numerous local builders throughout the nation have experienced similar fates.
Having talked to builders about the Atlanta Market an interesting common denominator was expressed. Several stated that it very well could be more cost effective to not build and wait out this market opposed to fighting the rising costs and lower selling prices. The effects of this position on local economies can be devastating. Think of all the people that this puts out of work, even if it is only for a short period of time…Grading Contractors…Foundation Contractors…Framers…Plumbers…Electricians…Sheetrock Contractors…Trim and Detail Craftsmen…Painters…Landscapers…and the list goes on. What effect does it have on local businesses if these people don’t have an income? I’m going to guess that it is not very positive.
In this economic climate it is important to recognize those who elect to continue to do what they do best, build homes. Even if the return on investment is not what it was several years ago, The Providence Group made what I think was a wise business decision earlier this year. They didn’t stop building quality homes they just slowed the pace a bit and then held their “Absolute Sale at Bank Pricing” promotion. The promotion was a huge success that allowed them to sell existing homes and even better it allows them to move forward with new construction. They have obtained 55 new building permits this month and currently have active construction in several communities. Statistics for the third quarter show that The Providence Group out performed several of the larger national and regional builders based on the number of closings in the quarter. Congratulations Providence Group, Ya’ll Done Good!
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Three Bridges in Suwanee, which is built by The Providence Group, has seen incredible sales this year. Prices + Quality + Location = A Definite Win Win for the Buyer.
Hi Michelle and thanks for stopping by. It didn’t hurt that Money Magazine named Suwanee one of the top 10 cities to live in 2 years ago did it?
Great article Mack and you are so right… The Providence Group has beat the odds! Abberley Towneship in Alpharetta is a perfect example and values will only go up from here. Congrats to The Providence Group for staying on top while continuing to focus on pricing, quality and the higher level of finishes they are known for. Well done!
Hi Dana. While values may not increase as quickly as some would like, I think that the Atlanta market has bounced off the bottom and is on it’s way toward recovery. Prospective purchasers can be thankful that The Providence Group continued making the commitment to quality and workmanship that will always stand out.
And, the sales keep coming……………Sterling of Dunwoody, a beautiful gated, mid-rise condominium community wrote 4 new contracts this week! We still have units available and ready to go. Be in your gorgeous new home for the holidays! Stop by and check out our beautifully decorated models. For more info call 404-458-2804.
Keep us posted on how sales progress during the Holidays please. BTW Have a Happy Thanksgiving!
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