A great article came out today in the Cincinnati Business Courier about the Builders in the Cincinnati marketplace. We all know that Real Estate is down across the country and about 2% here in Cincinnati. But revenue reported by the top 25 New Construction Builders in the area has dropped 25% since 2006! Several new builders came into the Cincinnati market when the boom first began. The cost for land in Cincinnati was significantly less than most major cities in America. Currently, these builders are doing anything they can to survive. Beazer homes announced that they were pulling out of the Cincinnati Market last week. Ryan and Ryland homes have both pulled out of several communities in the area and stopped their plans to expand into new areas in the upcoming months. Major staff cuts have occured and builders have moved away from staffing every community with a sales rep. There are 4 builders in the area that have reported revenue increases. Towne Properties has made their revenue through income producting properties. Ashley Construction and Robert Lucke Homes have ventured into commercial construction and home renovations. Drees Homes is looking to stand out from the pack by marketing their homes as Energy Star Efficient. The Building Community expects sales to continue to be low throughout the rest of the year but are looking for for the tide to turn in 2009.
