Homebuilding Continues As Developers Lower Prices
Published May 08, 2009
Despite the U.S. housing crisis, people are continuing to move here, says Ron Weaver, executive officer of the Madison County Home Builders Association.
“We are still pretty busy,” Weaver says. “Most builders have made adjustments in the last couple of years to allow for the problems that the economy is facing, but we are in decent shape. We have actually had a good demand over the past year or so.”
According to Madison County Planning and Zoning Department figures, Richmond has added nearly 90 subdivisions since 1996, and Berea now has 40 subdivisions.
“There were many houses built in the $250,000-$450,000 range in Richmond over the past decade, but right now builders are constructing most homes in the $150,000-$250,000 range,” Weaver says. “Houses in Richmond have always attracted the higher prices because they are ... in closer proximity to Lexington,” he says. “However, sales of homes in the southern part
of the county – like Berea – have also been steady.”
New homes are being built in Berea nowadays to sell for $130,000 and up, whereas $200,000 was a common price a few years ago, Weaver says. “Those kinds of $130,000 home sales are keeping our local real estate market warm right now.”
Story by Kevin Litwin
Current Weather Conditions In Richmond, KY (40475)
Cloudy, and 51 ° F. For more details?
Click here...
