Our answer to the popular question - How's business?
Spring 2014 Market update
From time to time people that we meet ask a very familiar question: “How’s business?” People that we work with, our friends, neighbors and suppliers all enjoy getting our take on the current state of the Quincy construction and rental market. In that spirit – this article’s for you.
New home construction – Active
Currently the Koontz Builder team is finishing a custom home in the Tuscany Fields subdivision, working on a new custom home in the Cambridge subdivision and also tackling a house on Harrison Plaza. Buyers for custom homes are definitely back in the market after the relatively slow years that closed the first decade of the 2000’s. Long term interest rates still remain near historic lows and many buyers acknowledge that material prices will likely only go up in the future. This is a combination of factors that makes NOW the right time to buy for many.
Remodeling – A Better option for some
Perhaps the greatest change to our business in the last several years is the continuing demand for home improvement projects. Many home owners enjoy their location and the feel of their existing home – it may just need an update to bring it to current tastes and trends. From major additions to bathrooms or kitchen remodels there continues to be heavy interest in our services for these types of projects. As Quincy home owners have come to know that we are doing this type of work, the phone has continued to ring with folks who want us to do remodeling work for them.
Rental Property – more seekers than openings
Koontz Properties currently has an additional 8 unit building under construction at Hickory Pointe, 45th and State in Quincy. We are adding units because we cannot seem to find enough available apartments for all those who are seeking them. Occupancy rates remain high and there is a virtual competition among apartment seekers when there is an opening. We see many young professionals who are either unwilling or unable to buy a home seeking a place to live. There are also a number of singles and couples who are downsizing from their family homes. Professionals who are going to be in town for a few years are also seeking clean, comfortable housing. With interest from all segments seemingly unabated, we expect the rental market to remain strong.