From Business First:
Having spent most of his career in the homebuilding industry, Patrick Marrano said he is hard-pressed to come up with a period of more growth than the one he's seeing now.
The president of Marrano/Marc Equity Corp. said new-homes sales spiked 35 percent over last year. His company is on track to close more than $40 million in residential deals in 2013. He expects to sell 270 home sites - from single-family homes to townhouses and patio homes- in the next 12 to 18 months that could add up to nearly $90 million in sales.
The president of Marrano/Marc Equity Corp. said new-homes sales spiked 35 percent over last year. His company is on track to close more than $40 million in residential deals in 2013. He expects to sell 270 home sites - from single-family homes to townhouses and patio homes- in the next 12 to 18 months that could add up to nearly $90 million in sales.
"We're clicking on all cylinders," said Marrano.
He attributes it to low interest rates, consumer confidence, a seller's market and pent-up demand.
"The market is screaming and we are responding to it," he said.
Sales are strong at his properties in Amherst, Lancaster, Elma and West Seneca. In Amherst and Elma, for example, he expects to close deals on 73 patio homes. In Lancaster, the count is 36 townhouses.
Marrano/Marc Equity is on pace to sell 161 newly constructed single-family houses in Amherst, West Seneca and Lancaster.
The growth spurt at his firm is a snapshot of the local homebuilding industry.
"Smart buyers are looking at all the (economic) factors and realizing now is the time to build a new house," said Joseph McIvor Jr., executive director of the Buffalo Niagara Builders' Association. "Pat was smart enough to make sure he had the right properties in the right suburbs. Everything of his is properly located."
Through the first quarter of 2013, new housing permits in Erie County were up 33 percent, according to the association.
Marrano said he sensed an upward swing in last year's third and fourth quarters when he saw his sale staff writing more deals.
"We really finished last year strong and it carried over to this year," he said.
Now he has new homes planned in nine subdivisions, ranging in cost from $160,000 to seven figures.
"The demand really cuts across a very broad spectrum," Marrano said. "It really isn't just people looking in one town or at one price point. That, to me, is a very healthy sign."
He attributes it to low interest rates, consumer confidence, a seller's market and pent-up demand.
"The market is screaming and we are responding to it," he said.
Sales are strong at his properties in Amherst, Lancaster, Elma and West Seneca. In Amherst and Elma, for example, he expects to close deals on 73 patio homes. In Lancaster, the count is 36 townhouses.
Marrano/Marc Equity is on pace to sell 161 newly constructed single-family houses in Amherst, West Seneca and Lancaster.
The growth spurt at his firm is a snapshot of the local homebuilding industry.
"Smart buyers are looking at all the (economic) factors and realizing now is the time to build a new house," said Joseph McIvor Jr., executive director of the Buffalo Niagara Builders' Association. "Pat was smart enough to make sure he had the right properties in the right suburbs. Everything of his is properly located."
Through the first quarter of 2013, new housing permits in Erie County were up 33 percent, according to the association.
Marrano said he sensed an upward swing in last year's third and fourth quarters when he saw his sale staff writing more deals.
"We really finished last year strong and it carried over to this year," he said.
Now he has new homes planned in nine subdivisions, ranging in cost from $160,000 to seven figures.
"The demand really cuts across a very broad spectrum," Marrano said. "It really isn't just people looking in one town or at one price point. That, to me, is a very healthy sign."
This column, written by Jim Fink, originally appeared in Buffalo Business First on June 7, 2013
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