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Rochester area weathering home building dip

todayFebruary 19, 2024 6

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GREECE, N.Y. (WROC) — New data from the U.S. Census Bureau shows that homebuilding in the country has taken its biggest percentage dip since April 2020: a nearly 15% adjusted drop from December to January.

But Rochester has not seen a similar drastic drop, according to CEO of the Home Builders’ Association, Rick Herman.

The Census data cited a decrease in permits issued, while Herman says of both Rochester and the country that this number has dipped because of persistently high interest rates and the colder weather, adding:

“Rochester and the Finger Lakes is the ‘steady eddie’ when it comes to real estate,” he says.

Herman attributes this to the population makeup, and that homes are infrequently built on speculation here. This has led to low current inventory, which in turn also increases house prices.

Typically for a build, a person reaches out to a builder like Joe Sortino, president of Sortino Properties, and then the home is built and is closed on. All of which takes these days take up to six months.

“So our biggest issue is that we can’t construct houses in 4 to 5 months now, so it’s taking us longer to build homes, and for us, we can only close 20-25 homes a year, those other homes go into the following year. It’s taking us longer to build homes because of regulations, and our subcontractors don’t have the help they need right now,” he said.

Herman added that the zoning process can add six months to two years of time to a build, and money.

Sortino is working on townhomes in Victor and Farmington, and a development in Greece with Hilton schools and Crescent Park. He addressed the overall inventory on Monday.

“With homes, there’s not a lot of listings in the town of Greece, there’s 31 listings, and I think ten of them are new homes to be built, so there’s not a lot of listings,” he said.

Sortino says that on average, $75,000 comparatively more for a brand-new home is worth it for buyers. This kind of deal kept Sortino busy.

“Last year was one of our best years in the past 40 years,” he said.

He says, 2024 is shaping up already, with six homes ready to begin, plus the rush of sales calls in the spring.

Herman says The Home Builders’ Association has a scholarship program for prospective tradespeople, can says you can call 585-272-8222 for more.

​ GREECE, N.Y. (WROC) — New data from the U.S. Census Bureau shows that homebuilding in the country has taken its biggest percentage dip since April 2020: a nearly 15% adjusted drop from December to January.

But Rochester has not seen a similar drastic drop, according to CEO of the Home Builders’ Association, Rick Herman.

The Census data cited a decrease in permits issued, while Herman says of both Rochester and the country that this number has dipped because of persistently high interest rates and the colder weather, adding:

“Rochester and the Finger Lakes is the ‘steady eddie’ when it comes to real estate,” he says.

Herman attributes this to the population makeup, and that homes are infrequently built on speculation here. This has led to low current inventory, which in turn also increases house prices.

Typically for a build, a person reaches out to a builder like Joe Sortino, president of Sortino Properties, and then the home is built and is closed on. All of which takes these days take up to six months.

“So our biggest issue is that we can’t construct houses in 4 to 5 months now, so it’s taking us longer to build homes, and for us, we can only close 20-25 homes a year, those other homes go into the following year. It’s taking us longer to build homes because of regulations, and our subcontractors don’t have the help they need right now,” he said.

Herman added that the zoning process can add six months to two years of time to a build, and money.

Sortino is working on townhomes in Victor and Farmington, and a development in Greece with Hilton schools and Crescent Park. He addressed the overall inventory on Monday.

“With homes, there’s not a lot of listings in the town of Greece, there’s 31 listings, and I think ten of them are new homes to be built, so there’s not a lot of listings,” he said.

Sortino says that on average, $75,000 comparatively more for a brand-new home is worth it for buyers. This kind of deal kept Sortino busy.

“Last year was one of our best years in the past 40 years,” he said.

He says, 2024 is shaping up already, with six homes ready to begin, plus the rush of sales calls in the spring.

Herman says The Home Builders’ Association has a scholarship program for prospective tradespeople, can says you can call 585-272-8222 for more. Read More Local NewsRochesterFirst  

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