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Triangle Homebuilding Industry: Strong As Ever

by Rich

I read an interesting article yesterday in the News & Observer by Dudley Price titled Slump Or No Slump, Builders Keep Going that I wanted to respond to because I agree with it wholeheartedly. In the article, Price discusses the fact that local builders are continuing to do well and still building despite the decline in the national housing market and the slowing economy. There is still a strong demand for housing in the Triangle because people are still moving here. Builders are trying to find a balance between overbuilding and meeting demand. Home sales in the Triangle were only down 9.9 percent in the first none months of 2007, which was much better than the rest of the nation.

I especially agree with what Dan Tingen, owner of Tingen Construction of Raleigh and past president of the Home Builders of Raleigh-Wake County, had to say:

“The main thing is to be in business when the market turns. You
can’t just quit, you have your staff, your lot commitments, so you operate at lesser margins. This market is still very strong. People are still moving here, and our biggest problem is their inability to sell on the other end. If we could eliminate that, our market would be pretty much normal.”

I agree that the Triangle housing market is going strong. Royal Oaks is still building and has six communities that have continued to thrive despite the housing slump. We are doing well and appreciate the article’s support of the building industry.

Rich Van Tassel is President of Royal Oaks Building Group, LLC , a home building company founded in 2002 in Raleigh, North Carolina. During his first year in business with Royal Oaks, he built 38 homes with $6.8 million in total revenue. By 2006, Royal Oaks Building Group, LLC was listed by the Triangle Business Journal as the 18th largest builder by volume in the Raleigh-Durham and the 12th fastest growing, privately held company in the Triangle on the Fast 50 list, with 131 homes and $28.8 million in revenue. He resides in Apex, North Carolina.

Photo Credit: HBA Raleigh-Wake

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