Newspaper article THE JOURNAL RECORD

Tulsa Developers Capitalize on Warm Winter Weather, Foresee Greater Profits, Price War

Newspaper article THE JOURNAL RECORD

Tulsa Developers Capitalize on Warm Winter Weather, Foresee Greater Profits, Price War

Article excerpt

Many Tulsa area home developers sped up their construction schedules this winter to take advantage of the unusually warm weather.

We're working like it's June, said David Alexander, owner of Eagle Custom Homes.

Usually right now we're getting six to seven calls a day from subcontractors trying to find a builder with some business, he said. No one's calling now. We've never had so many people at work.

The dry, unseasonable heat not only allowed builders to improve their productivity and keep more subcontractors on the job than expected, but it also put more product on the market than anticipated.

That should boost revenues this year, assuming the product moves. Builders expect it will, though they suspect the added availability also will fuel a short price war as the sales season begins this month.

A price bloodbath, speculated Brad Dunlap, owner of Viking Builders, though he thought that competitive phase would last only through the initial sales surge. It's a buyer's dream market right now.

Drew Klein nodded agreement. While the home-building season may begin in early March and grow through August, the sales associate with Mid America Realty said the unseasonable warmth spurred many perspective buyers to start shopping early. He expects the sped-up building schedule to help the process by putting more completed product on the market, as opposed to the season's usual 70-percent- complete status.

I think the market's pretty positive, said George O'Connor, president of Mid America, pointing to the almost completely sold- out Twin Creeks subdivision.

No frozen assets

Though Oklahoma winters often claim sharp cold snaps and frigid winds, Dunlap noted the season rarely brings construction to a halt.

That said, the builder has already completed four homes this year in Tulsa and Broken Arrow, with another 11 under construction - all 3,000 square feet or more, ranging from $350,000 to $850,000. …

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