Rock Solid Builders
Desirable by design
Unlike many members of the modern home building community , whose businesses were devastated by the necessary lockdowns , Vitali cites the pandemic to have helped RSB a lot , as he details : “ We had enjoyed a steady market until the pandemic hit and brought everything to a halt . Initially there was a big panic , and everyone stopped buying . We had to extend our construction levels to continue with our projects , and reach out to lenders , then there was a crazy boom . People started flooding to New Jersey from New York and we managed to sell our entire inventory of around 20 houses in just a couple of months . People had become scared of the big buildings and elevators , and wanted to be able to play outside with their kids .
“ The rush didn ’ t stop , even after COVID eased , not until the interest rates started to rise . Before this point , the prices had risen with the sudden increase in demand , but they were still affordable on account of people getting mortgages at 2.75 percent . There ’ s been a huge spike in the costs of building materials , and the availability of finishes , appliances and fixtures has been knocked back by the nine-to-twelve month wait times , which meant there were houses under construction that companies couldn ’ t complete for sale . Luckily , I have a kitchen cabinetry showroom and my own building material supply house , so I had plenty of stock to still deliver everything we were building .
“ Given that I ’ m 90 percent based in the spec market , RSB has felt the reactionary slump following the drop in affordability caused by the interest rates rising , however even that is starting to fade . People are starting to realize that houses cost more to build now , that ’ s just the way it is , and that two or three percent mortgages were a rarity of the past . The economy is still doing well and there is still a demand for housing . Real estate this close to New York isn ’ t going to drop in price any time soon , which is why we are seeing the uptick in buyers . They are coming back , they are getting mortgages , this is the new reality .” ■
www . njrocksolid . com
modernhb . com 43