With Wall Street and the banking industry getting hit hard since last fall, even the normally recession-resistant New York market is feeling pain during this downturn.
|The S&P/Case Shiller index shows an accelerating decline in New York prices. The index uses same-home sales to illustrate price changes, with 100 equaling January 2000 prices|
It’s not just Manhattan that feels the impact of a downturn in the financial sector, it’s also the areas that surround New York, says Sal Ferro, president and CEO of Alure Home Improvements and our top New York Market Leader.
“We are feeling it firsthand in the areas that we service,” Ferro says of his East Meadow, N.Y., company.
Still, Ferro thinks that a recovery in the New York market is not far away. Alure has seen slight increases in business in March and April after bottoming out in December and January.
“It’s not going to be an incredible overnight rebound,” Ferro says. “I feel comfortable that we’ve hit bottom and we can see the light at the end of the tunnel.”
The growth opportunities are in core areas such as kitchens and bathrooms, which are up about 19 percent for Alure so far this year.
Ferro says that’s because homeowners who can’t sell their homes are looking to make the improvements that make their homes more useful and enjoyable for them, rather than remodeling with resale in mind as many had in the past.
New York Market Leaders
|Alure Home Improvements||Full-service remodeler||$50,315,608|
|Home Remodelers Group||Full-service remodeler||$15,760,920|
|Karp Associates||Full-service remodeler||$13,600,000|
|Remodeling Consultants||Design/build remodeler||$7,660,000|
|Jarro Building Industries||Full-service remodeler||$7,442,071|
|*The 2009 Market Leaders list will appear in the October issue.|