 Northern Nevada is seeing a revival in the building industry, including new houses. But developers are proceeding with caution in the post-recession environment. Places like Damonte Ranch are seeing new communities fill up. Perry Di Loreto is one of the managing partners for the Damonte Ranch master plan, and president of Di Loreto Homes. He says today's environment is much different than a few years ago.
"There were periods of time when there was no demand and people were desperate to get out of homes," Di Loreto said. "A lot of underwater properties , a lot of shortsales, foreclosures."
Just two years ago, some construction stopped in the middle of projects, leaving framed houses, unfinished. While that never happened to Di Loreto, he has dealt with homes like that.
"I've been, in the past in Reno, involved in projects that I took over, where the banks had foreclosed on, where we actually tore some stuff down," Di Loreto said.
Di Loreto says today's market is healthy, and that it's a good thing they're not building at the high rate of the housing boom.
"We don't need to," Di Loreto said. "We would much prefer a stable market. The more stable, the more predictable."
With communities filling up with houses, developers like Di Loreto, are looking at more property for future projects. He says his company is prepared for the next wave, but taking a modest approach.
"We've committed that we're going to build at a certain pace," Di Loreto said. "We're not going to chase the peaks in the market."
Di Loreto says smarter lending and more qualified buyers has helped stabilize the market.
"We are pleased to see the market back with a level of activity that we're experiencing now," Di Loreto said.
The median home price in Reno-Sparks is $260,000, but it's not just the price that's increasing. The cost of materials like lumber and concrete is also going up.
Written by Paul Nelson
