This home was
recently built by
Cohen Homes in
Northville Hills.
EUGENE APPLEBAUM CHAIR
IN COMMUN 1T) ENGAGE \IENT
RETIREMENT
■ TRANSITIC*N:
WORK, RELAX OR REBOOT?
September 15 and 16, 2011
Communit Ai Is Auditorium
y ne State University
Local builders reinvent them-
selves to survive in a slumping
housing market.
featuring
ROBERT REICH
former US secretary of labor
also appearing
ROGER FERGUSON
president and CEO, TIAA-CREF
MARC FREEDMAN
founder and CEO, Civic Ventures
ALLAN GILMOUR
president, Wayne State University
Please visit focis.wayne.edu for
more information and to RSVP.
FOCIS and the Eugene Applebaum Chair in Community Engagement are made
possible through the generosity of alumnus Eugene Applebaum, founding chair of the
Wayne State University Foundation. FOCIS is directed by Irvin 0, Reid, PhD, president
emeritus of Wayne State University and holder of the Eugene Applebaum Chair.
Hills, Royal Oak and Oak Park.
"Every home we have is leased out','
Cohen said. "It's a new avenue. I like it."
Fingeroot of Pinnacle Homes was
among the builders to capitalize on
the lower price of land. He founded
his company just as the market was
beginning to slump, but has managed
to grow every year. Last year, Pinnacle
built 50 homes and this year expects to
build 80 in communities such as Novi,
Northville, Lyon Township, Commerce
and Orion Township.
The industry still has a long way
to go, but I look at it optimistically,' he
said. "Lower real estate costs and a trend
toward smaller homes equal a price that
buyers perceive as a value."
Windmill Homes is another builder
that's beginning to sell houses again:
about 20 this year compared with 100
homes back in 2004-2005, said Stuart
Michaelson. Currently, the company is
building in Farmington Hills, Ypsilanti
Township and Van Buren Township in
the $200K to $260K price range.
Building new homes isn't the only
activity at Windmill Homes."We've also
negotiated deals with banks, doing con-
sulting work and helping them to sell
lots and clean up development for a fee','
Michaelson said.
Retirement in Transition is brought to you by
Forum on Contemporary
issues in Society
WAY N E STATE
UNIVERSITY
075
Wayne State University Chapter
WI;
TIAA
CREF
FINANCIAL SERVICES
FOR THE GREATER GOOD'
Building Industry on page 62
1697920
September 1
27