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.

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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

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