A Springfield construction firm recently purchased 30 lots with a plan to develop single-family housing in Clark County.
Overholser Builders LLC., a family-owned construction firm, recently purchased 30 vacant lots from Hoppes Builders and Development Co. for about $217,000, according to property transfer records for the Clark County Auditor’s Office. The lots are located on Montego Drive and Midfield Street in the Northridge area.
“We’re going to be building there next spring or even maybe yet this winter,” said Mark Overholser,
Staff at Hoppes Builders could not be reached for comment this week.
Once developed, the homes are expected to sell for around $175,000 to $200,000, Overholser said. The lots are already hooked up to county utilities, including sewer and water.
The company has built about four homes so far on 31 lots at Simon Kenton Farm nearby, and Overholser said demand for new housing is picking up locally.
“Everything is dependent on the market, but I think there will be a pretty good demand for these,” Overholser said. “Folks want to live in that part of the county.”
In Clark County, buyers have shown interest in both the Northridge and Mad River Twp. areas, said Kent Sherry, of the Building Industry Association of Clark County. The county has a short supply of good rental properties available, and area retailers have seen an uptick in properties in the $95,000 to $135,000 range, Sherry said.
However, he said several factors are holding the local housing market back, including the fact that many of the jobs created in the county recently tend to pay lower wages, although the county does have a low unemployment rate. He also said remodeling work remains steady for many area firms.
Most recent buyers in the area are middle-aged or older who have cash available for a down payment and a better-than-average credit rating, while there have been fewer young families purchasing a new home, Sherry said.
“The holidays will also negatively impact new home construction,” Sherry said. “While homes will continue to be built, bought and sold, many buyers will sit on the bench awaiting spring.”
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