December 2022 Building Connections

Darien (Flagship Yard)

Lewisboro, NY

Your Monthly Newsletter

Building Connections is a monthly digital magazine produced and published by the Home Builders & Remodelers Association of Fairfield County. Inside you will find the latest association news, legislative updates, upcoming events, and featured articles about the industry.

Contact Us: hbra@buildfairfieldcounty.com www.buildfairfieldcounty.com @hbraffc (203) 335-7008

Pella’s Impervia® windows and doors provide unmatched strength, energy efficiency and lasting durability with proven performance. There’s never a need for painting or refinishing because with our powder-coat finish, our windows and doors resist chipping, chalking and fading. Rot and corrosion-free to naturally resist water and bugs.

Complement your home with Pella’s proprietary, low maintenance fiberglass that offers a sleek and timeless style. Our windows and patio doors have been tested to withstand some of the harshest conditions, including extreme heat and sub-zero cold, damaging UV rays and seacoast environments.

Pella. Perfectly Beautiful. For more information, please contact Sabina Mortillaro 631-219-9258 or smortillaro@pellactny.com

Bowling Bites

Sponsor: $750 Official dinner sponsor for the evening! - Logo on napkins - Logo on screens at each lane - Logo on eblast & registration page - 12 raffle tickets - Team of 6 bowlers with shoe rental - Food and 2 pitchers of beer for your team

Dessert Sponsor: $375 Sponsor delicious cookies to enjoy after the tournament! - Signage at the event - Logo on eblast & registration page - A company rep may hand out cookies to the teams

Fun Prize Raffle!

Raffle Prize Donation

Donate a raffle prize & draw the winning ticket! Includes signage at the event.

Lane Sponsor: $375 - Team of 6 with shoes & reserved lane for 2 games - Food & 2 pitchers of beer - 6 raffle tickets - Company name on eblast & registration page - Company name on TV screen at lane

Solo Bowler: $50 / Team of 6: $300 - 2 games of bowling with shoe rental - 1 raffle ticket per guest - Food & 2 pitchers of beer for your lane

2022 OFFICERS

Immediate Past President

Kim DiMatteo Cross Insurance

President: John Hertz Hertz Construction

Senior VP: Rob Michaud Michaud Group VP: Brian Kurtz Interstate Lumber

Treasurer: Steven Roth Elevator Service

Secretary: Karen Bradbury Closet & Storage Concepts

2022 DIRECTORS

Alex Shook Pella Windows

Bonnie Paige Bonnie Paige Interiors Chris Shea Domus Constructors LLC

George Pusser Cornerstone Contracting

Lisa Heldwhite Breakwater Development

Peter Sciaretta Hemingrway Construction

Stephen Gidley Stephen C. Gidley Inc.

Tori McBrien McBrien Interiors

LIFE DIRECTORS

Joanne Carroll JMC Resources

Jerry Effren

The Greyrock Companies

Gary Fanali City Carting

Peter Fusaro Preferred Builders

Michael Palumbo ERI Building & Design

Peter Gaboriault Bear Paw Builders

Terrence Beaty William Pitt Sotheby’s International Realty Chris Steiner Steiner, Inc.

Anthony DeRosa DeRosa Builders

DIAMOND

TITANIUM

AUTHENTIC TO YOUR DREAM

Andersen ® A-Series windows and doors are based on the style of home you want. Whether it’s a stately Queen Anne, a bold Modernist design or anything in between, you can now create it with the best-performing, most energy-efficient products Andersen has ever offered. Don’t just imagine your dream home, build it with Andersen. “Andersen” and all other marks where denoted are trademarks of Andersen Corporation. ©2022 Andersen Corporation. All rights reserved. DMS 01/22

LO VE THE LIFE YO U SE E.

Learn more at andersenwindows.com

Andersen is proud to support the Home Builders and Remodelers Assn. of Fairfield County and its members.

C h e c k o u t o u r n e w e s t a t N o r t h e a s t K i t c h e n C e n t e r l o c a t e d a t 1 4 5 2 B a r n u m A v e , B r i d g e p o r t , C T !

L U X U R Y W I N D O W S & D O O R S

N o r t h e a s t ' s A r c h i t e c t u r a l d i v i s i o n s u p p l i e d t h i s h o m e i n W e s t p o r t , C T w i t h A r c a d i a C u s t o m t h e r m a l s t e e l w i n d o w s a n d d o o r s . T h e s l e n d e r l i n e s a n d s t r e a m l i n e d p r o f i l e s c r e a t e a m i n i m a l i s t a e s t h e t i c a n d p o w e r f u l a r c h i t e c t u r a l a p p e a l .

Bethel | Branford | Danbury

Darien | Fairfield | Lewisboro | Madison

New Milford | Newtown | Niantic

North Stamford | Norwalk | Orange Stamford | Stratford | Trumbull Westport | Wethersfield | Wilton

JOIN THE RING’S END TEAM!

Do you have a positive attitude that contributes to a high company morale? Are you goal-oriented and self-motivated? Can you connect with our customers and build strong relationships? Are you an effective communicator? Do you present yourself professionally? If so, you may be a perfect candidate for a career at Ring’s End!

Ring’s End is a Connecticut-based lumber and building materials retailer serving Connecticut, South County, Rhode Island, and Southern Westchester County, New York. We are a thirdgeneration, family owned and operated business with a rich history dating back to 1902. With 20 retail locations, Ring’s End continues to expand and evolve as an industry leader.

The positions at Ring’s End are as diverse as the employees who hold them. Discover your passionjoin the Ring’s End team today!

Mission Statement

• Accountability • Community

JOB BANK

AVAILABLE JOBS:

These opportunities are offered by the HBRA members listed in the specific advertisement. Please do not contact the HBRA regarding these listings.

DHD Windows And Doors

JOB TITLE: Delivery Project Coordinator

EMPLOYER: DHD Windows & Doors, LLC.

DEPARTMENT: Operations

REPORTS TO: Operations Manager

EFFECTIVE DATE: 2/10/2022

SUMMARY: Initiates, coordinates, and executes administrative and other project support to Sales Manager/team including providing Customer Service to the Company’s Customers.

DHD Windows And Doors

JOB TITLE: Warehouse Supervisor

EMPLOYER: DHD Windows & Doors, LLC.

DEPARTMENT: Warehouse REPORTS TO: Warehouse Manager

EFFECTIVE DATE: 9/15/2022

SUMMARY: Directs the activities of warehouse personnel involved in the receiving of various products into the facility, movements of product within the facility, and the picking and loading of product shipping out of the facility; ensures that all policies and procedures are followed.

NEW MEMBERS

Door Hardware & Restoration | Vincent Guido

We offer a wide variety of door hardware in many functions and finishes, as well as door hardware consultations Read More

Hudson Blau Designs | Maggie Blau

Based on a client’s goals and evaluating the space and scales, we style interiors with just the right mix of on-trend and timeless, modern and classic, luxurious and grounded design and decor. Read More

Cognetta Homes | Mike Cognetta

Designing your dream home is about more than substance; it’s about the rare opportunity to create a completely personal living environment. Cognetta Homes is an expert in the design and execution of custom homes and is a unique suburban Connecticut builder Read More

Residential Interiors, LLC dba Dale Minske Interior Design| Dale Minske

New construction and remodels are the cornerstone of the residential interiors I’ve designed for over 20 years. Understanding the building process, I effectively and cooperatively work with architects, contractors, and trades people. Read More

Sotheby’s International Realty | Edward Mortimer

Navigating the sophisticated Greenwich CT real estate market with success requires the knowledge, experience and counsel of a refined real estate professional. With over 25 years of experience, I have helped a countless number of home buyers, sellers, renters, residential developers and relocation clients make the right real estate decisions. Read More

Welcome to Our New Affiliates

NAHB NEWS

Home Sales Respond to Interest Rates

Mortgage interest rates have stabilized in recent weeks, as the bond market deals with the expectation of tighter monetary policy from the Federal Reserve. Although the Fed’s actions will likely continue to place upward pressure on rates into 2023, the rising possibility of a broader macroeconomic slowdown would ultimately lead rates to level off and eventually decline. Per Freddie Mac, the average 30year fixed-rate mortgage for the week of Nov. 23 stood at 6.58%, the lowest since the second half of 2022.

As a result, October sales of newly built, single-family homes registered at a 632,000 seasonally adjusted annual pace, which is a 7.5% monthly increase and is 5.8% below the October 2021 estimate of 671,000 per Census data. However, the Census data do not include cancelled sales, which are likely running at a 25% rate (compared to 9% a year ago). Regardless, the pace of sales has slowed significantly, as evidenced by the fact that completed, ready-to-occupy inventory is rising while the inventory of homes not started is falling in response to weaker demand.

This long-run trend for housing demand is reflected in the data for existing home sales, which fell 5.9% in October to a seasonally adjusted annual rate of 4.43 million per the National Association of Realtors. This was the lowest pace since December 2011, with the exception of April and May 2020. On a year-over-year basis, sales were down 28.4%.

The pullback in housing demand is now causing home prices to fall. The S&P CoreLogic Case-Shiller national home price index fell at a seasonally adjusted annual growth rate of 8.7% in September, the third consecutive monthly decline. Nonetheless, national home prices are now 62.4% higher than their last peak during the housing boom in March 2006. Prices will continue to decline going into 2023 because of lower traffic numbers.

However, there are some submarkets showing ongoing, positive conditions. For example, custom home building expanded during the third quarter of 2022, with 59,000 total starts. This marks a 5% increase compared to the third quarter of 2021. Over the last four quarters, custom housing starts totaled 207,000 units, a 9% gain from the prior four-quarter total. Custom construction likely benefited from improved supply chains, a reduction in the growth rate of the cost of building materials and a stock market rally that helped the higher end of the market.

The broader housing contraction is now spreading to the rental market, at least according to leading indicators. Confidence in the market for new multifamily housing declined significantly in the third quarter of 2022.

FHA Increases Loan Limits for 2023

The Federal Housing Administration (FHA) on Dec. 1 announced its loan limits for 2023. The nationwide rise in median home prices indicates most buyers across the country will see increases.

The FHA floor will increase from $420,680 to $472,030 for singlefamily home loans. The floor amount is the lowest the FHA loan limit can be for any area of the country. FHA’s ceiling loan limits, the maximum loan amount the agency will insure, will increase from $970,800 to $1,089,300 for a single-family property. The ceiling rises even higher to $1,633,950 in Alaska, Hawaii, Guam and the U.S. Virgin Islands.

The new loan limits will apply to all loans assigned FHA case numbers on or after Jan. 1, 2023. The 2023 FHA loan limits by Metropolitan Statistical Area (MSA) or county can be reviewed on FHA’s loan limits webpage.

FHA also increased the loan limits for its Home Equity Conversion Mortgage (HECM), or reverse mortgage program, to $1,089,300. The HECM program regulations do not allow loan limits to vary by MSA or county, so this limit applies to all mortgages regardless of location.

Read More

Single-Family Construction Slows in PostCovid Hot Markets

The big jump in single-family home building activity that occurred in the aftermath of the COVID-19 pandemic in large metro outlying counties and exurban areas has shown a marked decline over the past 12 months, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the third quarter of 2022.

“The single-family construction slowdown is not just limited to regions of the country that experienced the fastest production growth over the past year,” said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, Ga. “Home building activity has slowed in nearly all regions and large and small metro markets as high mortgage rates, elevated inflation and stubbornly high construction costs act as a drag on consumer demand and housing affordability.”

Read More

More Builders are Cutting Prices and Offering Incentives –But Not at 2008 Levels

As the housing market has slowed rapidly over the past several months, builders have increasingly been reducing prices and offering special sales incentives – but nowhere near the same rate as during the 2007-2008 Great Recession when the housing sector cratered.

In November 2022, a relatively high 36% of single-family home builders reported reducing their prices, and 59% were offering special sales incentives.

Read More

Top Colors for 2023

The new year is a great time to set goals, establish healthier habits, and promote growth and learning. This year, many paint manufacturers also see it as a great opportunity to reset, recenter and rewrite the design and ambience of our homes to suit our journey for the year ahead.

Take Pantone’s 2023 Color of the Year, Viva Magenta, for example. This bold hue provides a perfect change of pace for the year ahead. “Viva Magenta is brave and fearless, and a pulsating color whose exuberance promotes a joyous and optimistic celebration, writing a new narrative,” Pantone noted.

Benjamin Moore’s Raspberry Blush is a similarly charismatic coral hue that can be used to add a lively pop of color to any space.

Read More

What Do Home Owners Want from a Remodel?

More than two-thirds (69%) of home owners want to update their home’s appearance, according to a new survey of 2,000 home owners done by One Poll in conjunction with Andersen Windows. But what exactly do they want? A few features topping their wish lists include more open space (31%), more natural light (30%), and improved function (34%).

Read More

NAHB NEWS

National Spotlight on Modular Construction

As the country continues to grapple with housing affordability amid supply-chain challenges and lack of labor, factory-built homes may be more in need than ever. TIME magazine recently spotlighted the benefits of offsite construction — in particular, modular construction — and home owners’ growing interest in this product as a potential solution to current industry challenges.

“I think the perfect storm of rising material costs and shortage of labor means that modular’s moment is here,” NAHB member Ken Semler, CEO of Impresa Modular, told the magazine.

Shortened building time frames and more efficient building practices are also attractive, with builders increasingly looking to add modular components to their projects. Time pointed to Home Innovation Research Labs data indicating that builder interest in modular roofing and factory-built wall panels has grown from 15% and 9%, respectively, before the pandemic to 25% and 16% currently.

Read More

Preparing Jobsites and Workers for Winter Weather

Winter weather can present extreme safety challenges for workers on home building jobsites, both outside and within the structure. With rapidly changing and dangerous conditions occurring outdoors, and hidden hazards inside structures, working in temperatures below freezing requires a plan.

As temperatures drop and wind speed increases, heat leaves the body more rapidly.

Read More

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Volatility Continues as Lumber Prices

Normalize

The prices of building materials decreased 0.3% in November (not seasonally adjusted) following 0.5% and 0.1% declines in September and October, respectively, according to the latest Producer Price Index (PPI) report. The index has decreased five of six months for the first time since 2015.

The PPI for goods inputs to residential construction, including energy, fell 0.8% in November. The index was led lower by a 5.3% drop in energy input prices as the PPIs of regular unleaded gasoline and No. 2 diesel fuel — which comprise more than 80% of energy inputs to residential construction — decreased 6.7% and 4.5%, respectively.

The price index of services inputs to residential construction increased 0.6% in November, propelled higher by large increases in the price of financial and real estate services. It marked the second consecutive monthly increase after six straight months of falling prices.

Read More

U.S. Enters a Macroeconomic Maze in

2023

Downshifting its pace of tightening of monetary policy, the Federal Reserve raised the federal funds target rate by 50 basis points, increasing that target to an upper bound of 4.5%. This marked a relatively smaller increase after four consecutive 75 basis point hikes. The Fed is likely to continue raising rates (50 to 75 basis points) in 2023, moving mortgage rates higher than they are today. However, the end of the rate tightening cycle now appears to be in view.

Read More

State Property Taxes Continue to Highlight Differences Across the Country

Real estate taxes vary widely across states, both in terms of annual taxes paid as well as effective tax rates. In 2021, the difference between average real estate taxes (RETs) paid by New Jersey and Alabama home owners was $8,336. New Jersey continued its perennial distinction as having the highest average real estate tax bill per home owner ($9,151) as well as the highest effective tax rate (2.02%).

Hawaii (0.28%) and Alabama ($815) were at the other end of the spectrum, boasting the lowest average effective tax rate and annual real estate tax bill, respectively. The difference between the highesttaxed state (New Jersey) and lowest (Alabama) grew by $362 between 2019 and 2021, more than double the growth between 2017 and 2019 ($170).

The overall distribution has remained roughly unchanged since 2019, as the composition of the top ten remained the same except Washington replaced Texas as the state with the 10thhighest average real estate tax bills. The map below illustrates the concentration of high average property tax bills in the Northeast.

Read More

5 Ways to Learn More About Building Healthier Homes at IBS

Market studies show consumer interest in healthier homes and communities has been increasing for several years, as consumers make the connection between their home and their health. Today’s consumers are prioritizing health and wellness at all price points in both new builds and remodels, with the wellness real estate market nearly doubling from 2017-2020 ($148 billion to $275 billion).

Industry professionals are taking note as well and sharing their insights at the 2023 International Builders’ Show® (IBS) in Las Vegas. Here are just a few examples from the IBS Centrals and Communities:

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