If Clay follows national trends, the town could see a marked increase in residential new construction starts, as well as housing sales as a whole, in 2012.
According to a recent report from the National Association of Realtors, the housing market, both in terms of the sale of existing homes and in new home sales, is expected to see a recovery, with double-digit gains in both new home sales and construction starts nationwide.
“Tight mortgage credit conditions have been holding back home buyers all year, and consumer confidence has been shaky recently,” said NAR Chief Economist Lawrence Yun. “Nonetheless, there is a sizeable pent-up demand based on population growth, employment levels and a doubling-up phenomenon that can’t continue indefinitely. This demand could quickly stimulate the market when conditions improve.”
According to the report, new home sales are expected to rise to 372,000, up from 302,000 in 2011, and new home construction should climb to 630,000 units, up from 583,000 in 2011.
As it stands, 2011 saw more new construction than 2010, according to Clay Planning Commissioner Mark Territo.
“This year to date, in terms of single family construction, we have 75 new construction starts,” Territo said. “In 2010, there were a total of 88. Those are all actual buildings that have started construction; that number does not include permits that have been issued by the planning board. The last development to be okayed by the planning board is off Maple Road, and that’s a plan for 30 single-family houses.”
Apartment construction, meanwhile, has really taken off in the town, and Territo thinks it will continue to do so in the next year. Fourteen apartment buildings, or housing with three units or more, were constructed in 2011, compared to nine in 2010.
“I think that number will go up quite a bit in 2012,” Territo said. “There are apartments going in behind Price Chopper and Target on Route 31. You have the Jolu development before the board [Nov. 21] asking for a zone change, which will be mostly townhouses and apartments.”
So will 2012 be a bigger year for new construction overall in Clay?
“It’s hard to say, but it’s looking that way,” Territo said. “Maybe not for single-family houses, but more towards apartments.”
Territo said the town has options for developers that other area towns don’t.
“We have a lot of open land,” he said. “We’re not built out like the town of Salina. There’s a lot more room here.”
Supervisor Damian Ulatowski had other ideas about what Clay had to offer.
“The town of Clay has a tremendous amount of things that potential homeowners are looking for,” Ulatowski said. “Clay offers the perfect combination of urban and rural living. We’ve got a stable tax base, excellent school systems, a commercial district that’s second only to the city. We’ve got easy access to all of the amenities people are looking for. If I were potentially looking for a place to move my young family, this is it.”
