43
Austintown condo project rejuvenated
AUSTINTOWN
The first township zoning permit issued for 2016 continues an unfinished project from 1998 that would bring about 20 condominiums to the community.
Bill Clipse, president of Meander Homes Construction, is working on finishing the delayed condominium project, bringing two- and three-bedroom homes to Falcon Crest Drive.
Each condo, costing about $160,000 and ranging between 1,420 to 1,480 square feet, takes about three months to complete. One that he is working on should be finished in 30 to 45 days.
Clipse said a development such as this is good for township – most importantly in tax dollars.
After the economy plunged in 2007, development stopped most construction companies because there was no money to fund the new homes.
Darren Crivelli, township zoning inspector, said several developers went bankrupt, leaving half of the condos and condo plot sites on Falcon Crest Drive incomplete.
Clipse said he is grateful he didn’t lose his business during that downturn.
Now, Clipse said a problem he is running into is that banks no longer are making loans to entry-level buyers. He defined entry level as mechanics and couples with mall jobs that once made up the majority of the real-estate market.
Although Clipse said it’s difficult to find lots to build on, he is fortunate to have some availability still in Austintown.
Despite being advised by banks and appraisers not to get involved in the condos, Clipse said he needed to see developments going in.
“There’s a demand out there,” Clipse said. “No other condos are going up, and no new stuff is there, really. ... Once I get them started, they’ll take off. The last time a unit was built was in ’06-’07.”