Winfield residential building drops in 2007

BY CARMEN McCOLLUM, Times of Northwest Indiana
cmccollum@nwitimes.com

WINFIELD | The town was not able to escape the housing industry slump that hit Northwest Indiana and the country in 2007.

Winfield officials recorded 103 residential building permits in 2007, representing a construction value of $17.1 million, compared with 2006 when 119 residential building permits were issued for an estimated value of $19.7 million.

The numbers represented a dip of about 14 percent in the bedroom community.

Across the country, economists have been increasingly worried about the downturn in the housing industry and the possibility of a recession, but Winfield officials feel their community is doing better than most in Northwest Indiana.

Barbara Kortokrax, Winfield building coordinator/zoning administrator, said although the numbers were down, there was a flurry of activity at the end of the year.

Winfield Clerk-Treasurer Rick Anderson said Stonegate and Stonegate Commons, along with Wyndance and Wynbrook, wanted to make sure they had models available.

"Stonegate had their first open house in late fall, and now we're seeing building permits for pre-solds for them," Anderson said.

New Winfield Town Council President Jim Hicks said Winfield was a reflection of the fallout in the real estate arena.

"I think when spring comes we'll be seeing more activity," he said. "With a downward adjustment in the interest rates, you'll see folks beginning to work on building new homes, and I really believe growth will continue. One of the biggest attractions we have is the Crown Point school system, and that's going to attract new homeowners."

Chris Lozanovski, a broker with Century 21 Executive Realty in Schererville who lives in Winfield, expects to see a rebound in the housing market overall.

Lozanovski believes existing homes with an asking price of $225,000 and less will sell well. He said he expects people to move up from that market to $350,000 to $500,000 homes or construct new homes.

"I think there will be an increase in the building permits this spring and summer but it has to be affordable housing," he said. "People in the high-end market have a tendency to build their own homes. I look for this to be a recovery year."