Posted on: Tuesday, October 16, 2001

Orders increase for home builders

Advertiser Staff

Hawai'i's largest home developers report that the Sept. 11 attacks did little to dampen orders last month, and that building will continue as planned.

New-home orders from four of the largest builders in September increased to 150, from 142 in the same month a year ago, according to figures complied by the Building Industry Association of Hawaii.

Orders remained flat during the second week of September, and fell the third week before rebounding throughout the rest of the month.

"We are selling homes, we are keeping our work force and we are still moving full speed," said Craig Watase, association president-elect and vice president of Mark Development.

Ongoing projects by Castle and Cooke Inc., Gentry Homes Ltd., Schuler Homes Inc., Haseko Homes Inc. and Stanford Carr Development will pump more than $100 million into the economy in the next three months, one industry executive estimated.

Tom Zimmerman, senior vice president of Bank of Hawaii's residential loan department, said the number of mortgage applications remained the same in the week before and after the attacks.

"I see this as a good sign," he said. "People tend to put a lot of thought and planning into a home purchase, and it demonstrates the underlying faith in the long-term soundness of the economy."

Mary Flood, vice president of sales and marketing for Schuler Homes, said the company had only a couple of cancellations because of the tragedy.

"The lower interest rates have conquered most people's fears," she said.

Year-to-date through September, new-home orders from Castle & Cooke, Gentry, Haseko and Schuler totaled 1,120, a 13.4 percent increase over 988 during the same period a year ago.