Scarcity! Where are the skilled craftsmen and professional subcontractors? Perhaps the recession combined with our long winters contributed to their relocation or new job prospects in warmer climes were too tempting to pass up.
The Rider Levett Bucknall report shows that construction costs in Denver increased overall by 2.2 percent in the first quarter of 2014 from the same quarter a year earlier. It states that despite the optimism, some firms are becoming concerned. RLB is a project management and construction consulting firm with offices all over the world, including 19 in the U.S., and one in Denver.
Stable construction-material prices and the number of construction firms available modulated the costs, but the firm said that “prices may continue to jump if subcontractor resources diminish, profit expectations increase or competition is reduced.”
In Summit County, scarcity is normal thanks to our fantastic ski season. However, it also creates a brief window of opportunity to complete a project. Contractors who prefer to remodel and most of the handymen pulled out in 2008 and have been slow to return. It goes without saying that the builders who remained have established businesses – predominately custom home builders with craftsmen level woodworkers and long standing relationships with plumbers, electricians and other subcontractors. Finding qualified contractors who are willing to take on the challenge of a remodel is the current dilemma. The large number of condo complexes that require updating offer many opportunities for contractors who remodel. Demand is here… Come on back!
Kathy Christina; Broker / Owner; Breckenridge Real Estate Kompany; Breckenridge, CO
Contributor: Caitlin Hendee, Digital Producer / Social Engagement Manager – Denver Business Journal
