Money Matters: Parade of Homes indicates thriving economy

Reported by: Brittany Price
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Updated: 6/19/2013 11:01 am
2013 marks the biggest parade of homes yet. Chairman, Jordan Wheatley, said that's based on four criteria. 

"It's the largest because we have 26 homes, 22 builders, 100,000 square feet of living space and over $13 million in retail value," Wheatley explained.  

That $13 million worth of homes on the ground creates an economic ripple effect. 

"That equates to a $500,000 total tax revenue which immediately goes into our schools, our city, our hospitals and our county," Wheatley said. 
"We estimate that the $13 million will be turned over three, four, five times in our economy."

Wheatley said this year's parade indicates consumer confidence is back more than ever. 

"We only have about eight homes left for sale of the 26. going into the parade we had about half of those already pre-sold," Wheatley said. 

Low interest rates help encourage that home-buying. 

"It's all based on your income and credit rate, but generally about a four percent interest rate seems to be the normal," Wheatley said.  
"As long as these interest rates stay down, these houses will remain affordable for just about everyone." 

He said the more homes being built and sold means more employment opportunities. 

"It takes about 200 men to build each house. In this subdivision, Verrado, there are six homes. It took about 1200 men to make this parade happen just on this street and this subdivision," Wheatley said.  

Oakmont and Primrose are the other two estates being featured in this year's parade which continues through Sunday, June 23. 
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