Red Oak Construction Celebrates 110th Home Closing in 2008

Marietta based Red Oak Construction and affiliated companies recently closed their 110th house in Cobb County in 2008.

“Despite this being one of the worst housing markets since the Great Depression, Red Oak continues to provide quality, affordable housing backed by an outstanding warranty program and company strength,” said Colby Henson, managing broker for Red Oak Realty. “It’s a great time for credit worthy buyers to take advantage of outstanding values due to the over supply of houses. We expect housing prices to rebound next year as the sell off of excess supply continues to bring the market back into balance.”

According to Steve Palm of Smart Numbers, an Atlanta-based real estate research firm, “Red Oak and affiliates currently have the largest market share in Cobb County at 8 percent of the new home sales.” Although builder defaults and foreclosures are occurring at a pace not seen since the Savings and Loan crisis of the early 1990’s, the more established builders are successfully selling off inventory and reducing debt. “The builders that are able to weather the storm will be positioned to capture additional market share as the market improves,” says Palm.