Housing Giants - August 11, 2008 - (Page 24) ceo spotlight Drees acknowledges there’s a growing market for high-rise condo product but shows no interest in it. “All forms of multifamily product can get overbuilt very easily,” he says. “If we run into affordability issues, we may move to building detached homes on smaller lots, but our product mix is decided by the local management teams. They keep their fingers on the pulse of the market, and in most cases, what buyers seem to prefer is still single-family home ownership.” However, Drees builds attached townhouses in the Cincinnati and Washington, D.C., markets, and recently added townhouses to the mix in Cleveland, Ohio, and Raleigh, N.C. “But it’s a small segment of our business,” he says, “and I don’t see that changing.” Photography by Mike Weimar 24 HOUSING GIANTS.8.11.08 www.HOUSINGGIANTS.cOm http://www.housinggiants.com
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