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Pinnacle News

    July 30, 2013

  • Hundreds of new-housing permits boost metro Detroit economy, job market

    Pinnacle Homes Managing Director, Howard Fingeroot, was interview by Susan Tompor in an article for the Detroit Free Press about how increased new-housing permits are boosting the local economy. Click here to read the full article.

  • March 30, 2013

  • February home prices see best yearly rise in almost seven years: S&P

    NEW YORK (Reuters) - Single-family home prices rose more than expected in February, racking up their best annual rise since May 2006 in a fresh sign the housing recovery remains on track, a closely watched survey showed on Tuesday.

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    February home prices see best yearly rise in almost seven years: S&P

    NEW YORK (Reuters) - Single-family home prices rose more than expected in February, racking up their best annual rise since May 2006 in a fresh sign the housing recovery remains on track, a closely watched survey showed on Tuesday.

    The S&P/Case Shiller composite index of 20 metropolitan areas gained 1.2 percent on a seasonally adjusted basis compared to January, topping forecasts for 0.9 percent.

    "Despite some recent mixed economic reports for March, housing continues to be one of the brighter spots in the economy," David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement.

    On a non-adjusted basis, prices rose 0.3 percent.

    Prices in the 20 cities gained 9.3 percent year-over-year, also beating expectations for 9 percent and the biggest increase since May 2006.

    On an annual basis, prices improved in all 20 of the cities covered in the index, the second month in a row that all of them have risen.

    The biggest gains were seen in some of the cities that were hardest hit by the crisis, including Phoenix, which rose 23 percent. Atlanta climbed 16.5 percent, while Las Vegas was up 17.6 percent.

    On average, national home prices are back to the levels they were at in the autumn of 2003.

    Prices have been rising since last February as the sector started to turn the corner, helped by tighter inventories and improved sales.

    Last year's housing recovery has continued into 2013, though the pace of sales has cooled recently. Still, housing is expected to continue to be a source of strength for the economy this year.

    Financial markets showed little reaction to the data immediately after its release.

    (Reporting by Leah Schnurr; Editing by Chizu Nomiyama)

    (c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp

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  • March 4, 2013

  • Sunny Outlook

    The Homes Builders Association says the 2013 housing market looks bright for builders, sellers, and buyer. Click here to see the article from the Jewish News. 

  • February 14, 2013

  • Governor Snyder presents Pinnacle Homes with Developer of the Year 2012!

    Pinnacle Homes has been named Developer of the Year 2012 by the Home Builders Association of Southeast Michigan. Click here to see a picture of Governor Snyder presenting the plaque.

  • October 5, 2012

  • Vital Signs Chart: Another Record Low for Mortgage Rates - Wall Street Journal

    Home-mortgage rates continue to fall to record low levels, helping lift the slowly mending housing market. Rates for a 30-year fixed mortgage fell to 3.36% this week, from 3.4% a week earlier and over 4% during the early part of the year. While lending standards remain tight, low rates have helped move home sales forward.

  • August 11, 2011

  • MSU Student Builds Career Success Through Internship

    Good luck to Stephen Short, who starts his senior year at Michigan State University this fall. Stephen worked as a summer intern at Pinnacle Homes, along side Ben Reyff, Field Manager at Country Club Village of Rochester Hills. The Building Industry Associations of Southeastern Michigan's Charitable & Educational Foundation Board suggested that the foundation sponsor a summer intern from Michigan State University's Construction Management program to work with a BIA member company, Pinnacle Homes. Stephen Short, a 2008 Troy High graduate was tapped to fill the position. Click here to see the article from the Observer & Eccentric.

  • February 4, 2010

  • Pinnacle Homes Named Builder of the Year 2010

    Amid the worst housing slump in decades, Pinnacle Homes has focused on the upper tiers of the home building market. The Farmington Hills-based company, formed six years ago when two former Pulte executives joined forces with a retired local builder, will receive Builder of the Year honors this week. The trio will receive the award Wednesday from the Building Industry Association of Southeastern Michigan at its annual economic forecast luncheon at the Sterling Inn & Banquet Center in Sterling Heights.

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    Pinnacle Homes Named Builder of the Year 2010

    Amid the worst housing slump in decades, Pinnacle Homes has focused on the upper tiers of the home building market. The Farmington Hills-based company, formed six years ago when two former Pulte executives joined forces with a retired local builder, will receive Builder of the Year honors this week. The trio will receive the award Wednesday from the Building Industry Association of Southeastern Michigan at its annual economic forecast luncheon at the Sterling Inn & Banquet Center in Sterling Heights. Pinnacle Homes is owned by Howard Fingeroot, the former president of Pulte Land Development, Steve Friedman, who has been in the home building business for more than 20 years, and John DePorre, a former Pulte manager. The company has built homes in Lake Orion, Novi and Northville, Royal Oak and Commerce and is at work on a new community in Farmington Hills. The most expensive subdivision is Bella Terra of Novi with homes starting at $350,000. We spoke with Fingeroot about the award, Pinnacle's strategy for success and his thoughts on where the market is headed.

    QUESTION: What does it mean to you to be named builder of the year just a few years after starting your company? What has led to that success?

    ANSWER: It's a big honor to be named builder of the year. We are very, very pleased and proud of our accomplishments in such a short time. Clearly in the last five years, the real estate market has been down. There's no question about that. We sort of stuck to our guns in terms of what we wanted to accomplish. We wanted to be in the best locations. We wanted to be in the best school districts and we wanted to build a great product. A lot of builders went to a less-expensive product because that's where they thought the market was headed. We said there is a market for more-expensive homes.

    Q: You share the award with your partners. Tell me about them.

    A: Steve Friedman, he had a building company called Selective Group. He started in approximately 1980 and sold in 2001 to Centex Homes. That was how Centex entered the market. We formed a partnership. John DePorre, he came from Pulte. He headed up construction for Pulte Homes of Michigan.

    Q: The forecasts we've seen so far do not predict a return to growth in home building until next year at the earliest. Is that what you're seeing?

    A: I'm not an economist, but my expectation is we will see a slow recovery. But the key there is recovery. I'd be very surprised if they (economists) would say there is downward pressure on pricing. I think we've bottomed out. I think we're headed in the right direction. It's just a matter of how slowly or quickly the recovery will take.

    Q: How are sales going in your top communities? What are you working on this year?

    A: The short answer is good. We're looking for great. We are shooting to close on 100 houses in 2011. We closed 50 to 60 in 2010. We are positioned well coming into 2011. We have a number of sold houses we are constructing. We are getting reasonable traffic. In Farmington Hills, we will develop that in the summer of 2011. It's 31 home sites. We'll be building 2,500 square feet to 3,000 square feet with pricing in the high $200,000 range to start. We have a VIP waiting list with probably 50 people on the list. I may be the most optimistic person in this business, but I see that good things are going to happen in the near future.

    Contact Greta Guest: 313-223-4192 or gguest@freepress.com 

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