Special issue: Poised for Recovery?
By: George Frey
There’s no doubt about it. As people watched markets falter and losses mount in their portfolios, money went into real estate and to upgrading homes and gardens.
With international security concerns on everyone’s minds, people also just wanted to stay home more, said Linda Principe of Linda Principe Interiors, a Plainsboro decorator. Ms. Principe says her company provides decorating services and space design consultations, among other services, for residential and small commercial clients.
She’s celebrating her 15th anniversary in business and says it is booming even if for the wrong reasons. Business in 2002 was up 15 percent over 2001.
"A lot of my business is repeat business. I’ve been working with some people for 10 or 12 years now. Sometimes I’m working in their second or third homes," she said. "I found after 9/11 that people were interested in cocooning. I definitely saw that. People were saying ‘We have the budget. Let’s go for it.’"
Ms. Principe says she has been doing a variety of jobs, especially master bedrooms and family- room work. People also are re-doing their living rooms and powder rooms, just to keep up with styles that change over the years.
Clients, through their redesigns, are trying to create a haven of comfort, Ms. Principe says, something often achieved through picking different fabrics, accessories or paint colors for the house. "Colors can make people feel happy. Clients don’t want their houses to be sterile. They are more passionate about their homes now.
"In the past they’d say ‘Whatever you think, we’ll do it. Whatever you think is best.’ They’d allow me to do the entire planning process. Now they’re interested in it. They’re more comfortable in making the decisions. They’re really out for the comfort feel. I’ve seen a big change since 9/11."
Ms. Principe says she thinks things are looking like this year will be busier than last year’s record.
"I have quite a few projects in the works. This will be a very busy year. People are saying, ‘We want to make it a decorated family-type space.’ The business I’m in sees that kind of side effect of the times.
"People want to vary the existing space and decorate it to their liking. Family rooms, big TV rooms, home theater, movie space. People want to rent a movie and invite their friends over. I see numerous projects going on at once in some of these houses," she said.
Another businessperson who has seen the leap to refurbish and refinish homes is Glen Doyle, a Lawrence builder who says the business of remodeling and renovations is brisk for his firm right now.
"From what I’ve read and the people I’ve spoken to, people are not traveling. They’re not taking the grand vacation, but they’re updating and upgrading their homes," Mr. Doyle said. "People want to have nicer amenities around the house.
"Our business has been steady. Our industry is seeing the effects of people putting money into their homes instead of going on vacation. People are pulling their money out of the stock market and putting it into real estate. We’ve seen a steady movement of work."
Mr. Doyle said housing is still solid despite hearing reports from commercial builders that commercial work is somewhat slower.
"We’re not totally sure why we saw a bit of a slowdown around the holidays, but it’s probably because people just wanted to get the workmen out of the house. There’s generally a slowdown around that time of the year. It seems to have picked up since then."
He also says it’s poised to continue. "We’re booked out for 10 months. We’re booked out eight to 10 months ahead of ourselves."
Mr. Doyle says bathrooms and family-room additions are very popular upgrades for him right now, and on another positive note his suppliers also have work. The cabinet makers that supply Mr. Doyle say they are booked solid.
The landscaping industry also has seen growth due to the stay-at-home and fix-up-the-house phenomena.
Last year people were spending money on plantings and water gardens, says Charlie Peterson, owner of Peterson’s Nursery and Garden Center on Route 206 in Lawrence. The drought took its toll on the center’s business but, all in all, he saw an upswing in the number of jobs the center was doing and the volume of plantings being sold.
"People wanted to create a leisure-time space. They don’t want to travel. People want to improve their properties. Plants and flowers are friendly and peaceful. That’s another reason to flower up the garden. I’m optimistic that the trend will continue."