{"id":38065,"date":"2022-11-07T10:03:50","date_gmt":"2022-11-07T15:03:50","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=38065"},"modified":"2022-11-07T10:03:50","modified_gmt":"2022-11-07T15:03:50","slug":"local-builder-and-broker-cecil-provost-operating-out-of-new-offices-on-maple-ave","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2022\/11\/local-builder-and-broker-cecil-provost-operating-out-of-new-offices-on-maple-ave\/","title":{"rendered":"Local Builder And Broker Cecil Provost Operating Out Of New Offices On Maple Ave."},"content":{"rendered":"
\"\"
Cecil Provost, owner of Saratoga Construction, Saratoga Modular Homes, Saratoga Log Homes, and ProRealty New York Inc., has moved his offices to 570 Maple Ave., Saratoga Springs.<\/figcaption><\/figure>\n

By Christine Graf<\/p>\n

Local builder and real estate broker Cecil Provost has relocated his company\u2019s headquarters to 570 Maple Ave. on Route 9.<\/p>\n

Provost is the owner of Saratoga Construction, Saratoga Modular Homes, Saratoga Log Homes, and ProRealty New York Inc. He specializes in building energy-efficient custom and modular homes at affordable prices.<\/p>\n

Before making the move to the new headquarters, the company spent 10 years in a leased space on Lake Avenue. Prior to that, they were located on Putnam Street.<\/p>\n

According to Provost, the decision to relocate occurred after the perfect property became available. It was purchased in May for $610,000.<\/p>\n

\u201cThis opportunity came along, and it\u2019s a great location. The building needed some renovations, but we think it will be a nice investment.\u201d<\/p>\n

As part of the renovations, Provost transformed the four-bedroom residential home into an office. A 45×50 foot metal garage is now being used as a warehouse.<\/p>\n

<\/span><\/span><\/b><\/span>\u201cWe did all an all new mechanical system and all new floors. We created ADA bathrooms and put in a wheelchair lift for handicap accessibility,\u201d said Provost. \u201cOn the exterior, we did windows, roof, siding, parking lot, and new lawn.\u201d<\/p>\n

Despite rising interest rates, Provost said that the local real estate market continues to boom.<\/p>\n

\u201cThe market is as strong or stronger than ever. We anticipated that it would slow down with prices and interest rates going up, but we haven\u2019t seen that at all. I think it\u2019s because of a combination of factors. The local economy is very strong, and there is a real shortage of existing homes on the market for sale. Anything that comes on the market is selling quickly with multiple offers.\u201d<\/p>\n

Although homes are no longer selling in just a day or two, most are selling in a matter of weeks. Homes that remain on the market for months at a time are most likely overpriced.<\/p>\n

\u201cIt\u2019s still a very strong seller\u2019s market,\u201d said Provost. \u201cTypically, in our region it\u2019s 90 to 100 days between listing and contract. Earlier this year, it was less than a week. I don\u2019t have the numbers in front of me, but I\u2019m sure it\u2019s less than 30 days right now. We\u2019re nowhere near the historical average.\u201d<\/p>\n

Demand is being fueled in part by continued relocations to the area. In addition to those moving to the Capital Region for employment opportunities, Provost said that many people are choosing the area for their retirement homes.<\/p>\n

\u201cWe\u2019re seeing a lot of people who are selling their homes in downstate, Connecticut, Jersey or wherever and moving here in retirement.\u201d<\/p>\n

During Provost\u2019s 37 years in the real estate business, he has noticed that the local economy tends to weather recessions better than many other regions of the country.<\/p>\n

\u201cWhen the rest of the country is going up, we go up also. But when the rest of the country crashes, we seem to see a plateau,\u201d he said. \u201cI\u2019m not even sure if we are going to see a plateau this time. I think we are going to continue to see steady growth\u2014just not as crazy as it has been.\u00a0 <\/span>I don\u2019t see a real slowdown because I don\u2019t anticipate the number of homes on the market rising any time soon.\u201d<\/p>\n

Nationally, he expects regions that are more investor focused to see price reductions. Because the Capital Region is primarily owner occupied, he expects prices to remain fairly stable.<\/p>\n

\u201cBetween that and the growth coming with GlobalFoundries and everything else going on around here, I don\u2019t see demand declining, and I don\u2019t see inventory rising,\u201d he said. \u201cTherefore, I think prices are going to stay stable and maybe even continue to grow.\u201d<\/p>\n

On the construction end of his business, demand remains especially high for his company\u2019s vacation and second homes.<\/p>\n

\u201cOne of our specialties is lake homes and vacation homes. A lot of people are moving to one of the lakes around here or Lake Placid or North Creek. We have several jobs going on in North Creek right now,\u201d he said.<\/p>\n

Provost estimates that the cost of building a new home has risen as much as 40 percent or more when compared to pre-COVID prices. Despite the skyrocketing prices, his construction business is stronger than ever.<\/p>\n

\u201cIn the niche that we are in, more than half of our customers are paying cash,\u201d he said. \u201cWhat has been really impacted negatively is the entry level homebuyer–especially someone trying to build a home for less than $300,000.\u201d<\/p>\n

Pre-COVID, Provost was building 12 to 14 homes a year. That number has increased to over 30. Currently, he is almost \u201csold out\u201d for new construction in 2023.<\/p>\n

\u201cIt\u2019s hard to imagine that happening in November. I never dreamed of being this busy as a builder,\u201d he said.<\/p>\n

Provost is on the board of directors for the National Modular Home Builder\u2019s Association. At their annual conference that took place in October, an economist from the National Association of Home Builders presented an economic forecast.<\/p>\n

\u201cThey are projecting that mortgage rates will come back to somewhere in the mid-5\u2019s. Lumber seems to have stabilized, and that will probably hold into next year,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Christine Graf Local builder and real estate broker Cecil Provost has relocated his company\u2019s headquarters to 570 Maple Ave. on Route 9. Provost is the owner of Saratoga Construction, Saratoga Modular Homes, Saratoga Log Homes, and ProRealty New York Inc. He specializes in building energy-efficient custom and modular homes at affordable prices. Before making […]<\/p>\n","protected":false},"author":89,"featured_media":38066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-38065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\r\nLocal Builder And Broker Cecil Provost Operating Out Of New Offices On Maple Ave. - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2022\/11\/local-builder-and-broker-cecil-provost-operating-out-of-new-offices-on-maple-ave\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Local Builder And Broker Cecil Provost Operating Out Of New Offices On Maple Ave. - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Christine Graf Local builder and real estate broker Cecil Provost has relocated his company\u2019s headquarters to 570 Maple Ave. on Route 9. Provost is the owner of Saratoga Construction, Saratoga Modular Homes, Saratoga Log Homes, and ProRealty New York Inc. He specializes in building energy-efficient custom and modular homes at affordable prices. 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