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2010-12-29T00:00:00.000Z

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Background Information

Employment History

President
Stricklen Properties

Developer and President
Home Builders Association of Greater Charleston

Affiliations

Board Member
Home Builders Association of Greater Charleston

Web References (6 Total References)


Energy Code Works » Blog Archive » Builders Fear Slower Housing Market as Tax Credit Fades

www.energycode.com [cached]

"Growing up in the building business, you always know it is a cyclical business with highs and lows, but no one expected the apocalyptic events of the past two years, which have been even worse than the early '80s when interest rates were up to 18%," said J.D. Stricklen, president of Stricklen Properties in Charleston, W.Va., which was started by his father in 1953.

In his market, households who are transferring to the area are renting homes, he said, because "they can't sell the house they have in another city. A weak economy and the loss of household income in 401(k)'s and other investments, aren't helping, he said. "People are scared to death."
"We are trying to convey what has happened in the marketplace," said Stricklen. "It's the quality of life for the citizens of this country.


J.D. Stricklen, who works ...

www.statejournal.com [cached]

J.D. Stricklen, who works with Stricklen Properties and is director of the Home Builders Association of Greater Charleston, a local chapter of the National Association of Homebuilders, said the rental business is "through the roof right now.

...
Stricklen said his company has invested in its rental housing through the years, and has no rental units available right now.
"Most of what we own we've built over the past three or four decades, and we currently have three under construction. Right now we have one unit empty and that will be leased tomorrow."
Stricklen said that's rare, since the company usually deals with several hundred units. They've already started pre-renting units under construction.
Even if home sales start to pick up again, he said, the Charleston area's housing stock has become dated and people will still want better rental units.
"There's not been a lot of rental units built in the last 20 years because of depreciation rates. Rentals were a good tax shelter in the '70s, but those loopholes have long since closed," he said. "I find that a lot of these rental houses are being gobbled up right now on the sales market."
Stricklen said that West Virginia probably won't see a lot of rental units added to the market due to foreclosures, but in states such as Arizona, Nevada and California "a lot of those foreclosures will be converted to rentals, because the banks can't let them sit vacant."
The biggest problem statewide in the rental market is real estate taxes, Stricklen said, because West Virginia basically has only two real estate tax classifications, owner-occupied or non owner-occupied rates. Owner-occupied properties are taxed at roughly half the rate of rentals, he said.
"For our apartments, we have to charge more rent because real estate taxes are so high," Stricklen said.
Renters are paying the same rate as large commercial companies, he said.


Adding Amenities: ; Building a Home Means Getting What You Want, Where You Want It

remodeling.hw.net [cached]

House size is ballooning because of all the amenities people are adding, said J.D. Stricklen, a builder, developer and former president of the Home Builders Association of Greater Charleston.

The majority of new homes built nationwide in 1970 had 1 1/2 bathrooms or less, compared with 2 1/2 bathrooms or more in 2003.In 1970, most homes were only one story.In 2003, 52 percent of homes were two stories or more.
Plus, house styles are changing, Stricklen said.
...
"People want it more open and rooms to flow more freely," Stricklen said.
The living room, dining room and kitchen in the Hamons' colonial brown brick exterior home are all situated in one open area.Donna's mother Crystal's large bedroom also serves as her living room, which flows into a laundry area and full bathroom.
Although building a home from the ground up gives consumers the flexibility to add the amenities they've always wanted, it can also cost more than buying an existing home.
Stricklen and Thomasson agreed the average cost of building a house in the Kanawha Valley hovers around $100 per square foot.


J.D. Stricklen, who works ...

www.statejournal.com [cached]

J.D. Stricklen, who works with Stricklen Properties and is director of the Home Builders Association of Greater Charleston, a local chapter of the National Association of Homebuilders, said the rental business is "through the roof right now.

"We're a real estate developer, investors, brokers.Rentals go down when house sales go up.That's what we like with being diversified," he added.
...
Stricklen said his company has invested in its rental housing through the years, and has no rental units available right now.
"Most of what we own we've built over the past three or four decades, and we currently have three under construction.Right now we have one unit empty and that will be leased tomorrow."
Stricklen said that's rare, since the company usually deals with several hundred units.They've already started pre-renting units under construction.
Even if home sales start to pick up again, he said, the Charleston area's housing stock has become dated and people will still want better rental units.
"There's not been a lot of rental units built in the last 20 years because of depreciation rates.Rentals were a good tax shelter in the '70s, but those loopholes have long since closed," he said."I find that a lot of these rental houses are being gobbled up right now on the sales market."
Stricklen said that West Virginia probably won't see a lot of rental units added to the market due to foreclosures, but in states such as Arizona, Nevada and California "a lot of those foreclosures will be converted to rentals, because the banks can't let them sit vacant."
The biggest problem statewide in the rental market is real estate taxes, Stricklen said, because West Virginia basically has only two real estate tax classifications, owner-occupied or non owner-occupied rates.Owner-occupied properties are taxed at roughly half the rate of rentals, he said.
"For our apartments, we have to charge more rent because real estate taxes are so high," Stricklen said.
Renters are paying the same rate as large commercial companies, he said.


Wisconsin Builders Association | Friday Update

www.wisbuild.org [cached]

"Growing up in the building business, you always knew it is a cyclical business with highs and lows, but no one expected the apocalyptic events of the past two years, which have been even worse than the early '80s when interest rates were up to 18%," said J.D. Stricklen, president of Stricklen Properties in Charleston, W.Va., which was started by his father in 1953.

In his market, households who are transferring to the area are renting homes, he said, because "they can't sell the house they have in another city. A weak economy and the loss of household income in 401(k)'s and other investments aren't helping, he said. "People are scared to death."
"We are trying to convey what has happened in the marketplace," said Stricklen. "It's the quality of life for the citizens of this country.

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