Vision Homes is finding success
BY MICHELLE _L. START Florida Weekly Correspondent

COURTESY PHOTO Vision Homes does not build spec homes. Each of their homes is custom built specifically for the new owner.

In a market where other builders are going under, Vision Homes is finding success.

The company opened in July 2006, just as the market had begun to turn. It employs 13 full-time employees and two part-timers.

"The majority of our business is coming from customers whose builders have gone out of business or unable to get the homes built," said Jamie Pirrello, managing partner of the Fort Myers-based Vision Homes USA.

In many cases, Pirrello said the customers had contracted with a builder, taken out a construction loan and then were left without a home or one that was partially built, and some of the money was gone. Some of the homes have mechanics liens on them.

In one case, a woman recently came into their office in tears. She had taken out the loan, money had been spent and she owed the bank, but had nothing to show for it.

"This is what I call heavy lifting," Pirrello said.

Pirrello

"Each case is unique. The bad news is that we can't help everyone. But, for those we can help, we get the homes under contract and have them built in about four months. The good news is we are pulling permits and getting homes built. While everyone else is doom and gloom, we love Southwest Florida. We think it is a great place to be long term."

Pirrello calls those situations Rescue Homes and it accounts for about 70 percent of the company's business. During the first year of operation, Vision Homes built 45 homes and is aiming for 50 this year.

"I like actually helping people," said Pirrello. "It is helping also to build our business. We now have lenders who are referring customers to us."

Most of the remaining buyers were priced out of the market when homes soared above $300,000.

"These are our working families," said Steve Nice, chief operating officer. "These are nurses, school teachers and electricians. These are the folks who make the economy work."

In fact, last week a single mom who works as a teacher came into the office and signed a contract. She looked through the 16 plans, selected upgrades and is expected to be in her new home shortly after Christmas.

Nice

There are also a few buyers who are purchasing more luxurious retirement homes.

So, how do they make it work?

For one, Vision Homes does not build spec homes. Each of their homes is custom built specifically for the new owner. They don't own land, either.

The end-result is that customers purchasing now are getting reduced rates on lots. The majority of the construction being done by Vision Homes is for a 2,200 squarefoot $185,000 model. One customer recently bought that model and a lot for $200,000 but the home was appraised at $245,000, which created instant equity, Pirrello said.

The company currently has 20 homes under construction.

Pirrello said they begin four to five new homes a month.

"Call me old fashioned, but it is like an assembly line," he said. "We only earn our keep if we build homes, so we have to build every day."

Eventually the company hopes to expand and begin building subdivisions, but the pricing is still too stiff, Pirrello said.

PHOTO MICHELLE START Jose Angel is employed by Vision Homes.

"We're doing some things differently," said Nice. "Jamie's vision is for homebuilders to be good neighbors. We keep our job sites clean. We keep the inside of the house clean. We know the customer will come over and take a peak every chance they get. We're trying to make homebuilding a fun experience for the customer."

As a part of that goal, photos are taken as the home is being constructed and customers are able to view the work through photographs online.

"It is not about getting rich tomorrow, but about building our business long term," said Pirrello. ¦

PHOTO MICHELLE START One of Vision Homes under construction.