Olympia Development Companies Announces Launch of New General Contracting Division

CORNWALL-ON-HUDSON, N.Y. (March 2, 2011) –-Olympia Development Companies, a multi-faceted residential builder and developer based in Cornwall-on-Hudson, NY, announced today that it has launched a new division—Olympia Contracting—that will focus primarily on providing general contracting services to homeowners looking to remodel their homes, residential developers building new projects in the greater Hudson Valley region and businesses that require build-out work on their commercial office or retail space.

Michael Bartolone, founder and president of Olympia Development, said the company embarked on the expansion of its operations and formed Olympia Contracting based on a need it has identified in the ever changing, but still troubled Hudson Valley economy. He said that Olympia Contracting is different than other general contracting companies because of his firm’s decades of experience in new home construction. “We find that it is very easy to go into an existing house and renovate and make it feel new when the job is done,” he said.

Bartolone related that in today’s market, “A good amount of people have decided to stay in their homes rather than sell and they are coming to me saying, ‘We’ve seen your work, we love what you do, but emotionally we don’t want to walk away from our house and take a $100,000 loss, yet we want to improve our quality of life in our current home.’ So assuming you like the location of your home and are on ‘solid financial footing’ or have some equity in your home, now is an ideal time to tackle the new kitchen or master bathroom you’ve been dreaming of or add on for a growing family. Not only have material prices fallen since the peak, if you need to borrow to get the job done, interest rates remain at an all time low.”

The demand from existing homeowners has run the gamut from families that are looking to implement energy efficiency-related improvements in order to reduce costs to empty nesters that require specialized work in order to deal with accessibility and safety concerns. For example, due to the troubled sales market there are elderly homeowners who were looking to sell their homes in order to move into an age-restricted or townhome community here or in Florida but have not been able to find a suitable buyer. “Those elderly homeowners are now coming to me with accessibility issues in their homes that need to be addressed,” Bartolone said. Other homeowners have approached Olympia with more quality of life enhancements such as wanting a new kitchen, updated bathrooms or a finished basement/ new addition to accommodate a growing family.

Another area the company expects to generate business is from foreclosures/short sales. “Anytime you are buying a home either as a short sale or in a foreclosure, I would say that 80% of the time there is a problem because the people that can no longer afford that house start neglecting it and the house therefore needs cosmetic improvements,” he related.

Olympia Contracting will also look to strike deals with new home builders to take charge of the general contracting responsibilities of their new home developments. In addition, due to the fallout from the recession, many downsized executives are now forming their own companies and are leasing space in the Hudson Valley region. Olympia Contracting will look to tap that market by providing general contracting services to these firms that require built-out work on their office or retail operations.

Olympia Development Companies consists of three other operating divisions: “New Homes,” which builds single-family homes in Rockland, Orange, Ulster, Dutchess and Sullivan counties, “Rental Properties,” and “Eco Homes.”

Olympia Development Companies is located at 281 Hudson Street Cornwall-on-Hudson, NY. For more information go to http://www.OlympiaContracting.com or call 845-534-4694.