Local Demand Up For Luxury Homes
(an excerpt from NorthCentral News. You can view the entire article here.)
Porchlight Homes
Porchlight Homes recently broke ground on the model for its new luxury home gated community, dubbed Claremont Estates, located on 5.5 acres at 7th Avenue just south of Maryland Avenue. The property is best known in the neighborhood as belonging to the Mahoney family for several generations; the neighborhood itself was established in the 1920s.
We completed a small development last year at 3rd and Maryland avenues called Madison Meadows, so we knew the area and could see a great need for new home opportunities for North Central buyers, explains Ryan Larsen, vice president of Operations for Porchlight Homes. It isn’t often that you have a chance to design an infill community in North Central.
Larsen says Porchlight made an effort to be sensitive to the integrity of the area by incorporating real brick, siding, front porches, and grass front yards for its Claremont Estates development. We hired a professional color consultant to study the area and create rich color schemes that are appropriate for the area.
There are only 15 lots total in Claremont Estates and Porchlight already has sold two homes just from the posted signage at the site. The homes are single-story and range in size from 2,811 to 3,529 square feet.
He attributes the growth in demand for luxury homes in part to savvy homeowners who survived the real estate meltdown.
Demand is strengthening in part because people are now more likely to have equity in their current home, which enables them to make a move, he explains. In addition to this, we are seeing buyers who may have gone through a short sale or foreclosure during the downturn, but enough time has passed to allow them to qualify to purchase again.
Add historically low interest rates into the formula and it makes sense why the best properties aren’t lasting long on the market.
The first home should be complete in late October, but new build opportunities are available now. Sales are through Bobby Lieb of HomeSmart Realty, 602-761-4646. To view renderings and specifications of the homes available, visit https://porchlighthomes.com.