By Mark Edwards
Broker in Suffolk, VA
"Custom Building" could be the BEST Option for Today's Homebuyer
Yes, new home construction is up and people are building and buying new homes again in Virginia, and we're excited about what's going on in our four East West Communities in the Hampton Roads area of Virginia. New home sales are up in the Northern Suffolk/Isle of Wight area. (Since last May, we've had over 20 new home sales or closings in The Riverfront at Harbour View. Sales are up at Founders Pointe as well as we've seen 30 sales transactions there since Spring of 2010)
Builders have definitely stepped up and are taking great care of the customer, AND we're seeing outstanding new home values as a result. One of the drawbacks of the building boom a few years ago was the fact that builders couldn't meet their closing deadlines and sometimes customer service fell behind the wayside. Our buyers are finding out that it is a great time to build after comparing their options with the other possibilities in the marketplace.
It's making sense for alot of people to actually sit down with the builder and custom build the home plan they really want in the neighborhood location they really want. Recent sales are up at The Riverfront at Harbour View and Founders Pointe new home communities. The new home construction quality has improved in recent years- more energy eficient, better framing and foundations, better quality appliances and interior appointments, etc.
There are also many reasons why today's homebuyers are seeking quality new home communities as a place to call home. There's a definite resurgence of interest in building a new home in our market, so I've listed 7 reasons why people are buying new homes in our communities today.
1. Value. Homebuyers looking for more value tend to be more cautious in their home purchase than they were maybe a few years ago. If you're investing your hard earned money, you want to make sure you're in an area that offers a high quality of life and offers a good resale opportunity. There's definitely a market looking for a neighborhood with lifestyle amenities- a place where they can get to know their neighbors, entertain friends and family, and have memorable experiences.
Homebuyers have been paying more attention in recent months in finding not only the "right price", but what's equally important is finding the "right home" and the right neighborhood. Buying a new home is a way to make sure you achieve your dream home and it's never been a better time to purchase a new home. Pricing of materials and labor are very attractive today than a few years ago and we're seeing it reflected in many pre-sold homes. People also want to take advantage of the lower interest rates.
Over 2,100 families have relocated to three planned communities developed by East West Communities in the last ten years - Eagle Harbor, The Riverfront at Harbour View, and Founders Pointe since 2000. (Founders Pointe is the newest of the three and opened in 2005). Another 500 homes were developed in the Gatling Pointe community before 2001 in Smithfield, Va. We recently opened the first two model homes in Liberty Ridge in Williamsburg (a new custom home community with three acre homesites).
2. Feeling of Security. Many new homes are located in quality planned communities, which can help give homebuyers a feeling of security. When asked what people look for when they shop for a new home, many say they're looking for a sense of community. Planned communities help provide the lifestyle that makes a house a home. The statement entry helps give a sense of arrival, a creative land plan allows for pocket parks, recreational areas, and private cul-de-sac neighborhoods and slower traffic. A more attractive streetscape is accomplished through unique and distinctive architectural guidelines, enhanced landscaping requirements and a quality team of homebuilders. The protective covenants also protect value and helps control the overall look and feel of a planned community.
New homebuyers also gain a sense of security through the various new home warranties (Some roofs have 30 year warranties, Foundations and certain structural components can be 10 years, and other warranties on HVAC equipment, appliances, etc.) It's less out of pocket expense for the homeowner. In many of our communities, the yards are irrigated and sodded and includes at least $2,500 in landscaping, which also helps provide a superior streetscape.
3. Reputable Homebuilders. Some of the area's most reputable builders have also committed to building Featured Models in planned communities because they know they attract quality homebuyers and it's a place they enjoy building new homes. The group of preferred builders also helps to accomplish the overall architectural theme goal and helps establish a great looking streetscape, thus a more attractive neighborhood. Residents also like dealing with homebuilders that are dedicated to their neighborhood.
Buying a home can be a highly emotional experience and it makes sense for the quality homebuilder to strategically build their best home designs and Featured Models where the homebuyers are really want to live.
4. Creative new home designs. We often see builders create a brand new home design that's on the cutting edge of national trends, showcasing the finest building products and materials. Our new home communities attract alot of visitors and the builders see it as an opportunity to go above and beyond in their selection of the home plan, the overall exterior curb appeal, and interior appointments. Every time we open a new section, our builders have stepped up with totally new plans which helps keep the neighborhood interesting and different.
Planned communities likeThe Riverfront at Harbour View, Founders Pointe, and Eagle Harbor can offer a wide variety of price ranges and new home styles. For example in Gables at The Riverfront, a single family home starts in the upper $200's. Custom homes in Graystone at Eagle Harbor begins in the $300's (7 builders), in Founders Pointe in the $400's (9 builders), and in The Riverfront the home prices begin in the $500's (8 builders).
Model Home Extravaganzas- The Tidewater builders Association held its annual Homearama model home show in Founders Pointe last year and it returns to The Riverfront this October with the Fall Homearama. Tens of thousands of people attend to see the superior quality homes over a sixteen day period. The best in new home designs and finishes are showcased on the same street, and it's always a win win situation for the builder/development and the customer.
5. Resort style Amenities. Residents in our East West Partners communities often say that living in our neighborhood is like being on vacation year round. Neighborhoods with active community clubs is attractive to many relocating from outside of the area. The resort styled amenities in The Riverfront, Founders Pointe, Eagle Harbor, and Gatling Pointe rival those at some of the greatest resorts. First class facilities such as the Founders Pointe Residents Club and The Riverfront Swim Club may add value to their homes and offers many positive experiences for their families....a chance to rediscover the simpler things in life, like going for a walk to one of the neighborhood parks. Residents enjoy the monthly planned activities - whether it's signing the kids up to one of the summer camps, participating on the neighborhood swim team, or on one of the many fun events scheduled by the Activities Coordinator.
Relocating families also tend to feel it's easier to get to know your neighbors in a neighborhood that offers a centralized amenity location. A lively club operation helps provide social interaction and opportunities to make new friends. It helps make the adjustment to a new area easier and it's a reason families from out of the area feel more welcome. There's something special about being able to take your grandchild to the river to check out one of the canoes to explore nature in your backyard..... Many buyers yearn for the opportunity to experience these memorable moments with their families.
6. Sense of place, Belonging. Many of today's homebuyers in the Hampton Roads area of Virginia are searching for a sense of belonging....a place they can enjoy recreation and have a lot of fun things to do without leaving their neighborhood. Many people seem to long for a safe place to live, a place to raise a family, to maintain a home they can be proud of, and live the American dream. A planned community offers many lifestyle opportunities and home style options. As mentioned earlier, most reputable builders are attracted to quality neighborhoods and they choose to align themselves with developers that create the best places to live.
7. Developer's Credibility. Today's consumers should investigate their options fully when finding the right neighborhood. Look at the track record and the whole body of work for that developer and/or builder. East West has always well when the homebuyer compares the total community to other options in the marketplace. Communities like The Riverfront, Founders Pointe, and Eagle Harbor are located in growth areas and are places that people are moving to, and not away from. The Northern Suffolk/Isle of Wight County corridor is located on the western edge of the Tidewater area of Virginia, and is central to both the Peninsula and southside Hampton Roads.
After 39 years of developing planned communities, East West has listened to the homeowners' needs, wants, and desires- through numerous focus groups, surveys, and market research. Every time we open a new community we strive to provide the homebuyers with more things that they want. (For example, at Founders Pointe, one of our new home communities in the Hampton Roads area, there are more walking trails, a waterfront observation pier, a larger clubhouse, more pool shade structures and a water slide for the kids. In Liberty Ridge in Williamsburg, there will be miles of natural leisure trails winding through the neighborhood of three acre homesites.)
For Information about East West Partners’ communites, visit www.eastwestcommunities.com.