If Homebuilders Build It, Will Homebuyers Come? [Housing Tracker]

Homebuilders Offering More Incentives, Keep Building

Builder Briefs: Centex Offers New Homes In Salem.  Oregon: “Centex Homes (CTX) is selling homes at South Nottingham, a 19-home subdivision in southeast Salem... Homes offered at South Nottingham range in size from 2,268 to 2,987-sf, with three to four bedrooms and two-car garages. Home sites back to a natural wetland area. Base prices range from $267,000 to $297,000.” (The Oregonian, June 29^th)

New 60-Unit Complex From Centex Homes Off Clements Ferry Road Delivers Tony Interiors, Classic Facades.  South Carolina:  “Centex Homes started marketing Cain Crossing properties last October, and eight months later remains early in the sales phase. But a combination of time, patience and figuring out what buyers would pay for the comfortable, roomy townhomes has brought interest as of late. Debi DeCusatis, sales executive with Centex: "It's now hit a price people can afford, to be on the outskirts of Mount Pleasant." Cain Crossing will have 60 dwellings, with sizes from 1,471-2,339-sf. Shoppers can choose from 10 floor plans at costs of $149,900 to $207,900.”  (Charleston Post & Courier, June 28^th)

Meritage Offers As Much As $50,000 In Added Value At Mira Lagos.  Texas: “Meritage Homes (MTH) is building in two neighborhoods within Mira Lagos, with prices from the $220s-$350s… Qualified buyers who contract to build a Meritage home in La Ensenada will receive a free 50-inch plasma TV, a framed Thomas Kinkade print, $6,000 in free options and a $6,000 credit toward closing costs when financing with MTH Funding. In La Pradera, every Meritage home features approximately $50,000 in luxury amenities, including hand-scraped hardwood flooring, a gourmet kitchen… a free three-car garage, and a free outdoor kitchen with oversized covered patio.”  (Star Telegram, June 28^th)

Developer Pulls Out Of San Cristobal Project: D.R. Horton Had Planned To Build 2,780 Homes Off N.M. 14.  “New Mexico State Land Office: D.R. Horton Inc. (DHI) which had planned to build 2,780 homes and nearly 2 million-sf of commercial space on 1,813 acres of state land pulled out last week. Assistant State Land Commissioner Jerry King: Horton is about 90 days behind in paying its annual $91,000 lease… The first phase of the project [should] have been completed by April… King said the housing market, the economy and difficulty finding water rights for the project could have been factors in Horton's decision: "We only had 22 acre-feet of water. That meant D.R. Horton still needed another 300 acre-feet of water."  (Trading Markets, June 28^th)

Focus On Maryland's Charles County: Commuters Nearer To Nature, Shopping.  “Lennar Corp. (LEN) is building town homes and single-family homes at Fairway Village in Waldorf, a 9,100-acre planned community with an 18-hole golf course, parks, trails, a swimming pool, a clubhouse, tennis courts and ball fields… Residents are within an easy drive of St. Charles Towne Center. The single-family homes are priced from the upper $300,000s-mid-$400,000s. The town homes… are priced from the mid $300,000s… Ryan Homes is building single-family homes… at Eagle Ridge in Waldorf, a wooded enclave with homesites of up to 3 acres. The homes can be built with up to 4,900 finished sf.”  (Washington Times, June 27^th)

Toll Brothers Hosting Kitchen And Bath Expo.  “Toll Brothers (TOL) is hosting a kitchen and bath expo this weekend at all seven of its Chicago-area developments currently under construction. As an incentive, buyers who purchase a residence Saturday or Sunday will receive upgrades and finishes in the kitchen and bath for $1. The incentives vary from development to development, but typically are valued from $40,000 to $60,000.”  (Trading Markets, June 27^th)

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Comments

[John Pseudonym]

Here in Iowa, for the most part, the only new houses going up are those that are already sold.

Builders have a lot of time on their hands so they're all advertising custom built homes at cookie cutter prices.

[jimsep]

They should stop speculative building for a while. That is the only thing that will work. All this is rearranging deck chairs on the Titanic.