Featuring the perspectives of local executives in new construction:

Tony Adams
Regional Vice President of Georgia/NW Florida, Kolter Group

David Tufts
Partner and Chief Development Officer, Ansley Developer Services

Will you add inventory in 2024? Can you tell us about your plans?

Tony Adams: In Q1 2024, Kolter Homes will open our fourth Cresswind active adult community in the Atlanta market. This one is Cresswind at Spring Haven in the Newnan area, which at build out will have 700-plus new homes. Cresswind at Spring Haven will feature entirely new floorplans along with our award-winning Cresswind lifestyle program and clubhouse concept. We also expect to sell out of our current Newnan area community, Oak Hill Reserve, and north of town in the Braselton area, we’ll be opening new phases of homesites at Cresswind Georgia at Twin Lakes, the state’s No. 1 active adult community.

David Tufts: We have great plans for 2024. Despite some challenges faced by developers, particularly in the commercial lending sector, we will remain at the forefront by assisting them in introducing state-of-the-art new properties. These new developments are expected to be very appealing to buyers, especially given the current low inventory environment in which we find ourselves. We are working on condos, townhomes, single-family and master-planned developments to launch in 2024.

Will agents be more important to your plans in 2024? If so, how?

Tufts: Agents will play an even more crucial role in our 2024 plans. Our on-site agent expertise is a game-changer, as they possess an in-depth understanding of our products, almost as if they had constructed them themselves. This knowledge enables them to effectively convey the benefits of new construction and the unique features of our properties to prospective buyers.

We are committed to collaborating with highly experienced professional co-op agents to ensure that our clients and buyers receive the best service, guiding them through every step of the process when purchasing new construction.

Adams: Not to sound pat, but agents are always important to our plans. That’s why we’ve invested money and time over the years to provide Realtors tools such as the KolterForRealtors.com portal. Wherever the real estate market is at, Realtors are valuable guides to home shoppers, and that is certainly our experience given many of our buyers are coming from outside the market and seek a local expert’s insight and understanding to help them make the right decisions.

Which type of new-construction housing (condo, town home, single-family) do you expect to be most in demand in 2024?

Tufts: In 2024 and beyond, all these housing types (condo, townhome, single-family) are anticipated to remain in high demand. This is largely due to the ongoing housing shortage and lending obstacles. These product types run the gambit from entry-level to ultra-luxury.

However, it’s not just about these three housing types; consumers are also carefully considering factors such as location, amenities, and convenience when making their choices. Additionally, there is a significant demand for state-of-the-art and luxury products, and we will be introducing developments designed to cater to buyers seeking new and modern living spaces. The housing inventory shortage is likely to continue driving our sales and marketing efforts in the years to come.

Adams: Available inventory across the board is low, and there appears to be demand in all categories. From last year to this year, average sale time for used homes is roughly the same at 30 days. Demand for new construction is at an all-time high in the single-family space, and so long as inventory levels stay where they’re at, that demand should continue.

Will the housing inventory shortage drive more development in 2024 and beyond?

Adams: As noted, the used-home inventory shortage is driving new construction demand. Builders and developers like Kolter Homes are working to meet that need, though the challenge is finding land deals that pencil out and allow us to deliver the value home shoppers are searching for.