New Construction News
The real estate investment and land asset-management company has identified 17 near-term development opportunities and is in advanced negotiations to develop build-to-rent communities with about 2,500 units across the country.
The seasonally adjusted estimate of new houses for sale at the end of May was 330,000, representing a supply of 5.1 months at the current sales rate, the U.S. Census Bureau and the Department of Housing and Urban Development reported.
Single-family housing starts were up 4.2% from April and 49.8% from May 2020, at 1,098,000, according to the U.S. Census Bureau and Department of Housing and Urban Development.
The residential portion will be known as the Abbington at Ormewood Park, while the commercial component will be called The Lodge in honor of the historic Masonic Lodge that will be the centerpiece of the development.
Expert panelists from Zillow’s Home Price Expectations Survey say if changes aren’t made, new construction growth will stall, home prices will continue to increase, and less of today’s 30-somethings will have the ability to own a home.
The Atlanta-area communities are in Alpharetta and Sugar Hill, while the Texas projects are in Frisco, Allen, McKinney, Forney, Princeton, Grand Prairie and Waxahachie.
All open-concept designs will offer three bedrooms, two-and-a-half baths and two-car garages. They will range in size from 1,671 square feet to 2,090 and be priced from the mid-$300,000s.
Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.
The 19-hole Oaks Golf Course will be replaced with 142 single-family houses, 190 townhomes, 360 apartments and 143,000 square feet of retail space.
Lumber prices have tripled over the past 12 months, driving up the price of the average new single-family home by $35,872. NAHB hopes to alleviate the situation by meeting with the White House, lawmakers and others.