...EXCERPT...
Strong fundamentals supported 2016 housing demand. Low mortgage rates, steady job growth, improved income growth, and low resale and new home inventory levels all contributed to strong new home demand in 2016. A growing number of first-time buyers purchased new homes in 2016, and many more are shopping around. Demand in the move-up price bands remained steady, although we identified pockets of heavy competition in many metros where average sales rates declined and incentives grew more common.
Mostly Warm or Hot market conditions. Throughout 2016, we continued to rate most of the 50 top new home markets as Warm or Hot, based on current sales and pricing trends. Warm market conditions reflect normal sales and pricing trends with broad-based demand across buyer segments.
Execution matters. While market conditions were favorable, the developers had to stay focused and creative to compete. Our consulting team consulted on or visited every one of these communities in 2016, frequently noting careful segmentation, thoughtful amenity packages, consideration for walkability, outdoor living and social interaction, and outstanding development execution at just about all of them. We highlighted the unique amenities offered at several of the top masterplans in October and featured several of the top communities throughout the year in our DesignLens subscription.
More sales needed to qualify for this year’s top 50 list. The threshold for our Top 50 ranking was 298 sales this year, up notably from 263 last year. The competition was very close for the last five spots in our ranking, with 10 masterplans reporting sales in the 275–300 range.
Giant sales increase at Cadence. With a 242% year-over-year increase, the Cadence masterplan in Las Vegas wins the prize for most improved sales.
Two developers placed four MPCs each in the top 50. Johnson Development accounts for four of this year’s top 50 masterplans, all in Houston. Lennar also claims four of the top 50 masterplans, including those developed by its Friendswood Development and Five Point Communities affiliates as well as ventures with other builders.
32% of the Top 50 call Texas home. By region, 16 (32%) of the top 50 masterplans are in Texas, 9 of which are in Houston. Florida contributed 11 of the top 50 (22%) followed by California with 8 (16%). Las Vegas scored 5 top-selling masterplans, and both Phoenix and Denver produced 3.
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Florida
SarasotaManager Kristine Smale notes, “The West Villages makes its debut in our ranking this year as four thriving communities recently combined to operate as a master-planned community. The 8,000-acre property is already home to several national builders, including Lennar, DiVosta (a Pulte brand), and WCI Communities. Located in Venice, the West Villages offers homes across all price points and primarily targets retirees and second-home buyers, but it has also attracted families due to the highly-ranked Sarasota County schools. With three new neighborhoods opening in 2017, we expect additional builders to enter the masterplan this year.”
NaplesAlthough new home prices in Naples continue to climb, challenging the limits of what buyers can afford, Kristine says, “Ave Maria in Eastern Collier County increased sales by 20% in 2016, proving the strong demand for relatively affordable housing in the Naples area. Ave Maria has seven active neighborhoods with prices starting in the low $200s, including an age-restricted Del Webb community. The MPC offers a variety of product that appeals to families and retirees alike. The masterplan is also home to Ave Maria University and a 57-acre commerce park anchored by Arthrex, a global medical device company.”
TampaKristine continues, “FishHawk Ranch, a masterplan by Newland, has been a regional powerhouse in Tampa for several years. David Weekley Homes introduced its first age-targeted neighborhood, Encore at FishHawk, in 2016 and has successfully attracted buyers wanting to live near their children and grandchildren, but in a distinct neighborhood. The 12 builders operating in the masterplan provide a variety of home offerings, from entry-level to custom residences. The masterplan is approximately 80% built-out, and we expect it to continue to capture strong market share until completion.”
OrlandoKristine points out that “Lake Nona at #12 remains the best-selling masterplan in the Orlando region and the 5th-fastest selling in the state. The significant attraction of industry and high-wage jobs fuels housing demand in the masterplan. The community is known for its Medical City campus, which is home to the UCF College of Medicine, Nemours Children’s Hospital, the Sanford-Burnham Medical Institute, and the future Orlando VA Medical Center. The new USTA National Headquarters will also open in the masterplan in early 2017, and KPMG recently purchased land to build a $430 million training and conference center.”
Principal consultant Lesley Deutch adds that “Summerlake nearly doubled the number of homes sold in 2016 and now ranks as the 6th-fastest selling MPC in the state. Summerlake has succeeded in a very crowded Horizon West submarket through a combination of diversifying builders and offering new home products and lot sizes. Summerlake has also benefited from being one of the few developer-owned MPCs in Orlando selling finished lots to builders.”
Check out the full report at the link at top of this post. Contact us at West Villages Realty LLC for floorplans and information about communities in the West Villages.
Ali H. Johnston, MHA,
MBA in Real Estate
Realtor®, Lic. Broker
#BK3284964
West Villages Realty
LLC
Mobile: 941-460-3179
www.WestVillagesRealty.com
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