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7 Reasons Why "Custom Building" a New Home may be the BEST Option for Today's Homebuyer

By
Real Estate Agent with East West Realty 0226005035

7 Reasons Why "Custom Building" may 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. Maybe the sales pace isn't what it was a few years ago, but that's okay. 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. The grand opening for Liberty Ridge in Williamsburg was last year. (See the East West story at the bottom of this article.)

2. Feeling of SecurityMany 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 secuirty 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.

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 start in the  upper $200's. Quality single family homes in Graystone at Eagle Harbor begins in the $300's, in Founders Pointe in the upper $300's (10 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 in 2010 and it returned to The Riverfront in 2011 with the Fall Homearama. Tens of thousands of people attended 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. Founders Pointe will host the Spring 2013 Parade of Homes event next April.

 

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 done better 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- though 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.)

  

Our Story

East West Communities has been developing planned communities since 1972, in six different states. East West's initial community in Chesterfield County, Brandermill, was awarded the "Best Planned Community" in 1978 by the National Housing & Builders Association and Better Homes and Gardens magazine. Our Woodlake community in Midlothian was also awarded "Best Community in the U.S. " by the Urban Land Institute in 1990.

Since then, East West Communities have expanded into the Hampton Roads market with four planned communities. Gatling Pointe features a yacht club, marina, and riverfront clubhouse & pool complex (over 500 homes). Eagle Harbor features a lakefront park, clubhouse, and spectacular pool with a water park and a GardenGolf course. The Riverfront features a Swim Club, golf course, two riverfront parks, a lakefront amphitheater and a second pool which overlooks Eagle Lake. Founders Pointe, a waterfront community near Smithfield, features a Residents' Club- a $2 million dollar club and pool complex which has a 112' water slide and a 4,000 square foot pool.

Over 1,000 familes have purchassed new homes in The Riverfront at Harbour View since its grand opening in 2000. Eagle Harbor has also attracted over 1,000 families since 2002. Founders Pointe, which is about 50% developed, has sold 165 custom homes (since 2005) of a possible 319 total homes (when it is fully developed).

The Riverfront at Harbour View has also been awarded "Community of the Year" twice by the Tidewater Builders Association. Gatling Pointe, Eagle Harbor, and Founders Pointe have also received the "Community of the Year" award by the Peninsula Housing and Builders Association. Liberty Ridge, a brand new custom home community in Williamsburg, opened in 2011. Liberty Ridge offers three acre lots and is located just ten minutes to Colonial Williamsburg.

 For Information about East West Partners’ communities, visit www.eastwestcommunities.com. Discover the best in lifestyle communities at Founders Pointe, Eagle Harbor, Liberty Ridge, and The Riverfront at Harbour View. East West Realty Sales Centers are open 7 days a week on-site. Equal Housing Opportunity

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Posted by
Mark Edwards (757) 288-7584
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

David, Tamara, and Tom,

Thanks for your comments. The people we're seeing are also getting frustrated with the short sale process and are discovering they can get a better value on a new home (better than they thought). Anyway, it's always good to compare both options before they purchase.

Mark

Jul 21, 2011 01:44 AM
Brian Schulman
Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA
Lancaster County PA RealEstate Expert 717-951-5552

The balance is between whether the buyers need something unique or whether what they need is more commonly available in existing homes.

Jul 21, 2011 01:51 AM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES
I agree. Most first time home buyers expect every house they view to be move in ready and that is not going to happen. Got to know more about subdivisions in Hampton Roads reading this blog. Do you just do only Hampton Roads VA? What about DC and MD? Great post.
Jul 21, 2011 02:07 AM
Linda Metallo DiBenardo
RE/MAX Impact, Lockport, Illinois - Lockport, IL

Fabulous post.  New Construction is rebounding in my area as well.

Jul 21, 2011 02:09 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty
Yes, sometimes a resale may be best...we're suggesting it's always good to compare and investigate all options first. Thanks!
Jul 21, 2011 02:10 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty
Linda and Lanee, thanks for you comments. We develop in the Richmond and Hampton Roads area and in Jacksonville, Fl. Please check out wwweastwestcommunities.com for more info. Come down and see us sometime. Mark
Jul 21, 2011 02:13 AM
Sherri Berry
Reliant Realty, Murfreesboro - Murfreesboro, TN
Murfreesboro TN Homes & Real Estate

Thanks Mark.  New construction in our area has taken a huge hit.  Very few spec homes are under construction but there are a few customs going up.  

Jul 21, 2011 02:24 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Custom homes are by nature a long term commitment. I have had the experience and it is a good one. I am a proponent of buying anything new especially in today's market. to me, that would be maximum bang value for the buck...thank you Mark

Jul 21, 2011 02:32 AM
Scotti Jowers
CENTURY 21 Shackelford French, Search West Monroe Homes - West Monroe, LA
Realtor - West Monroe, Louisiana Homes for Sale

Construction is up in my area as well. Couple that with the 3% annual appreciation in home values that we are seeing and it adds up to nothing but good news! I sold a new construction back in January for $285,000. A recent market study I completed in that neighborhood recently suggests that the same home could be worth as much as $300,000 today and all the owner has done is put up a $5,000 privacy fence!

Jul 21, 2011 02:59 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Sherri, One reason builders are including more in their new homes is because their trades and subcontractors are offering great deals and materials are more affordable (in the short term). Now that new construction is picking back up, you'll see prices increase. Hope it imprioves in your area soon also. Thanks.

Richie, Thanks. Yes, a  home purchase is probably the biggest single investment people make in their lifetime. It makes sense to comapre all options before they purchase, and right now new is very attractive.

Scotti, great news, glad to hear. Best of luck this summer and the rest of the year.

Mark

Jul 21, 2011 03:32 AM
Pat Zachow
HomeSmart - Phoenix, AZ

Hi Mark,

 

Many buyers see the price of a foreclosure and think they can get a deal.  When they see the additional expense in upgrades or repairs they become discouraged.  A new build starts to look better.  Quality construction, realistic occupancy time, and warranties add value. 

Jul 21, 2011 04:40 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Pat, Yes, very good points. I wrote about the advantages of new vs a short sale the other day. Some of our recent sales are with customers who dropped in our Sales Office just to FINALLY see what they could achieve new after they've been trying to buy a short sale. It's a difficult and sometimes not a rewarding experience for them (short sale or dealing with a bank on a foreclosure).

I appreciate your input. Mark

Jul 21, 2011 04:57 AM
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Mark, I love all these very specific reasons for custom home building. The three downsides I can see are 1) most expensive $ per sq ft, 2) time to build the house is usually the longest, and 3) coordinating all the different subcontractors is more complex than a general home builder. It fits the pickiest buyer and someone that is in no rush to move into a home cause you get almost exactly what you want. Sometimes with the use of an architect up front that even adds more time to the whole process. Think of that giant Bill Gates home in the state of Washington built custom from the ground up. Money no problem, time no problem, inconvenience no problem. If that all fits someone custom home building is perfect.

Jul 21, 2011 05:39 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Gary, thanks for your input. In our region, it takes approximately 5-6 months to custom build a new home in one of our communities. Some have architects working for them already and alot of times the customers are just modifying existing plans. Some of the mini-mansions going up along the river at The Riverfront may take 9 months to a year, but they're also much larger and more detailed.

The great thing about the price per square foot is the customer is integrally involved with where the price goes. Many want more quality appointments or they want to add a music & sound system or a geothermal heating system. But, if the buyer is on a budget, they can also select and choose allowances and appointments that are more in line with their budget. Not all new homes are more expensive than an existing home.

Coordinating all of the subs is no problem either- they typically all work for the builder on every home and they come to work in the same location. Maybe it's all different in your area.

Mark

Jul 21, 2011 05:55 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

TThanks for the post today, I think it's a good idea as well...  Things are picking up here in Seacoast NH so that's good.  I enjoyed the read today.

 

Patricia Aulson/ Seacoast NH & ME

Jul 21, 2011 06:12 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Patricia, Thanks. I'm sure it's cooler up there in your area also. Glad to hear better days are ahead. Good luck the rest of the year. Mark

Jul 21, 2011 06:22 AM
Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.
eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC
Talk To or Text Peter 250-213-9490

Hi Mark,

Beautiful arcticle and reasons why building a new custom home now might be a good thing to consider. In addition it off course also stimulates local economy, keeps people working and money flowing ....

Oh, By the way. be sure to join the Good News contest and Blitz starting Monday (see the AR contest group announcements)

Jul 21, 2011 07:01 AM
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Peter and Linda, thanks for the comment and input. Yes, once heard that 256 goods and services go into one new home construction project and are affected by the one home. Folks are gradually discovering that choosing new is not always the most expensive option.

Mark

Jul 21, 2011 08:37 AM
Anonymous
Hannah Webster

I agree with your 7 reasons why custom buildings are best options for homebuyer and why people are buying new homes in our communities today. All the reasons you have mentioned in your blog like: Value, Feeling of security, reputable homebuilder, creative new home designs, resort style amenities, sense of place and belongings and developers credibility are really appreciable.

Aug 26, 2012 04:34 PM
#22
Mark Edwards
East West Realty - Suffolk, VA
East West Realty

Thanks Hannah for your comment, appreciate it!

Mark

Aug 26, 2012 10:27 PM