When you're home shopping you'll find that some communities command a premium price. The same home that is X dollars per square foot in subdivision Big Pine Valley might cost 2X in Affluent Woods. Very little difference in the key characteristics, roughly the same square footage, the same number of bedrooms, the same number of bathrooms and garage spaces, yet significantly different in price.
Why the big difference?
Because there's something significant about the 2nd community that can't be found in the 1st community.
Perhaps it's the quality of the homes with significantly nicer finishing touches. Plain vs. all the thrills!
School districts. District A is in trouble, District B has a superlative reputation, guess where people want to live? And it's supply and demand, and the schools drive demand.
Prestige. Some people really like to have others know where they live. If you say Long Cove in the Mason area, people KNOW about it. Million dollar homes are common.
And there's another factor we see come into play, especially with our low maintenance housing specialty: when there's only ONE Greater Cincinnati 55+ community, homes in the community can ask for (and get) a premium when compared to similar homes outside the community's gates.
Heritage at Miami Bluffs can break the pricing rules because it IS so unique in Cincinnati. With no other 55+ communities, there's supply and demand at work. The home is the admission ticket to the community. You want access to the full time social director, the 9000+ square foot community center, the 30+ social clubs and everything else that comes with this unique community, you have to be a resident. To be a resident, you have to be willing to pay the price of admission.
Drees Homes is down to low single digits of homes to finalize their building in the community. They're already completed all the attached ranch condos and the courtyard homes, and we've watched new pricing records be set for the resales in each type of home. We'd expect the same will happen with the remaining types of patio homes as Drees finishes. The demand is there, buyers are willing to pay the admission price to belong to this community.
Want to know more about Cincinnati's 55+ community? Just give The Liz Spear Team of RE/MAX Elite a call at 513-520-5305 or email Liz@LizSpear.com. We look forward to hearing from you!
Bill & Liz aka BLiz