Price Motivating Most Buyers, Says Brookfield Homes

Dec. 2, 2009 - PRLog -- The Urban Land Institute’s “Emerging Trends in Real Estate 2010” foresees a return of homebuyers to the urban core, where lot size and square footage are smaller, more efficient, and where jobs are closer to home.

Sales over the past month at a master-planned community in Riverside County show a different trend for builder Brookfield Homes. Within the first two weeks of November, four homes at Morningstar Ranch in Murrieta were sold to buyers who plan to commute to San Diego.

“People want a deal, first and foremost,” said Lora Heramb, vice president of sales and marketing for the San Diego/Riverside homebuilder. “The commute is not an issue right now.”

Located about 60 miles north of San Diego, and priced starting from the $300,000s, the new-home neighborhood Veranda® at Morningstar Ranch offers one- and two-story floor plans ranging from 2,472 to 3,171 square feet. The homes have four to five bedrooms plus bonus room options, 2.5 to 4.5 baths, gourmet kitchens and oversized two-car garages. The street scene of this single-family new home neighborhood is highlighted by Craftsman, Spanish and Monterey elevations, and many of the homes at Veranda® are situated on large, pool-size lots.

“The dream of home ownership is alive and well,” Heramb continued as part of a panel discussion during the seventh annual Real Estate Trends Conference Program presented by ULI in San Diego recently. “We think there will continue to be a need for diversity in the marketplace in order to create stability in the market.”

According to ULI’s report, “… housing and development patterns will become more urban focused – incorporating smaller lots, townhouses, and town-center mixed-use project, which include single family housing and condominium buildings. Developers also will construct more affordable housing options – European-scale layouts with smaller kitchens and bathrooms (no more whirlpools). More-frugal Americans realize they don’t need all that space, especially if it saves on energy and taxes.”

The availability of low interest rates and federal tax credits of $8,000 for first time buyers and $6,500 for move-up buyers may be other motivating factors today.
“Interest rates, the federal tax credit and the median home price inching upward contribute to a sense of urgency we are seeing home shoppers have to buy now,” Heramb said.

Brookfield San Diego Builders, Inc. builds homes throughout San Diego and Riverside counties. Brookfield currently is building in the master-planned communities of The Foothills in Carlsbad, Windingwalk in Chula Vista, The Estates at StoneBridge east of Scripps Ranch in San Diego, Old Creek Ranch in San Marcos and Morningstar Ranch in Winchester.  For more information about Brookfield communities and to learn about the company’s signature construction differences, visit http://www.brookfieldsd.com.

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