Here’s What’s Happening At Signature Development Group’s Recently Acquired Tralee Village

June 23, 2011 - PRLog -- Tralee Village is a new residential and mixed-use development, centrally located and adjacent to both BART and Interstates 580 and 680.  Tralee offers a walkable lifestyle that includes easy access to the Iron Horse Trail; Civic Center, the regional park and library; as well as nearby restaurants and retail, which combine to make this a vibrant new community.

Dublin Mayor Tim Sbranti comments, “(Tralee) is a well-designed product, it’s a quality product…from the outside to the inside.  On behalf of the city, we are really excited about this project moving forward.  Located at a key intersection, this is a gateway for the retail and residential and it does create vibrancy for the town of Dublin.  There are a lot of great things happening in this vicinity.”

(As a gateway project for Dublin) “It’s a very key project for us,” said Linda Maurer, Dublin’s economic development director. “We want this project to succeed.  Its concept is high-density mixed retail and residential in a suburban area.”

Signature Development Group is providing home buyers the opportunity to purchase a well-designed and elegantly finished new townhome at far below the cost of building it. “We were able to acquire the property at a big discount from the bank and that savings allows us to sell these brand new homes for far less than it would cost to build today. For homebuyers, there is finally some good news that comes from the market shift in 2008. One can own a Tralee Village home now for almost 30% less than it would have cost just two years ago.

Signature has completed the construction of the community gathering place, which includes a beautiful pool, recreation center, barbeques, children’s playground and rose gardens in preparation for a June Grand Opening. The community also features 30,000 square feet of ground-floor retail that includes various restaurants, a bakery, credit union, dentist/ doctor offices, personal services and a spa.

Industry experts are optimistic about this project.  Don Kuemmeler, a partner with national real estate investment company, Pacific Coast Capital Partners, and part owner of the luxury rental condos at Tralee, said “Tralee Village will do well with fresh ownership (Signature Development) and we are confident that our operating partner will help us unlock the future value of this asset.”  Indeed, the strength of Signature Development Group, combined with the high-quality construction of the community will translate into fabulous value and quality of life for prospective residents.

Signature Development had the good fortune to acquire the property when the former owner and developer, Pinn Brothers, encountered financial challenges and the bank took over the property. They are completing the development, according to the high standards set forth by the City of Dublin at the conception of the community.  Signature Development and its Principal’s have a history of local knowledge and long standing, positive reputation in the real estate industry and within the City of Dublin. “This is a win, win, win,” says Mike Ghielmetti, president of Signature Development Group. “We have the chance to complete this great community, home buyers get to purchase at incredible prices and the City benefits from the revitalization of the area and the energy that Tralee brings to it.

In addition to the 87 townhouses for sale, Signature is preparing the 130 high-end condos in Tralee Village as luxury rentals.  The homes are expected to be available by July for August move-ins.

Trends in the marketplace:
-   As per a June 4 article in the Wall Street Journal, “According to Moody's Analytics, the ratio of home prices to income is now 20.9% lower than the 15-year average through 2010, and 12.5% lower than the 1989-2004 average. Such conditions might not last long. Moody's Analytics predicts that the number of distressed sales will begin to fall in 2013, and that prices will begin to edge upward then. Home building is at a virtual standstill, so the supply overhang isn't likely to get much worse.
-   Home-mortgage interest rates continued to fall last week to the lowest point since last year and one of the lowest in 30 years. As a result, it’s a great time for renters to convert to home buyers.  As a matter of fact, many sources agree that monthly mortgage payments are substantially less than the high rents being paid.

Highlights of Tralee:
-   Perfect for those whose children have “left the nest,” young couples buying their first home and families with school-age children, Tralee Dublin features a great quality of life, low maintenance home-ownership and healthy, walkable lifestyle.
-   High end appointments (granite countertops; vaulted ceilings; Kohler fixtures; custom craftsmanship; pre-wired technology; green features; and upgradable options; to name a few) --- for a complete list of interior and exterior features, visit http://www.traleedublin.com/features.html.
-   Financing: low down payments for as slow as 3.5%; flexible credit requirements; and Tralee is FHA/VA approved for financing.
           
Signature Development Group is a full-service real estate development company with almost 20 years of land development and building experience in one of the most challenging real estate markets in the country: the San Francisco Bay Area. Signature Development Group has expertise in managing every phase of entitlement, construction and property management.

Read more about Signature Development Group at www.signaturedevelopment.com.

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