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This recent article by the National Association of Home Builders shares new data and a positive outlook for home sales in 2017.
Sales of newly built, single-family homes rose 3.7 percent in January to a seasonally adjusted annual rate of 555,000 units, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
“This increase in new home sales is in line with our forecast for a steady, gradual recovery of the housing market,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas. “However, the pace of growth may be hampered by supply-side headwinds, such as shortages of lots and labor.”
“We can expect further growth in new home sales throughout the year, spurred on by employment gains and a rise in household formations,” said NAHB Chief Economist Robert Dietz. “As the supply of existing homes remains tight, more consumers will turn to new construction.”
The inventory of new home sales for sale was 265,000 in January, which is a 5.7-month supply at the current sales pace. The median sales price of new houses sold was $312,900.
Regionally, new home sales increased 15.8 percent in the Northeast, 14.8 percent in the Midwest and 4.3 percent in the South. Sales fell 4.4 percent in the West.
Lennar’s West End community in the North Hyde Park neighborhood of West Tampa offers upscale townhome living in Tampa’s urban core. Sales for the second phase of the community are now open, with modern townhomes ranging from 2,173 to 2,410 square feet and beginning in the $380s.
Here are five things to know about this expanding Lennar community:
1. West End is located in Tampa’s next hot neighborhood.
West End is located in North Hyde Park, a fast growing area of West Tampa, just one mile from the city’s downtown. This puts the community within close proximity of some of Tampa’s biggest attractions, from the Tampa Riverwalk and Tampa Museum of Art to the soon-to-be redeveloped channel district, which is home to the Tampa Bay Lightning. It is also just half a mile from the University of Tampa.
In a recent article, the Tampa Bay Times called West Tampa the “next neighborhood poised to take off in Tampa Bay.”
Tampa Realtor Carrie Smith Helms with Smith & Associates, helped sell several homes in the first phase of West End, and sees the neighborhood’s appeal.
“Buyers recognize the value of owning a home in a growing neighborhood, while also being close to some of Tampa’s latest and greatest attractions,” Helms said. “The nearby options for entertainment are endless, from the Tampa Riverwalk and the newly completed Bryan Glazer Family Jewish Community Center, to other developments that are underway, such as the Heights Public Market at the historic Armature Works building.”
2. The community is popular with first-time homeowners and young professionals.
“This area is especially appealing to millennial and first-time homebuyers who want to own a home in a growing community that is close to restaurants, nightlife and other activities,” said Jan Bado, Senior Real Estate Specialist with Keller Williams, who also helped sell West End townhomes in the first phase of the community.
West End is a convenient commute to Tampa’s central business district, which has over 50,000 employees and 18 office towers making up 8.8 million square feet of office space. This makes it an appealing community for young professionals who work in the downtown area. Townhome living also provides a lower-maintenance lifestyle than owning a single-family home.
3. The townhomes in West End are as large as many of the downtown area’s single-family homes.
One of the common misconceptions about owning a townhome is that it requires homeowners to sacrifice living space in exchange for affordability and convenience. However, the three-story townhomes in West End range from 3 to 4 bedrooms and 2,173 to 2,410 square feet, which is larger than many single-family homes in the downtown area.
Each West End townhome has a two-car garage and a spacious balcony. Master bedrooms feature walk-in closets and en suite bathrooms with double sinks. Some floorplans even have two master suites, which provides a good option for young professionals living as housemates, or for families with young adult or teenaged children.
4. Luxury features and finishes come included with the price of the home.
The townhomes in West End are part of Lennar’s “Everything’s Included” approach, which means a number of upgraded features come included in the list price. For example, all West End kitchens come with granite or quartz countertops and a full set of stainless steel appliances. Other features include a GE washer and dryer, 2-inch designer blinds, marble windowsills, and USB outlets in the kitchen and master bedroom to help you stay connected.
Designed to be eco-friendly, the townhomes also come with energy-efficient features such as a 15 SEER heating and air conditioning system with a programmable thermostat, and dual-pane windows that help keep the cool air in and the heat out.
The community also features shuffleboard courts where residents can enjoy friendly competition outdoors.
5. Townhomes in West End Phase II are expected to sell fast.
The first phase of West End, which opened in January 2015 with 39 townhomes, sold out in just over a year, with a majority of the units selling in the first six months. The second phase of construction will add 28 townhomes to the community, and the growing popularity of the North Hyde Park neighborhood has realtors anticipating sales to move quickly.
“North Hyde Park is currently one of the easiest Tampa neighborhoods to sell in,” said Realtor Carrie Smith Helms. “The townhomes in West End are highly desirable, as they provide a rare opportunity to affordably own an upscale townhome in an attractive area.”
West End II is located at West Cass Street and West Lemon Street. For more information on West End, visit the West End page on our website or call 800-248-0621.
