Featured: Build-Ready Lots for Sale in Salem, OR

Take advantage of limited time reduced prices on build-ready lots in the Pringle Creek Community in Salem. All of the lots have utilities in place. Bella Casa broker, Wendy Stassens, has several of the lots listed for sale and is partner of Winsome Construction, a McMinnville-based high-performance home builder, who is currently building a LEED-Platinum home on one of the lots. If you are interested in moving to Salem and living in areas such as Winston, you will need to do your research first and see what is out there for you to browse and hopefully buy. There are stunning scenic homes that exude beauty and modernism set in a historical area, ready for those who want to make the big change and move to a new place and make a fresh start. Websites like ours and https://www.winstonsalemhomes4sale.com/winston-salem-property-taxes can help with finding the right one for you whilst informing you of what you will need to know. Property taxes vary from state to state, so before buying a new home you will need to know what specifics there are and what you will need to do to make sure you are on top of your financial expenses. Discuss this with a professional first and collect the data that you need to make your well-informed decision.

If you value Nature, Community, Innovation, and Sustainability, then you should consider Pringle Creek Community as your next home site. Abundant community amenities include 12 acres of common green space, community center, orchards, and community gardens.

Sustainability is the guiding principal of this groundbreaking new home development, with every aspect designed around nature and community. Highly-efficient, LEED-certified homes share 12 acres of parks and open space, creating a community that is both beautiful and healthy to live in. Pringle Creek Community features walkable neighborhoods, a meandering creek and wetlands, a vibrant community plaza of preserved and re-purposed historical buildings, community gardens, and open green space for all to enjoy. The area will most likely be tended by a lawn care company, similar to the one found at https://www.lawncare.net/service-areas/north-carolina/, to make sure the community gardens look presentable at all times. They can also provide services to make sure insects remain at a minimum, allowing homeowners to really enjoy their time outside. In a similar way, tree maintenance professionals (such as those at tree services Greensboro or those in the region) can also be hired to prune, cut and remove dead trees in order to ensure the trees are properly maintained. This combination of preserving the natural environment while adding community amenities and a variety of housing options creates a unique opportunity for those seeking a livable community setting.


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  • Community composed of 35% green space.
  • Homes with smaller footprints.
  • Spacious shared green spaces and community gardening.
  • Orchards, gardens, urban farmer, CSA year-round gardening.
  • Village Green: Pedestrian-friendly, plaza atmosphere surrounded by crushed granite and Aspen trees. The perfect spot for games, picnics, outdoor receptions, entertainment and more.
  • Painters Hall: Cafe, community center, office, art gallery and event venue.
  • Greenstreets: Porous streets allow rainwater to filter back into the aquifer. Rainfall is absorbed by the streets, where it is slowly reabsorbed back into the ground and can be released into Pringle Creek during summer periods of drought.
  • A ground-source Geo-thermal loop keeps ground source water at a constant temperature. This method of heating and cooling is 300-400% more efficient than a gas furnace.
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Vacant Lot Financing from US Bank

We emailed a few weeks back regarding US Bank’s vacant lot program.  Here is a quick over view of their program and a flyer for any interested clients. 

·        Conventional mortgage financing 
·        20-30% down payment required
·
        3/1 ARM – 30 year amortization 
·
        No prepayment penalties 
·
        Construction contract not required to purchase vacant lot. 
·
        Construction loan financing available, current equity in vacant lot maybe used to secure financing for construction build. 
·
        Simultaneous vacant lot loan and construction loan closings available. 

A side note: the flyer says loan sizes up to $500,000; we can exceed this value up to a $3 million lot with credit/income approval. 

So what does this mean to our clients?  This offers a great opportunity for them to build their dream home on a lot of their choice.  Please feel free to contact us about their program and we will put you in contact with the correct people that will walk you through their process.  In addition to the vacant land financing they also offer residential custom construction financing too.   



Is there a New Construction Renaissance?

For our Clients and Friends,

For buildable lots and land to begin to sell again, we need the new construction industry to awaken. There are already some Charlotte home building companies that are offering quality housing to many citizens, but there needs to be more work done in the construction department. Below is an article of such an awakening and I think you will find some encouragement even as I have.

I have also provided an overview of the market at the end of the first quarter of this year and looking back 12 months. There is a lot of data to peruse. I have focused on parcels from 3 acres and larger for the data in this email.

I think there is light at the end of the proverbial tunnel. I would love your thoughts and response as always. Let me know what else we can do for you.

Randy

We are approaching five years since the bottom dropped out of the housing industry. Housing has suffered the severest blow of all sectors in the economy. The hardest-hit segment of the housing industry has been new construction and selling buildable lots and land. Now that it may be starting up again, there are things that potential buyers need to be cautious of – construction defects. There may be rushed homes and buildings being made to try and fit in with people wanting to finally buy, this could mean that construction might be hurried, with residents ending up with a home that is causing massive problems for them down the road. If they want to file a claim because of this, they can find relevant information on websites such as constructiondefect.com/statute-of-limitations-california/ if needed.

Is all of that about to change?

There are some builders who are building new homes as fast as they can be constructed; they are all selling as pre-solds, and they are producing acceptable profits for the builders and the lenders. This in spite of the fact that re-sale home pricing in general is below the cost to build. Through our representation of Forest Glen, a gated luxury community in McMinnville we have been exposed to builders such as Tom Liesy of T. A. Liesy Homes (www.taliesyhomesnw.com ) who is successfully building and selling in Happy Valley (Sunnyside/Clackamas area). Happy Valley has been our own version of California’s disastrous housing crash with losses in excess of 50%.

What is happening to change things? Is this a lesson and a pathway for the recovery of new construction and to the restoration of sales for buildable lots and land? I think it is. Here is what we are learning:

1. To invest well, one needs to buy well:

Happy Valley (and Bend etc.) was the focus of wild speculation until 2007. The price of land was at an altitude which is head-spinning. Today all that land has been through foreclosure and/or bankruptcy and lenders have sold this off at bargain rates to anyone willing to risk building. In our area First Federal sold Forest Glen lots at $43k per lot, down from $280k for some lots at the height of the market. Lots were subsequently sold to builders at wholesale prices above that but still at prices allowing the builder to become competitive with re-sale homes. Lesson one: the price of the land is fundamental to making sense of building at a time like this.

2. To sell well, one must provide great value and incentive; more value than the resale markets:

Builders must forget about the past and understand that almost everyone related to our industry has taken losses of at least 30% and commonly up to 50% (and for some more). Buyers today can and do demand high quality, good space, and desirable amenities for a low price or they will not buy. What will you do? Meet the market demand or sleep it off for the rest of the decade? Builders who find ways to become successful now are growing their reputation and market share now, and are well positioned for greater profits in the future as recovery matures. Construction workers are also finding new ways to save money when purchasing equipment for example. Thanks to the internet there are an increasing number of ways to shop for construction equipment online in auctions, meaning builders are able to spend any money saved in alternative ways.

3. Is there money available for buying land and for new construction right now?

Yes, but not through normal channels. The builders who are successful are using private money which is also known as hard money. It costs more but it is readily available now rather than waiting for conventional financing to loosen up years from now when it is too late to play catch-up. Remember, hard money is also at historic lows. You will not get today’s amazing sub 4% financing for the project, but most builders are not strangers to the 7-10% they have paid in the past. Think bigger picture; someday in the not too distant future, 7-9% will be the norm for everyone.

Some buyers will still come in with cash to purchase the lot or parcel, and some already have construction-to-perm lending set-up, but for most people today that is an overwhelming task. Today’s successful builders build the home on their own dime. When the construction is complete then the transaction can close with the buyers’ traditional financing with whomever they choose (just like buying a re-sale home). Helping buyers avoid the nightmare of new construction financing is not only crucial right now, it is a huge value for the buyer and that is the heart of the issue of getting them back into the new home market. With just earnest money down, their ‘pre-sold’ home is completed and the buyers get their own loan at historically low interest rates (recently as low as 3.6% for 30yr fixed) with their favorite mortgage broker or bank.

4. No Games; No Gimmicks Allowed:

Before the crash, builders often partnered with preferred lenders for a cut of the profits of the loan. Pressure (often flagrantly unethical pressure) was put on the buyer to use their in-house lender so the builder could have another income stream.

We all remember the days of builders (particularly the national and regional builders) pricing the basic home and then hard-selling all the amenities. With every amenity came a huge mark-up and of course no credit for the fixture that was already factored into the price!

Tom Liesy welcomes buyers to get their own best financing to complete the sale when the construction is complete. He offers his buyers his contractor’s discounts with his vendors on any upgrades beyond his already generous amenities and then does not take builder mark-ups for these upgrades. Any personal choices and changes to amenities and are strictly between the buyer and the vendor. Welcome back, Trust!

5. How can this be model be profitable?

I am certain the public would be shocked at the profits builders were making in the heady days now a long time ago. There was a lot of room for adjustment before pleading poverty. Today, the only way a builder will be able to plead poverty is to remain in the past and stay unemployed for the foreseeable future. Entrepreneurs always find a way to meet market demand with good supply. Determination and creativity can overcome any challenge…

And hard work and intelligent strategy! One must become efficient. Systems and the people to carry out those systems efficiently, are always key to increasing profits and achieving success. Tom can build any home in 75 days. Does that mean it is cheap and poorly constructed? Not if the builder is demanding high standards and the same drive for efficient profitability from his sub-contractors. If the system is thorough and self-policing for quality, then it is a win-win for buyer and builder.

A good sales force is also crucial. The builder should focus on what he is expert at- building quality homes offering the best value to the marketplace and achieving well-earned profits. Select Realtors® can add their expertise to build the brand (the builder), market the project (the neighborhood, the development), create demand, advertise and promote each home, and then manage the entire sales process from farming for prospective buyers to closing happy owners and gaining their referrals for future sales. Even in times of strict accountability for every dollar spent, effective marketing and sales adds value and creates profits.

In the past, builders could not ‘afford’ to pay Realtor® commissions; this myth has been forcefully debunked as former profit margins came to light. Yes, builders could just put a sign out and sell their homes. Today, successful builders partner with competent and proven marketing and sales professionals to create demand and to go out and find buyers. Today builders also need any Realtor® to be willing to bring their clients to talk with builders knowing they will be paid for their services.

There are no longer excuses for the new construction industry to stand idle. Visionary leaders and hard working entrepreneurs are already proving in our markets that it is time for the public to again have options for buying new homes. Bold builders who are willing to face reality straight-on are showing that new construction can compete with the historic low prices of re-sale real estate and win more and more buyers. These pioneers will be tomorrow’s great success stories.

For our clients selling buildable lots and land, the revitalization of the new construction industry will overflow from developments to the countryside.

This is good for all of us!

Randy McCreith

Randy McCreith, Principal Broker
Bella Casa Real Estate Group
Cell: 503-310-9147

Randy@TheBellaCasaGroup.com