Home Builders such as LGI Homes, Meritage Homes and M/I Homes continue to ride the wave of the surging home market as they acquire lots and gain approvals in some of the hottest markets including the Carolinas and Texas.
LGI plans to develop a 590-lot single-family community in Lancaster County, S.C. The company cleared a big hurdle recently as the county planning commission approved a needed rezoning request for the 278-acre site. The land is currently used for agricultural purposes. The development schedule calls for building 100 homes per year in the first five years with the final 90 homes built in year six. A start date has not yet been announced. Meritage Homes has purchased 40 acres in the Houston area where it plans to build 169 single-family homes. The community, called Central Park Square, will be built in Texas City. Homes will range in size from 1,831 s.f. to 2,991 s.f. with pricing expected to start in the mid-$200,000s. M/I Homes plans to build a 133-lot single-family community in Huntersville, N.C., in the Charlotte area. The company is in the process of gaining approvals to subdivide the 92-acre lot, with plans to start construction at the end of the year or in early 2022. The community, dubbed Cook Farm, will have lots averaging 7,835 s.f. with prices expected to be in the high $200,000s to the low $300,000s. For complete contact information for all business leaders at LGI, Meritage Homes and M/I Homes, consult The National Builders Directory + Online Database.
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U.S. homebuilding surged in December to its highest rate in more than 14 years, according to Commerce Department figures. However, the gains occurred solely in single-family as multifamily starts dropped 13.6% compared to the previous month.
Total housing starts for all of 2020 were 1.38 million, a 7% gain over the 1.29-million total from 2019. Single-family starts were up 11.7% year over year. Multifamily starts for 2020 were down 3.3% from 2019, and the sector saw a comparable Y-O-Y decline in permits. December’s annualized pace of 1.34 million single-family starts represents “the highest since September 2006,” said Robert Dietz, chief economist at the National Association of Home Builders. “And while NAHB is forecasting further production increases in 2021, the gains will be tempered by ongoing supply-side challenges related to material costs and delivery times, a dearth of buildable lots and regional labor shortages that continue to exacerbate affordability woes.” FivePoint Holdings LLC announced the sale of nearly 500 additional home sites at Valencia, formerly Newhall Ranch, as well as the lineup of homebuilders for the first phase of the community.
A total of 487 have closed with proceeds totaling approximately $115 million in the fourth quarter of 2020. Together with the sales completed since the fourth quarter of 2019, the first phase is set to include 1,268 homesites in 18 neighborhoods, with homes ranging from 775 to 3,680 square feet in size, serving a diverse pool of buyers, with builders to include KB Home, Lennar, Richmond American, Toll Brothers and TRI Pointe Group. “We are very excited to welcome our builder partners to Valencia. The enthusiasm from the builders validates our vision and together we will build yet another nationally celebrated community,” Emile Haddad, chairman and CEO of Five Point, said in a prepared statement Monday, adding that the community will be a model of balance between social equity and environmental justice. “It will deliver a wide range of housing opportunities in one of the most constrained housing markets in the country and is being developed as the largest net zero greenhouse gas emission community of its kind in America.” The long-anticipated community is expected to be the largest provider of new homes in Los Angeles County, with plans for approximately 21,000 homes, 11.5 million square feet of commercial space and 10,000 acres of open space. The first village is set to include 1.5 million square feet of planned commercial space, which Five Point intends to develop targeted to health care providers, life science companies and lifestyle-focused uses. “In the midst of a generational housing crisis, this critically needed housing is a welcomed addition to the region,” county Supervisor Kathryn Barger, whose 5th District includes the Santa Clarita Valley, said in the statement. “The Five Point team’s thoughtful innovation in the development of these new communities will be a model for the future. I am grateful for this partnership of nearly two decades.” The financial results of these transactions is expected to be included in Five Point’s next earnings report. Reported by Santa Clarita Valley Signal (Jan. 12, 2021) For complete contact information for all business leaders at FivePoint, KB Home, Richmond American Homes, Lennar, Toll Brothers & TRI Pointe Group, consult The National Builders Directory + Online Database. |
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