In less than eight months, 40 of 45 new homes have been sold or pre-sold in Camden Court, a south Everett neighborhood located one block west of Evergreen Way on 92nd Street SW.
The number of sales in such a short time period underscores the current housing market’s affordability for home buyers.
Even more so, the low home prices and $8,000 tax credit, which has been extended to April 2010, make it an unprecedented time in the area for first-time home buyers.
At Camden Court, sales started out slow last March, but by summer most homes were pre-sold, said Sunshine Vanover, director of operations for the developer of the property, Gamut360 Holdings.
She said many of the sales were due to the $8,000 tax credit for first-time home buyers. Currently, 13 home sales have closed and the owners have moved in, five are left to sell and the rest are pre-sold and being constructed. Of the five left to sell, one is built, but the other four are not, so buyers can still choose a lot, home style, floor plan and interior options.
Styles include a selection of two, three and four-bedroom models. Interiors feature open layouts with carpet throughout the home and upgrade options for tile and hardwoods.
“We found that there is no typical buyer,” Vanover said. Prices range from approximately $215,000 to $244,000.
Another attraction that generated sales is the site location, said Vanover. Schools, grocery stores and restaurants are nearby and the Everett Mall and freeway access are minutes away.
Homestreet Bank provided the financing for the construction of the homes. Its residential construction department specializes in loans that target entry level, first-time home buyers.
“We liked the price point,” said Ken Norbe, Seattle branch manager for residential construction. “We took a look and liked what they (Gamut360 Holdings) had planned,” he added.
He listed affordability, location of the housing site, housing competition in the area, accessibility of services, and easy transportation options as important considerations in its lending criteria. He credits the high number of sales to affordability.
“The biggest factor is price and value for dollar,” he said. Also, he said that the first-time home-buyer tax credit and interest rates that are at near-record lows are big factors in selling a house in today’s tough market. Another widely-reported factor that has impacted newly constructed home prices is low building costs. Materials are less expensive in today’s economy.
Camden Court homes are designated as single-family detached condominium homes, which means homeowners share ownership and pay for the upkeep of common areas and amenities such as a playground, car wash, fence and park benches with homeowner association dues. All homes are FHA approved.
Camden Court homes are being built by Dawson Lane RCI Group who typically builds affordable homes. For more information, email Sunshine Vanover at shunshine@gamut360.com.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
