The Tennessean
Williamson: Real Estate
Friday, October 19, 2007
Parade: Builders’ decision to keep homes below $1M reflects market
“I think the plan was to let this Parade be more affordable. And this location, as opposed to Annandale in Brentwood, didn’t call for that type of home,” said Culp Taylor.
If the Parade homes were $2 million and up this year would they sell as quickly?
“If the homes were all that price at this location? Probably not. And all of the builders worked diligently to stay as close to the target price as possible. These are beautiful homes too,” she added.
Culp Taylor feels that the decision to keep the homes at $1 million or less was driven by several factors.
“Definitely the market is slower, so that is part of the decision. It is not so much that we are hurting the way other markets are, though. It is almost a self correction.”
“Last year was so over the top in terms of sales. The numbers still look good. And the cost of the land is the other factor in determining the price point. But Stream Valley will sell at these prices. Because the houses are beautiful, and the development is going to be incredible,” she said.
Matt Rogers, director of public relations for the Home Builders Association of Middle Tennessee, says that every Parade has a different personality.
“My mom came from Memphis to see the Parade last year. She was overwhelmed by the homes. There was a definite wow factor. This year, she came up to see the Parade and she still had the wow, but it was more of ‘Wow, I could see myself living in this beautiful home.’
“If last season was about the almost over the top wow, this season is about the accessibility of a home that is beautiful.”