New home fall 2013 lowres by Jaimee Greenawalt

NEWHOME Fall 2013

RESIDENTIAL FINANCE

The Mortgage Lending Environment

Housingâ&#x20AC;&#x2122;s BIG Picture Imbalanced Supply and Demand

Housing in our Northern Communities McCandless Crossing

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what’s inside NEW HOME 0

FALL 2013

Publisher’s Message

Housing’s Financial Perspective

New regulations threaten the improved mortgage lending environment.

27 6 1

Housing’s BIG Picture

The simple math of imbalanced supply and demand. Putting conditions of recent years into historical perspective.

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Publisher’s Message

PUBLISHER

Kevin J. Gordon kgordon@carsonpublishing.com GRAPHIC DESIGN

Jaimee D. Greenawalt PRODUCTION

Carson Publishing, Inc. design@carsonpublishing.com CONTRIBUTING WRITERS

Jeff Burd Anna Burd Linda Simon CONTRIBUTING PHOTOGRAPHERS

Jan Pakler Photography Carson Publishing, Inc AdVenture Development Ryan Homes ADVERTISING SALES

Kevin J. Gordon 412-548-3823 X202 kgordon@carsonpublishing.com SPECIAL THANKS

Kevin Dougherty and McCandless Crossing, Builders Association of Metropolitan Pittsburgh, Coldwell Banker Real Estate, Dollar Bank, Heartland Homes, Howard Hanna Real Estate Services, Northwood Realty, Ryan Homes and Prudential Preferred Realty. MORE INFORMATION

Greater Pittsburgh’s NEW HOME is published quarterly by Carson Publishing, Inc., 500 McKnight Park Drive, Pittsburgh, PA 15237; www.greaterpittsburghnewhome.com 412-548-3823 No part of this magazine may be reproduced without written permission by the Publisher. All rights reserved. This information is carefully gathered and compiled in such a manner as to ensure maximum accuracy. We cannot, and do not, guarantee either the correctness of all information furnished nor the complete absence of errors and omissions. Hence, responsibility for same neither can be, nor is, assumed.

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unique aspect in today’s residential real estate market is the difficulty in finding a home, particularly in desirable neighborhoods. New construction is the solution to that problem. Coming out of a tough time for residential development and finance, these next couple of years will be a barometer for how well new construction will be absorbed. Existing homes are selling quickly and often getting multiple offers. Stories of sellers getting more than the asking price abound. Those are conditions that should drive new home construction higher. Pittsburgh has never had more people working at any point in its history and the outlook is for more jobs to be added, even though unemployment remains elevated. Residential construction is one of those industry sectors that employ a lot of people. Assuming the path of employment continues higher in our overall economy, a reinvigorated housing construction industry would benefit and add to this prosperity. However, none of these positive indicators are assured, either regionally or in the global economy. Uncertainty about overseas markets remains. The unwinding of the Federal Reserve’s bond buying looms. Fannie Mae and Freddie Mac continue to hold billons in loan assets that are worth less than can be paid back. Head winds certainly exist. New home construction won’t be the remedy for bigger problems that could occur in the economy but it should no longer be the cause either. Over the past 12 to 18 months, money has become more and more available. Americans increased new home purchases in August after cutting back in July, suggesting that higher mortgage rates are not yet slowing the housing recovery. NEW HOME’s annual financial perspective shows that purchase loan volume is replacing refinance volume. Even though market rates are drifting up a bit, it is still a historically low rate environment. What most bankers are indicating is that new lending is on the rise and that their businesses are being more competitive to get a share of this new business. This competitiveness comes with conditions that are giving more borrowers a chance at a residential mortgage, but with a price tag attached! In addition to our Housing’s Big Picture and Financial Perspective features, this issue of NEW HOME showcases residential development in our northern communities. Thanks to jobs and schools, the North Hills housing market is alive and well! Autumn, my favorite time of year! Enjoy the weather and root for the continued success of our Pirates. Until next time.

Kevin J. Gordon www.greaterpittsburghnewhome.com

FINANCIAL

6 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

New Regulations Threaten the Improved Mortgage Lending Environment

PER$PECTIVE E

ven the most bearish of housing industry observers cannot deny the obvious pentup demand for new homes that has resulted from the extended under-building since the mortgage crisis began in 2007. As all of the fundamentals are pointing to significant increase in new construction in the near future, one key missing piece to the puzzle remains uncertain; that is, the availability of mortgages. In dramatic response to the easy credit conditions of the mid-2000â&#x20AC;&#x2122;s, lenders adopted underwriting standards that

made borrowing difficult unless the borrower had above average credit and a down payment that was 20 percent or more. Given the financial difficulties brought on by the crisis and recession, these tougher standards winnowed the number of qualified borrowers dramatically. The reasoning behind the tighter credit was sound. Banks needed to clean up damaged balance sheets and could not afford to take on any additional risks. Moreover, the buyers of mortgages in the secondary market were even more wary, as many had been burnt during the housing bubble. www.greaterpittsburghnewhome.com

ver the past 12 to 18 months, money has become more and more available. Equity requirements have fallen to more normal levels and the two major buyers of mortgages, Fannie Mae and Freddie Mac have been more liquid since their takeover by the Federal government. In short, 2013 should have been the year that residential mortgages were accessible to the mainstream borrower. “Most banks that came through the crisis are in pretty good shape,” says Chris Martin, regional president for Northwest Savings Bank. “They have cleaned up their balance sheet, cleaned up their bad loans. Banks have built up capital and there are very few ways to earn on capital right now except to lend.” Martin points out that the lion’s share of the capital put to work in residential mortgages over the past few years has been for re-financing of mortgages rather than new loans. Re-financing was less risky in that the loans took advantage of lower rates to reduce monthly debt burdens and the loans were usually

for homes with equity accumulated. In short, refinancing made the existing pool of mortgagees a better bet to pay back. The problem for banks is that there are a finite number of mortgages out there. “Those that could refinance have and those that couldn’t have not,” he says. “Our purchase loan volume is replacing the refinance volume,” observes Mike Henry, senior vice president of mortgages for Dollar Bank. “Since January, we are seeing purchase dollars offsetting the re-fi volume to the point where 60 percent of our volume is for the purchase of a home.” Indiana-based S & T Bank is seeing similar dynamics with their mix of residential loans. S & T’s senior vice president of mortgage lending, Joanne Duggan, says that the change was significant and very easy to observe. “I really have seen a shift since the start of this year. 2012 was still a refinance year as the rates hit bottom,” she says. “We saw a tremendous volume increase in new loans this year. It was about 70 percent refinance and 30 percent new but it’s now 48 percent purchase and 52 percent re-fi. We were also pleasantly surprised with the amount of the refinances that were new to S & T from the mega lenders.” As the refinance boom recedes another trend is giving mortgage origination a shot in the arm: rising interest rates. “Our volume in the last six weeks really shot up,” said ESB Bank senior vice president

8 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

As the refinance boom recedes another trend is giving mortgage origination a shot in the arm: rising interest rates.

Marilyn Scripko on July 15. “People got lulled into feeling that rates would never go up but whenever rates first go up we get a rush of borrowers who want to get that sales agreement signed so we were really busy.” Scripko indicated that the volume was easing in late July with rates leveling off. She noted that the secondary market rates coming into summer were near record low levels at roughly 3.75 percent and jumped as high as five percent in early July before moderating. “It is still a historically low rate environment. Even though it has drifted up a bit it really is a great time to buy a home,” asserts Monique Riccobelli, senior vice president at Huntington Bank. “We’re seeing an institutional shift, a dramatic increase in our purchase business. It’s getting to the point where folks are building up equity in their homes again.” What all of the bankers are indicating is that new lending is on the rise and that their businesses were being more competitive to get a share of the new business. That competitiveness comes with caveats however, conditions that are giving more borrowers a shot at a residential mortgage, but with a price tag attached to any risk.

“Northwest is putting together affordable home loan programs that have some flexibility. You may have a lower down payment or a lower credit score or you may have better terms but there are limits on income or the type of house,” notes Martin. His bank is willing to work with a borrower on some underwriting criterion but there will be a tradeoff in another. “We may do an 80/20 first mortgage with a 15 percent second but the borrower will have to have strong income and has to understand that type of mortgage will come with PMI [premium mortgage insurance] until they get to 80/20.” Duggan says that her bank’s underwriting standards are very similar to what they were in the early-to-mid-1990’s. By coincidence, the housing market was about five years removed from the Savings and Loan crisis at that point. The flexibility and cooperation that these lenders and others are showing are primarily on loans that they will add to their portfolio of loans. Borrowers with a credit hiccup or who haven’t saved enough can still be good credit risks with offsetting assets or high income and the fact that the banks can get a slightly better rate or PMI premium increases their profitability if the loans are held and serviced. For loans that are intended to be sold in the secondary market,

Rates for the bellwether 10-year Treasury and conventional 30-year mortgages remain below the levels of the first quarter of 2011 and well below historical norms. Source: Federal Reserve Board, Wells Fargo Securities.

however, there is little flexibility. Loans must conform to the standards set by the government sponsored enterprises (GSE), Fannie Mae and Freddie Mac. As of 2014, the GSE’s are set to become even less flexible and lenders are concerned that the regulations that will be put into place will tamp down the growing loan demand and add considerable costs to financing residential mortgages. The financial crisis brought a legislative response that is known as the DoddFrank Wall Street Reform and Consumer Protection Act. As has become too common with Congress, the remedy intended to avert future crises was nearly two years in the making. Moreover, the legislation was so widely reaching that it has taken another three years to establish the regulations that are meant to implement the Act. To oversee the regulations on mortgages, credit cards and other consumer finance issues, Dodd-Frank established the

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loan buying that Fannie and Freddie do. Since the two GSE’s are the largest buyers of residential mortgages – since reorganizing in 2009, Fannie has provided $3.1 trillion and Freddie $1.9 trillion in liquidity – the standards they use become de facto industry standards. The new standards will establish what is considered a ‘qualified mortgage’ as of January 10, 2014. Washington Financial Bank’s senior vice president Del Hague chuckle when asked about the new regulations because they have been changing all year. “There have been a couple of updates to the qualified mortgage regulation,” he says. Initially the guidelines said that loans from any government-sponsored enterprise would not have to follow the qualified mortgage standards but Fannie Conditions for home ownership have improved dramatically throughout the recession. Source: National Association of Realtors

Consumer Financial Protection Board (CFPB). In January, the CFPB issued new “ability to pay” guidelines for the

Because of a few of the standards, bankers are concerned about the negative impact the new rules will have on the housing recovery.

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since came out with an update saying that [the regulations] would apply to their loans.” On May 2, 2013, FHFA directed Fannie Mae and Freddie Mac to limit future purchases to loans that are qualified mortgages under the ability to repay rule. Therefore, on or after January 10, 2014, the GSE’s will not be allowed to purchase any loans if they are subject to the ability to repay requirements and are either: loans that are not fully amortizing (no interest-only loans); loans with terms in excess of 30 years (e.g., no 40year terms); loans with points and fees in excess of three percent of the total loan amount or such other limits for low balance loans as set forth in the ability to repay final rule. Because of a few of the standards, bankers are concerned about the negative impact the new rules will have on the housing recovery. Mike Henry points out that some of the standards put forward by the CFPB have

already been scuttled or changed, so that there is still some guessing involved with what the final regulations will look like. But his biggest concern is the three percent limit on the total costs associated with the loan. These include the origination fees, points, title insurance and other closing costs, including those that are imposed on the bank that are passed through to the borrower. “The three percent may apply to closing costs from affiliated businesses, like title insurance from a company owned by the lender. It also includes loan level price adjustments,” says Henry. “Those are fees the bank pays Fannie and Freddie as part of risk-based pricing. That can add costs to the loan that take it above three percent and if the costs go over three Fannie and Freddie can’t buy the loan.” Fannie and Freddie have fees associated with underwriting criteria that align with additional risks of lending. The problem is that most bankers feel the risk-based fees are overly conservative and cre-

ate a Catch 22 of sorts. The GSE’s have limited the costs on the loans they will buy but they are also adding costs to well-documented loans that will make it un-sellable. Banks will be left with the choice of putting the loan into its portfolio or putting the costs somewhere else, like the interest rate. Either way, the cost to the borrower goes up. “The solution is to build that pricing into the interest rate. We’re not worried about requirements for income verification or documentation of assets but we are concerned about the pass through costs that don’t benefit the bank and hurt the customer,” asserts Henry. If history is any indicator, lenders will figure a work around for the cost limit. Any measures taken will only move costs into another category rather than actually save the borrower money. Another regulatory change that could have unintended negative consequences for new home construction is the 43 percent total debt-to-income ratio, the

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so-called back end ratio. This debt ceiling is meant to keep a borrower’s total debt from exceeding 43 percent of his or her income. While the regulation intends to prevent consumers from overleveraging themselves, the 43 percent level will disqualify a lot of borrowers who want to build a new home. “Most new construction buyers aren’t first–time buyers so they will have a mortgage on their existing home while their new home is being built,” explains Joanne Duggan. She says that because consumers who build have a single loan that covers construction and becomes their permanent mortgage, it will be easy to reach the 43 percent ratio until the homeowner completes construction and sale of their existing home. “Because of the potential lawsuits that could result if we don’t make

loans within those regulations, I think we will leave qualified buyers behind.” “Move up buyers are looking for an improvement in size or quality. Any kind of restriction that is put upon a lender’s ability to put that buyer into a loan will infringe upon growth,” agrees Martin. “I respect the credit agencies looking to protect consumers and if banks go outside normal parameters they put the borrower into a situation that is potentially harmful. However, some restrictions that are put into place will negatively affect even affluent borrowers, who tend to have more debt.” Duggan makes the point that the 43 percent ratio will be a requirement for all lenders under the regulation of the CFPB, including the largest home builders, who often have their own mortgage arms.

“Most new construction buyers aren’t first–time buyers so they will have a mortgage on their existing home while their new home is being built,” explains Joanne Duggan. She says that because consumers who build have a single loan that covers construction and becomes their permanent mortgage, it will be easy to reach the 43 percent ratio until the homeowner completes construction and sale of their existing home. 12 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

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The risk of which she speaks is the loss of ‘safe harbor’ against future problems with the loan. As a result of the overextension of credit in the last decade, politicians sought to give consumers protection from lenders – and themselves – by providing that a borrower who faces default on a loan that isn’t within the new qualified mortgage rules can sue the lender for approving them. The case for how this could dampen new construction lending goes something like this: The Browns are building a new home that will take nine months. The combined total of the two mortgages – only one of which the Browns are now paying – takes the back end ratio to 45 percent. The Browns sell their home the day they close on their new home and their new back end ratio falls to 36 percent. Five years later, Mr. Brown loses his job and can’t make his mortgage payment. Because the bank agreed to lend the Browns the money with the non-conforming debt ratio, they are vulnerable to a suit from the Browns claiming that the fault for the bad loan is the bank’s. That’s a downstream risk that many credit officers won’t take. Del Hague says that banks looking to stay within the total debt limit guidelines on new construction can make separate construction and permanent loans instead of a single loan that transitions from construction to mortgage. “The regulations exclude an open end credit plan or temporary loan and when you do new construction it can be a temporary loan,” he explains. “That ends up costing the consumer more because that will mean two closings. Both mortgages will have to be recorded. There will be two closing fees. And you won’t be able to lock a permanent loan rate until after construction is completed.”

Huntington Bank’s Riccobelli acknowledges that the new regulations are intended to help consumers better understand their financial situation and sees some positives among the changes. She also cautions buyers that additional regulation will mean additional legwork on their part. “Because of the qualified mortgage paperwork will be different starting in January. Most borrowers will see an increase in the documentation needed,” she predicts. “I would like to see [the process] streamlined – I think it will be – but that isn’t going to happen by next year. I think most buyers will be surprised by the level of verification needed to do a loan.”

rules of thumb that applied to mortgages for generations – buy a house that is three times your salary; keep your mortgage payment at one-quarter your month’s pay – apply again. Down payments of 20 percent are preferred. You can borrow more but expect to pay more to do so. And expect to be able to document everything. Banks want to lend and they want to be paid back. Borrowers want to be approved and they want to pay back. Conditions have recovered to the point that common sense can re-enter the mortgage market. It will take a bit longer to see if the new regulations make sense too. NH

What borrowers looking for residential mortgages can expect from lenders five years after the phrase ‘toxic assets’ worked its way into everyday lexicon is more or less just common sense. The

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16 GREATER PITTSBURGH’S NEW HOME

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Imbalanced Supply and Demand Back in the spring of 2008, two surveys were done of the nation’s homebuilders to get a sense of just how devastating the mortgage crisis had been to the industry. The magazine Professional Builder asked builders when they expected to see a bottom to the housing slump. While a minority believed the bottom had occurred in 2007, the majority – some 55 percent – predicted that the bottom would occur in 2008. A small, seemingly-negative cohort responded that the bottom would occur after 2010. The National Association of Home Builders survey found that most builders didn’t expect a sustainable recovery until 2010. If only either of these results had been prophetic. www.greaterpittsburghnewhome.com

s the recession played out, the bottom of the new construction market for housing took place in late 2009 and while there were slight increases in starts in 2010, by the end of that year housing construction had begun to decline again. New home construction fell throughout 2011, almost reaching the lows of 2009 again. The decline in housing construction was a drag on the economy. As a source of employment, housing construction had the potential to reduce unemployment by as much as two points in 2010 simply by rising to the one million unit start level – a level that has not yet been reached in 2013. The decline in home values and overhang of inventory dragged demand down during the recession, which kept buyers on the sidelines and dampened consumer spending. Those same dynamics weighed on lending as well. As the housing market’s basic dynamics shifted back towards equilibrium, with so few houses built for such an extended period of time, the prices of homes for sale began to rise again. It’s important to remember that the housing price decline started in the most overbuilt markets – Las Vegas, Tampa, Stockton, and Phoenix – in the spring of 2007, while the recovery in home prices is really only about a year old. The return of appreciation had a positive impact on the psyche of the American homeowner but there has also been a practical impact: rising prices presages an increase in new construction and that means rising employment. As new construction has moved back close to the one million units per year level, the overall economy has been given a boost. The Federal Reserve’s most recent Commentary on Current Economic Conditions – more 18 GREATER PITTSBURGH’S NEW HOME

commonly known as the “Beige Book” – found that the overall economy was growing at a modest pace in all 12 of its districts. But in its survey of activity from April through May 23 the Beige Book reported that residential construction “increased at a moderate to strong pace in all districts…” With economic conditions still uneven, few things would help sustain a recovery as well as heightened rate of job growth and a confident consumer. Surveys of businesses over the past few years have repeatedly pointed to the lack of certainty as the main reason businesses aren’t hiring. If consumers can again feel assured that their home was not depreciating, they will more confidently buy and invest. Housing makes up 20 percent of the U. S. gross domestic product (GDP). A rebound in home construction back to the trend of the last 30 years would add almost 200 basis points to GDP, bringing growth back above 3 percent. As summer 2013 unfolds, the U. S. housing market appears poised to become a catalyst for growth again.

Getting Back in Balance You could draw an interesting parallel between the current market conditions and those of 2003. A recession triggered by the dot com bubble bursting was deep-

Foreclosures have begun to decline more rapidly since the beginning of 2011.

| Fall 2013

ened by the fear that followed the terrorist attacks of September 11, 2001. Like now, the recovery from that recession was also ‘jobless,’ with unemployment a stubborn problem. The housing market was also seen then as an opportunity for restoring growth and the Bush administration and the Federal Reserve created policies that encouraged home ownership and homebuilding. Those policies, which included relaxing the underwriting standards for Fannie Mae and Freddie Mac and deregulation of banks, triggered a housing boom built on credit instead of demand. Those government policies worked. The housing boom of 2005 and 2006 created millions of jobs, pushing unemployment below six percent and opening the floodgates of consumer spending. Of course, the stimuli for the boom were also the seeds of the financial crisis. It’s folly to argue that the recession wasn’t the worst unintended consequence of the housing boom but for residential construction the bigger problem was the overbuilding that loose credit spawned. Coupled with a tidal wave of foreclosures that accompanied the bust, the overbuilding meant that supply/demand equilibrium was out of whack to an unprecedented degree. To put the conditions of the recent years into historical perspective, the housing market at the end of the last recession in 2003 was hardly in the doldrums. For the full year of 2003, more than 1.8 million total units were built and that was on the heels of 1.7 million units in 2002. From those levels, new construction went up by another 500,000 units at the peak in early 2006. By contrast, new construction averaged only 570,000 units during the two full years of 2009 and 2010 and that included a boost from

the first-time buyer tax credit incentive in the first four months of 2010. In fact, when the housing construction finally crossed the million-unit mark again in March 2013, new housing construction had been below that level for 56 straight months. No economic downturn had caused a drop below one million units for more than nine consecutive months since World War II. In a market that has historically demanded more than 1.3 million units per year for more than six decades, construction for the past five years was less than half that average. This dramatically reduced supply should have created unprecedented pent-up demand. While that may have indeed happened – we don’t know yet how buyers will respond over the coming half-decade – the expected rise in home prices that should have been the result of such under-building did not happen. Instead, home prices fell and remained depressed because the inventory of homes on the market did not shrink throughout the recession and the recovery. The repercussions of easy credit were foreclosure rates that spiked starting in mid-2007 and peaked at over 100,000 homes per month in summer 2010. Demand for homes may have bounced back to the million-plus level but the inventory of foreclosed homes was a substitute for half the normal number of new homes. Of course, because the circumstances of a foreclosure are far direr than that of a newly constructed home, the inventory of foreclosures sold at greatly reduced prices from the norm. This kept home values going lower until 2012. The evidence in 2013 is that prices are finally and sustainably rising again. The S&P/Case-Shiller Index tracks changes in residential real estate values nationally and in 20 major U. S. cities. On May 28, Case-Shiller reported that its 20-city composite rose 1.4 percent in March, the largest monthly growth since July. The growth from the same period of last year was 10.9 percent, which marks the highest year-on-year growth rate since April 2006. Prices rose 10.2 percent for the first quarter of 2013. All 20 cities the S & P/Case-Shiller Index tracks saw year-over-year improvements for a third

consecutive month. Home prices are being pushed up by low inventory and interest rates. There are also fewer distressed sales, meaning that the pent-up demand is creating heightened competition for properties. Without the relief valve of new construction, existing home prices will continue to rise. Even with the recent gains, however, prices remain 28 percent below the zenith in 2006. Suppressed supply and rapidly rising prices has historically been the recipe for a boom in new construction. Unless there is a significant and unprecedented increase in the number of existing homes for sale, buyers will need more inventory from which to choose in order to keep prices from rising so steeply for an extended period. As in past, the most likely source of new inventory will be new home construction. The June 7 Kiplinger Letter predicts the increase in new construction will be enough this year to bring supply and demand more closely in balance by 2014. Kiplinger forecasts house prices will rise four percent in 2014, after a year that will see appreciation above eight percent. Moreover, the forecasters expect appreciation to return to its historical norm of roughly one percent above the rate of inflation again in 2015. The one variable in the supply/demand balance that is still unknown is the degree to which buyers’ demand was suppressed because of the recession and the fallout from the credit crisis. Given the normal levels of household formations, the pent-up demand should drive several years of new construction well above the two million-unit mark but it’s

clear thus far in 2013 that the number of buyers in the market won’t support that kind of boom. The unknown variable is the number of households ready to be formed.

It’s About Household Formations and Demographics No single factor drives demand for new housing so much as the formation of new households. Follow the data on household formation rates historically and it tracks

... because the circumstances of a foreclosure are far direr than that of a newly constructed home, the inventory of foreclosures sold at greatly reduced prices from the norm. This kept home values going lower until 2012. www.greaterpittsburghnewhome.com

sure of each new place that a group of people – unrelated roommates, two newlyweds or a nuclear family of four – comes together to live. Because of changing birth rates, immigration or graduations, the number of new homes needed in America will vary from yearHousehold formations took an unprecedented decline following to-year. What hasn’t varied the housing bubble and the forecast is for fewer formations for is the fact that more places the decade. Source: Harvard Joint Center for Housing Studies. to live are needed each year. As a matter of fact, the with the number of houses built. The household formation rate current trend in household formations has been steadily increasing over the past has been greatly influenced by economic 30 years, at least until 2008. Since the conditions and demographics. financial crisis, the household formation The household formation rate is a mearate has remained essentially flat.

In a country where the population increases by about 3 million people each year, maintaining the household formation rate is effectively a decline. The recession of 2007-2009 had a significant impact on the number of independent households, as increased unemployment and under-employment drove younger people to remain at home after graduation. Studies have shown that somewhere between one-third and one-fifth of adults between the ages of 25 and 34 lived independently since the start of the recession. In 2006, that number was roughly half of all young adults. With declining immigration, this trend of young adults ‘boomeranging’ back home was a big reason why household formations fell from 1.9 million in 2006 to 410,000 in 2010. Employment has picked up to the point where the household formation rate should begin to reflect that backlog of young adults who would have historically been on their own already but even the most liberal of forecasts sees the household

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| Fall 2013

formation rate climbing to 1.3 million in 2013 and to 1.5 million in 2015. During the duration of the recession and recovery, nearly 3 million fewer households were formed than should have been if the normal trends had prevailed. That should lead to much higher levels of household formation than are being forecasted over the next few years. It’s clear that other factors are influencing household formation. Over the longer run, in fact, the most important drivers of household growth will be the size and age of the population.

leading edge of this group reached 65 in 2011, entering the phase of life when they are less likely to move to different homes. The Baby Boomers should play a smaller part in setting the pace of housing demand in the coming years, as evidenced by the share of the market owned by Boomers. During the mid-decade housing boom, for example, Boomers occupied 34 percent of homes built after 2000 while those from the Baby Bust generation – who were aged 25 to 44 at the time – occupied roughly half of the newly built homes.

Over the next decade – assuming the economy does not go into serious recession in the next few years – the growth and aging of the current population alone should support the formation of one million new households per year. If net immigration inflows are roughly half the current level, the Harvard Joint Center for Housing Studies projects household growth should average 1.18 million a year in the decade of 2010 to 2020.

And for all of the economic impact of the Baby Boom, the Echo Boomers have the potential to make a greater dent than their parents did over the next 20 years. For the housing market this is good news. Echo Boomers already outnumber the Baby Boomers at the same ages. With just modest immigration inflows, the Echo Boom generation will grow even larger as its members move into the prime household formation years.

The aging of the Baby Boomers is another key factor in future housing demand. The

Changing Attitudes+ Changing Lifestyles = Apartments As the housing bubble approached full inflation in 2006, a number of historical metrics for affordability reached unprecedented – and out-of-balance – levels. The time-honored relationship between price and income was slightly more than three times income; however, by 2005 that ratio had risen to almost five times income and was still 4.5:1 in 2006, when the boom peaked. Monthly mortgage costs were 28 percent of household income and the monthly mortgage burden was nearly 1.5 times the average rent. Home prices were high and the ability to meet the mortgage obligation was being stretched. For many analysts these imbalances presaged the bubble bursting regardless of the underlying economic situation.

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Once the financial crisis and recession hit, conditions rapidly reversed and made renting more practical for many more Americans. Those who had the misfortune of losing jobs had problems with affordability and with credit worthiness. High unemployment further reduced the field of potential buyers and increased the number of renters. Young adults – who make up the lion’s share of the renter demographic in any era – had a particularly difficult time with unemployment and helped keep the rental rolls fuller for longer. In addition to the economic and affordability issues, the recession appears to have had some psychological impact on consumers as well. Perhaps because of the coincidental attitude shifts about urban living and sustainable lifestyles, more Americans see owning a home, especially in the suburbs, as a bad residential model. Younger adults in particular are choosing to live near urban centers where the lack of available land dictates multi-family living. This model also fits with a non-commuting, low environmental impact lifestyle better than suburban home ownership. Setting lifestyle considerations aside, it’s also cheaper to rent than buy in many U. S. markets. Jay McCanless is a homebuilder analyst for investment firm Stern Agee. McCanless compared the cost of

mortgage, insurance and taxes vs. renting. In the 25 top markets of the builders he follows (which excludes New York and Los Angeles but includes Chicago, Indianapolis, Houston, Washington D.C. and San Francisco), it’s cheaper to rent instead of buy in 13 markets at an interest rate of 3.5 percent.

Whether or not affordability is an issue in Pittsburgh, the market for apartments in the region is still very much a landlord’s market. Rents continue to increase year-overyear and the urban rents are approaching levels that were considered unrealistic just two years ago.

Development of new subdivisions creating available lots has lagged demand for new construction throughout the recession and recovery.

22 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

McCanless has seen orders go up an average 40 percent and 29.8 percent in the last two quarters. Average closing prices have gone up 7.7 percent and 10.5 percent, and closings have increased 31.5 percent and 37.6 percent. And he points out that mortgage rates have climbed since reaching a cyclical low of 3.47 percent in the week ending Dec. 7. According to Freddie Mac, the 30-year fixed-rate mortgage hit the highest level in a year in the week ending May 30, at 3.81 percent. Whether or not affordability is an issue in Pittsburgh, the market for apartments in the region is still very much a landlord’s market. Rents continue to increase year-over-year and the urban rents are approaching levels that were considered unrealistic just two years ago.  In market conditions such as prevail in metropolitan Pittsburgh in 2013, two reactions to the supply and demand imbalance will generally occur. One is for real estate developers to respond to the high occupancy and rising rents by building more apartments. This is already occurring. More than 1,000 apartment units have been or are being added to the stock in downtown Pittsburgh and its surrounding core area and those are being rapidly absorbed. Nearly 4,000 units of new construction are in the pipeline for suburban apartments. Roughly 1,200 units of these projects are underway or about to start. New apartment construction was virtually non-existent for more than a decade until the past year or so. How the market responds to those that are being added will dictate how many of the remaining projects advance and whether or not there will be overbuilding. As of the summer rental season, there is little reason to believe that saturation has been reached just yet. Two recent urban projects – the Brix at 26 and Walnut on Highland – have opened to great response, both in terms of occupancy and rent. As of July 1, more than threequarters of the 87 units at the Brix are leased, with an average rent of more than $2 per square foot. Rents are above $2.10 per square foot at the Walnut on Highland, with

roughly 60 percent of the units leased within a month of first occupancy.

has outstripped the number of sellers for a couple of years.

Low vacancy rates have boosted rents in suburban projects as well. EQA Landmark’s Newbury apartments are asking roughly 30 percent more than the suburban rental rate of just a year ago for its preconstruction leasing on 250 units. A more recent addition to the inventory is the Gateway at Summerset project near Frick Park. As of July 1, there were 71 of the Gateway’s 131 apartments completed for occupancy and about half of the units were leased. The average rent for the Gateway is $1.64 square foot, more than 50 percent above the suburban norm prior to the recession.

“The number of homes for sale in the market is 40 percent lower than it was three years ago,” observes Howard ‘Hoddy’ Hanna III, CEO of the region’s largest real estate firm. “There is very little new construction. The foreclosure market is down generally and we had a pretty good spring sales season,”

The developer for the Gateway at Summerset project, Pennrose Properties, has been involved in other projects in Pittsburgh over the years. Michael Watson, vice president of development for Pennrose, understands the concerns about an apartment bubble but sees the Pittsburgh region as somewhat immune to the potential problem. “[Overbuilding] is always a concern especially in a rental market as hot as Pittsburgh’s, however we feel that surge in multifamily starts that we’re seeing is simply catching up with pent up demand,” he says. “We have a long and successful track record in Pittsburgh and we feel that the market fundamentals here are strong and poised for long term growth.” The other normal market reaction to tight apartment vacancy and climbing rents is, of course, an increase in new home construction. While construction levels are on the rise, the volume has yet to reach half the 2004-2005 levels, and the conditions are not predicting a new construction boom just yet.

More Buyers Than Sellers What is keeping the lid on new home construction at the moment is a fundamental change in the Pittsburgh marketplace and a relatively limited number of available lots. The problem is not a lack of buyers. In fact, the number of buyers

According to the data for the first four months of 2013, there are more homes on the market; there just aren’t enough to keep up with the growth in buyers. For all homes on the market, West Penn Multi-List reported that there was a 10.9 percent increase in listings in April to 4,145 but a 16.7 percent increase in closings to 4,410. That the supply of homes is increasing is encouraging to the region’s real estate professionals but the fact closings still outpace listings means that upward price pressure will continue. And it also means that realtors would like more to sell. Hanna says that their sales were up 23 percent over 2012, a year which saw even better year-over-year growth. He believes their sales could be even higher if there were more homes on the market, especially new homes. “The number one driving force in the market right now isn’t the first time buyer or relocation but the move-up buyer who didn’t move up since 2008,” he notes. “Those folks took themselves out of the market because of fear of what was going on in the economy. Over the last year that has subsided because jobs are growing again or their 401-K is growing.” What the move-up buyer also wants is new home options that aren’t there right now.

exciting option to buyers, most of who don’t start out looking for something new. Hanna refers to the new construction as an ‘impulse buy’ because the buyer will make the decision to build new after seeing what is possible in a speculative or model home. Right now, there aren’t a lot of spec homes to see. Because overextending credit to spec builders was a big cause of the housing crisis, financing for spec homes dried up until recently, and even those lenders willing to finance a spec are doing so on a limited basis. Another factor limiting the number of spec homes available is the change in the builder profile in Pittsburgh since the recession. The city has never been the size that attracted high-volume production builders and the share of custom homes in the market historically has been 60 percent or more. But the recession pinched the custom builder, especially those who could not finance specula-

New construction offers an exciting option to buyers, most of who don’t start out looking for something new.

New construction offers an

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tive homes. In that void, the share of the production builder grew to as high as 80 percent. Pittsburgh even became a new market for several production builders from out of the region. This change had a dramatic impact on residential development. New subdivision development had been slowing before the onset of the recession. At the depths of the downturn, when demand was low, it was possible to see a coming lot shortage after the recovery. Subdivision development has remained scarce, even as the economy has turned around in part because developers haven’t been able to get financing and also because developers have become interested primarily in working for the production builder. The traditional residential project – communities like Treesdale, Nevillewood or Ehrman Farms – was developed using a model of signing on a handful of custom builders that would build or ‘take down’ a certain number of lots. Until recently, such an arrangement could be counted upon to be good for 50 homes or so each year, ensuring that the developer was able to recoup his investment and exit in three years or less. Production builders can offer similar take down schedules to developers – sometimes even more aggressive than that – and allow the developer to work with a single builder. Between the financing and the builder/developer dynamics, new subdivisions have been slow to develop. After half-dozen years of a shifting landscape, developers are beginning to scratch new dirt again. While most of these are neighborhoods for the big24 GREATER PITTSBURGH’S NEW HOME

ger builders, the additional inventory is welcome and should also make it easier for developers to consider smaller custom projects. “Most of what we have done over the past few years were existing [subdivisions] because the loans were sitting there for so long,” explains Dave King, partner in the appraisal firm Nicklas King McConahy. “This year, for the first time in three years we’ve been asked to look at new developments.”

At the current time there are more than a dozen new subdivisions going through the municipal approval process throughout the region and a few under construction. All of these are in parts of the city that you would expect new development to occur: north and south of the city along the I-79 corridor or the airport area. These should be well-received by the buyers in the market and have the potential to spur more buyers to look at new construction. One of the common themes of today’s residential real estate market is the difficulty in finding a home, particularly in desirable neighborhoods. New construction is the solution to that problem. Coming out of a wrenching time for residential devel-

| Fall 2013

opment and finance, these next couple of years will be a barometer for how well the new construction will be absorbed. Existing homes are selling quickly and often getting multiple offers. Stories of sellers getting more than the asking price abound. Those are conditions that should drive new home construction higher. Pittsburgh has never had more people working at any point in its history and the outlook is for more jobs to be added, even though unemployment remains elevated. Residential construction is one of those industry sectors that employ a lot of people. Presuming the path of employment continues higher in the overall economy, a reinvigorated housing construction industry would benefit and add to the prosperity. None of these more positive indicators are assured, either regionally or in the global economy. Uncertainty about overseas markets remains. The unwinding of the Federal Reserve’s bond buying looms. Fannie Mae and Freddie Mac continue to hold billons in loan assets that are worth less than can be paid back. Head winds certainly exist. It is difficult to see macroeconomic conditions that can hold back the simple math of the imbalanced supply and demand. New home construction won’t be the remedy for bigger problems that could occur in the economy but it should no longer be the cause either. NH

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areas for new construction almost

the most active in home sales and

every year. Most years, the most

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been in the North Hills. It is the

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Pittsburgh’s northern suburbs now serve as bedroom communities for commuters going in all directions, as thousands of jobs have been created near the intersection of I-79 and the Pennsylvania Turnpike.

to find a location that is convenient to work and good schools. When all the positive factors about the North Hills are stripped away, the real attractions are still jobs and schools.

Now with a new economic base reviving the Pittsburgh region, sales of homes in the North Hills are helping realtors set records. Homeowners in a number of the municipalities to the north found they were able to sell homes with appreciating values even during the recession, but now the properties are getting multiple offers. There’s nothing especially ‘hot’ about why housing sells like hot cakes in the northern suburbs: great schools, great amenities, and convenience to jobs and attractions. It’s boring stuff, but it’s a great success story.

Regional leaders have been justifiably proud of the jobs created in the Pittsburgh region to help cushion the blow from economic downturns. As of the August report from the Labor Department, Allegheny County’s and Butler County’s unemployment rate are 6.1 percent, which compares favorably to the 7.4 percent national rate. Even those improved county rates pale in comparison to the communities in the North Hills. Unemployment is under four percent in Ross Township, McCandless, Franklin Park, Fox Chapel, and Hampton Township.

Jobs and Schools, Jobs and Schools, Jobs and Schools

Those are healthy employment statistics for North Hills residents yet the news is even better about the jobs being created in the North Hills. The relocation of Westinghouse to new facilities in Cranberry Township has resulted in 4,200 jobs and half of those are new jobs created, even after the slowdown in the nuclear energy industry. The

When real estate agents tell you that the three most important factors in finding a home are location, location, location, what they are really saying is that it’s important

28 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

Turnpike and I-79 junction has also been a magnet for some of the engineering and administration for the booming natural gas industry. Three new buildings have been built exclusively for gas exploration firms since 2010. In fact, the buildings that pack the interstate intersection have virtually no vacancies. Occupancy levels in Cranberry Township and the surrounding areas are at 95 percent, but no contiguous space more than 7,000 square feet is available. Prospects for expansion and new employment are so strong that more than one million square feet of new office space is under construction or in planning. That’s enough space to fill both the One Oxford Centre and PPG Place high rises. “I think the impact from the Westinghouse move has probably past,” says Bill Weaver, president of Weaver Homes. “There were certainly sales from that and from the first people to come here with the gas industry but most of those have come and gone by now. What I see now as the major reason [for the strength of the market] is the improvement in the economy overall.”

Having a strong employment base keeps a community vibrant. Jobs attract residents and that helps support school systems. And at the end of the day, almost nothing is more important to a community than great schools. Greater Pittsburgh is home to six of the Commonwealth’s top 15 school districts, as rated by the PA Department of Education, and three of those – North Allegheny School District, Hampton Township School District and Fox Chapel Schools – are located in the North Hills. The districts achieved their ranking based on the academic performance of their students, especially in Advanced Placement courses, the investment made per student, and the quality of the teaching faculty. These three, along with up and coming Pine-Richland School District and Mars Area School District give North Hills residents the choice of five of the state’s most highly regarded school systems. The marriage of great schools with great employers is the main reason why the North Hills has remained a strong market, even during an economic downturn. The icing on

The Parkway North, or I-279 and the intersection of Interstate 79 and the Turnpike give North Hills residents great access to the major attractions of Western PA. It’s equally convenient to work your way around the North Hills on its township and county roads.

the cake is the convenience to the lifestyle amenities in the region. Whether you want convenient access to Downtown, Cranberry Township’s business district, shopping or just less hassle getting to your kids’ schools, it’s easier getting around the roadways in the North Hills than in most of the region. The Parkway North, or I-279 and the intersection of Interstate 79 and the Turnpike give North Hills residents great access to the major attractions of Western PA. It’s equally convenient to work your way around the North Hills on its township and county roads. Route 19 and McKnight Road are well traveled shopping districts and work well as alternative routes into town. The major east-west arteries around the north are also comfortable roads to travel for commute or leisure, but in addition those roads also link to many of the schools in the North Hills. “I wish I could come up with some new and exciting reason why the North Hills are so popular but it’s been the same thing for a lot of years,” laughs Chris Cinker, general manager for S & A Homes in Wexford.

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Owner Jeff Costa was trying to maintain the growth of his business and saw the North Hills as the best place to expand. “We introduced Costa Homes to the North Hills two years ago and have had success getting projects from the start,” he says. “We have a lot of experience with customers building on their own lots. We’re building now in Whispering Creek in Hampton and Avonworth Heights [in Ohio Township]. There are a lot of miscellaneous lots between Cranberry and McCandless. As we expanded, we have followed the school districts that people want and the North Hills has some of the schools that people still want.” Among the older neighborhoods that are being completed right now are two Traditional Neighborhood Developments (TND), Park Place and Bellevue Park in Cranberry Township. A TND is a planned community that mixes higher-density home sites with traditional single-family lots, usually in a walkable neighborhood with retail stores that feels like a small town scale.

“There are a lot of great communities with great schools that are still only a half hour away from the heart of Pittsburgh.”

The Neighborhoods Choices One of the realities of the housing bubble is that the slowdown of 2008-2011 closed down new development in virtually all cities across the U. S. and Pittsburgh was not immune. Fewer than 2,000 lots are available from I-79 to Route 8 between Ross Township and Evans City, but 60 percent of those are lots in Cranberry and Adams that are overhanging from the past decade. The upside of the shorter supply is that it helps keeping prices going up on existing homes, which gives buyers more certainty about their decision to move. While lots are more limited, buyers don’t actually lack for places to look. At the entry point, new townhouses have been very popular during the past couple of years. Townhomes selling between $175,000 and $300,000 are available from Heartland Homes, Ryan Homes, Maronda Homes and S & A Homes in communities like Foxmoor, Bellevue Park in Cranberry Township, Village at Pine in Pine Township, Kaufman Run in Adams Township, Willow Ridge in Richland Township, Village at Harmony Junction in Jackson Township, Whispering Pines in West Deer, Northtowne Estates in Marshall Township, and Legacy Village in Ohio Township. 30 GREATER PITTSBURGH’S NEW HOME

The two most active suburban markets, plus half the top 15 markets, over the past five years have been North Hills communities.

At the other end of the spectrum, the sales of homes in some of the priciest neighborhoods in the region have also been brisk. Communities like The Estates at the Villa in Hampton Township, The Heights of North Park, North Park Manor and Lake MacLeod in Pine or Meredith Glen Estates in Middlesex and Adams Township have seen houses sell as quickly as they are listed, many over the $1 million price point. The higher-priced end of the market has been very good to custom builders Costa Homes. The builder typically works on homes that sell between $350,000 and $600,000, focusing almost entirely on the markets in the South Hills until 2011.

| Fall 2013

Park Place is an ambitious TND community in Cranberry Township, located off Powell Road and backing up to the massive Graham Park. The original plan called for 779 total units of housing, split between traditional homes, townhouses and live/work apartment buildings. The development plan was modified in 2012 to include 252 units of apartments and Park Place got a boost later last year when the region’s top builder, Ryan Homes agreed to work there. Ryan’s sales have picked up the activity in Park Place dramatically. Bellevue Park developer Weaver Homes built 104 single-family attached housing units that offer no-maintenance, open floor plans in quad-plexes, along with 104 detached homes. Weaver is also planning for construction of similar lifestyle communities in two other Butler County municipalities. “We’re sold out in Bellevue Park for the quads and we’re getting a lot of interest in the remaining narrow-lot and estate homes.

It has been a phenomenal four months in Bellevue. I think we have written eight or nine contracts,” explains Weaver. “Our next projects are 76 quad units in Sonoma Valley in Connoquenessing Township and 58 lots in a plan called Vista Ridge, which is underway in Adams Township.” Construction started on Vista Ridge in spring of 2013. Weaver is understandably proud of the project, which sits along Ridge Road at one of the highest points in Western PA. Home sites at the top of the neighborhood will have views well into Allegheny County. The location isn’t just great for its views. Vista Ridge is just south of the Mars Area School complex along Route 228 and its residents can expect to educate their children from Kindergarten through high school within one mile of their home. “We built the model home and started a spec home that sold immediately,” says Weaver. “We just got a roughly $700,000 home in there. We’ve sold two others and have two more specs getting underway. Vista Ridge is off to a great start.”

“We only just completed the model but we have sold three homes already,” says Cinker of S & A Homes, Weaver’s co-builder at Vista Ridge. “The lots are spectacular. Vista Ridge will catch fire once word gets out.” The recovery of the housing market has revived the segment that was missing during the recession, which is the move-up buyer. Residents of townhome communities like Adams Ridge who are looking to move to a larger or different style of home sat on the sidelines for a few years longer than normal, but the return to the market has helped boost sales for the mid-priced homes. One of the projects that has benefitted from the return of the move-up buyer is Venango Trails, a new TND-style development that will be on the site of the former golf course that sat along Freeport Road in Marshall Township just east of the I-79 and Route 19 interchange. The project is designed to have a total of 473 units, most of which will be in a village setting on the lower elevations of the property. On the ridges above the village, there will be detached homes, including larger estate homes

on Venango Trails’ highest elevation. As planned, 299 of the units will be detached homes and 177 will be attached homes or townhouses. Heartland Homes will be building the townhomes. The attached homes that are garden and cottage style units will be built by S & A Homes and the estate homes, called Artisan homes will be built by Brennan Builders. Venango Trails has been several years in the making and one of the differences that have resulted from the extended period of planning is the attention to architecture. Homes will be of traditional American architectural styles, but with floor plans and low-maintenance materials that acknowledge the tastes of the modern buyer. Bob Brennan believes the planning shows in the final product and he is enthusiastic about the project. “Honestly, the location has a lot to do with it but I think the biggest draw may be the architectural consistency,” he says. “Venango Trails has some strict guidelines about architecture. For buyers, they know

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“It’s a great location. The neighborhood is in North Allegheny School District. I just think it’s a high-profile community that people want to see.”

what their streetscape is going to look like. That helps keep the home values high.”

ing in the suburbs don’t seem to want that and none of ours are rear-loaded alleys.” Brennan says that his firm has 14 homes under contract and five of those are now occupied. “Venango Trails also demonstrates that custom builders can still compete with the production builders.”

Venango Trails got underway in the summer of 2012. After the normal ramp-up period while models were built, the interest in the community has been exceptional. Approximately 20 of the cottage and estate homes have been sold, along with 17 townhomes. And the prospects for the fall are also strong. “Venango Trails’ traffic is spectacular, probably triple what it is in any other community,” raves Cinker. “It’s a great location. The neighborhood is in North Allegheny School District. I just think it’s a high-profile community that people want to see.” Cinker sees the interest coming even from non-buyers. “I live not far from there and if one of my neighbors asks how I’m doing, next they also want to know how Venango Trails is going. That seems to be the standard follow up question,” he jokes.

32 GREATER PITTSBURGH’S NEW HOME

“Venango Trail has demonstrated itself to be another successful TND-style neighborhood in the suburbs. I think that has to do with what the developer did differently,” Brennan notes. “For example, they didn’t go as heavy on alley-loaded homes. People look-

| Fall 2013

Another segment of the market that has maintained strong demand is the 55-andover community. The demographic group has been the target audience for Traditions of America, the Radnor, PA builder that has had success with its Liberty Hills neighborhood in southeastern Beaver County. That project has only five model homes for sale out of the total of 224 in the community. Traditions is currently developing the infrastructure for a new neighborhood in Ohio Township, called Sewickley Ridge. Sewickley Ridge will have 241 homes, including a mix of single family and garden homes along with a 7,700 square foot clubhouse, fitness center and heated

swimming pool. According to Nathan Jameson, the director of operations for Traditions of America, construction of the first homes will begin in October. He notes that the success of Liberty Hills allowed them to market Sewickley Ridge in advance with great results. As of mid-September, 43 homes had been pre-sold in the new community. “We were able to leverage our existing Liberty Hills presentation so that people could envision the new homes and what the lifestyle looks like,” Jameson explains. “We could show the community and how much fun it is. And it’s only 15 minutes from downtown Pittsburgh.” That close location was chosen in part because of a discovery Jameson says that Traditions made during the Liberty Hills project. “I think the story of [Sewickley Ridge] is that people aren’t leaving Allegheny County after all. The higher taxes are offset by the savings from our homes,” he says. “We talk to our buyers about the total cost of ownership in our communities. When you consider the cost of maintaining an older home, the cost of a health club or of opening or closing a swimming pool every year, all those are included in the amenities of Sewickley Ridge.” Buyers are attracted to the North Hills in 2013 for the same reasons as in past. Today’s buyer is a more sophisticated, better informed consumer. Many prospective customers meet their realtor for the first time already armed with research about school districts and comparative pricing, and the North Hills fares well in comparisons of lifestyle amenities and essentials that homeowners want. As has been true for a couple of decades, the North Hills attracts a high number of relocating new residents who are drawn to the new construction in the north. And most of the North Hills communities have track records of holding home values that outstrip the norm. For new residents, the ease of access and the track record of quick and profitable resale make North Hills communities too attractive to pass up. That vibrancy is probably what has helped developers begin work on new neighborhoods in the North Hills while development has stalled elsewhere. Some of the new developments beginning to work their way through the planning process include Fulton Fields in Adams Township, Franklin Crossing in Cranberry, McCandless Crossing, The Plantation in Lancaster Township and Raintree Manor in Hampton Township. A final phase of the Adams Ridge plan is being prepared. Also, a new project called Emerald Fields should get underway in Pine Township on the Minnock farm property. Great schools, rising home values, and low unemployment aren’t values that you have to leave Pittsburgh to find. That’s the equation for living in the North Hills. NH

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Project Profile

McCandless Crossing Combines Commerce with Cozy Living

34 GREATER PITTSBURGHâ&#x20AC;&#x2122;S NEW HOME

| Fall 2013

Project Profile What happens when one man’s dream collides with a town’s aspirations? Not surprisingly, the subsequent “explosion” can result in the birth of a project that quickly becomes known as a regional asset ‒in this case, McCandless Crossing, located along McKnight Road in the North Hills. Developed by Kevin Dougherty, founder and principle of AdVenture Development, LLC, McCandless Crossing began as a four-phase project on parcels of land cobbled together through years of negotiations. But long before Phase I started in August 2009, Dougherty envisioned possibilities that could cement the fragmented sections of land at McKnight Road, Duncan Avenue and Cumberland Road.

Developing a Plan A native of the North Hills area, Dougherty claimed an affinity to the vacant strips of land long before the actual purchase. “As a boy, I would drive by the McKnight Road site all the time and always wondered what would happen there,” he reminisced. In the ensuing years, he amassed knowledge and experience during his college days and immediately thereafter, working at mortgage banker Carey Kramer Crouse, where he built relationships with lenders throughout the region. Opportunity knocked and Dougherty answered when he joined Charter Properties Inc. in 1986 as director of retail development, moving him to Charlotte, N.C. With the downturn of commercial real estate development in the late 1980s and early 1990s, he moved back to Pittsburgh and formed Michael Joseph Development Corporation (MJDC) with college friend Guy DiRienzo. After enjoying more than a decade of success, MJDC sold its assets and again, Dougherty struck out on

his own, this time establishing AdVenture Development, LLC in 2005 with a move back to North Carolina. Despite the distance from Pittsburgh and the North Hills, AdVenture’s first project was a mixed use enterprise called McCandless Crossing, a project whose genesis reached back to 1992 when he was still involved with MJDC. Witnessing continued growth north of Pittsburgh, he noted that the property he mused about as a youth was left developmentally fallow. But after years of exploring ways to acquire the six parcels of land along McKnight Road, and with the encouragement of the town of McCandless, AdVenture was able to purchase the parcels in 2008 and the zoning process began. “The game plan was to design a project that took all the pre-existing areas that surrounded our properties and knit them together in a cohesive way,” explained Dougherty. “We asked ‘What would add value to the community.’” Working with the McCandless town manager, zoning board and many others, the goal was “trying to envision what would make sense.” When all was said and done, Dougherty estimated that some 500 people had input into the process with

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Project Profile

“a lot of collaboration and ideas from a whole slew of folks.” Meanwhile, back in 1984, a gallon of gas was $1.19, McDonald’s sold their 50 billionth hamburger, “Dynasty” and “Dallas” were the two most popular shows on television, and Tobias Cordek became town manager of McCandless. Describing his tenure as a labor of love, he sees McCandless as suburban and “we want to embrace it as we do development.” After a wave of development in the mid ‘80s, several large properties remained on the main corridor of McKnight Road. “We had a study done to look at the quality of life, which we wanted to remain high; respect for the environment on these properties and those ‘downstream’, and control of and planning for traffic so it would make sense when development occurred,” Cordek said. Because the vacant land was almost at the center of McCandless, the town council created a task force and a zoning district in the vacant area. They utilized

36 GREATER PITTSBURGH’S NEW HOME

what is called “performance zoning” based on the Lane Kendig principles. Kendig, a respected authority in the urban planning field, developed an approach that speaks to the issues of managing growth in ways

| Fall 2013

Kevin Dougherty (left) with Bob McGurk (project manager).

that “protect and enhance the community character traits that residents and visitors value.” Further, those principles also encompass the relational aspects of “buildings, impervious surfaces, open spaces and landscaping.” There was much to consider in the way of traffic patterns, too, considering the 30,000+ vehicles moving through the section of road each day while a site capacity analysis was completed on the parcels accounting for water, slopes, forested areas and more. With an eye toward potential, future development, zoning “buffers” were instituted as a way to “respect what’s beside you. If what you are building is adjacent to a neighborhood, you need to add a wider or denser ‘buffer’ zone for the sake of the environment,” Cordek summarized. With the Town of McCandless looking toward preserving a high quality of life and focusing on its vision, enter AdVenture and Kevin Dougherty. With the properties purchased, the time was ripe

Project Profile

to formulate a plan amenable to the Town of McCandless. After a zoning process that included meetings with surrounding “neighbors” that included LaRoche College, UPMC, North Allegheny School District, Vincentian and other business and residential stakeholders, a plan took shape that sought to complement the area in all aspects. Suggestions such as green, walkable spaces, additional dining options and hotel accommodations, and office space took root. Cordek admits there were challenges to overcome, such as honoring existing wetlands by weaving them into the development along with other, similar tactics, and working through complex traffic patterns, but all were overcome over a three and one half year period.

Dougherty “promised us the prettiest Lowe’s and he delivered with its many architectural features.

In the summer of 2009, Phase I of the project took shape with excavation and extensions to Duncan Avenue in the forefront. The following spring, construction began on a Lowe’s Home Improvement store, something Cordek recalls read-

800.382.9967

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ily. “Dougherty promised us the prettiest Lowe’s and he delivered with its many architectural features.” Now, nearly five years later, Phase IV of McCandless Crossing is taking shape. With the January 2013 approval from the Town of McCandless Town Council, the 250,000 square foot Town Center will comprise a 53 townhome project, a 12-screen Cinemark movie theatre, various restaurants, a second hotel, a medical office building and a possible

”

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Project Profile

retail outparcel. The Town Center will incorporate a large green space in which people can “play, congregate, and walk, with opportunities for an entertainment venue,” offered Dougherty. “It serves as a gathering space with landscaped areas, a four-sided community clock, archways, sidewalks, bike racks and benches so people can walk or sit while others are shopping.” Sidewalks snake through every phase of the project: from one end at LaRoche College to some re-done trails near the North Allegheny School where teachers and students can access the trails. “This mixed use community is one in which folks can live, work, play, dine and enjoy without having to get into their cars,” he added. Dougherty says that when completed, Phase IV will ring in at just over $50 million. Financing

38 GREATER PITTSBURGH’S NEW HOME

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for Phase IV of McCandless Crossing was secured through Dollar Bank by HFF L.P., part of a leading provider of commercial real estate and capital market services in the U.S. The reported total of $58 million is being used for the construction of that final phase as well as for refinancing of the existing bridge loan secured for Phases I and II. Development of Phase IV began in late spring of this year. An addition to the Town Center is a 53-townhome project being built by Ryan Homes with the land development through Heartland Homes, both part of NVR, Inc. The townhomes will grace a portion of Cumberland Road between McKnight and Babcock Boulevard with access via newly constructed streets off Cumberland Road.

Project Profile Crossing project) was one of them --- to reconnect with friends and family and to have input on creating something unique.”

McCandless Crossing Timeline The entire McCandless Crossing project in its entirety gathers 1.2 million square feet with the master plan running at $100 million. Some 130 acres is divided between McCandless Crossing East and West. Town of McCandless had the opportunity to approve architectural guidelines for the property and the results was varied features such as the “use of earth tones, brick, stone, and very little siding” according to Cordek. High quality materials and substantial architecture add to the ambience of the community as it takes shape. Cordek also cites the appeal of the mixture. “His (Dougherty’s) pledge was to try and bring as many new uses as possible to the TND with businesses such as Carrabba’s Italian Grill, Bone Fish Grill, Dick’s Sporting Goods, Panera and others in a walkable ‘downtown’”. The feeling is, that pledge has been fulfilled.

“The three-level units will boast approximately 2,400 square feet of living space with three bedrooms, two bathrooms and a lower level two car garage,” Dougherty noted. “Depending on the amenity package, prices will range from $240,000 to $275,000.” He also admits to looking at several other residential components for future consideration including senior living, apartments and possibly “flats” – with some located over retail properties.” Because the initial idea behind McCandless Crossing was to create a core shopping/living area, a zoning tool called a Traditional Neighborhood District or TND was called into play. A TND promotes the mixed use components to create a “downtown feel”. Through the TND, the

A master plan for traffic flow promised improvements along the McKnight Road and Babcock Boulevard corridors. Cordek explained that under a transportation partnership district authorized by state law some twenty years ago, a complex blending of funds from the state, Town funds, property assessments and donations, could be realized and improvements made. Dougherty, too, has and is making additional traffic improvements, and will spend $4.1 million on internal and external infrastructure improvements, with no cost to tax payors. As for the future, development at McCandless Crossing will extend into 2015 with the potential for a medical office building, the second proposed hotel and some destination retail, among others. With his reputation continuing to advance, Dougherty is also embarking on a similar project near Raleigh, North Carolina. “God gives us some gifts and this (the McCandless

2009 - Site work for all phases, roads and infrastructure begins. - Groundbreaking for Lowe’s Home Improvement Store occurs. 2010 - Lowe’s opens in November. - Fidelity Bank opens in the eastern section. 2011 - L.A. Fitness opens in October, boasting 45,000 square feet and the largest membership in the Pittsburgh area. 2012 - Groundbreaking for Doodlebugs, a 14,000 square foot day care facility with 15,000 square feet of outdoor play space. Opening of CVS Pharmacy in October. Forty acres bought from LaRoche College, known as the West Campus of the college, for a “Lifestyle Center” where future townhomes will be built. - Construction begins for the Home2 Suites by Hilton. -IHOP, Sports Clips, DiBella’s Subs in the McCandless Crossing West Center A with 9,200 square feet. - Handel’s Ice Cream and Nail Salon in the McCandless West Center B with 7,300 square feet. 2013 - Doodlebugs opened in March.  Home 2 Suites by Hilton opened in June with 119 rooms. - Under construction: Home Goods, Dick’s Sporting Goods, Cinemark Theatre, and others. - Restaurants planned for the Town Center to include Bone Fish Grill, Carrabba’s Italian Grill, First Watch, Long Horn Steak House, Panera, Chipolte and Panda Express. Townhome construction to begin. NH

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40 GREATER PITTSBURGH’S NEW HOME

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CITY OF PITTSBURGH

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Market House Shadyside Condominiums Priced from: $350,000 School district: City of Pittsburgh Agency: Howard Hanna Real Estate Services 412-683-1980 howardhanna.com The Residences Pittsburgh Downtown Pittsburgh Skyhomes Priced from: $554,500 Agency: Howard Hanna Real Estate Services 412-355-0777

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ALLEGHENY COUNTY Autumn Woods Moon Township Custom single-family homes Priced from: $330,000 School district: Moon Area Agency: S&A Realty 412-276-0422 sahomebuilder.com Avonworth Heights Ohio Township Custom single-family homes Priced from: $425,000 School district: Avonworth Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com

Berkley Ridge South Fayette Township Single-family homes Priced from: $370,000 School district: South Fayette Agency: Heartland Homes 724-871-1734 HeartlandLuxuryHomes.com The Berkshires South Fayette Township Single-family homes and townhomes Priced from: $220,000 single-family, $180,000 townhomes School district: South Fayette Agency: Ryan Homes 412-914-2031 ryanhomes.com Berringer Court at Sonoma Ridge Moon Township Carriage homes Priced from: $220,000 School district: Moon Area Agency: Heartland Homes 724-871-1724 HeartlandCustomHomes.com Breckenridge Highlands Baldwin Borough Single-family homes Priced from: $190,000 School district: Baldwin-Whitehall Agency: Ryan Homes 724-218-1328 ryanhomes.com Brandywine Elizabeth Township Single-family homes Priced from: $170,000 School district: Elizabeth Forward Agency: Maronda Homes, Inc 412-896-1845 www.marondahomes.com Brookfield Manor South Park Single-family homes Priced from: $260,000 School district: South Park Agency: Heartland Homes 724-871-1704 HeartlandCustomHomes.com Burwood Acres Robinson Township Custom single-family homes Priced from: $340,000 School district: Montour Agency: S&A Realty 724-272-9716 sahomebuilder.com Castletown Franklin Park Custom single-family homes Priced from: $650,000 School district: North Allegheny Agency: Prudential Preferred Realty 412-367-8000 prudentialpreferredrealty.com

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Castletown Franklin Township Single-family estate homes Priced from: $650,000 School district: North Allegheny Agency: Brennan Builders Real Estate Services 724-865-2929 Brennanbuilders.com Centennial Point Collier Township Townhomes and single-family homes Priced from: $180,000 townhomes, $240,000 single-family Chartiers Valley Agency: S&A Realty 412-276-0422 sahomebuilder.com Chapel Harbor Fox Chapel Carriage homes, townhomes and single-family homes Priced from: $249,900 School district: Fox Chapel Area Agency: Coldwell Banker Real Estate Services 412-963-7655 liveinchapelharbor.com Chartiers Landing Robinson Township Single-family homes Priced from: $375,000 School district: Montour Agency: Prudential Preferred Realty 412-262-4630 prudentialpreferredrealty.com

Cimarron Moon Township Single-family homes Priced from: $240,000 School district: Moon Area Agency: Ryan Homes 412-264-5029 ryanhomes.com Cobblestone Ohio Township Single-family homes New Phase Fall 2013 School district: Avonworth Agency: Ryan Homes 412-367-1927 ryanhomes.com Cobblestone Ohio Township Single-family homes Priced from: $270,000 School district: Avonworth Agency: S&A Realty 724-538-5001 sahomebuilder.com Copper Creek Marshall Township Luxury estate custom homes Priced from: $1,200,000 School district: North Allegheny Agency: Eddy Homes 412-221-0400 EddyHomes.com Courtyards at The Preserves North Fayette Township Detached carriage, patio homes Priced from: $237,900 School district: West Allegheny Agency: Epcon Homes and Communities 412-548-3298 www.epconcommunities.com

Chavelle Estates Plum Borough Single-family homes Priced from: Mid-$200,000 School district: Plum Borough www.signaturehomesadvantage.com Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com ricciuticonstruction.com

ALLEGHENY COUNTY

Hilltop Housing Initiative Beltzhoover Single-family homes Priced from: $89,900 School district: City of Pittsburgh Agency: Northwood Realty 412-367-3200 northwood.com

Summerset at Frick Park City of Pittsburgh/ Squirrel Hill Traditional Neighborhood Development Single-family homes, duplexes, townhomes, condominiums, apartments Priced from: $300,000 School district: City of Pittsburgh Agency: Summerset Land Development Associates 412-420-0120 summersetatfrickpark.com

Barrington Manor Franklin Park Custom single-family homes Priced from: $500,000 School district: North Allegheny Agency: Prudential Preferred Realty 412-367-8000 prudentialpreferredrealty.com

CITY OF PITTSBURGH

151 First Side Downtown Pittsburgh Condominiums Priced from: $500,000 School district: City of Pittsburgh Agency: 151 First Side 412-586-5970 151firstside.com

Riverside Mews City of Pittsburgh/South Side Contemporary townhomes Priced from: $449,000 School district: City of Pittsburgh Agency: One80 Real Estate Services LLC 412-318-4139 one80res.com

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Deerfield Ridge South Fayette Township Custom single-family homes Priced from: $375,000 Agency: Paragon Homes 412-787-8807 VisitParagonHomes.com Della Strada South Park Single-family homes Priced from: $280,000 School district: South Park Agency: Ryan Homes 724-249-6835 Ryanhomes.com

ALLEGHENY COUNTY

E lane @ Carnegie Carnegie Garden style condominiums Priced from: $194,900 School district: Carlton Agency: RE/MAX Select Realty 412-633-9300 ext. 214 724-309-1758 elane.biz

Fairwinds Richland Township Single-family homes Priced from: $280,000 School district: Pine-Richland Agency: Ryan Homes 724-444-3177 ryanhomes.com

Field Brook Farms Richland Township Single-family homes Priced from: $500,000 School district: Pine-Richland Agency: Howard Hanna Real Estate Services 724-772-8822 howardhanna.com

Falconhurst Forest O’Hara Township Single-family homes Priced from: $750,000 School district: Fox Chapel Agency: Howard Hanna Real Estate Services 412-963-6300 howardhanna.com

Fields of Nicholson Franklin Park Borough Custom carriage-homes from $573,900, Custom villas from $459,900 School district: North Allegheny Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com

Foxwood Knolls Moon Township Single-family homes Priced from: $250,000 School district: Moon Area Agency: Ryan Homes 412-264-5029 ryanhomes.com Foxwood Knolls Moon Township Single-family homes Priced from: $220,000 School district: Moon Area Agency: Maronda Homes, Inc 412-287-6256 www.marondahomes.com

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Grace Manor Robinson Township Townhomes Priced from: $170,000 School district: Montour Agency: Maronda Homes, Inc 412-329-7017 www.marondahomes.com Granite Ridge South Fayette Township Townhomes and single-family homes Priced from: $150,000 School district: South Fayette Agency: Maronda Homes, Inc 412-523-1547 and 724-307-3079 www.marondahomes.com The Heights of North Park Pine Township Custom single-family Priced from: $900,000 School district: Pine-Richland Agency: RE/MAX Select 724-779-7072 The HeightsofNorth Park.com

Edgewater Oakmont Townhomes and courtyard homes Priced from: $300,000 School district: Riverview Agency: Heartland Homes 724-871-1722 HeartlandCustomHomes.com

The Highlands Plum Borough Single-family homes Priced from: $230,000 School district: Plum Borough Agency: Ryan Homes 412-793-4797 ryanhomes.com

Emerald Fields Pine township Single-family homes Priced from: $650,000 School district: Pine Richland Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com

Hunters Fields Jefferson Hills Borough Single-family homes Priced from: $200,000 School district: West Jefferson Hills Agency: Maronda Homes, Inc 412-405-9470 www.marondahomes.com

The Enclave Fox Chapel Single-family homes Priced from: $950,000 School district: Fox Chapel Area Coldwell Banker Real Estate Services 412-963-7655 pittsburghmoves.com/TheEnclave

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English Farms Pine Township Custon single-family homes Priced from: $400,000 School district: Pine-Richland Agency: S&A Realty 724-778-3322 sahomebuilder.com

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HyTyre Farms West Deer Township Carriage Homes Priced from: $224,000 School district: Deer Lakes Agency: Richland Holdings, LLC 724-443-4800 The Isles at The Highlands Plum Borough Patio and townhomes Priced from: $199,900s School district: Plum Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com

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The Estates at Jefferson Jefferson Borough Single-family homes Priced from: $275,000 Agency: Coldwell Banker Real Estate Services 412-655-0400 pittsburghmoves.com /estatesatjefferson

Fairacres Upper St. Clair Custom single-family homes Priced from: $600,000 School district: Upper St. Clair Agency: Prudential Preferred Reality 412- 833-7700 www.fairacresusc.com

Fayette Farms North Fayette Single-family homes and townhomes Priced from: $210,000 single-family, $190,000 townhomes School district: West Allegheny Agency: Ryan Homes 724-218-1328 ryanhomes.com

Forest Oaks at Wexford Wexford Single-family Priced from: $199,900 School district: North Allegheny Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com /forestoaksatwexford

Fayette Farms Estates North Fayette Township Custom Homes Priced from: $400,000 School district: West Allegheny Agency: Keller Williams 412-787-0888

Forest View Indiana Township Single-family homes Priced from: $500,000 School district: Fox Chapel Agency: Howard Hanna Real Estate Services 724-772-8822 ricciuticonstruction.com howardhanna.com

42 GREATER PITTSBURGH’S NEW HOME

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The Gardens at Fox Hall O’Hara Township Single-family homes and condos Priced from: $900,000 School district: Fox Chapel Agency: Coldwell Banker Real Estate Services 724-963-7655 www.pittsburghmoves.com/TheGardens Georgetowne Pine Township Luxury townhomes Priced from: $529,000 School district: Pine-Richland Agency: Prudential Preferred Realty 412-367-8000 prudentialpreferredrealty.com

Jefferson Estates Jefferson Borough Carriage homes Priced from: $199,000 Agency: Coldwell Banker Real Estate Services 412-655-0400 pittsburghmoves.com/jeffersonestates Lake MacLeod Pine Township Single-family homes Priced from: $750,000 School district: Pine-Richland Agency: Coldwell Banker Real Estate Services 412-487-0500 or 724-625-1277 lakemacleod.com

Langdon Farms Pine Township Single-family homes Priced from: $600,000 School district: Pine-Richland Agency: Coldwell Banker Real Estate Services 412-366-1600 or 724-776-2900 pittsburghmoves.com/langdonfarms Lenox Place Finley Township Villas and townhomes Priced from: $211,900 School district: West Allegheny Agency: Prudential Preferred Realty 412-262-4630 prudentialpreferredrealty.com The Links at Deer Run West Deer Golf course community, carriage homes Priced from: $199,900 School district: Deer Lakes Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com

Long Ridge Kennedy Township Single-family homes Priced from: $202,000 School district: Montour Agency: Maronda Homes, Inc 412-458-0678 www.marondahomes.com Madison Woods Moon/Crescent Township Custom single-family homes Priced from: $350,000 School district: Moon Area Agency: Prudential Preferred Realty 412-262-4630 prudentialpreferredrealty.com The Manor McCandless Custom single-family Priced from: $575,000 School district: North Allegheny Agency: RE/MAX Select Realty 724-779-7072 ManorCustomHomes.com The Manor at Hartwood Indiana Township Single-family homes Priced from: $900,000 School district: Fox Chapel Agency: Howard Hanna Real Estate Services 412-963-6300 howardhanna.com McCaslin Ridge Hampton Township Single-family homes Priced from: $500,000 School district: Hampton Agency: Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/ mccaslinfarms

McCormick Farms Robinson Township Single-family homes Priced from: $240,000 School district: Montour Agency: Maronda Homes, Inc 412-788-3646 www.marondahomes.com The Meadows at Hampton Hampton Township First floor living homes Priced from: $399,000 School district: Hampton Agency: RE/MAX Select Realty 724-779-7070 MeadowsAtHampton.com

Nevilleside

Collier Township Carriage homes Priced from: $290,000 School district: Chartiers Valley Agency: Ryan Homes 412-276-0644 ryanhomes.com Newbury South Fayette Carriage homes and single-family homes Priced from: $300,000 carriage, $370,000 single-family School district: South Fayette Agency: S&A Realty 724-272-9716 sahomebuilder.com

Oakwood Heights West Deer Township Single-family homes Priced from: $219,900 School district: Deer Lakes Agency: Coldwell Banker Real Estate Services 724-776-2900 pittsburghmoves.com/ oakwoodheights Oakwood Heights West Deer Township Single-family homes Priced from: $280,000 School district: Deer Lakes Agency: S&A Realty 724-352-5006 sahomebuilder.com Paragon Place Robinson Township Custom estate homes Priced from: $500,000 School district: Montour Agency: Paragon Homes 412-787-8807 VisitParagonHomes.com Park Place Indiana Township Single-family homes Priced from: $750,000 School district: Fox Chapel Agency: Howard Hanna Real Estate Services 412-963-6300 howardhanna.com Pinecrest Pine Township Single-family homes Priced from: $430,000 School district: Pine-Richland Agency: Heartland Homes 724-871-1702 HeartlandCustomHomes.com

Newbury South Fayette Single-family homes and townhomes Priced from: $210,000 School district: South Fayette Agency: Heartland Homes 724-871-0175 HeartlandCustomHomes.com

Private Acreage South Fayette Single-family homes Priced from: $300,000 School district: South Fayette Agency: Paragon Homes 412-787-8807 VisitParagonHomes.com

Noble Woods Moon Township Townhomes Coming Soon! School district: Moon Area Agency: Ryan Homes 724-249-6835 ryanhomes.com

Raintree Manor Hampton Township Townhomes Priced from: $225,000 School district: Hampton Agency: Minnock Construction Company 412-366-4770

North Park Manor Pine Township Single-family Homes Priced from: $600,000 School district: Pine Richland Agency: Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/ northparkmanor

Raintree Manor Hampton Township Townhomes Priced from: $210,000 School district: Hampton Agency: Heartland Homes 724-871-1710 HeartlandLuxuryHomes.com

Oakridge Estates Harrison Township Townhomes and single-family homes Priced from: $140,000, $170,000 single-family School district: Highland Agency: Maronda Homes, Inc 724-895-3876 www.marondahomes.com

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The Reserve at Fox Chase Fox Chapel Area Patio and carriage homes Priced from: $299,900 School district: Allegheny Valley Agency: Dennis Associates 412-828-7606

Seabright North Fayette Township Single-family homes Priced from: $190,000 School district: West Allegheny Agency: Maronda Homes, Inc 412-874-9764 www.marondahomes.com

Ridge Forest Franklin Park Single-family homes and townhomes Priced from: $310,000 single-family, $220,000 townhomes School district: North Allegheny Agency: Ryan Homes 724-933-3162 singles 412-522-3590 townhouses ryanhomes.com

Sewickley Heights Manor Aleppo Township Custom single-family homes Priced from: $300,000 School district: Quaker Valley Agency: Minnock Construction Company 412-366-4770

Riverwatch at O’Hara Woods Fox Chapel Single-family homes Priced from: $400,000 School district: Fox Chapel Area Agency: Coldwell Banker Real Estate Services 412-963-7655 pittsburghmoves.com/ riverwatch Saddlebrook Farms Bethel Park Custom single-family homes Priced from: $321,900 School district: Bethel Park Agency: Prudential Preferred Realty 412-833-7700 prudentialpreferredrealty.com Sangree Farms Ross Township Custom single-family homes Priced from: $500,000 School district: North Hills Agency: Minnock Real Estate Services 412-369-7253

ALLEGHENY COUNTY

Long Ridge Kennedy Township Single-family homes Priced from: $220,000 School district: Montour Agency: Ryan Homes 412-771-1456 ryanhomes.com

McCormick Farms Moon/Crescent Township Custom single-family homes Priced from: High $400’s School district: Moon Area Agency: Prudential Preferred Realty 412-262-4630 prudentialpreferredrealty.com

Silver Pines Pine Richland Townships Single-family homes Priced from: $850,000 School district: Pine Richland Agency: Howard Hanna Real Estate Services 412-934-3400 Sonoma Ridge Moon Township Village single-family homes and estate homes Priced from: $410,000 School district: Moon Area Agency: Heartland Homes 724-871-1724 HeartlandCustomHomes.com Stafford Park Robinson Township Single-family homes Priced from: $360,000 School district: Montour Agency: Heartland Homes 724-871-1734 HeartlandCustomHomes.com Sterling Ridge South Fayette Single-family homes Priced from: $320,000 School district: South Fayette Agency: Coldwell Banker Real Estate Services 412-344-0500 pittsburghmoves.com/ sterlingridge

www.signaturehomesadvantage.com

Reddington Place Pine Township Single-family homes Priced from: $600,000 School district: Pine-Richland Agency: Prudential Preferred Realty 412-367-8000 prudentialpreferredrealty.com

Avonworth Heights • Ohio Township • Custom single-family homes

www.signaturehomesadvantage.com

www.greaterpittsburghnewhome.com

ALLEGHENY COUNTY

Stonebridge Hampton Township Single-family and estate homes Priced from: $520,000 School district: Hampton Agency: Heartland Homes 724-871-1708 HeartlandLuxuryHomes.com

Venango Trails Marshall Township Single-family homes Priced from: $430,000 School district: North Allegheny Agency: Brennan Builders 724-865-2929 Brennanbuilders.com

Wiltshire Estates Moon Township Townhomes Priced from: $150,000 School district: Moon Area Agency: Maronda Homes, Inc 412-474-3529 www.marondahomes.com

Stonebridge Hampton Township Single-family homes, carriage homes Priced from: $500,000 single-family homes; $289,000 Custom carriage homes School district: Hampton Agency: Century 21 Town & Country Real Estate Services 724-779-2101 PghPropertyOnline.com

Village at Camp Trees Pine Township Single-family and estate homes Priced from: $520,000 School district: Pine Richland Agency: Heartland Homes 724-949-0079 HeartlandLuxuryHomes.com

Wood Creek Manor Findlay Township Townhomes and carriage homes Priced from: $160,000 School district: West Allegheny Agency: Maronda Homes, Inc 412-474-3529 www.marondahomes.com

Village At Marshall Ridge Marshall Township Townhomes Priced from: $220,000 School district: North Allegheny Agency: Ryan Homes 724-933-4030 ryanhomes.com

Woods of Sewickley Sewickley Hills Custom single-family homes Priced from: $420,000 School district: Quaker Valley Agency: S&A Realty 724-538-5001 sahomebuilder.com

Village at Pine Pine Township Townhomes and single-family homes $240,000 townhomes and $260,000 single-family homes School district: Pine-Richland Agency: Ryan Homes 724-940-4051 ryanhomes.com

Woods of Sewickley Hills Sewickley Hills Single-family estate homes Priced from: $370,000 School district: Quaker Valley Agency: Ryan Homes 724-933-3162 ryanhomes.com

BEAVER COUNTY

Sturbridge Court Wexford/Franklin Park Single-family homes Priced from: $550,000 School district: North Allegheny Agency: Howard Hanna Real Estate Services 412-772-8822 howardhanna.com Summerfield at North Park Pine Township Single-family homes Priced from: $950,000 School district: Pine-Richland Agency: Achieve Realty, Inc. 724-933-1980 X667 The Summit Marshall Township Single-family homes Priced from: $800,000 School district: North Allegheny Agency: Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/ thesummit Traditions of America at Sewickley Ridge Ohio Township Single-family homes, 55+ Priced from: mid $200,000 School district: Avonworth Agency: Traditions of America 412-534-4232 SewickleyLiving.com

BUTLER COUNTY

Tuscany Ridge Collier Township Single-family homes Priced from: $215,000 School district: Chartiers Valley Agency: Maronda Homes, Inc 412-200-2781 www.marondahomes.com Venango Trails Marshall Township Townhomes Priced from: $260,000 School district: North Allegheny Agency: Heartland Homes 724-871-1720 HeartlandCustomHomes.com Venango Trails Marshall Township Carriage Homes and single-family homes $330,000 carriage homes, $370,000 single-family School district: North Allegheny Agency: S & A Realty 724-778-3322 sahomebuilder.com

Villages at Neville Park Collier Township Townhomes Priced from: $210,000 School district: Chartiers Valley Agency: Ryan Homes 412-595-8292 ryanhomes.com Vineseian Place Wilkins Township Single-family, single level living, quite cul-de-sac neighborhood Priced from: $375,000 School district: Woodland Hills Agency: One80 Real Estate Services 412-318-4139 one80res.com Walkers Ridge Collier Township Single-family homes Priced from: $270,000 School district: Chartiers Valley Agency: Paragon Homes 412-787-8807 VisitParagonHomes.com Washington Square Jefferson Hills Borough Single-family homes Coming Soon! School district: West Jefferson Hills Agency: Ryan Homes 724-249-6835 ryanhomes.com Waterford Place McCandless Township Single-family homes Priced from: $370,000 Agency: Ryan Homes 724-444-3177 Whispering Creek Hampton Township Custom single-family homes Priced from: $450,000 School district: Hampton Agency: Century 21 Town & Country Real Estate Services 724-779-2101 PghPropertyOnline.com

44 GREATER PITTSBURGHâ&#x20AC;&#x2122;S NEW HOME

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BEAVER COUNTY Ashley Ridge Brighton Township Single-family homes Priced from: $220,000 School district: Beaver Area Agency: Ryan Homes 724-495-6795 ryanhomes.com Aspen Field Brighton Township Single-family homes Priced from: $200,000 School district: Beaver Agency: Maronda Homes, Inc 412-287-6256 www.marondahomes.com Barclay Hill Estates Brighton Township Villas Priced from: $226,900 School district: Beaver Area Agency: Prudential Preferred Realty prudentialpreferredrealty.com Goldenrod Meadows North Sewickley Township Single-family homes Priced from: $250,000 School district: Riverside Agency: Howard Hanna Real Estate Services 7224-775-5700 howardhanna.com Hickory Woods Chippewa Township Single-family homes Priced from: $270,000 School district: Blackhawk Agency: Coldwell Banker Real Estate Services 724-776-2900 www.pittsburghmoves.com/HickoryWoods

Seven Oaks Brighton Township Golf-course community with single-family custom homes and triplex carriage homes Priced from: $249,900 School district: Beaver Area Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com Shenango Woods Chippewa Township Single-family homes Priced from: $210,000 School district: Blackhawk Agency: Ryan Homes 724-495-6795 ryanhomes.com Sweet Brier Hopewell Township Single-family homes Priced from: $180,000 School district: Hopewell Agency: Maronda Homes, Inc 412-287-6256 www.marondahomes.com Traditions of America at Liberty Hills New Sewickley Township/ Economy Borough 55+ Lifestyle Living/ Single-family and garden homes/ Maintenance Free Priced from: $200,000s Agency: Traditions of America 724-869-5595 TraditionsofAmerica.com The Village at Timberwood Trace Chippewa Township Carriage homes Priced from: $155,900 School district: Blackhawk Agency: Howard Hanna Real Estate Services 724-775-5700 howardhanna.com Villas of Economy Economy Borough Condos, Townhomes and Single-family homes Priced from: $249,900 School district: Ambridge Area Agency: Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/villasofeconomy Whispering Pines Economy Borough Single-family homes Priced from: $190,000 School district: Ambridge Area Agency: Maronda Homes, Inc 412-287-6256 www.marondahomes.com Woodbridge Villas Center Township Townhomes or condos Priced from: $175,900 School district: Center Area Agency: Howard Hanna Real Estate Services 724-775-5700 howardhanna.com

BUTLER COUNTY Amherst Village Adams Township Single-family homes Priced from: $290,000 School district: Mars Area Agency: Heartland Homes 412-945-1367 HeartlandCustomHomes.com Belle Vue Park Cranberry Township Traditional and estate single family homes Priced from: $300,000 School district: Seneca Valley Agency: Prudential Preferred Realty 724-776-3686 Blackberry Heights Adams Township Single-family homes Priced from: $270,000 School district: Mars Area Agency: Ryan Homes 724-898-1800 ryanhomes.com Blackthorn Penn Township Single-family home sites/Singlefamily homes Priced from: $66,000/$379,900 School district: South Butler Agency: Northwood Realty 724-282-1313 northwood.com Blossom Ridge Butler Township Single-family homes Priced from: $300,000 School district: Butler Agency: Coldwell Banker Real Estate Services 724-776-2900 www.pittsburghmoves.com/BlossomRidge Brookstone Adams Township Single-family homes Priced from: $280,000 School district: Mars Area Agency: S&A Realty 724-778-3322 sahomebuilder.com Carriage Manor Cranberry Township Single-family homes Priced from: $700,000 School district: Seneca Valley Agency: Coldwell Banker Real Estate Services 724-776-2900 pittsburghmoves.com/ carriagemanor Chatham Court Adams Township Luxury paired villas Priced from: $599,900 School district: Mars Area Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com Cherrywood Springs Center Township Single-family home sites Priced from: $39,900 School district: Butler Area Agency: Northwood Realty 724-282-1313 northwood.com

Ehrman Farms Cranberry Township Single-family homes Priced from: $550,000 School district: Seneca Valley Agency: Howard Hanna Real Estate Services 724-452-1150 Foxmoor Cranberry Township Townhomes Priced from: $220,000 School district: Seneca Valley Agency: S & A Realty 724-538-5001 sahomebuilder.com Foxwood Estates Cranberry Township Single-family homes Priced from: $850,000 School district: Seneca Valley Agency: Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/foxwoodestates Franklin Crossing Cranberry Township Single-family homes Priced from: $520,000 School district: Seneca Valley Agency: Heartland Homes 724-949-0079 HeartlandLuxuryHomes.com

The Gables at Brickyard Hill Adams Township Custom carriage homes Priced from: $300,000 School district: Mars Area Agency: Century 21 Town & Country Real Estate Services 724-779-2101 PghPropertyOnline.com Georgetown Square Cranberry Township Townhomes and carriage homes Priced from: $250,000 School district: Seneca Valley Agency: Georgetown Square Associates 412-366-4770 Indian Meadow Adams Township Custom single-family homes Priced from: $600,000 School district: Mars Area Agency: Century 21 Town & Country Real Estate Services 724-779-2101 PghPropertyOnline.com Leslie Farms Connoquenessing Borough Single-family Priced from $200,000 School District: Butler Coldwell Banker Real Estate Services 724-776-2900 Pittsburghmoves.com/ LeslieFarms

The Oaks Buffalo Township Single-family homes Priced from: $299,900 School district: Freeport Area Agency: Coldwell Banker Real Estate Services 412-366-1600 homesattheoaks.com

Madison Heights Cranberry Township Custom single-family homes Priced from: $700,000 School district: Seneca Valley Agency: Century 21 Town & Country Real Estate Services 724-779-2101 PghPropertyOnline.com

Park Place Cranberry Township Traditional neighborhood development Single-family homes and townhomes Priced from: $280,000 single-family, $220,000 townhomes School district: Seneca Valley Agency: Ryan Homes 412-639-4980

Marshall Heights Cranberry Township Single-family homes Priced from: $250,000 School district: Seneca Valley Agency: Maronda Homes, Inc 724-538-3911 www.marondahomes.com Meadow Ridge Forward Township Single-family homes Priced from: $250,000 School district: Seneca Valley Agency: S&A Realty 724-538-5001 sahomebuilder.com Meadow Ridge Forward Township Single-family homes Priced from: $250,000 School district: Seneca Valley Agency: Coldwell Banker Real Estate Services 724-776-2900 pittsburghmoves.com/meadowridge Meredith Glen Estates Adams Township Custom single-family homes Priced from: $850,000 School district: Mars Area Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com Myoma Woods Adams Township Single-family homes Priced from: $410,000 School district: Mars Area Agency: Heartland Homes 724-871-1700 HeartlandCustomHomes.com Mystic Ridge Cranberry Township Single-family homes Priced from: $450,000 School district: Seneca Valley Agency: Heartland Homes 724-871-1716 HeartlandCustomHomes.com Oak Trace Penn and Butler Townships Single-family homes Priced from: $350,000 School district: South Butler Agency: Coldwell Banker Real Estate Services 724-776-2900 www.pittsburghmoves.com/OakTrace

Park Place

Traditional Neighborhood Development www.cranberryparkplace.com Northwood Realty Services

724-776-1863

Seaton Crest Adams1 Township Park Place.indd Single-family homes Park Place Priced from: $350,000 Cranberry Township School district: Mars Area Traditional neighborhood development Agency: S&A Realty single-family homes, townhomes, 724-625-0050 condos, rentals, retail sahomebuilder.com Priced from: $350,000 School district: Seneca Valley Shadow Creek Agency: Northwood Realty Cranberry Township 724-776-1863 Custom single-family homes Plantation at Saxonburg Priced from: $500,000 Clinton Township School district: Seneca Valley Single-family and Agency: Century 21 Town carriage homes & Country Real Estate Services Carriage homes priced 724-779-2101 from $180,000â&#x20AC;&#x2122;s PghPropertyOnline.com School district: South Butler Agency: S&A Realty Shady Lane Farms 724-352-5006 Center Township sahomebuilder.com Custom single-family homes Priced from: $300,000 The Pointe At Adams Ridge School district: Butler Area Adams Township Agency: Prudential Preferred Realty Townhomes 724-283-0005 Priced from: $220,000 prudentialpreferredrealty.com School district: Mars Area Agency: Ryan Homes Shannon Mills 724-776-5610 Connoquenessing Township ryanhomes.com Single-family homes Priced from: $299,000 The Preserve West School district: Butler Area Cranberry Township Agency: Howard Hanna Custom single-family Real Estate Services homes 724-282-7903 Priced from: $550,000 howardhanna.com School district: Seneca Valley Agency: Century 21 Town Taylor Ridge & Country Real Estate Adams Township Services Single-family estate homes 724-779-2101 Priced from: $420,000 PghPropertyOnline.com School district: Mars Area Agency: Ryan Homes Redmond Place 724-625-2073 Cranberry Township ryanhomes.com Custom carriage homes Priced from: $370,000 Timber Ridge School district: Seneca Valley Lancaster Township Agency: Century 21 Town Custom single-family homes & Country Real Estate Services Priced from: $450,000 724-779-2101 School district: Seneca Valley PghPropertyOnline.com Agency: Howard Hanna Real Estate Services Sarvers Mill 412-687-9097 howardhanna.com Buffalo Township Single-family homes Timber Ridge Priced from: $230,000 Lancaster Township School district: Freeport Area Single-family-homes Agency: S&A Realty Priced from: $450,000 724-352-5006 School district: Seneca Valley sahomebuilder.com Agency: Brennan Builders 724-865-2929 Brennanbuilders.com

Timberlee Connoquenessing Township Single-family-homes 2/15/10 12:31:09 PM Priced from: $300,000 School district: Butler Area Agency: Brennan Builders 724-865-2929 Brennanbuilders.com.com Timberlee Butler Area Single-family-homes Priced from: $300,000 School district: Butler Area Agency: Howard Hanna Real Estate Services 724-687-0157 howardhanna.com Village at Camp Trees Adams Township Single-family and estate homes Priced from: $520,000 School district: Mars Area Agency: Heartland Homes 724-949-0079 HeartlandLuxuryHomes.com The Village at Treesdale Adams Township Custom carriage homes Priced from: Mid-$300â&#x20AC;&#x2122;s School district: Mars Area Agency: Howard Hanna Real Estate Services 412-687-0157 howardhanna.com

BUTLER COUNTY

Fulton Criossing Adams Township Single-family homes Priced from: $520,000 School district: Hampton Agency: Mars Area 724-949-0079 HeartlandLuxuryHomes.com

Leslie Farms Connoquenessing Borough Single-family homes Priced from: $190,000 School district: Butler Area Agency: S & A Realty 724-538-5001 sahomebuilder.com

The Village at Treesdale Adams Township Carriage Homes Priced from: $350,000 School district: Mars Area Agency: Brennan Builders 724-865-2929 Brennanbuilders.com The Vineyards at Brandywine Connoquenessing Township Custom single-family homes Priced from: $240,000 School district: Butler Area Agency: S&A Realty 724-538-5001 sahomebuilder.com Village of Harmony Junction Jackson Township Townhomes Priced from: $150,000 School district: Seneca Valley Agency: Maronda Homes, Inc 724-538-3911 www.marondahomes.com

www.greaterpittsburghnewhome.com

BUTLER COUNTY

Vista Ridge Adams Township Custom Single-family homes Priced from: $350,000 School district: Mars Area Agency: S&A Realty 724-625-0050 sahomebuilder.com Wakefield Estates Cranberry Township Custom single-family homes Priced from: $525,000 School district: Seneca Valley Agency: Prudential Preferred Realty 724-776-3686 prudentialpreferredrealty.com Walkers Ridge Worth Township Farmlettes Priced from: $74,900 School district: Slippery Rock Agency: Northwood Realty 724-458-8800 northwood.com Weatherburn Heights Middlesex Township Single-family homes Priced from: $310,000 School district: Mars Area Agency: Ryan Homes 724-898-0010 ryanhomes.com Wilsons Ridge Single-family homes Priced from: $210,000 School district: Seneca Valley Agency: Maronda Homes, Inc 724-538-3911 www.marondahomes.com

Alto Piano Cecil Township Single-family homes Priced from: $500,000 School district: Canon-McMillan Agency: Howard Hanna Real Estate Services 412-302-2304 howardhanna.com Alto Piano Cecil Township Custom single-family homes Priced from: $500,000 School district: Canon-McMillan Agency: Prudential Preferred Realty 724-941-3000 prudentialpreferredrealty.com Anthony Farms Peters Township Single-family homes Priced from: $600,000 Agency: Howard Hanna Real Estate Services 412-276-5000 howardhanna.com Apple Hill Canonsburg Single-family homes Priced from: $190,000 School district: Canon-McMillan Agency: Maronda Homes, Inc 724-873-7455 www.marondahomes.com Brookwood Manor Peters Township Luxury custom estate homes Priced from: $900,000 School district: Peters Township Agency: Century 21 Frontier Realty 724-941-8680 EddyHomes.com

WASHINGTON COUNTY

Wyncrest Estates Butler Township Single-family homes Priced from: $250,000 Butler Area Coldwell Banker Real Estate Services 412-366-1600 pittsburghmoves.com/wyncrestestates

WASHINGTON COUNTY

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Brookview Peters Township Carriage homes Priced from: $349,900 School district: Peters Township Agency: Keller Williams 412-831-3800

Fair Acres Upper St. Clair Custom single-family homes Priced from: Lots, $650,000 School district: Upper St Clair Agency: Prudential Preferred Realty 724-833-7700 prudentialpreferredrealty.com

Majestic Hills North Strabane Township Single-family homes Priced from: $250,000 School district: Canon-McMillan Agency: Ryan Homes 724-745-6410 ryanhomes.com

The Brookview Villas Peters Township Custom villa homes Priced from: $350,000 School district: Peters Township Agency: Paragon Homes 412-787-8807 visitparagonhomes.com

Great Meadows Peters Township Single-family homes Priced from: $290,000 School district: Peters Township Agency: Ryan Homes 412-835-1869 ryanhomes.com

Maple Ridge Cecil Township Townhomes Priced from: $190,000 School district: Canon-McMillan Agency: Ryan Homes 724-745-3680 ryanhomes.com

Cameron Estates South Strabane Township Single-family and carriage homes Priced from: $260,000 School district: Trinity Agency: Heartland Homes 724-871-0179 HeartlandCustomHomes.com Chadwick Estates Peters Township Single-family homes Priced from: $400,000 School district: Peters Township Agency: Heartland Homes 724-871-1736 HeartlandCustomHomes.com The Crossings Peters Township Luxury custom villa homes Priced from: $300,000 School district: Peters Township Agency: Century 21 Frontier Realty 724-941-8680 EddyHomes.com

Hamlet of Springdale Peters Township Single-family homes Priced from: $699,000 School district: Peters Township Agency: Howard Hanna Real Estate Services 724-941-8800

McMurray Highlands Peters Township Custom single-family homes Priced from: $575,000 School district: Peters Township Agency: Prudential Preferred Realty 412-833-7700 prudentialpreferredrealty.com

Highcroft Cecil Township Single-family homes Coming Soon! Agency: Ryan Homes 724-249-6835 ryanhomes.com

Meadow Ridge Peters Township Single-family homes Priced from: $685,900 School district: PetersTownship Agency: Prudential Preferred Realty 412-833-7700 prudentialpreferredrealty.com

Hill Station Manor Cecil Township Townhomes or condos Priced from: $259,900 School district: Canon-McMillan Agency: Howard Hanna Real Estate Services 724-873-7355 howardhanna.com

Mission Hills Cecil Township Carriage and villa homes Priced from: $228,500 School district: Canon-McMillan Agency: Epcon Homes and Communities 724-223-1844 epconcarriagehomes.com Oakbrook Estates Cecil Township Single-family homes Coming Soon! Agency: Ryan Homes 724-249-6835 ryanhomes.com

Strabane Manor South Strabane Township Townhomes Priced from: $160,000 School district: Trinity Agency: Maronda Homes, Inc 724-229-1470 www.marondahomes.com

Orchard Hill Peters Township Single-family homes Priced from: $290,000 School district: Peters Township Agency: Ryan Homes 412-835-1869 ryanhomes.com

Summerbrooke

The Overlook at Peters Peters Township Single-family homes Priced from: $450,000 School district: Peters Township Agency: Howard Hanna Real Estate Services 724-941-8800 howardhanna.com

The Summit Chartiers Township Single-family homes Priced from: $190,000 School district: Chartiers-Houston Agency: Maronda Homes, Inc 724-873-7455 www.marondahomes.com

The Overlook At Southpointe Cecil Township Single-family homes townhomes and carriage home coming soon School district: Canon-McMillan Agency: Ryan Homes 724-249-6835 ryanhomes.com Overlook at Southpointe Cecil Township Single-family homes Priced from: $400,000 School district: Canon McMillan Agency: Heartland Homes 724-949-0079 HeartlandLuxuryHomes.com Paxton Grove Chartiers Township Single-family-homes School district: Chartiers-Houston Agency: Howard Hanna Real Estate Services 724-222-6040 howardhanna.com

North Strabane Township Single-family homes Priced from: $340,000 School district: Canon-McMillan Agency: Heartland Homes 724-871-1719 HeartlandCustomHomes.com

Sycamore Reserve North Franklin Township Single-family homes Priced from: $250,000 School district:Trinity Agency:Keith Homes 724-223-0285 keithhomes.net Timber Run Cecil Township Single-family homes Priced from: $230,000 School district: Canon-McMillan Agency: Ryan Homes 724-745-6410 ryanhomes.com Tuscany Estates Union Township Townhomes, single-family and patiohomes Priced from: $130,000 $180,000 single-family School district: Ringgold Agency: Maronda Homes, Inc 724-348-6472 www.marondahomes.com Walnut Ridge South Fayette Township Single-family homes Coming Soon! School district: South Fayette Agency: Ryan Homes 724-249-6835 ryanhomes.com

Sandy Brae Meadows North Strabane Township Townhomes Priced from: $190,000 School district: Canon-McMillan Agency: Maronda Homes, Inc 724-873-7455 www.marondahomes.com

Waterdam Farms North Strabane Township Carriage homes Priced from: $300,000 School district: Canon-McMillan Agency: Coldwell Banker Real Estate Services 412-833-5404 pittsburghmoves.com/ waterdamfarms

Siena at the Hamlet Peters Township Single-family homes Priced from: $475,000 School district: Peters Township Agency: Howard Hanna Real Estate Services 724-941-8800 howardhanna.com

Weavertown Cecil Township Townhomes Coming Soon! Agency: Ryan Homes 412-249-6835 ryanhomes.com

Weavertown Woodlands North Strabane Township Carriage homes Priced from: $300,000 School district: Canon-McMillan Agency:Howard Hanna Real Estate Services 724-222-6040 howardhanna.com

WESTMORELAND COUNTY Acropolis Heights Unity Township Custom single-family homes Priced from: $620,000 School district: Greater Latrobe Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com Allegheny Woodlands Allegheny Township Custom single-family and cottage villas Priced from: low $200,000 single-family and $180,000 cottage villas School district: Kiski Area Agency: Howard Hanna Real Estate Services 724-339-4000 howardhanna.com The Armory at Ligonier Ligonier Townhouses Priced from: $275,000 School district: Ligonier Valley Agency: Prudential Preferred Realty 724-238-7600 prudentialpreferredrealty.com Augusta Penn Township Single-family homes Priced from: Lots, $53,900 School district: Penn-Trafford Agency: Prudential Preferred Realty 724-327-0444 prudentialpreferredrealty.com Bianca Rose Murrysville Single-family homes Priced from: $395,000 School district: Franklin Regional Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com Blackthorne Estates Penn Township Single-family homes Priced from: $320,000 School district: Penn Trafford Agency: Ryan Homes 724-863-3506 ryanhomes.com

Carriage Homes at Stonegate Rostraver Patio homes Priced from: $219,900 School district: Belle Vernon Area Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Grandview Estates Hempfield Township Single-family homes Priced from: $190,000 School district: Hempfield Area Agency: Ryan Homes 724-836-1804 ryanhomes.com

Cedar Hills Rostraver Township Condominiums and villas Priced from: $197,500 School district: Belle Vernon Area Agency: Prudential Preferred Realty 724-929-7228 prudentialpreferredrealty.com

Greenfield Estates Unity Township Custom single-family homes Priced from: $250,000 School district: Greater Latrobe Agency: Scalise Real Estate 724-539-3525

Cherry Knoll Delmont Single-family homes Priced from: $225.000 School district: Franklin Regional Agency: ReMax Realty 412-856-2000 ricciuticonstruction.com

Hampton Heights (Formerly Carradam Golf Course) North Huntingdon Township One acre homesites Priced from: $400,000 School district: Norwin Agency: RWS Custom Homes 724-861-0571 rwscustomhomes.com

Cherry Wood Estates Mt. Pleasant Township Custom single-family homes Priced from: $225,000 School district: Mount Pleasant Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Harrington Way at Wendover Hempfield Township Single-family homes Priced from: $249,900 School district: Hempfield Area Agency: Northwood Realty 724-327-5600 northwood.com

Chestnut Hill North Huntingdon Township Single-family homes Priced from: $240,000 School district: Norwin Agency: Ryan Homes 724-863-3506 ryanhomes.com

Hawk Valley Allegheny Township Townhomes Priced from: $120,000 School district: Kiski Area Agency: Maronda Homes, Inc 724-895-3876 www.marondahomes.com

Everview Estates Ligonier Township Single-family homes Priced from: $299,900 School district: Ligonier Valley Angency: Howard Hanna Real Estate Services 724-832-2300

Laurel View Place Derry Township Single-family lots Priced from: $49,900 School district: Derry Area Agency: Northwood Realty Services 724-537-0110 northwood.com

Foxfield Knoll Unity Township Single-family homes Priced from: $300,000 School district: Greater Latrobe Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com

The Legends North Huntingdon Single-family homes Priced from: $450,000 School district: Norwin Agency: Scalise Homes 724-864-5500 www.scalisehomes.com

Foxtail Court at Rolling Ridge Murrysville Single-family homes Priced from: $600,000 School district: Franklin Regional Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com Glenn Aire Unity Township Custom single-family homes Priced from: $350,000 School district: Greater Latrobe Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Lincoln Hills North Huntington Township Single-family homes, townhomes and grand villas Priced from: mid-$300,000 Single-family, $239,900 townhomes and $289,900 grand villas School district: Norwin Agency: RWS Custom Homes 724-861-0571 rwscustomhomes.com Lindwood Crest Hempfield Township Patio homes Priced from: $189,900 School district: Hempfield Area Agency: Howard Hanna Real Estate Services 724-832-2300 howardhanna.com

www.greaterpittsburghnewhome.com

WESTMORELAND COUNTY

Piatt Estates Chartiers Township Single-family homes Priced from: $270,000 School district: Chartiers/ Houston Agency: S&A Realty 724-272-9716 sahomebuilder.com

Weavertown Village North Strabane Township Carriage homes and luxury townhomes Priced from: $180,000 School district: Canon-McMillan Agency: Heartland Homes 724-871-1732 HeartlandCustomHomes.com

WASHINGTON COUNTY

Old Trail Peters Township Single-family homes Priced from: $420,000 School district: Peters Township Agency: Heartland Homes 724-949-0079 HeartlandLuxuryHomes.com

WESTMORELAND COUNTY

Mallard Landing Murrysville Single-family homes Priced from: $470,000 School district: Franklin Regional Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com

Renaissance Heights Rostraver Township Single-family homes Priced from: low $200,000 School district: Belle Vernon Area Agency: Maronda Homes, Inc 724-872-7017 www.marondahomes.com

Marquis Place Murrysville Luxury condominiums Priced from: $275,000 School district: Franklin Regional Agency: Kacin Companies, Inc. 724-327-7700

Rivendell Penn Township Single-family homes Priced from: $290,000 School district: Penn-Trafford Agency: S & A Realty 724-872-8403 sahomebuilder.com

Meadowlane Farm Estates Hempfield Township Single-family homes Priced from: $220,000 School district: Hempfield Area Agency: Ryan Homes 724-836-1804 ryanhomes.com

Rolling Hill Farm Rostraver Township Single-family homes Priced from: $180,000 School district: Belle Vernon Area Agency: S & A Realty 724-872-8403 sahomebuilder.com

Meadowlane Heights Hempfield Township Single-family homes Priced from: $180,000’s School district: Hempfield Area Agency: S & A Realty 724-872-8403 sahomebuilder.com

Rolling Ridge Murrysville Single-family homes Priced from: $390,000 School district: Franklin Regional Agency: Ryan Homes 724-793-4797 ryanhomes.com

Moreland Manor Allegheny Township Single-family homes Priced from: $200,000 School district: Kiski Area Agency: Howard Hanna Real Estate Services 412-478-1002 ricciuticonstruction.com howardhanna.com

Salem Ridge Village Rostraver Township Single-family Priced from: $225,000 School district: Belle Vernon Area Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Northpointe Hempfield Township Custom single-family homes Priced from: $270,000 School district: Hempfield Area Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com Oak Farm Estates Penn Township Single-family homes Priced from: $250,000 School district: Penn-Trafford Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com Palmer Place Unity Township Custom single-family Priced from: $430,000 School district: Greater Latrobe Agency: Howard Hanna Real Estate Services 724-832-2300 howardhanna.com Palmer Place Unity Township Custom single-family Priced from: $650,000 School district: Greater Latrobe Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Siena Ridge Murrysville Single-family homes Priced from : $600,000 School district: Franklin Regional Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com Summerhill Murrysville Patio townhomes, stacked flats School district: Franklin Regional Priced from: $249,900 Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com Victoria Highlands Unity Township Single-family homes Priced from: $290,000 School district: Latrobe Agency: Bob Shuster Realty 724-864-8884 rwscustomhomes.com Village at Foxfield Unity Township Single-family homes Priced from: $210,000’s School district: Greater Latrobe Agency: S & A Realty 724-872-8403 sahomebuilder.com

48 GREATER PITTSBURGH’S NEW HOME

| Fall 2013

The Village of Foxfield Unity Township Single-family homes Priced from: $250,000 School district: Greater Latrobe Agency: Howard Hanna Real Estate Services 724-327-5161 howardhanna.com The Village at Ligonier Ligonier Borough Villas Priced from: $208,900 School district: Ligonier Valley Agency: Prudential Preferred Realty 724-238-7600 prudentialpreferredrealty.com The Village at Stonegate Penn Township Villas Priced from: $264,900 School district: Penn-Trafford Agency: Prudential Preferred Realty 724-838-3660 or 724-327-0444 prudentialpreferredrealty.com Villages At Totteridge Salem Township Single-family homes Priced from: $239,900 Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com The Villas at Grayhawk Unity Township Villa style condominiums Priced from: $229,900 School district: Greater Latrobe Agency: Cedar Ridge Realty 724-832-3501 thevillasatgrayhawk.com The Villas of Willow Estates North Huntington Townhomes and grand villas Priced from: $239,900 and $289,900 School district: Norwin Agency: RWS Custom Homes 724-861-0571 rwscustomhomes.com Westmoreland Community Action Jeannette Single-family homes Priced from: $75,000 School district: Jeannette City Agency: Northwood Realty 724-838-9643 northwood.com Westmoreland Community Action Reed Avenue Jeannette Single-family homes Priced from: $63,000 School district: Jeannette City Agency: Northwood Realty 724-838-9643 northwood.com

Westmoreland Farms Murrysville Single-family homes and villas Priced from: $229,900 single-family; $176,900 villas School district: Franklin Regional Agency: Howard Hanna Real EstateServices 724-327-5161 howardhanna.com Westmoreland Human Opportunities Monessan Single-family homes Priced from: $70,000 School district: Monessen Agency: Northwood Realty 724-838-9643 northwood.com Westwind Estates Hempfield Township Single-family homes Priced from: $240,000 School district: Hempfield Area Agency: Ryan Homes 724-836-1804 ryanhomes.com Willow Estates North Huntington Single-family homes Priced from: $270,000 School district: Norwin Agency: S & A Realty 724-872-8403 sahomebuilder.com The Woods of Brandywine Penn Township Single-family homes Priced from: $240,000 School district: Penn Trafford Agency: Ryan Homes 412-793-4797 ryanhomes.com Yok Wood Ridge Unity Township Single-family homes Priced from: $190,000 School district: Greater Latrobe Agency: Prudential Preferred Realty 724-838-3660 prudentialpreferredrealty.com

Greater Pittsburgh’s NEW HOME is the first, comprehensive source of market information for newcomers, current residents as well as all professionals in the residential real estate business for the Greater Pittsburgh area.

NEW HOME will give insight about today’s marketplace, our regional economic outlook, individual and project profiles as well as in-depth feature articles on the issues and personalities driving our region’s residential market. Our editorial content presents the very best our region has to offer in new housing communities, locations and developments that showcase home building and remodeling projects for today’s consumer. Discover state of the art features in comfort, technology, craftsmanship, innovation and style in modern residential living.

Before you buy, build or remodel a home, Greater Pittsburgh’s NEW HOME is required reading! Let us help you create the home that meets your personal dreams, goals and needs.

When you’re ready to borrow, we’re here to help. Do you need to buy a new home, refinance, or make home improvements? Dollar Bank offers a variety of loan options with flexible terms and great low rates! • Home Equity Loan or Line of Credit • Home Improvement Loan

• Fixed, Adjustable Rate or FHA Mortgage • Reverse Mortgage

Stop in to a nearby office where our experts are non-commissioned and will focus solely on providing the right loan for you. Visit dollarbank.com/loans for details or call 1-800-242-BANK (2265).

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