62 I prime. Your guide to new homes
SEPTEMBER 15, 2010 WEST NEWSMAGAZINE
Is this a breather or a double dip? Kevin Weaks
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Directions from Hwy 40: South at Long - right at Wild Horse Creek go 2.5 miles - left at Eatherton - left at Orrville - left into Meridien.
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• 111 Chesterfield Towne Centre•••Town Chesterfield, MO 63005 • (636)••532-0200 TownChesterfield CountryWest 1100 Town Country Crossing Town &Country, Country, MO63017 63017 (636)394-9300 394-9300 Town &&Country ••1100 Town &&Country Crossing & MO (636)
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Seems like Washington has a bureau for everything. The most important one right now is the Bureau of Economic Analysis (BEA) which announced that the growth of the gross domestic product (GDP) in the second quarter went down from 2.4% to 1.6% percent. What that means in laymen’s terms is that there is now a greater possibility of the economy suffering a doubledip recession, although most economists continue to believe that this won’t happen. Hardest hit is new home construction. Traditionally, housing has been the engine that pulls the economy back on track. Locally, the phones continue to ring at Gershman Mortgage where borrowers can still get an adjustable rate loan at 3.25%. The national average rate for a 30-year fixed loan was still a friendly 4.35% last week. These record low rates and falling home prices have made housing more affordable than 20 or 30 years, but this good news has had little effect on sales. Then has housing hit the wall? Former Federal Reserve Chairman Alan Greenspan called it “a typical pause that occurs in an economic recovery” and the National Association of Home Builders actually expects household wealth to trend up gradually over the balance of 2010 into 2011. Helping is the fact that consumer debt like credit cards has been going down since the end of 2008 and is at levels last seen at the end of 2000. But employment stability and job growth are the keys to a housing recovery. In addition to alleviating workers’ fears about losing their next paycheck, an improving employment picture will help boost the confidence of households that are considering buying a home. The bottom line, though - and you’ve heard it before - right now really is the ideal time to buy a new home. Here’s what else is happening: Thomas & Suit Homes, whose Wyndgate Forest keeps drawing rave reviews from buyers, is now expanding to Sommers Landing and the Enclave at Sommers Pointe, both on Highway N just south of Highway 40. Prices start in the $270’s. According to CFO and Partner Brenda Suit, “We want as many buyers as possible to enjoy the experience of becoming Thomas & Suit homeowners. With the Sommers openings, Thomas & Suit is introducing six new floor plans ranging from 1,800 to more than 3,300 square feet. Or, if you prefer, Thomas & Suit will build any home from its extensive design portfolio currently being built at
Wyndgate Forest. One of the new models called the Alberta is under construction at the Enclave at Sommers Pointe. The 2,225-square-foot great room design features a private master suite away from other two bedrooms, hearth room and even an “Electronic Drop Zone” an area directly off the garage with spots for charging laptops and cell phones. Thomas & Suit has homesites available at Wyndgate Forest in O’Fallon, Sommers Landing and the Enclave at Sommers Pointe in Lake St. Louis, and Boulder Ridge in Wentzville. The sales office for all three communities is located at Wyndgate Forest. Visit www. tshomes.net, or call 636-561-2120. To reach the central sales office at Wyndgate Forest take Highway 40 to south on Highway N 1.5 miles. McKelvey Homes’ success during the worst recession in our country’s history made it the subject of a feature article this month in Nation’s Building News, the online weekly newspaper of the National Association of Home Builders. McKelvey is the only local builder able to increase its home sales in 2009, an achievement that President Jim Brennan attributes to conservative business practices, an established reputation for quality and the ability to adapt quickly to changing demand. “McKelvey is now on track to double its home sales this year and make significant headway in digging out of the worst housing downturn in generations,” the article stated. Because of this, McKelvey has been able to build and offer a large selection of “Designer Market Homes” for buyers who can take advantage of today’s low interest rates. McKelvey is celebrating a “grand opening weekend” with new displays at four communities. Check out the ad in this edition of Prime New Homes. Still celebrating its 40th birthday, Greater Missouri Builders is offering savings up to $75,000 on inventory homes and a whopping $99,000 on a former display, reports Sales Manager Kim Whalen. At Fountain Plaza in Ellisville, GMB has a 2,000-square-foot ranch with two bedrooms, two baths, a gourmet kitchen and hearth room with see-through fireplace for $420,000, a savings of $74,478. Call 314581-5944 for information about it and other inventory homes. GMB also is celebrating the grand opening of Grover Crossing is opening this Sunday, Sept. 19. The community is near Wildwood and its Town Center at Manchester and Brown roads. Prices start at $295,900.