There is a new housing development in the works called Woods of Traders Point.
It is located just north of 71st Street and Marsh Road on the west side of the street. The utilities and the roads have been in the works for the past few months. At this point the roads and curbs are in and lots are ready for sale. I drove through the development yesterday. The community will have 70 lots, some of which currently have “sold” signs on them. Experience tells me that this may not be the case. A lot of time developers and builders put “sold” signs up in advance to attract attention. No houses have been started…yet.
I talked to the developer last year. He told me that the price point would be between $250,000 and $350,000. He predicted that they would sell out in two years. I would love to see that but the math does not add up. At the time the price point was only 7 percent of the market in Pike Township. I predicted 4 years and probably longer. I based it on Timberview, a development that is about at the same price point at 46th and Raceway. It was started in 2006 and is about 80 percent done. About 80 percent of houses sold in Pike Township are under $150,000. Only 20 percent of houses sold are above $150,000. That means if you are selling a house above $150,000 you have lost 80 percent of your buyers. Now I will give you that brand new houses attract more buyers and the location of Woods of Traders Point is good BUT I noticed the following sign on the development yesterday.
Now the price point starts in the 290’s. So, if I say that now their price point is between $300,000 and $350,000 we are now talking about only about 2 percent (21 of 1084) of the market in Pike Township. Although I knew Westport was going to be the builder, they are not a “name brand” builder. The local Westport salesperson did not know that Westport had built in Pike 15 years ago. He thought this was their first development in Pike. Westport built homes in Robertson Village at 41st and Guion Road. Their signs were there for years. For the most part these were starter homes. I was unaware that Westport built homes in the $300,000 price point.
One thing that would help is if Westport has a model home. There was no indication that they would.
As much as I want to see this as a successful housing development for Pike Township, only time will tell.