Townhome Community Sees Increase in Prices, Sales in 2010
- Jun 04, 2010
By Anuradha Kher, Online News Editor
Barnegat, N.J.–Whispering Hills, an 85-acre multifamily community in Barnegat, N.J., is now 45 percent sold. The project has been on the market since last August, but this year it has seen more sales activity. In addition, prices for the units have increased as well—a unit that started out being close to $219,000 is now $233,450.
“Things are getting better slowly and a lot of people are back in the market,” Ed Walters, Jr., president and founder of the Walters Group, tells MHN. “The mortgage rate is really low but at the same time it’s very difficult to get mortgages right now. The people who had good credit got beat up in the recession and can’t get mortgages because of their low credit scores.” Whispering Hills lost 15 deals because those people could not get mortgages. However, Walters says that consumer confidence is now up. “The market has bottomed out but real estate values are down 45 percent so it will take time for people to get comfortable. There are some signs now that appreciation is taking place,” says Walters.
Currently, five buildings are under construction in the eco-friendly Whispering Hills development. The community offers townhouses starting at $233,450 for the Willow, $238,525 for the Heather, $243,595 for the Bayberry, and $253,750 for the Meadow. Eligible buyers can save $1,500 in seller concessions when using one of Walters’ preferred lenders. For a limited time, valuable incentives are being offered on select townhouses currently under construction in Building 4. Buyers will receive a free finished basement and half bath when purchasing either the Meadow or Willow models. This offer cannot be combined with any other deal. Seller concessions are not being offered on any unit in Building 4.
The Whispering Hills community was unveiled last year, and since then five buildings, comprising 26 units have been completed. The entire development is being built to LEED-Silver standards, making them on average 30 percent to 50 percent more energy efficient than conventional non-green homes, according to the U.S. Green Building Council. LEED-certification also translates into savings on energy and water usage. Energy Star-certified appliances are installed in every new home we build.