Thursday, July 19th, 2007
CARY - MARTHA STEWART AND KB HOMES A WINNING COMBINATION
Cary, North Carolina. The Triangle has done very well throughout the downturn in the U.S. housing market. None-the-less, both local and national builders have felt the bite of higher interest rates and problems in the mortgage market. However, one subdivision for national builder KB homes has exceeded expectations. Twin Lakes, a Martha Stewart - KB Homes project in Cary has been selling at a rate of about 25 homes per month while the 11 other KB communities in the Triangle have been selling at a rate of 6 to 10 homes per month. Twin Lakes was announced in October of 2005 and in short order had a waiting list of about 800 names. Prices range from $218,990 to $359,990. Since construction started in March of 2006 some 350 homes have been sold of the 767 planned for it. There are also townhomes in Twin Lakes. Their price range is $148,900 to $167,990. American MetroStudy tracks tracks construction starts in 1,709 communities Their figures indicate that Twin Lakes is the fifth best selling subdivision of that entire number.
A second Martha Stewart/KB Homes development called Wynbrooke will begin construction in Raleigh by September of this year. The price range will be somewhat higher than in Twin Lakes. Its range will be from $378,990 to $491,990.
John Fish (919) 696-3474 Email: Marvmax@mindspring.com Website: www.JohnFish.com
