Seventeen new homes have been built in Summer Creek Estates in Chuckatuck during the past two years.
“We’ve been pleasantly surprised at the pace,” said Chip Wirth, managing partner of Wirth Development Corp. The company has been the primary builder for Summer Creek Estates since 2013, when The Harbor Group, a real estate investment firm, bought the subdivision after it fell into foreclosure.
“We don’t have anything built and ready to move into on the market right now,” he said. “It’s a good problem to have.”
Home sales in the development – originally called Ciara Estates – haven’t always moved at such a steady clip.
Growth in the original subdivision, which called for $1 million homes on three-acre lots, was stagnant for several years before the Harbor Group bought it, according to Wirth. A combination of factors, including the recession and the closure of the Kings Highway Bridge, killed the project, Wirth said.
The sizes and prices of Wirth’s homes are considerably smaller. Prices now range from $309,000 to $460,000 for homes that average around 2,700 square feet, Wirth said. Homes are still being built on lots that are a minimum of three acres.
Wirth estimated that 70 percent of homes are being sold to baby boomers, who are looking to downsize from larger homes. Most others are being bought by couples in their mid-30s with young families.
Shared amenities will include walking trails with fitness stations, a playground, and a pier where residents can launch canoes and kayaks.
Article taken from The Suffolk News-Herald – http://www.suffolknewsherald.com
URL to article: http://www.suffolknewsherald.com/2016/04/30/a-neighborhood-reboot/