By Angela Gonzales | Phoenix Business Journal
In what feels like a pre-Covid spring selling season, homebuilders are unveiling model homes across metro Phoenix.
Homebuyer activity is picking up, now that they’re somewhat over the shock of skyrocketing mortgage interest rates in the first half of 2022. Since then, rates have been hovering around 7%.
Ken Peterson, vice president and sales of marketing for Shea Homes Arizona, said it looks like new home prices are stabilizing after homebuilders made adjustments during the last half of 2022.
“In light of the recent challenges we have experienced in the last eight months, we are very optimistic about the future of the Phoenix market and have outstanding land positions for the next few years.”
With communities opening at The Reserves & Signatures at Storyrock and Emblem & Prelude at Oro Ridge, Shea Homes plan to start construction of model homes at The Reserves at Lone Mountain, two communities at Aloravita and three communities at Avalon Crossings.
The first homes in The Reserves will be ready for move in by the end of 2023, he said. When fully built out, 35 homes ranging between 3,776 and 4,779 square feet will be priced from the high $1 millions.
At its Signature at Storyrock community, a model home is under construction. Presales are expected to begin in July, with the model grand opening in December, Peterson said.
Those 24 homes will range from 4,019 to 5,493 square feet, but it’s too early to determine pricing, he said.
Only three homes are left for sale at Shea Signature at The Phoenician. With prices starting from the mid-$2 millions ranging between 2,263 and 3,980 square feet, all those homes are expected to be completed by the first quarter of 2024, Peterson said.
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