New Luxury Homes Being Built In Roseville Despite Poor Economy
ROSVILLE (CBS13) – It looks like home buying is picking up again in Placer County, but it’s not just your average single family home.
Some buyers are looking for luxury.
The builders are back at it. In west Roseville, there’s a little bit of life at once-desolate developments.
Builders sitting on the sidelines for awhile are giving the go ahead to the construction of new homes, partly because there are so few resale homes on the market.
“There’s people really just trying to get into homes. I wish there was more homes out there,” said Realtor Steve Ostrom.
Ostrom, with Coldwell Banker, says this is the least amount of inventory he’s ever seen in Roseville, with barely 200 homes currently for sale.
They each have a long line of buyers waiting.
“We have a listing right now that’s a bankruptcy and have had over 60 offers on it,” said Ostrom.
Prices are going up with this inventory, which has been cut in half compared to last year.
“We’re seeing a lot of places going over in asking price right now in all ranges,” said Ostrom.
All this means even the swankiest of sites can swoop in, like Sierra de Montserrat in Loomis.
“We wanted to wait a little before the market picked up. We think now’s time to relaunch the community,” said Don Murphy with developer Kinetic Partners.
The community is on a protected nature preserve with contemporary ranch homes among a vineyard.
You’d think there’s no way people could afford new homes like this in this market.
They’re starting at $1 million and there’s definitely interest.
“People know good deals are essentially gone; now’s time to build again,” said Murphy.
Since they opened up the property about three weeks ago, about 150 families have already shown interest, and four homes have sold.
“Doors and windows open up, it’s actually very energy efficient,” said Murphy.
Seeing the open design of one home and its infinity pool, there’s plenty of reasons why families would love to live among the vines.
It looks like many of them are tired of waiting for their dream home, coming in while the building is barely just beginning.