Tag Archives: Fox Creek

139701875

Fox Creek Extends ‘Leaseback’ Option

As construction officially commences at The Ridge, Brookfield Communities’ newest neighborhood at its Fox Creek development along the Colorado River in Bullhead City, a few select homebuyers will be able to participate in a unique “leaseback” program.

Here’s how it works: Brookfield sells a home to an individual buyer who agrees to leaseback the home to Brookfield Communities. Brookfield Communities then builds a home on a view lot in its Fox Creek master-planned community. The lease agreements, at least for two years at about 7 percent, gives usage of the home back to Brookfield who use the home as a model to sell other homes in the community.

Over the years, Brookfield Communities has successfully “leased back” more than 50 homes in its Bullhead City and northern Arizona master-planned communities. The program is ideal for buyers who may want retire and move to Bullhead City in the future, but want an immediate income producing asset which also appreciates over time. The program also gives buyers a set price point before they take residence. About 50 percent of these leaseback buyers move into the homes over time, after the lease is up.

The upside for the buyer is that the home is never lived in – it is simply used as a model home to showcase the community to potential buyers – and is well cared for during the lease timeframe. Typically, these homes also have many upgrades and maintenance is handled by Brookfield Communities as well.

While Brookfield is looking at the leaseback program for five of its models in Fox Creek, it has successfully used the leaseback strategy for homes at its Verde Santa Fe master-plan near Sedona as well as for nearly two decades at Fox Creek in Bullhead City.

“The biggest plus for buyers is a guaranteed above market interest rate return on a new home they will purchase just over the cost of construction,” said Phil Petersen, founder and president of Brookfield Communities. “After the lease, the home is turned over in perfect, never used condition.”

Recently, Bullhead City officials approved the final details at The Ridge, giving Brookfield Communities the green light to begin construction of the new neighborhood at Fox Creek.

Homes and neighborhoods in The Ridge feature revolutionary designs including an expansive mix of architectural styles – from Bungalows to Mid-century to Modern. The Ridge at Fox Creek sits on a high ridge at Brookfield Communities’ master-planned community near the Colorado River and across from Laughlin, Nev. The Ridge, with mountain and desert views, is on the highest point in Fox Creek. The Ridge is comprised of four separate ridgelines and features natural arroyos, unspoiled terrain and high desert vegetation. Lush landscaping, large trees and “The Roost” – an exclusive community clubhouse will complete The Ridge. The Roost includes a bar area, a swimming pool and built-in recreation amenities for residents to enjoy. Lots in the first phase of The Ridge are limited to 48 and are now available.

146068593

Brookfield Communities Partners With Keller Williams

Brookfield Communities has partnered with Keller Williams – the largest residential brokerage firm in the U.S. – to market and sell homes at its Fox Creek  master-plan development in Bullhead City.

The partnership, finalized last week, will give Fox Creek significant growth opportunities, said Brookfield Communities founder and president, Phil Petersen.

“This is a strategic and important move for Brookfield Communities,” said Petersen, who started Fox Creek nearly 20 years ago and continues to grow the community. “We are excited to partner with the experienced Keller Williams team.”

More than 40 realtors from Keller Williams have already begun marketing homes at Fox Creek. Leading the marketing efforts for Richard Lerma and the Bullhead City Keller Williams office will be the husband and wife team, Chas and Jill Williams.

“This is like coming home for us since we started our careers at Fox Creek nearly 10 years ago,” said Chas Williams, who lives in Fox Creek.

Petersen said the timing of the partnership was optimal since the residential market has been steadily improving. Since opening a new model home complex earlier this year, Fox Creek has seen record traffic. Brookfield Communities also recently added an additional 173 acres of land to its existing 750-acre Fox Creek development.

“The alliance with Keller Williams opens the door to an entire nation of prospective buyers,” said Lerma, operating principal for Keller Williams and its Bullhead City office. “Home values are up across the board and those who have been waiting on the sidelines are now looking to buy.”

Lerma’s team generated more than $78 million in revenues last year and is on track to surpass $100 million this year. While 40 agents will initially work on the Fox Creek team, additional team members may be added as demand dictates, Lerma said.

In addition, Fox Creek now becomes an integral part of Keller Williams Internet marketing programs, further showcasing the community to a broad array of audiences.

For additional information, visit www.brookfieldcommunities.com or call (928) 704-0525.