Tag Archives: National Association of Homebuilders

silverleaf

New Luxury Homes Break Ground at Sterling at Silverleaf

Cypress Development broke ground on the second phase of Sterling at Silverleaf, bringing 12 luxury estate villas priced from $2.2 million to the private golf community of Silverleaf.

The new $27.6 million second phase will be built to the same gold-level LEED certified standards as the sold-out first phase of 16 villas. Sterling at Silverleaf made national headlines in 2012 when it was named Arizona’s first and only single-family new construction project to be awarded gold-level certification by the National Association of Homebuilders (NAHB), making the villas the greenest homes in Arizona. Just this month, the U.S. Green Building Council also awarded the project gold-level LEED certification

“We are changing the way our industry builds luxury homes and proving there is a way to create the ultimate in green, luxury living,” said Nathan Day, president of Cypress Development Group. “Demand has been high since we announced the second phase at Sterling because our product is so unique to the marketplace. This is about building smart, innovative homes that provide a real value for our buyers.”

Sterling’s estate villas offer three different floor plans of two-story homes ranging from 3,980 to 4,800 square feet with an attached cabana or casita with a private entrance. The three and four-bedroom villas come standard with top-of-the-line custom estate features such as Sub-Zero and Wolf appliances, exotic stone countertops, natural stone and marble floors, custom cabinetry, custom hand-forged iron stair railing, 9’ ceilings in second story,  a full masonry fireplace, a private two or three-car garage, a game room with a mini bar, professionally designed walk-in closets, his and hers bathroom vanities, a Jacuzzi bathtub in the master bathroom and a climate controlled wine room.

All 12 estate villas are being built at once with completion expected in late 2014.

Four iPads are installed throughout each villa that control the home automation and security systems providing the ability to remotely control every element within the home such as audio, video, lighting, window coverings, security and wine room temperature. Sterling at Silverleaf also developed a proprietary Eco-Mode App with Crestron, which dims the lighting in the home to 80 percent of full power levels, automatically saving 20 percent on the energy bill.

Phase two at Sterling at Silverleaf is now for sale and The Silverleaf Group of DMB Realty Network manages sales for the community and can be reached at (480) 502-6902. For more information, visit www.sterlingatsilverleaf.com.

silverleaf

$27.6M of Real Estate Breaks Ground in Scottsdale

Cypress Development broke ground today on the second phase of Sterling at Silverleaf, bringing 12 luxury estate villas priced from $2.2 million to the private golf community of Silverleaf.

The new $27.6 million second phase will be built to the same gold-level LEED certified standards as the sold-out first phase of 16 villas. Sterling at Silverleaf made national headlines in 2012 when it was named Arizona’s first and only single-family new construction project to be awarded gold-level certification by the National Association of Homebuilders (NAHB), making the villas the greenest homes in Arizona. Just this month, the U.S. Green Building Council also awarded the project gold-level LEED certification

“We are changing the way our industry builds luxury homes and proving there is a way to create the ultimate in green, luxury living,” said Nathan Day, president of Cypress Development Group. “Demand has been high since we announced the second phase at Sterling because our product is so unique to the marketplace. This is about building smart, innovative homes that provide a real value for our buyers.”

Sterling’s estate villas offer three different floor plans of two-story homes ranging from 3,980 to 4,800 square feet with an attached cabana or casita with a private entrance. The three and four-bedroom villas come standard with top-of-the-line custom estate features such as Sub-Zero and Wolf appliances, exotic stone countertops, natural stone and marble floors, custom cabinetry, custom hand-forged iron stair railing, 9’ ceilings in second story,  a full masonry fireplace, a private two or three-car garage, a game room with a mini bar, professionally designed walk-in closets, his and hers bathroom vanities, a Jacuzzi bathtub in the master bathroom and a climate controlled wine room.

All 12 estate villas are being built at once with completion expected in late 2014.

Four iPads are installed throughout each villa that control the home automation and security systems providing the ability to remotely control every element within the home such as audio, video, lighting, window coverings, security and wine room temperature. Sterling at Silverleaf also developed a proprietary Eco-Mode App with Crestron, which dims the lighting in the home to 80 percent of full power levels, automatically saving 20 percent on the energy bill.

Phase two at Sterling at Silverleaf is now for sale and The Silverleaf Group of DMB Realty Network manages sales for the community and can be reached at (480) 502-6902. For more information, visit www.sterlingatsilverleaf.com.

Sterling at Silverleaf

Sterling at Silverleaf Wins Gold NAHB Rating

Scottsdale’s Sterling at Silverleaf has become Arizona’s one and only single-family new construction project to be awarded Gold-level certification by the National Association of Homebuilders.

This prestigious award, under the National Association of Homebuilders’ (NAHB) green building program, NAHBGreen, has been awarded to only 400 single-family construction projects across the entire nation.

Sterling at Silverleaf is a 12-acre residential development and had its grand opening in November.

Sterling at Silverleaf earned the notable distinction in six categories of green practice, set forth by the ICC 700 National Green Building Standard.  These standards are nationally approved four-level benchmarks for rating single and multi-family homes and were created in 2007 by the NAHB and the International Code Council (ICC).

Sterling at Silverleaf was rated on factors such as lot and site development, origin of building materials, indoor environmental quality, use of advanced building methods, homeowner education and overall resource efficiency.

The Villas at Sterling at Silverleaf scored an overall rating of 56, which is 14 points more than he standard for all new construction homes.  They are estimated to be 74% more efficient than most existing homes; this efficiency can approximate to $1,347 in annual energy savings over the typical existing home and $808 in annual energy savings over a typical new home.

“What’s really exciting about this community is the fact that it is the perfect combination of luxury living with cost-effective sustainable features that are in line with global environmental initiatives,” said Tanner Luster, President of Luster Custom Homes. “Being the first homebuilder in Arizona to successfully earn a Gold rating with NAHBGreen for an entire community of new residencies is the proudest accomplishment of my professional career.”

Sterling at Silverleaf is a community feature 16 villas, 12 estates and 180 condos in Scottsdale.  The community was created in partnership with Sterling Collection Development Group and Luster Custom Homes.  The sales will open in the summer of 2011.  For more information, please visit Sterling at Silverleaf online at www.sterlingatsilverleaf.com.

 

 

Senior Housing - AZRE Magazine November/December 2009

Multi-family Market Sector And Senior Housing

Multi-family market sector and housing for the aging boomer generation

One might think that the suffering single-family housing market would be a good thing for multi-family. Foreclosures create demand for rentals — shouldn’t the multi-family market be booming? Well, it isn’t — at least not at the moment.

Senior Housing - AZRE Magazine November/December 2009In Phoenix and Tucson, multi-family followed single-family trends over the past 10 years. Nationwide, the National Association of Homebuilders reported in August 2009 that while some sectors of the housing industry are showing signs of rebounding, the apartment sector isn’t one of them. Data from NAHB for the second quarter of 2009 show a continued downward movement across all rental sectors.

“The continued contraction in multi-family starts is exacerbated by the ‘shadow market’ of empty foreclosed single-family homes and condos that are being rented at below-market rates by investor-owners,” says NAHB chief economist David Crowe in a press release.

“Lenders see the high apartment vacancy rates and vacant condo inventory, and step away from backing any new production.”

Industry experts in Arizona agree. “One of the big challenges in the multi-family market is that it continues to compete with the single-family market,” says Tyler Anderson, vice chairman of CB Richard Ellis’ Institutional Group. “So many of the homes investors buy are becoming rentals. It’s a great time to be a renter with the deals you can cut, but it’s a tough time for owners.”

For 2009 in the Phoenix area, about 5,100 units are projected to be built. Anderson adds that if it’s not under construction today, “Then it’s not going to happen this year.”

These numbers are a far cry from the mid 1980s, when up to 35,000 units a year were built. Yet the problem now doesn’t stem from an oversupply of multi-family, Anderson explains, but from a glut in supply of single-family homes. Currently, few multi-family properties are seeing any rental growth, other than senior housing. Yet senior housing has felt the pinch too, with one distressed senior housing property in Phoenix and another in bankruptcy in Tucson, says David Rothschild, a CBRE executive vice president and leader of the national senior housing services group.

“Phoenix and Tucson are not unlike other places in the U.S. that have been impacted by the real estate market” Rothschild says. “No. 1, it’s difficult to get financing. No. 2, the lease up of facilities is difficult.”

Many seniors who are interested in multi-family senior housing can’t access the equity in their homes because of the economy, Rothschild says. “It’s difficult for them to sell their homes; 401Ks are moving down — many people are delaying because of the market. And not only does it directly affect the 75 to 80 year olds, but also their children. People are putting off that decision, and Mom and Dad are moving in with the kids.”

Bright Spots

The news isn’t bad for everyone. Opportunities exist to purchase properties for 30% to 50% of peak pricing, Anderson says. “There’s not a lack of money out there to buy these properties. There’s plenty of capital out there — 25 to 30 offers on a sale is not unusual.”
And those deals will probably be around for some time.

“You’re going to see more properties available at these corrected prices. I think the challenge is in the next 12 months for the rental market,” he says. “Operations will continue to struggle. But struggling operations make it a great opportunity to buy today, because the market will not remain this soft forever. When job growth returns, rent rates will return quickly.”

Senior Housing – Waiting for the Boom(ers)

Rothschild predicts that within the next 2 years, things will start to come back for senior housing, because “demographic forces are pushing it.”

In the short term there are problems, Rothschild says, but there is a huge bubble of demand in the next 20 years as baby boomers retire.

Baby boomers are loosely defined as those who were born between 1946 and 1964. U.S. Census data indicates that in 2000, 12.8% of the U.S. population was 65 years of age or older — about 1 in 8 Americans. By the time all of the surviving boomers reach 65, there will be 80 million Americans who are 65 years of age or older. By 2030, the U.S. looks a lot grayer — 1 in 5 Americans will be aged 65 years and older.

“There aren’t enough facilities for this generation,” Rothschild says. “When the bubble breaks, it will be very good for current operations; occupancies will be very strong — it will raise rents dramatically.”

Projects like Classic Residence at Silverstone, a Scottsdale project due to be completed in early 2010, will be in high demand. Silverstone is a joint project of Classic Residence by Hyatt in Chicago and Plaza Companies, located in Peoria. The developers have combined a targeted mix of healthcare levels and individual living spaces to fit the lifestyle of just about any retiree.

Silverstone’s developers used their first project, Classic Residence at Grayhawk in Scottsdale built in 1999, as a pattern for their continuing success. “We’re excited about how it’s being received,” says Sharon Harper, Plaza Companies’ CEO. “We were very innovative 12 years ago when we built Grayhawk, and we are very attentive to how residents’ needs evolve. That’s really been the secret of our success.” Grayhawk currently has a waiting list, and interest is spilling over to Silverstone as well, Harper says.

Currently, Arizona has a robust aging population with more than 180 nursing homes, 1,700 assisted living facilities and more than 500 independent-living communities. By the end of 2009, an additional 2,300 units and 8 senior housing projects will be completed.

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AZRE Magazine November/December 2009