October 24 — Luxury and custom home building is a very active market in parts of the Dayton area as many homebuyers look to move into larger homes on larger lots.
Ron Sweeney, owner of Coldwell Banker Heritage Dayton, said in Springboro ZIP code 45066 that sales of luxury / custom homes have increased over the past four to five years. He said his business has sold more $ 1 million homes and more than $ 2 million than ever before.
Sweeney said historic stock market highs and historically low interest rates have fueled interest in high-end homes. He said the inventory of luxury homes is low and these homes are moving the fastest this year. During the pandemic, many people stayed at home more, with some upgrading their current home by adding a swimming pool, but others deciding to buy a larger home.
“Some people want land and a little space,” he said. “But we still have a neighborhood and a lot of people like to live in the townships.”
Sweeney said the market was hot in northern Warren County and heading east in Clinton County as well. He said that when one development is sold, buyers move on to the next.
One of the more recent developments, The Reserve at Cedar Ridge, will feature 24 woodlots with luxury homes starting at $ 900,000. The development built by Mason-based custom home builder Justin Doyle Homes will be located at 580 Ohio 73 between Bunnell Hill Road and Ohio 48 in Clearcreek Twp.
Megan Allen, Justin Doyle Homes’ marketing coordinator, said lot sizes will vary from one to four acres and each home will be 2,758 square feet or more. She said each home will have garages for two to four cars, two to six bedrooms and up to five bathrooms. Allen said there are several models available or that a buyer can have their home custom designed “from scratch”.
Allen said almost half of the lots have been sold.
“The demand is very high in this community and the homes are selling very quickly,” Allen said. “We are very proud to build in this community.
Melissa Zimmer, broker and vice president of sales and marketing for Coldwell Banker Heritage, said the northern Warren County market is a “tween market” because of its location between Dayton and Cincinnati. Zimmer said the market is very dynamic as many people in a wide variety of professions such as business and technology buy these homes.
Gina Coates of Coates Custom Homes said the luxury home market is hot and agreed with Sweeney on how the pandemic has driven this market. She said there are several high-end developments in the Dayton area and considerable growth is seen in Warren, Montgomery, Greene and Miami counties.
“Since the pandemic, more and more people are working from home and want everything under one roof – office, gym, gourmet kitchens and outdoor living space, including swimming pools,” she said. “The area offers excellent schools and easy access to the Dayton and Cincinnati areas.”
Coates said luxury housing estates bring more money and recognition to older areas where people may not have considered moving before.
“Typically, upscale communities attract second home buyers or people looking for their ‘forever’ home,” she said. “They are ready to invest a little more for good schools, accessibility to work and good equipment for their children.”
Brian Albrecht of Rhoads Estate Homes and Albrecht Wood Interiors, described the luxury / bespoke market as “extremely” hot.
“With interest rates low, people who used to pay cash for million dollar homes are now jumping at the chance to take out a low interest loan and keep their money in the market,” Albrecht said. “It also doesn’t hurt that these buyers are usually heavily invested in the stock market and this has been quite favorable in recent years, so they probably have a little more money to gamble, which has helped them stay active in the stock market. a volatile environment and the expensive construction market.
Albrecht believes the Warren County area attracts people there specifically because these are the areas with the most land to develop.
“Most of the communities south of Dayton are fairly well built and it can be difficult to find land, especially when many luxury home buyers want a little more land,” he said. “With development stretching further and further south and further north of Cincinnati, I think people see the promise of these areas and no longer feel like they will need to travel that far. for amenities. “
Developments with luxury / bespoke homes bring people with disposable income to the area.
“These are people who eat out, shop, and spend money in ways that others usually don’t, providing the city with an influx of income as people usually spend their money close to home. “, did he declare.
“Our typical clients are business owners or healthcare professionals looking for their first or second luxury home as their lives change,” said Albrecht. “Today, with so much work being done from home, people are spending more time there than ever before, and those who can afford it want this space to be as comfortable as possible and are willing to invest in it.”
Albrecht said there are pockets of upscale homes around the Dayton area in various communities. He said it was often a matter of just finding the space to build houses like these.
Matt Clark, Clearcreek Township. administrator, said that the people who build high-end luxury homes are not a new phenomenon.
“We’ve always had lots and lots of upscale homes in the township, so it’s nothing new to us,” Clark said. “We have a number of these types of developments such as Country Brook, Cyprus Ridge, and Author Estates.”
Clark said Justin Doyle Homes is also building two more homes on nearby Bunnell Hill Road. He said the value of high-end homes adds to the township’s overall property valuation.
“It is extremely important for the township to have strong land values because this tax revenue funds the township to provide services,” said Clark. “If you are looking for upscale accommodation, come to Clearcreek Twp.”