You don’t need a report from me to know that new construction is booming in Plymouth, MN. In fact, the northwest Plymouth area was one of the first places to really turn the corner a couple of years ago as we bottomed out in the real estate market. Growth in 2012 has only accelerated and given the continued massive investment firms such as Gonyea and Lennar are doing in the area, 2013 and 2014 should see similar activity.
In the full year report for 2012, you’ll find the following comparisons:
Wayzata vs. Osseo
Wayzata schools – finished basements vs. not finished
Osseo schools – finished basements vs. not finished
Wayzata vs. Osseo – comparison of finished basements
Wayzata vs. Osseo – comparison with no basement finishing
The first data table is found below and compares the homes built in the Wayzata School District vs. the Osseo School District in Plymouth, MN. All homes were built in either 2011 or 2012 but they closed in 2012 (Jan. 1 – Dec. 31, 2012). The source for this data was the NorthStarMLS system – 13 County Metro. Search was performed by me, John Murphy, Prudential Lovejoy Realty on February 10, 2012.
Toll Brothers finally looks like it might be coming to the western suburbs in a big way. They have purchased the Gorman property in Medina, MN. It’s a highly sought after 80 acre parcel located between Wild Meadows North to the east and Foxberry Farms to the west.
The neighborhood is called The Woods of Medina and will be accessible from both Hackamore Lane to the north and County Road 116 to the west. Toll Brothers is proposing to build 125 luxury homes on the site. There is no pricing available at this time, but I would suspect we’ll see home prices in the $550,000 – $750,000 range. These homes are in the Wayzata School District.
There is a public meeting that will be held on Thursday, October 4th from 5 – 6:30pm at the Hamel Community Building located at 3200 Mill Drive in Uptown Hamel. Toll Brothers staff will be there to answer any questions.
Medina has seen two significant developments launch in the past year. Lennar has been quickly building out its neighborhood in Uptown Hamel call The Enclave. Mattamy Homes will soon be opening it’s new neighborhood located just to the south of Foxberry Farms called the Fields of Medina. Each of these neighborhoods serves a slightly different segment of new home buyers.
Toll Brothers will certainly be competing with many of the local custom home builders who will soon be starting up again in the Terra Vista neighborhood in Plymouth.
If you’d like to stay informed on this project be sure to come back and check this blog as I’ll continue to report on the progress of the new development.
Terra Vista will be Plymouth’s newest custom home neighborhood in the spring of 2013. While the Parade of Homes has just started to close out a very strong 2012, many have already reserved their lots for the newest neighborhood in Northwest Plymouth.
The neighborhood will be similar to the very successful and popular Spring Meadows to the south of this development. Both projects have been developed by Gonyea’s land development company. Homes will be priced from the mid $500,000s but I think you can expect that most will be between $600,000 to $700,000 and in this neighborhood I think we’ll see a few more priced between $700,000 – $800,000.
Given that this is the first weekend of the fall Parade of Homes in the Twin Cities, I thought it might be helpful for those tracking the area who might not be able to get out and drive it all the time, to see some photos of the graded land. There is quite a variation in the elevation of the land from top to bottom which should add to the overall desirability of the eventual neighborhood.
My wife and I had the pleasure of getting a sneak peak the other day with Bill Burgess, President of Lennar Minnesota. Bill and his team worked very hard to come up with what they believe is finally the right floor plan that works with the Minnesota climate and culture. Janet and I are big fans of the concept as we’ve seen this before having lived on the west coast for a number of years. This kind of floor plan is much more popular in warmer climes. It’s a more challenging task to produce this correctly here in Minnesota. It looks like Lennar has done it right with the Minnesota version of Lennar’s Next Gen product line.
While it makes perfect sense to have this space for multi-generational living…I think owners might want to be careful about letting their post-college grad kids move in to the suite because it is very nice and it might become extraordinarily difficult to get junior out on his own That said the space really is terrific. Janet and I could immediately see it working as a deluxe office suite of sorts for a home office on steroids. I will post pictures once they become available. When Janet and I were in there will Bill, they were still doing final touches getting ready for the Parade of Homes. The professional photos should be available in the next week or two and I will post them.
Lennar has another very successful neighborhood on its hands with The Enclave tucked away in Uptown Hamel in Medina, MN. Many people struggle trying to find this neighborhood because it’s off the beaten path, but clearly plenty of home buyers are finding it since 23 homes have been sold already! It’s a fabulous location in my opinion. You have to go to Uptown Hamel first and then head south on Hunter Drive to the neighborhood. Home prices seem to run generally in the $450,000 – $500,000 range. The Enclave is located in the Wayzata School District.
For example, Lennar Minnesota has an excellent Pinterest page and is having lots of people re-pin its photos. I don’t think anyone at this point can specifically point to new transactions because of it but it will be an important way for builders to reach their customers and prospective customers. I believe it will be more influential on the overall relationship with new home buyers than the MLS.
If you’re a home builder, remodeler or designer, you need to build a presence on Pinterest now.
Many have heard that there is a builder warranty that comes with your new home. That is true and it’s statutory meaning it’s written in to law. Here’s an article that does a great job of explaining the 1-2-10 Year Home Builder Warranty for new homes in Minnesota. For those who want to look up the Minnesota State Statute, please check out the link at the Office of the Revisor for the specifics on the builder warranty.
I must confess that I’m really do love the location of Lennar’s newest neighborhood in the Minneapolis northwest suburbs. The Enclave neighborhood located behind Uptown Hamel is a gorgeous, quiet setting and yet it’s not too far from civilization. (Remember, there is a Target, Starbucks and Caribou within one mile of the development ). This neighborhood is also located in the Wayzata School District.
As I was driving through this weekend, I thought I would stop and take some photos of the neighborhood as it is developing nicely. The big sign promoting the neighborhood says they have no sold 13 homes! I believe the neighborhood will eventually have slightly more than 100 homes when it is completed. If you’d like more insight on the neighborhood and what Lennar is doing in Minnesota, be sure to check out my conversation with Bill Burgess, President of Lennar Minnesota.
Ground broke recently for the newest neighborhood in northwest Plymouth called Terra Vista. Below are some pictures that I took of the area earlier this week. The neighborhood is being developed by the same people who developed Spring Meadows and Taylor Creek in Plymouth as well as Prominence Woods and Prominence Creek in Maple Grove.
Earlier in the year I published more detailed information about the development plans for Terra Vista. This neighborhood is located in northwest Plymouth. County Road 47 is to the north, Dunkirk is the boarder to the west and Vicksburg to the east. It is located in the Wayzata School District. They are planning to build some 128 custom homes over a couple of phases. I have not seen an official list of builders yet, but I’ve been told the following builders will be involved: Gonyea Homes, McDonald Construction, NIH Homes, and Homes by Tradition.
The Parade of Homes is officially over this year for the Spring Preview in the Twin Cities and judging by my conversations with many, many builders agents, this was a bang up Spring Preview. It was no doubt the best Spring Preview since the housing bubble burst several years ago and it will be interesting to see if the momentum continues through the rest of the spring and in to the fall Parade of Homes.