A forthcoming $6 million subdivision on the city’s northeast side is targeting first-time buyers and empty-nesters.
Summer Wind will typically feature three- and four-bedroom homes with two-car garages, ranging $160,000 to $260,000. Developer Jeff Thomas hopes to begin construction this summer.
The demographics show that there are a lot of people in that area who have grown kids who have left home, he said. I’d say about half of the buyers will be in that category.
The Fort Wayne Plan Commission approved the project Monday.
The addition is on the north side of the 7400 to 7700 block of St. Joe Center Road. The 70-home addition would be east of the Wedgewood Place subdivision. Thomas said he expects the ranch-style homes to be completed in two phases.
Nationally, the U.S. housing market is facing an unusual situation this summer – people aren’t selling their homes. The frustration also is evident in the Summit City.
In April, the Upstate Alliance of Realtors revealed the Fort Wayne area following suit as closed sales decreased 17.4 percent to 522 homes and new listings dipped 1.1 percent to 1,163. Year-to-date figures show new listings at 3,447 homes in April – a 10.1 percent decrease.
Upstate, which tracks data from Allen, Adams, DeKalb, Huntington, Noble, Wells and Whitley counties, said the more than 500 homes that sold in April is down from the 632 houses that closed in April 2013. The average sales price also dropped in April to $120,460, a 5.8 percent decline from April 2013.
Housing officials say warmer weather, job growth and an improving economy are expected to create more listings.
J. Kyle Ness is president of the Upstate Alliance. The broker said he doesn’t recall the housing market having such a low inventory.
That is one reason Thomas expresses confidence his development will have buyers before the foundations are set.
There is a demand out there, he said.