One master-planned community in Washington among "top 50"
Tehaleh in Bonney Lake makes the list
Home sales in the top 50 master-planned communities during 2015 jumped 14 percent from the volume reported for 2014, according to John Burns Real Estate Consulting. The 23,263 sales in the latest report accounted for an estimated 4.7 percent of all new home sales nationally and marked the highest volume in the six years the masterplan list has been compiled.
Commenting on their findings, the consultants from the John Burns team credited "historically low mortgage rates, solid job growth, low levels of resale competition and outstanding execution by the developers" as factors that drove demand.
One community in Washington state, Tehaleh, made the list. The 271 sales it experienced earned that project 46th place on the rankings. Ken Perlman, a senior VP at John Burns Real Estate, said the Trilogy neighborhood at Tehaleh, which targets 55+ buyers, added to last year's strong sales.
The firm analyzed more than 230 master-planned communities across the country. Only one other masterplan in the Pacific Northwest made the top 50 list - Villebois in Portland. Last year was the first time any master-planned communities in the Northwest made the "top 50" list.
"Limited land availability and a lengthy entitlement process add to the challenges of developed master-planned communities in the Pacific Northwest," stated Perlman. Company officials noted both projects, while unique in their own right, share an emphasis on outdoor living with elements such as trails, parks, and even farmer's markets as common themes.
Located in Bonney Lake, Tehaleh features homes by eight different builders with prices ranging from the $200,000s to the low $500,000s. The Newland Communities project is situated on 4,000 acres and approved for 5,900 residential units.
Of the 50 top-selling communities in the report, 17 are located in Texas. California claimed 11 top sellers, followed by Florida with four. Eleven communities exceeded 500 sales during 2015, a feat the report's authors described as a "rarely achieved industry milestone that usually requires an excellent location, thoughtful segmentation, extensive marketing, and a strong market."