{"id":763,"date":"2010-01-13T14:12:21","date_gmt":"2010-01-13T22:12:21","guid":{"rendered":"http:\/\/blog.summerhillhomes.com\/?p=763"},"modified":"2023-04-29T21:04:23","modified_gmt":"2023-04-30T04:04:23","slug":"a-turning-market","status":"publish","type":"post","link":"https:\/\/www.summerhillhomes.com\/blog\/2010\/01\/13\/a-turning-market\/","title":{"rendered":"A Turning Market"},"content":{"rendered":"

When a market is undergoing change, there is a time where the changes starts happening before we fully recognize that they are happening. The past 6 months have been full of change. We are the first to say we are astonished by the activity levels that we’ve seen and continue to see with our “Mrs. Hill” live chat service seeing significant increase in activity since the start of the year as well as seeing more and more prospective homebuyers at each of our new home communities.<\/p>\n

Over the summer, we talked about several camp-outs<\/a> at our Parkwood community in San Jose, which has now sold out. Then we heard of other homebuilders having similar levels of activity at their communities. \u00c2 We also sold out at our Echelon<\/a> and Talavera <\/a>communities.<\/p>\n

Compelling value shifted the balance for buyers to want to buy their home today instead of waiting and seeing if they will or won’t or may buy their new home.<\/p>\n

Terminology that hadn’t been used in over a year started making a come back: temporarily sold out, next sales release, priority list, and sold out. \u00c2  \u00c2 Here’s how we define some of these key terms:<\/p>\n

Temporarily sold out –<\/em> The plan is sold out today, but we will have more of that plan available in the future.<\/p>\n

Next sales release<\/em> – A number of homes will be released for sale on the same day.<\/p>\n

Priority list – <\/em>Prospective homeowners register their interest and get pre-qualified for first choice in the next sales release.<\/p>\n

Sold Out – <\/em>We’re sorry but their simply are no more homes of this plan or this community available for sale by us.<\/p>\n

The tax credits<\/a> certainly helped although we are in the Bay Area where income levels are much higher than average incomes in the rest of the United States. \u00c2 This made it hard for some homebuyers to qualify for the tax credits.<\/p>\n

Our Park Station<\/a> community, which opened for pre-sale over 2 years ago, is almost sold out. \u00c2 With just one unit left (yes, we sold one unit since last week), Park Station will be sold out soon. \u00c2 The last unit is part of the South San Francisco City Program to help new homeowners with downpayment.<\/p>\n

We opened two new communities this past year in prime locations – Palo Alto and Mountain View. \u00c2 Prime locations come at a premium, which can be challenging in a turning market, as some buyers may be looking to bargain for their new home. \u00c2 With intrinsic value from good schools, desirable location, and\u00c2 quintessential marks of a place to call home, the homes at Satake Estates and Redwood Gate have attracted many new homeowners who want this home at these prime locations.<\/p>\n

Satake Estates<\/a> is already over 40% sold out. \u00c2 This means there are only 16 more chances to own at this unique community.<\/p>\n

Redwood Gate<\/a> has already sold over 37% of the homes available. \u00c2 And, we have only two homes available today until the next release.<\/p>\n

Rosewood<\/a> sold out of the Towns earlier this year and with the latest release of the last Cottages, the Cottages will soon be sold out too. \u00c2  Rosewood has already sold over 82% of the homes. \u00c2 The Gables will soon be your only chance to live in this Fremont community.<\/p>\n

All of this sales success has brought us to an interesting dilemma, we have only 5 communities that will be open and selling this year. \u00c2 With a number of cutbacks within our company to account for these significant changes, we’ve said good bye to a number of familiar faces. \u00c2 Change brings uncertainty and new beginnings.<\/p>\n

A number of prospective homebuyers have contacted us recently looking for homes in communities that have recently sold out or looking for where our our next communities will be located. \u00c2 We wish we had better answers for you as to which cities will be home to our future communities.<\/p>\n

So now the question is what’s next? \u00c2 We are actively looking for new projects thanks to the work of SummerHill Land. \u00c2 We are very hopeful to have a few upcoming communities soon as we want to continue to build new homes for our neighbors and friends. \u00c2 As soon as we have more information on our next community, you can be assured that we will share it with you.<\/p>\n

Where would you like to see us build?<\/p>\n","protected":false},"excerpt":{"rendered":"

When a market is undergoing change, there is a time where the changes starts happening before we fully recognize that they are happening. The past 6 months have been full of change. We are the first to say we are astonished by the activity levels that we’ve seen and continue to see with our “Mrs. […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[13],"tags":[35,44,45,59,81,82,149,154,197,208,209,244,247,271,275,277,278,282,298,300,311,321,336,339],"yoast_head":"\nA Turning Market - SummerHill Homes Blog<\/title>\n<meta name=\"description\" content=\"A Turning Market: Stay ahead of the game with our analysis of the real estate market and where it's headed.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.summerhillhomes.com\/blog\/2010\/01\/13\/a-turning-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Turning Market - 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