Rather than drastic price cuts, the preferred strategy has been to throw in more comps and special details, he adds. “Right now it’s about moving product and having the builder and homeowner win, not having the bank win. You’ve gotta give a little bit more these days in order to get.”
Credit: Rick Ricozzi
Taking note of shifts in consumer preferences and loan qualifications, the builder also has rounded out its plan selection to include smaller single-family detached and townhomes in its newest community, Claremont, which it is building in partnership with J.T. Lewis, another local design/build firm. “We are now offering single-family houses ranging from 2,200 to 2,700 square feet, whereas the last subdivision we finished had 3,700- to 3,800-square-foot homes,” says Carol Ann. “We built one custom house for a client that was 2,200 square feet, and so many people were stopping by the site and asking the agent about it, we decided to do more of them.”
Those smaller homes will continue to receive the same TLC as larger homes —which for Zinn amounts to construction costs averaging $200 to $210 per square foot, including the lot.
“Our buyers are emotionally drawn,” says Omar. “They aren’t looking for a national home builder or the highest square footage they can get.”
Rather, they’re looking for something with character. “We let them draw the line in terms of what they can customize,” he adds. “If you want a fireman’s pole in your house, we’ll do it.”
Location: Chapel Hill, N.C.
Community: Claremont
Total acreage: 27 in phase I, followed by 38 in phase 2
Date opened for sale: December 2007
Product: Single-family and townhomes from 2,200 to 3,700 square feet
Price range: $375,000 to $1 million
Total number of units at build- out: 176 (phases I and II)
Sales to date: 17
Builder/Developer/Designer: Zinn Design Build, Chapel Hill, N.C.