One of the biggest surprises – and announcements – from Mayor Tom Henry’s State of the City address had little to do with city government at all.Allen County can expect to see more economical housing investments if a proposed Perry Township addition is any indication.
Representatives for Springmill Woods Development appealed to the county plan commission Thursday for approval of a 69-lot, single-family subdivision south of Carroll Road.
Modest ranch and two-story homes, ranging from $120,000 to $175,000, would occupy the more than 19-acre site dubbed The Coves at Brooks Crossing.
And it appears cost-conscious consumers are having their voices heard, local real estate agents say, with builders responding to people content to forgo dream homes for more humble dwellings.
Springmill Woods is a division of Lancia Homes, which has conducted market studies to back its decision-making, said Michael Moellering, an attorney for the company.
“Obviously, they look at trends before going into a project,” he said. “Credit is much tighter, so homes in this price range make sense.”
During his presentation before the commission, Moellering said the Brooks Crossing development is “more feasible” given the economic climate.
That same fiscal atmosphere is giving organizers of the annual Parade of Homes trouble.
After returning last year from a four-year absence, officials at the Home Builders Association of Fort Wayne felt they had gained some footing but said this year’s fall showcase is in jeopardy.
Maurine Holle, executive director of the organization, said many contractors don’t want to build on spec, which means erecting homes on the speculation that someone will buy a house in the parade.
This year’s show is in the upscale Buckner’s Crossing subdivision in Washington Township where homes start at $300,000.
The deadline is April 13 to have commitments from builders for at least six houses.
As with The Coves at Brooks Crossing, recent activity in building permits seems to back a move toward less expensive homes.
The average new-home price in February was $160,872, compared with $175,009the same month last year.
It is the second consecutive month the average home price declined.
The Allen County Plan Commission will decide on the Lancia addition during its 1:30 p.m. business meeting Thursday.
