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Wednesday, September 26, 2007

Renaissance update as of September 23, 2007

A reader posted a comment on my blog, asking me what did I now think of the Renaissance Point Project. I recently did a drive by with my nephew and I now have thoughts to share.

It was a surprise to see the model homes actually built. The houses were definitively difference from some of the old structures that I was use to seeing in the neighborhood. I like the largeness of the pillars, but I thought the porches and the houses were too small which meant to me the rooms were probably small. I did not like the ideal that the homes did not have basements, especially with home costing over $100,000.

So, my final conclusion, that so a starter home and a small family they will serve its purpose. But for now they are too pricey and do something about the landscape.

From the Renaissance website:

Buyers Currently In Process

Total buyers currently at the bank awaiting preapproval: 9

Contracts
Total buyers currently under contract to purchase a new home: 1
Average Home Price for homes under contract: $120,000

Lot Purchases
Total lots purchased by participating builders: 0

New Home Construction Activity
Total New Homes Currently Under Construction: 0
Total New Homes Completed and Sold by Builders: 0

Average Home Price for homes Sold:
Rehabilitation Activity


Total Existing Residents in Application Process for Rehabilitation Grant: 10
Total Existing Residents With Home Currently Being Rehabilitated: 2
Total Completed Rehabilitations: 1
Average Rehabilitation Cost: $25,000

Looks more like a want rather than a needs report for homeowners that can not afford to purchase a home. Stay tuned...

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