Steven G. Cramer sold a five-acre tract to Steam BTR1 for $760,000 or about $3.50 per square foot. The site is on the north side of Jefferson Highway, just east of Rolling Meadows subdivision. The tract will be developed with 48 townhomes known as Strohmberg Townhomes. Twenty-eight units are proposed for the first phase, four of which have pre-construction purchase agreements. The units will be two- and three-bedroom single-story townhomes selling for $134,900 to $144,900 in a gated community. According to Mark Cramer with 4 Real Estate Services, who will be marketing the property, the developers were involved with building 12 units in Bromley Estates off Hyacinth Avenue. Cramer says they began construction in January on 12 units in Bromley Estates, and had purchase agreements all 12 units within six months. “The developer is counting on price-point. Good-quality units in the $135,000 to $150,000 range are difficult to come by. The success of the Bromley project promoted the new development. The development will cater to first-time home buyers, and owners wanting to downsize to a smaller home with less maintenance”, says Cramer. This appears to be a price point that still can generate sales activity, but it is difficult to buy land and build units for this price without very stringent controls. The developer was successful in Bromley, so maybe he can duplicate it with Strohmberg.
(Appraiser Tom Cook owns Cook Moore and Associates. Reach him at 293-7006 or TCook@cookmoore.com.)
