We’ve recently added a new construction section to our website because many buyers like and dream of buying a brand new home. Here in Barrington some buyers will dream, design and build a custom home. That’s not typical but certainly an option for the wealthy that can afford to build without having to sell or move from an existing home.
Others however dream of buying a new home but both need and want to see the home choices rather than plans and pictures. Barrington is not full of new construction. Our choices are limited and will forever decline due to a fast ending supply of buildable land. That said we do have some new subdivisions under way in the country suburban villages including South Barrington, North Barrington, Barrington Hills and Lake Barrington. Some of our new construction subdivisions include:
- The Enclave of Heritage Estates in Lake Barrington
- Village Enclave South Barrington
- Tallgrass Lake Barrington – Not Yet Re-commenced
- The Woods of South Barrington
- Sunset Estates Barrington
- Legacy of Barrington
In fact if I run a search of new homes in the Barrington area there is a choice of over 60 homes. Then I can add homes that have been built but never lived in. Not a bad choice but you cannot look at them all! Why not?
Builders Are Not Making New Construction Easy To Buy
Homes are not being built until someone signs a contract and ponies up a hefty deposit. When the real estate market slumped, building stopped. Subdivisions no longer built homes because the buyer pool had declined, costs were going up and carrying a home unoccupied became a costly expense for the owners. We understand that. Now the market is recovering, it seems that here in Barrington, new homes are only going to be built to order.
To add to the insult, there are not always any sales offices, or they are offsite. Toll Brothers of South Barrington who are building The Woods were one of the few that maintained a sales office and as a result have continued to sell homes. Others may have a sales office with limited hours.
I have to wonder.
- Does the lack of ready built homes hurt the builders sales and speed of sale?
- Does the lack of a sales office make it difficult for buyers agents and buyers alike get details of what homes are available and when?
- Would having ready built homes create more sale?
- Would on site sales offices help create more interest and ultimately sales?
- Can we expect buyers to buy a home from a piece of paper?
- Do home buyers looking for a new home have the guts to commit to something that cannot touch, see, with nothing but dirt in front of them?
Personally I think the answer is clear. Without homes, without sales offices, without more than dirt, it’s reducing the buyer pool. With only pictures of unbuilt homes on the MLS, buyers are shy. Shy to buy. So what do they do? They move on.
It helps to have at least a showhome, but when a buyer comes looking for a ready to go home and buys the showhome, doesn’t that tell the builders something? (Aside from losing your only showhome and having to start from scratch with that.) Yes build more, buyers may come. Buyers love new homes. Of course great internet advertising is being missed out on too. Some buyers choosing non local Realtors may not even know where the new construction subdivisions are or even that they do exist.
Yes Money Out Is Risky
Oh I know, I am not a builder, I know it cost’s money to build homes. Money that takes time to come back to the bank account. It’s a risk and one understandably builders and their banks are reluctant to take. This is really just a look at why some of my buyers moved on to an existing home when they could have bought one of those new homes. I would love to see it change but am not confident it will.
The question is how long will some of these unbuilt homes take to sell and how long will these developments stay as construction zones? Making new homes easier to buy could well be impossible, in which case, sales will take time. Empty lots will stay empty. Oh well.