Palm Desert, CA, Sept. 27, 2012 (GLOBE NEWSWIRE) -- Having studied the Arizona real estate market since 2009, principals for Palm Desert-based developer and builder, Family Development, announced they will open a homebuilding division in the Metro Phoenix area of Arizona by the fourth quarter of this year.
Principal Vince Barbato states the move is congruent with the firm's plans to continue their success by building homes in viable market niches where their product distinguishes them from all of the competition. He furthered stated with thousands of jobs being created in the Metro Phoenix area and inventory being greatly reduced, the time has never been better for Family Development to establish themselves as one of the area's premier homebuilders.
"We have diligently watched the Phoenix market for several years now by visiting the area often and speaking to many of the local market research and real estate professionals." said Rudy Herrera, a principal of Family Development. "In addition, we have spent countless hours walking communities and visiting neighborhoods that are within a one hour's drive of downtown Phoenix. It has been a long road, but we now have every indication that the market has recovered and demand for new homes has exceeded supply."
Belfiore Real Estate Consulting, one of the area's most well-respected market research firms, confirms the multi-year housing recovery is well underway in Phoenix, Arizona. According to Principal Jim Belfiore, "Resale supply has fallen 41%, 30,000+ new jobs have been created, and consumers are back in the market. Existing home prices are increasing, and new home prices are beginning to increase. Those remaining skeptical that a permanent change in market conditions is underway may bear witness to the most significant appreciation in home prices to be seen during the recovery over the next twelve months."
Family Development has earned an excellent reputation in the Coachella Valley as being a preferred residential homebuilder. Since 2003, the company has built nearly 1,000 homes in some of the desert's most desirable communities. Over the years, the company has garnered numerous accolades for their work including the prestigious "Project of the Year" award given by the Building Industry Association (BIA). In addition, Family Development was named "Outstanding Philanthropic Corporation" by the Association of Fundraising Professionals and, most recently, was named "Builder of the Year" by the Desert Contractors' Association.
Through good economic times and bad, the company's success has been attributed in large part to their focus on being a market-driven builder. The principals of Family Development spend innumerable hours meeting with local residents and professionals to insure that every detail of the communities and homes they build is designed, built, marketed and priced to be tailored directly to its target homebuyers. Evidence of this successful approach can be found in the fact that homes built by Family Development typically achieve premiums of up to 15% over neighboring homes. This increased value has held true even during the latest downturn.
Given the profound similarities between the markets in the Coachella Valley and the Metro Phoenix area, the company's move to Arizona is an absolute natural. Due in large part to the similarities in climate conditions and geography, the demographics for both areas are nearly identical. Therefore, being a market-driven builder, Family Development is not looking to necessarily bring their Coachella Valley homes to the Phoenix area, but rather they are bringing their keen understanding of the various buyer profile groups. Armed with that proven expertise, they can apply it directly to the appropriate markets in the Metro Phoenix area to garner immediate distinction and success.
"From young families just getting started in the work force to the empty-nesters searching for serene climate conditions and all of the groups in between, the demographics of the two areas are undeniably similar," stated Barbato. "Really the only difference we can find is that Metro Phoenix has one thing the Coachella Valley lacks - job growth and the associated population growth that results from it."
The current Metro Phoenix market is comprised of mostly large, national builders such as DR Horton, Lennar, Standard Pacific, Toll Brothers and Shea Homes. These corporate builders have been delivering the same style of home designs that they have been building for nearly a decade. The only significant changes made in their plans have been in the energy-efficiency area. A small collection of medium-sized builders also remain viable in the market such as Maracay Homes, Fulton Homes and Ashton Woods. Although these builders' designs in large part are more relevant than the big box builders, they too have grown a bit stale.
"Not only are all of the market conditions favorable for us." continued Barbato. "But there is a real demand for homes that can be distinguished from those that are currently on the market both new and old. Times have changed dramatically and like with every product from cell phones to automobiles, we know that homebuyers want designs that are relevant to their current lifestyles. We are excited to be able to deliver these new homes to them at market prices that they can afford."
Family Development looks at the opening of their Arizona Division as a long term commitment. Currently, the firm has pinpointed several key finished-lot purchase opportunities that will allow them to enter the market in early 2013 to establish their reputation. Once established, development deals will be given attention along with the purchase of more key niche building sites.
"With over one hundred and twenty years of experience between us, this is not our first time doing this." remarked Herrera. "We took the same approach in the Coachella Valley and we are successful to this day. Now we are even smarter and better prepared. We look very forward to our success in Arizona."
For more information about the company please log onto www.familydevelopmenthomes.com and complete the contact information.
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