Over the past two decades, the City of Mason and Deerfield Township have been two of the fastest growing areas in the tri-state. In 1997 alone, there were 479 new homes built in just the City of Mason. Of course, fast-forwarding to today, the market is only a fraction of what it once was. Despite the downturn, the Mason School District continues to grow at a much faster pace than many of the surrounding areas. Much of this is due to the excellent rating of the school district and the plethora of excellent community options buyers has: Chestnut Hill, Carmelle, Long Cove, to name just a few.
With all that said, it’s quite obvious that there hasn’t been much development over the past 4-5 years. This has caused the inventory of lots to fall to its the lowest level in years. With the exception of a few recent additions to existing communities, there are only a handful of communities to choose from, meaning buyers having a much more difficult time finding quality lots. One prime example is a community like Heritage at Medina, which has almost completely sold out after very little activity between 2007-2010. Lots started falling like dominos in 2011 as buyers realized their options were limited, which is a trend that not confined to Mason.
Looking at the numbers, there have been 37 building permit issued inside the City of Mason through October in 2012, which is right on pace with the previous year’s total of 43. However, the numbers don’t tell the whole story. Activity and buyer interest has remained relatively strong throughout the year and it wouldn’t be a stretch to say that new home starts might be much higher if good quality lots were more plentiful.
Despite the stagnant growth, there have been a few bright spot with new development coming to Mason/Deerfield. Robert Lucke Homes is in the process of developing Walnut Meadows, which is located off of Butler Warren road and features 10 lots with homes starting in the 500s. Another single street development is slated for Mason Rd. right down the road from Heritage Club at Medina.
And who can talk about Mason/Deerfield Township without touching on Long Cove, one of the most prestigious communities in the area. Much has transpired in Long Cove throughout 2012, including a small new addition on Southshore Drive, the disposition of around 45 lots (19 developed/ 26 undeveloped), and a tremendous amount of new construction activity on new homes. Most of the homes have been pre-sold by builders, but there have been a few market home sales also, which is something we haven’t seen on the higher end in a quite a while.
Looking forward, we, here at CBWS New Homes & Land, have been forecasting for 2013 and we’re optimistic that areas like Mason/Deerfield will continue to improve. With opportunities becoming slightly more prevalent, new home starts have the potential to exceed 2012 numbers. And, given the favorable construction loans available and strong desire to live in the Mason School District, developers, homebuilders and buyers will continue to see Mason/Deerfield as a great place to live.
CBWS New Homes & Land