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Hollywood studios make films to attract an audience. From mellifluous rom coms to vivid superhero flicks bursting with special effects wizardry, the movie moguls have a certain idea what will work to get people through the door.
Home builders also follow marketing science when building spec homes, ensuring there’s a buyer for every home and a home for every buyer. Spec homes, or quick possession homes, are ready for occupancy within 30, 60 or 90 days. They satisfy a need in the Edmonton marketplace, filling that spot between the resale and new construction sectors. Builders working in new communities assign spec homes to some of the best lots and start construction following a formula, knowing there will be a buyer down the road.
Eva Sakkab, a sales consultant for Daytona Homes in the Orchards, a Brookfield Residential community, says they decide what to build based on what new construction customers are choosing.
“We build highly desirable models but try to maintain a good mix for all tastes and budgets. The interior upgrades and colours are chosen by our professional decor team who mix up schemes that are both trending and timeless. I’ve noticed that there have been many requests lately for light and bright living spaces with lots of grey and white,” she says.
Quick possession homes in Daytona’s Orchards inventory include condo-free townhomes starting at $318,500. Arranged in three- and four-plexes, the Pilot and Pilot II floor plans have 1,327 square feet of space with nine-foot ceilings and a double garage.
Daytona’s quick possession single-family line up in the Orchards include the Impreza, a 1,340-square-foot home with an impressive kitchen priced from $344,900; Dayton’s best-selling Tiguan model at 1,668 square feet with a separate entrance for a legal suite starting in the $370,000s and the Contour II at 1,619 square feet with basement development.
“We could have you celebrating the holiday season in your brand-new home,” Sakkab says.
Single and multi-family builder Landmark Homes is another Edmonton builder that sees consistent interest in spec homes from buyers.
“We construct our multi-family townhomes in pre-planned phases. We build in blocks at a time which allows us to better cater to our clients’ needs,” says sales manager Heather Vera. “Our townhome product sells quickly and as soon as we release inventory, it’s spoken for very quickly.”
Landmark leaves some spec homes at the drywall stage so buyers can choose their interior finishes and completes others so that they’re ready for immediate possession.
“When planning spec homes, we learn from our customers as to what options are most popular. This assists us in selecting the appropriate model and upgrades in each community,” Vera says.
“At Landmark Homes, we’re colour board free. We have an in-house design studio with experienced designers who assist in selecting unique colour pallets for every home we build, including our quick possessions.”
In Edmonton’s southeast, Landmark’s Laurel Landing townhome development has 1,310-square-foot, three- and four-bedroom townhomes, in a walkable, amenity-rich area starting at $ 281,900 including GST. The Village at Walker Lakes has quick possession condos and townhomes starting at $207,900.
In the southwest, the townhomes in Glenridding, some with views of Jagare Ridge Golf Course or fronting onto a pond, start at $259,900 including GST. Vera says there are a limited number of spec units in the Twin Brooks project, with two- and three-bedroom townhomes starting at $275,000.
There aren’t as many spec homes in Landmark’s single-family inventory because they can build a new home from scratch in under six months, Vera explains.
Choosing a quick possession home can potentially provide buyers with a better interest rate. Most banks only permit 120 day holds when they offer a more aggressive rate and new construction generally takes longer than four months.
Sakkab notes that when it comes to financing, some banks may offer lower interest rates or promotions that are only for “quick close.”
“Moving in sooner can also mean that you can stop paying your landlord’s mortgage every month. All the money you put towards rent never comes back to you. At least when you buy, all that money can come back to you, plus more,” she says.
Copyright Postmedia Network Inc., 2019