Housing Developer Still Bullish on NYC-Area Market

VALHALLA, NY-Saying that while the terrorist attacks of Sept. 11 have created some problems for the housing market in the New York metropolitan area, development firm Spectrum Skanska believes that its decision to move forward on four new multi-family housing communities in Connecticut, Westchester, Long Island and New Jersey is the right one.

Mitchell C. Hochberg, president of Spectrum Skanska, notes, “Despite the recent concerns about the economy, our business continues to grow stronger each day. In fact, we have had a surprising number of customers visit our sales sites over the past few weeks.”

The developer plans to proceed with four new planned communities that will total approximately 750 luxury-housing units.

Hochberg notes that the terrorist attacks on Sept. 11 have made buyers a bit more cautious. “People are taking their time before they make a decision,” he adds.

While he notes that his firm could have put the brakes on these four developments, the company believes that each of the market areas still maintain strong buyer demand.

“September 11 is not going to change basic supply and demand principles,” Hochberg says. In particular, he cites that there is very little available land in many of the markets he is now developing properties in and there is little new product coming on the market. In addition, in many New York suburban markets, the strong housing sales market of the past few years has left inventory of available homes for sale near or at all time lows.

Another key factor that he expects will continue to bring buyers to his developments is low financing rates. “The cost of financing has never been lower and savvy home buyers are taking advantage of these historically low rates,” Hochberg relates.

Communities Spectrum Skanska plans to hold grand openings for in coming weeks are “Traditions at Historic Southbury,” a community of 150 homes ranging from 1,950 sf to 3,200 sf on 95 acres in the hills Southbury, CT. Preview pricing is from the mid $300,000′s to the low $400,000′s. Also set to open soon is “Discovery Cove at Half Moon Bay,” a new neighborhood of 154 luxury riverfront residences to be built in Croton-on-Hudson in Westchester County. The terrace and multi-level townhomes situated on the Hudson River shoreline are priced from the low $200,000′s to the high $700,000′s.

Another Spectrum Skanska community that will be moving forward this year is “Encore Monroe,” an adult community of 394 luxury single-family homes in Monroe Township, Middlesex County, NJ. The ranch-style homes are priced from the mid $200,000s. The Encore Monroe project is a joint venture between Spectrum Skanska and Kalian Companies.

A preview opening was already staged recently for the firm’s “The Legends at Half Hollow,” development, a master-planned community of 45 single-family luxury homes on 52 acres in Dix Hills, Long Island. The five-bedroom estate homes are priced from $1 million.

In addition to the four new communities debuting late this fall other recent Spectrum Skanska developments include: Mansion Ridge in Monroe, NY; Valimar in White Plains, NY; The Legends at Purchase in Purchase, NY; Legend Yacht & Beach Club in Glen Cove, NY, and BelleFair at Rye Brook in Rye Brook, NY, which is now sold out.

Spectrum Skanska is also the construction and development manager for Trump National Golf Club, a world-class residential golf community being developed by Donald Trump in Briarcliff Manor, NY. Spectrum Skanska is also joint-venturing Pinecrest, a luxurious mountain resort community of 212 homes in the Pocono Mountains in Tobyhanna, PA.