Building a new luxury home in Franklin, MA requires time, patience and money. One example of recent new construction in Franklin is a $940,000 custom colonial with approximately 4,500 square feet of living space. Ground breaking will begin soon.
Every facet of the home is described to the nth degree; suppliers were visited for the first time with many future visits to occur, and an architectural plan has been designed that will continue to be tweaked as construction proceeds. There were numerous builder/buyer/agent meetings at the lot and in the office. Selecting the right lot and placing the home properly on that lot are critical for the best exposure to the sun and creatively designing rooms with the right sized windows.
Builders who are using green building resources and buyers designing custom homes are very conscious of these sustainable materials. Composite items are used inside and out. Trex, Hardiplank and Certainteed are just a few of the most popular names. Newly constructed Franklin homes now commonly use materials such as rigid foam insulation, siding that is a wood-cement material and structural materials made of engineered wood, just to name a few.
Luxury Resale Homes
Due to the reduced land costs, new construction can now be purchased at a righteous price compared to previous years. Luxury resale homes cannot compete with this reduced offering for new luxury homes with the latest energy efficiency and many new sustainable products. Many luxury resale homes are selling for their original purchase price, some are selling for less than the original purchase price, and many are short sales because of the competition created by luxury new home sales in Franklin. One can actually build a new luxury home for a price that’s more reasonable than the resale home because the lot costs are greatly reduced.
Some of those resale homeowners who were previously top executives of companies are now unemployed and cannot afford their mortgage payments. Luxury homes in Franklin, MA can be purchased at a “respectable price.”
Luxury Houses for Rent in Franklin
Some homeowners are not ready to unload their luxury homes, so they have opted to move to a more modest home and lease that luxury home. The rental market in Franklin, MA is very strong. Luxury houses for rent in Franklin are renting for $4,500 to $5,000 per month. They rent quickly to executives who have been transferred to the Franklin area. These are executives who are not certain if their new jobs are secure, and rather than commit to a purchase, they lease for a year. Renting a luxury home is their best option at this time, and Franklin is a very desirable town for growing families. Our schools are very good, and our athletic programs are spectacular.
New Construction and the Franklin Real Estate Market
The luxury home market has been nonexistent for the past four years in Franklin. The year 2010 was the bottom of the new construction market. Land was not selling and builders were not building luxury or standard-sized new homes in Franklin.
As the resale market continues to improve, builders are seeing daylight again. Homeowners who are now able to sell their resale homes are considering buying larger, young resale homes. The young resale homeowners are the new homebuyers for the luxury home market. These are the buyers who will make two moves in order to secure their new luxury home. They are storing their furniture and renting for a year while they watch their new custom home being built.
There are new construction subdivisions being introduced to the market; individual lots are being purchased by small builders and medium priced homes are under construction on those lots. Custom homes are gaining strength at a slow but steady pace, and this new construction activity is like an injection of a mild steroid. The Franklin luxury home market will gain strength and redeem itself as first- and second-time homebuyers gain the strength and courage to participate in the real estate market again. It’s a domino effect and it works both ways. The high-end homes fall first, and they are the last to stand up straight again. It’s encouraging to witness this turnaround in the Franklin, MA luxury home market with emphasis on new construction. It’s a breath of fresh air to all real estate agents.
Written by Barbara Todaro