CATCHING THE DREAM

Why do first-time buyers find the Orlando market so hospitable? Mainly because Central Florida is one of the most desirable, family friendly places in the world to live. And, after several years of economic upheaval, it’s one of the most affordable places as well. 

A first-time buyer is defined by HUD as “an individual who has had no ownership in a principal residence during the three-year period ending on the date of the purchase of the property.” As the economy slowly stabilizes, more first-timers are emerging, looking for their share of the American dream.

MetroStudy Orlando, the leading provider of housing statistics, reports the highest number of closings are for new homes priced from $150,000 to $199,999. The same homes might have been twice the price at the peak of the real estate bubble. And they have just as many bells and whistles as they ever did — maybe more.

“New buyers are especially discriminating,” says Fred Vandercook, division president of Meritage Homes. “They know what they want, and aren’t willing to settle for less.” 

Builders are meeting buyers’ demands with more upgrades, now standard instead of optional, as well as advanced engineering to cut energy costs. From townhomes to condominiums to single-family homes, there’s more bang for proverbial buck now than ever.

Hot Zip Codes

According to MetroStudy, most new homes aimed at first-time buyers are concentrated in Southwest Orange County, which is also where some of the region’s most expensive homes can be found.

Over the past year, the area has seen a 5 percent increase in construction, with some of the best schools in the district as a top draw. 

Meritage, for example, recently introduced a new bungalow product in one of the hottest zip codes in Central Florida — Windermere. Located off Chase Road next to Keene’s Point, Windermere Landing boasts three different lot sizes and homes boasting Southern Coastal designs featuring detached garages, covered porches and two-story floorplans. 

Vandercook says Windermere Landing appeals to both first-time buyers and active adults who want to downsize from their current home but without sacrificing amenities. “These homes are smaller and located in a very luxurious in a very prestigious area,” he says. “There’s plenty of curb appeal.” 

Meritage is also developing a similar bungalow product next to the Tuskawilla Town Center in Winter Springs. The company expects to open models next September.

The Hunter’s Creek and Lake Nona areas are also popular for first-timers. Lennar Homes, for example, is offering townhomes and single-family homes in Somerset Landing at Wyndam Lakes, Nona Terrace and Horizons West. 

Mark Methany, president of Lennar’s Central Florida division, says most first-time buyers want value and flexible space that can be adapted for entertaining friends and family. Plus, more features are now standard as part of the company’s “Everything’s Included” program. 

“With our homes, you get a washer and dryer, all appliances and window treatments,” he says. “I think it’s a welcome change. I think it gives us the edge.” 

What Buyers Want

While flexible space and open floorplans allow buyers to enjoy more living space, homeowners are also asking for technological options to help them manage their homes — and lives. 

One of the features included in all new Lennar homes is Schlage Link Dynamic Technology, an electronic system that automatically unlocks the home and turns on the air conditioning — all at the push of a button from your smart phone.

Energy efficiency also continues to be a top demand. After all, a mortgage payment isn’t the only cost of home ownership. Utility bills can mount up, too. 

That’s why Meritage is offering a comprehensive package that focuses on cutting cooling and heating bills.

KB Home, a leader in new-home energy conservation programs, also sees a trend to greater environmental sensibility among buyers. The company’s “Built to Order” homes include a number of earth-friendly standard features at no additional cost to buyers. 

In addition, over the past year the company has also launched its KB Home Energy Performance Guide, or EPG, similar to the MPG sticker on a car. The guide helps owners estimate their monthly utilities costs. 

“The energy-efficient features we’re building into our homes make them a superior value over other homes in the market,” says Cara Kane, director of corporate communications for KB Homes. 

To cater to the needs of first-time buyers, KB designers have implemented several design changes, including more bedrooms, larger kitchens and huge great rooms. The company has five new-home communities in Clermont, Kissimmee, Mulberry and Orlando.

Affordable Dreams

Many builders are enticing buyers with some of the lowest pricepoints seen in a decade or more. A&M Homes, for example, is offering two-bedroom, two-and-a-half-bath townhome in the Winter Garden community of Independence for $130,000.

A&M co-founder Ashley Burleson says the company’s goal is to build high-quality, affordable homes in communities that offer lavish amenities and are close to retailer centers and restaurants. 

A&M is also building a new townhome community, Woodland Terrace, at Timber Springs in East Orlando, as well as a new single-family in DeLand.

Incentives and financing options also make purchasing homes more attractive. Adams Homes, which builds in Highland Oaks in Clermont and Deer Creek in St. Cloud, offers special financing incentives that require smaller deposits.

Highland Homes, a Lakeland-based builder with 28 communities from Tampa to Orlando, offers a $99 move-in special.

“We’ve worked with our preferred lenders to find finance programs so that buyers can purchase with literally $99 out of pocket,” says Amy Cooper, marketing manager. “This is done with a combination of financing products that don’t require a downpayment as well as downpayment assistance programs.” 

Highland Homes is building single-family homes in the Deer Creek community in St. Cloud, Andover and Mystery Ridge in Davenport and White Marsh in Leesburg.

“We like to be able to help people,” adds Cooper. “We are a small, family-owned company. So it’s always been the company philosophy to deliver the American dream to deliver this opportunity to first-time buyers.”