THE NEW FACE OF LUXURY
While mega-mansions with formal settings and superfluous space are less prevalent, buyers still want luxury homes. They’re just smarter about it now than they were before the downturn.
And production builders — who offer value and efficiency through replicating standard plans — are no longer ceding the luxury market to custom builders, who typically offer one-of-a-kind homes based on a client’s specifications.
With homesites in upscale areas such as Lake Nona and Windermere available at bargain prices, many production builders have snapped them up and launched new lines of affordable luxury homes, with stylish finishes and state-of-the-art technology.
They may not be custom homes, in the strictest sense, but personalization options are available. And prices are decidedly down-to-earth.
Bill Silliman of Silliman Homes, a longtime custom builder in Orlando, says the success of production builders in the luxury market isn’t surprising. “They can duplicate plans and customize to a certain point,” he says. “They see no one is meeting that niche right now, and they can market and merchandise very well.”
In addition, educated buyers in all price ranges are taking into account the true cost of owning a home, not just the mortgage. They’re examining energy usage and commuting costs as well.
“People are money-conscious today. Gas prices and tolls are huge factors in buying a home,” says Kathryn Copeland, a Realtor specializing in luxury properties for Coldwell Banker, Winter Park. “More people are choosing where they want to live by adding up tolls. They’re finding areas that are closer and don’t cost extra to get to.”
Southwest Orange County — generally regarded as a bastion of upscale living, particularly in and around Windermere and Dr. Phillips — is seeing the majority of new-home construction.
Taylor Morrison is finding success in Braemar, a luxury community in Gotha. The niche neighborhood has just 42 lots and the homes are spacious, ranging in size from 3,700 to 5,000 square feet and are priced from the mid-$500s. The four- and five-bedroom offerings feature dens, bonus/game rooms, media rooms and other flexible spaces.
“These luxury buyers want finer interior features, so we’ve introduced single-story plans with gourmet kitchens,” says Jeff Menzel, vice president of sales and marketing for Taylor Morrison in Central Florida. “Outdoor living space is also very important.”
K. Hovnanian Homes debuted its newest single-family community, Provence at Lake Sheen, in Windermere. Located along the Butler Chain of Lakes, the 36-lot community features four-, five- and six-bedroom homes. Community amenities include cobblestone pavers, a pavilion with a picnic area and a private boat ramp.
There are five floorplans from which to choose, ranging in size from 2,553 to 4,600 square feet with master bedroom suites and eat-in gourmet kitchens. Upgrade options include decorative tile, jetted garden tubs, wood flooring and granite countertops. Prices start at $399,490.
Toll Brothers is also doing well in Windermere with two private gated communities, Bellaria and Waterstone.
Bellaria, with 65 lots, offers five- and six-bedroom homes ranging in size from 4,322 to 6,892 square feet. Waterstone offers four-, five- and six-bedroom homes ranging in size from 3,057 to 6,982 square feet. Floorplans feature expanded rooms, gourmet kitchens, cabana baths and outdoor living spaces. Prices start in the $600s.
“You can build your dream home in Windermere without paying a custom home builder,” says Ken Thirtyacre, division president for Toll Brothers.
The company’s incentive program, “Fly and Buy,” has been a big draw for out-of-market relocators. If you buy a home in either community within 90 days of visiting, Toll Brothers will reimburse you up to $2,000 for airfare and accommodations in the continental United States. International buyers can get up to $4,000.
Centerline Homes is one of a few builders still offering new homes in Keene’s Pointe, one of the last private, country club communities in Windermere.
Deb Marton, vice president of sales for Centerline, says the company is focused on extending usable space through outdoor living areas. “People want to be able to entertain comfortably in their homes,” Marton says. “Outdoor living areas are ideal for that, and really create a beautiful ambience.”
Centerline’s homes, which range in size from 3,507 to 5,089 square feet, boast pools and spas, natural gas fire accents, elaborate summer kitchens and plush entertainment spaces that include flat screen TVs, fireplaces and comfortable seating. Prices start at $725,000.
Sales have been brisk inside The Reserve at Berkshire Park in Windermere, one of Ashton Woods Homes’ signature communities, says Michael Roche, vice president of sales and marketing. Homes range in size from 2,066 to 2,961 square feet and are available in Mediterranean, Traditional or Craftsman elevations.
Best of all, the homes are built under the company’s Power House Green program, which means savings of up to 25 percent on your heating and cooling costs. Prices range from the mid-$200s to the low $300s.
Buyers have also rediscovered Oakland Park in Winter Garden, which was the first Central Florida community to earn the Certified Green Development designation by the Florida Green Building Coalition (FGBC).
The eco-friendly community encompasses 235 acres, with 75 acres set aside as parks. Bike trails are connected with the West Orange Trail, which will eventually become part of the 200-mile Central Florida Loop. In Oakland Park, Ashton Woods is offering single-family homes ranging in size from 1,971 to 3,093 square feet with prices starting in the mid-$200s.
Meritage Homes also knows that energy efficiency is a big draw for buyers. In fact, the company was the first to label every home it builds with an energy score, allowing buyers to accurately predict their monthly utility bills.
“Location, value and energy saving features are the trends that are driving this market,” says Brian Kittle, vice president of sales at Meritage. Kittle says the company is also offering an optional ECHO Solar Energy System, which produces two to three times more energy from the sun than a typical solar system.
Meritage is offering luxury homes in Windermere Trails in Windermere and Johns Lake Pointe in Winter Garden. Each community features a clubhouse and a pool. In Windermere Trails, homes range in size from 2,260 to 4,332 square feet and are priced from the $280s to the $360s. In Johns Lake Pointe, homes range in size from 1,970 to 2,185 square feet and are priced from the $220s. Meritage has also opened a new 186-lot community, Parkside, off Apopka-Vineland road in the Dr. Phillips area.
Across town in the bustling Lake Nona region, you’ll find an array of housing options, from estate homes to townhomes.
Meritage is offering homes starting at $270,000 in Fells Landing while neotraditional homes in Laureate Park range from the $200s to the $600s. David Weekley Homes, K. Hovnanian Homes, Ashton Woods and Minto Communities are the exclusive builders in Laureate Park, which is adjacent to Lake Nona’s Medical City.
Centerline is also seeing steady growth in Eagle Creek, which is also in the Lake Nona area. “Centerline has completely redesigned our top-of-the-line collections over the past six months,” says Marton. “Every plan is new, so we have cutting-edge technology, the latest products and designs that are innovative and fresh.”
Centerline offers several distinctive choices within Eagle Creek, including one- and two-story golf villas priced from $199,900; Executive Collection single-family homes priced from $249,900; and Premier Collection estate homes priced from $349,900.
While these areas are seeing a swell of construction projects, Volusia County is quietly building up steam. Business Insider ranked the Deltona-Daytona Beach-Ormond Beach area as one of the top 15 best housing markets in the U.S. for the next five years.
Located just over the St. Johns River Bridge in DeBary is Riviera Bella, a 500-lot community with three distinct “villages.” Jerome Henin with Henin Signature Homes leads the project, which offers production and custom homes ranging in price from $200,000 to $3 million.
Amenities include a clubhouse, a pool, a fitness center and a community boat ramp offering residents access to the St. Johns River. “People want larger homes, but they also want better homes,” Henin says.
Luckily for buyers, better homes are available in abundance.