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Let's Talk Real Estate - Article 1

Blog by Marianna Kindrachuk & Don Blocka | April 8th, 2016

Let’s Talk Real Estate  se-1

Good Afternoon, to all of you who have agreed to participate, look over the wall or be silent observers to this forum and series of discussions. You can anticipate 2 to 3 communiqués per month unless something relevant and urgent surfaces to call out sooner!

As you can see we are not publicizing your names; your responses will only be seen by us. Should you wish to have your comments or information made public, we will be happily do this with your permission.

Next your participation reflects the diversity of Heritage Pointe, which is made up of 2 different legal descriptions; Home Owners Association (the Lake Community, and Artesia), Condominium -Bareland (Villas in the Ravine, Artesia) and (single detached homes in the Ranche, Meadow Pointe, Ridge Pointe, Summit Pointe). In general these legal variations describe how we relate to the common property like the boulevard, lake; and green spaces or walls, roofs, decks as in the case of Villas and attached homes. This relationship is captured through agreements like the Home Owners Association or Bylaws as in the case of Condominiums which CREB differentiates between Conventional or Bareland. It is on this latter point where some confusion rests. At Heritage Pointe we have two types of Bareland condominium styles, Villas or attached homes and single detached homes each type with their own set of bylaws and inclusions.

In addition we can generalize on a few statements. Heritage Pointe is perceived by many realtors, buyers and residents to be an estate, lake and golf course community. The villas and golf course are favored by empty nesters and retired residents, whereas the Lake is family, and Artesia is a mix of both. The community is attractive to professionals and middle to upper income levels.

The “density” engineered by the developers and approved by the MD of Foothills defines how many lots are carved out onto acre of land within the development, which also includes water, golf and green space within the measured space. In general, the golf course has .75 lots per acre, while Artesia and the Lake have approximately 3.65 lots. To put this into perspective, many new areas within the city Cranston, Auburn Bay, and Mahogany have 7.5 to 9+ lots per acre. You can immediately notice the difference driving through these new communities by the width of the street for vehicles, set backs or the house distance from the curb, side yards or space between the neighbor’s walls, depth of yard, and view lines to amenities like golf, water or green space.

These two characteristics, the community narrative and density shape the demographic interest and price valuations. The fewer the homes the more expensive the land values, and how our neighborhood is perceived sets the tone of buyer interest to our community.   

Actives - 41 detached and 6 attached (Villas)

As of March 1;

11 new listings, (7 net new), 1 is under contract, 4 expired listings, 1 terminated, 1 sold.

28 Ravine Drive Listed for $699,900, sold for $662,500

Note: Pinehurst is a Bareland community and adjacent to Heritage Pointe, we include Pinehurst in the general marketing and statistics of Heritage Pointe.

Your comments and questions will shape our discussion.