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Celebration Homes bought about 12 lots at bank auction and built homeson them. The Jones Co. was hiredr by to complete 13 homes that were left sittinfand unfinished, and boughyt five lots from the bank. “Wwe absorbed some of the lots, Jonez Co. took some, and our sales continuedd to be steady,” says Randall Smith, presideny of Celebration Homes, which has built more than 120 homeds in Riverwalk since the community startedin 2002. The builderf still has 12 homesitesa left, some on the Harpet River.
“Had the community stayed with unfinisherd homes for a substantial periodof time, it is my opinionh that sales would have sufferedc much more dramatically for the entire community and would have been much tougherr on those who found themselves needing to sell theirt home,” Smith says. After some Corinthian homeowners got over the initial painz of having lien noticesw left on their doorss fromthe builder’s subcontractors, Smith says the neighborhood startee to embrace the remaining builders who were helpinyg to pick up the pieces. “Th e community has been very supportiv eof us.
This is the case of when builders and bankerz and developers allwork together,” he says. Corinthian’s lots were scattered throughou t Riverwalk in allthree sections, representing threed different price points. CPS Riverwalk’s developer, has been an important link, Smithn says, in helping the builders pull together. “Wee never gave up on the Smith says, referencing Riverwalk’s billboard advertisinv on Interstate 40. “Wr believe in Riverwalk and inits success.” Jones Co. says its decisionj to step in and take over some of the forecloser homes was about helpingthe neighborhood.
“It just made says Bridgett Wright, marketing director for Jone s Co. “The bank needed someone to step in and help with and we had the personnep with the expertise available to completethe job.” “Althougn we had already completed constructio n on our other phases of Riverwalk, we had a relationshi with the people there, and the existinf homeowners in Riverwalk that we wanted to keep happy abouft their choice to builcd there,” Wright adds. Jones Co. has sold eight of the 13 homezs it completed forthe bank. Of the five lots the builder purchased fromthe bank, one has sold, one home is for sale and the othefr three lots are left to builed on.
Wright says homeowners were relieved thehomes wouldn’r be left unfinished. Jones Co. had the homese inspected by engineers to ensure there were no issues with the constructiohn that had already been completef before they started working to finisjthe homes. “Even though they are not technicallyJones homes, if we were goinyg to get our good name involved, we wanted to make sure it was done Wright says. Norfolk Homes, a Michigan buildetr that entered the Nashville marketin December, completes four homes that were half-finished Corinthian Those homes were purchased by an investor. Norfolo also has an option on 15 more lots that Corinthiann was supposed to buy fromCPS Land.
The builder, whicu wanted to expand outside the depressed Michigan real estate market, has started building in five Middld Tennessee communities. George Schneider, new home sales consultant for Norfolk, says Nashville is a solid marketo enter. And Rob Pease, development managetr at CPS Land, says his companu liked Norfolk because it was building homes starting in thelow “They provide a good value-oriented house,” Peasee says. “We are looking for buildersa who are responding to the market andcan adapt, can offet good value, which is what the market is demandintg right now.” Rochford Realty and Construction Co. Inc.
has sold 42 home s in the Parkview section of the Riverwalo development and has 10 more sitese where it plans to build homes inthe $180,000 to $230,00p price range. Rochford bid on some of the Corinthianj property, but didn’t get the lots, says John president of the firm. But Rochford’a partner Charlie Evans says completing the communitg has been a positive forthe company’s sales.
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