EYA Company News | Robinson Landing | EYA | Tower Oaks | Cabin John Village | Riggs Park Place | Reston Station | The Townhomes at Michigan Park
By: Lisa Youngentob on February 18th, 2021
In this week’s Real Estate section, The Washington Post highlighted increased demand for new construction homes. Post reporter, Carisa Crawford Chappell said, “New construction has become the saving grace for a growing number of buyers drawn into the market by historically low mortgage rates fighting over a dwindling inventory of existing homes. And now that unfulfilled demand for resale homes is spurring a boom in the home-building market.”
From Robert Dietz, chief economist at the National Association of Home Builders (NAHB), “Typically, new construction is mainly purchased by move-up buyers ages 35-55. In fact, five years ago, the first time buyer share of the new home market was less than 20%. Today, it’s closer to 30 percent nationwide.”
With the demand for new home sales higher than expected, especially by first time buyers, sales of new construction homes have risen by 18.8 percent.
Margeau Gilbert, a real estate agent with Exit Right Realty in Laurel, cites this type of demand is not new, however, the historically low interest rates “has exacerbated demand. Even in the midst of Covid-19, the market is on fire.”
In the article, Mark Zandi, chief economist at Moody’s Analytics, "expects home building to continue to ramp up because of low mortgage rates and an improving job market post-pandemic.”
In response to the article, Preston Innerst, EYA Marketing LLC's Senior Vice President of Sales, added:
The increase in new home sales activity is evident across all of EYA LLC’s new neighborhoods. Our infill locations with great accessibility have always seen strong demand, but we have seen a noticeable increase during last 6 months in on-line traffic, in person traffic, and sales at all of our communities - which is driven by low resale inventory, continued low interest rates, and a growing frustration with having to deal with the competition and bidding wars in the resale market. The demand has been strong across all price points, from $600s and $700s priced homes at Riggs Park Place and Michigan Park, to elevator townhome product over $1 million in communities such as Tower Oaks, Cabin John Village, and Reston Station. Even the very high-end luxury condo market has seen strong interest, with our Robinson Landing community having sold 5 condominiums from $2.8 million to $4.5 million during the last 90 days. In the current Covid environment, our purchasers are also expressing an increased desire for “new” over “used” homes.
To read the full Washington Post article, click here.
Learn more about our active selling communities:
May 23, 2023
On Friday, thousands of DMV residents celebrated Bike to Work Day by ditching their cars and opting for a greener, healthier commute. A number of our EYA team members are dedicated bike (or scooter!) commuters themselves and regularly take the trails to work. Below is a snapshot of some EYA folks living EYA's motto of life within walking distance (or biking or scootering), and why they choose these alternative commuting options.
May 3, 2023
Menkiti Group and EYA, collectively known as the Providence Reimagined team, announced today that they have been selected by Providence Hospital (campus) as the developers for the reimagined campus, and are kicking off a community outreach campaign to gather feedback from the neighbors on their wishes for the site.
April 21, 2023
Earth Day, celebrated annually on April 22nd, is a great opportunity to reflect on our impact on the environment and evaluate the choices we make in our daily lives, including where and how we live. EYA thinks green not only when it comes to how we build, but also how our homeowners will live. This includes building neighborhoods in close-in locations with easy access to transit and open green spaces, recycling construction materials, environmentally-friendly home features and more. As an example, the infographic below shows a snapshot of EYA’s sustainable design practices at our newest community, Tysons Ridge.
April 20, 2023
EYA LLC (EYA) is proud to announce that our Co-Founder and Executive Chairman, Bob Youngentob, was honored by ULI Washington with the Trailblazer Award last night at an event held at the National Portrait Gallery. This award celebrates the professional and philanthropic contributions of a longstanding leader who has made a lasting impact on the Washington area's real estate industry, as well as meaningful contributions to improving and supporting local communities.