While the housing industry continues to search for signals that a recovery is on the horizon, one Birmingham homebuilder has seen enough evidence to launch a new 20-home sector aimed at attracting first-time homebuyers. Price Hightower, founder and owner of Tower Development, Inc., is opening Bell Tower Cottages at Oxmoor Ridge to capitalize on the spring 2010 buying season which includes tax incentives set to expire April 30.
“It’s a challenge to convince move-up or downsizing home buyers to act right now,” says Hightower, who has been building homes in the area eighteen years. “But I believe the right home, in the right location, at the right price will always sell in Birmingham. Children of the baby-boomers are in the prime home-buying ages between 25 and 44. They are fortunate to be coming into the housing market when there are so many great reasons to buy.” Low interest rates for mortgages, as well as Federal Housing Administration (FHA) loans with low down payment requirements, and lower building costs resulting in lower priced homes are just a few of the many incentives to act now.
Another obvious reason to move this buying season is an $8,000 tax credit for first time homebuyers who write a contract by April 30, 2010. “The home does not have to close until June 30, 2010, so home shoppers have an opportunity to buy a home under construction – which allows them to add their own personal touches – and still get the tax credit,” Hightower says. “We are actively building homes that qualify for the credit and will be available in time.” A $6,500 tax credit is available for home shoppers who already own a home and have lived there at least five years.
Bell Tower Cottages at Oxmoor Ridge will be built in the style of old Birmingham neighborhoods with vintage architecture and efficient floor plans. “Our cottage homes offer three bedrooms and two baths in about 1,200 square feet and will be priced from the $150s. That sounds like a vintage price, too,” Hightower says. “Fortunately, the features people love about a new home, like open plans, roomy closets and efficient appliances, are here to complement the architecture.” The community, located off West Lakeshore between I-65 and the Ross Bridge resort, will have access to the existing Oxmoor Ridge Community Park and playground.
“It’s a challenge to convince move-up or downsizing home buyers to act right now,” says Hightower, who has been building homes in the area eighteen years. “But I believe the right home, in the right location, at the right price will always sell in Birmingham. Children of the baby-boomers are in the prime home-buying ages between 25 and 44. They are fortunate to be coming into the housing market when there are so many great reasons to buy.” Low interest rates for mortgages, as well as Federal Housing Administration (FHA) loans with low down payment requirements, and lower building costs resulting in lower priced homes are just a few of the many incentives to act now.
Another obvious reason to move this buying season is an $8,000 tax credit for first time homebuyers who write a contract by April 30, 2010. “The home does not have to close until June 30, 2010, so home shoppers have an opportunity to buy a home under construction – which allows them to add their own personal touches – and still get the tax credit,” Hightower says. “We are actively building homes that qualify for the credit and will be available in time.” A $6,500 tax credit is available for home shoppers who already own a home and have lived there at least five years.
Bell Tower Cottages at Oxmoor Ridge will be built in the style of old Birmingham neighborhoods with vintage architecture and efficient floor plans. “Our cottage homes offer three bedrooms and two baths in about 1,200 square feet and will be priced from the $150s. That sounds like a vintage price, too,” Hightower says. “Fortunately, the features people love about a new home, like open plans, roomy closets and efficient appliances, are here to complement the architecture.” The community, located off West Lakeshore between I-65 and the Ross Bridge resort, will have access to the existing Oxmoor Ridge Community Park and playground.
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