State of the Local Market: Builder Invests in new communities Near Durham

​A major national homebuilding company has invested heavily in Triangle land acquisitions in early 2024, despite a slowdown in new home construction nationwide. Lennar Corp. has purchased around 270 acres across five subdivisions in Durham, Garner, and Knightdale, according to records from Wake and Durham County.

While some of these communities already boast completed homes, Lennar intends to expand its presence by constructing additional residences in these areas. The largest parcel obtained by Lennar spans approximately 164 acres at the StoneRiver subdivision in Knightdale, costing $70.7 million. This planned residential development is slated to feature 299 single-family homes and 102 townhomes, although specific pricing and home details have not been disclosed by Lennar.

Despite the national decline in single-family home starts, Lennar remains optimistic about the Triangle's housing market, citing strong demand and a persistent shortage of housing supply. Stuart Miller, Lennar's executive chairman, emphasized their commitment to addressing this housing shortage across various markets, including the Triangle and North Carolina.

In addition to new developments, Lennar has acquired 18 lots in Durham's existing Tanglewood subdivision and 10 lots in the Triple Crown subdivision, aiming to bolster these communities with more homes. The Tanglewood neighborhood, offering townhomes starting in the upper $300,000s, is situated near the Brier Creek Country Club. Meanwhile, Triple Crown, located south of Highway 98 and the Falls Village Golf Club, presents single-family homes and townhomes starting in the mid $300,000s, complete with amenities like a swimming pool, playground, and community trail.

Lennar's expansion efforts extend to the Corners at Brier Creek community, where they procured 24 lots for townhome construction at a cost of approximately $3.1 million. These townhomes, starting in the low $400,000s, provide residents access to various amenities including a park, dog park, and playground. Corners at Brier Creek is conveniently located on the eastern side of Highway 70, adjacent to popular establishments like Harris Teeter and Bad Daddy’s Burger Bar.

It's essential for buyers interested in new construction homes to remember the dynamics at play in the real estate market. When you step into a new construction model home, you're often greeted by a friendly and knowledgeable salesperson—someone who represents the builder's interests. 

It’s crucial for prospective buyers to recognize the importance of having their own representation in these transactions. Just as the salesperson is looking out for the best interests of the builder, a buyer's REALTOR is dedicated to advocating for the buyer. They can provide valuable insights, negotiate on your behalf, and ensure that your interests are protected throughout the purchasing process.

By partnering with a reputable REALTOR like Carl Johnson Real Estate, you gain a trusted advisor who understands the intricacies of the local market and is committed to securing the best possible outcome for you. Whether you're navigating the complexities of new construction or exploring existing communities, having a dedicated REALTOR in your corner can make all the difference. Call 919-880-0904 or CLICK HERE today to tap into Carl Johnson Real Estate's expertise.