Originally Published: March 18, 2010 9:55 p.m.
PRESCOTT VALLEY - The high foreclosure rate in Yavapai County apparently has not put a damper on home construction in the 3,400-lot Granville subdivision off Glassford Hill Road here.
Granville's developer, Universal Homes LLC of Phoenix, sees a demand from potential buyers for larger homes despite the down economy, company President Joe Contadino said Monday.
"We have been in this down market for the last three or four years," Contadino said. "We don't see any real trends that people are going down in size (for homes)."
Contadino said Granville is selling more large than small homes.
Universal has responded to the demand by increasing the home sizes on a maximum of 35 lots, all north of Granville Fairway. The larger homes will average 3,000 square feet, and contain four bedrooms and three bathrooms.
Granville gained approval March 11 from the Town Council for amending the final plat to accommodate larger homes.
"They are simply modifying the building envelope so they can place a larger structure on the lot," Community Development Director Richard Parker said. He added the home sizes would increase by about 1,300 square feet.
Parker agreed with Contadino that a market exists for "greater amenities," such as homes with three-car instead of two-car garages.
Contadino said he doubts he will build more than 15 larger homes on the 35 lots - again depending on demand. The larger homes would sell in the $300,000 range.
He said Universal Homes has no time frame, adding with a laugh, "I hope in the next six months. As quick as we can sell them."
Universal Homes began the master-planned subdivision in January 2002, Contadino said, adding about 1,100 homes have been built so far.
Three or four homes in all size ranges are under construction now, he said.