The Gove Group Continues to List & Sell New Construction Despite Economic Trends Showing High Demand & Low Supply

Posted: December, 20, 2021 | Categories: New Construction | By The Gove Group Real Estate, LLC

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Here at The Gove Group Real Estate, we have had a very successful year in new construction, collaborating with local builders to produce and sell new homes across the greater Seacoast area. Today in real estate, the supply of U.S. homes for sale is near a record low, and the gap between supply and demand is widening (Realtor.com). Single-family construction suffered a severe labor shortage before the pandemic began, which has since gotten worse. Supply chain too has been greatly affected, increasing the cost of materials and land.

But, people still need a place to live. Even with shortages, we have been working with builders to produce new construction homes, which has provided much-needed inventory to our local market in the absence of resales. The sales and land development team here at The Gove Group constantly pursues new land to develop new home communities and the marketing team and its agents continue to promote and sell those communities across the Seacoast. Many communities being built are selling out in record times, as people are out-bidding one another for placement in that respective community.

So far in December The Gove Group has launched a handful of separate communities, several of them selling out within a week:

Watson’s Landing

This four homesite community in Portsmouth, New Hampshire offers Chinburg built single family homes with water frontage ranging $1.25 to $1.5 million. Within 48 hours, all four homesites were reserved, with four other parties being put on the waitlist, which has since grown. 

Green Peak Townhomes

The Gove Group began by listing the first three of nine townhome units as part of their Green Peak Townhome* community in Waterville Valley, NH, with pricing starting in the mid $700,000s. Within two days the first three units were reserved, and throughout the rest of the week the remaining six had interest from more than six parties. 

The Villages at Three Ponds

A final example is The Villages at Three Ponds* in Brentwood, New Hampshire. With the Grand Opening of its highly coveted fourth phase just two weeks before Christmas, six of the nine condo units were reserved on its first day available, with interest hovering around the remaining three. Prices begin at $479,900, with another phase in the coming future.

 

“This level of interest is usually unheard of this close to the holidays. It’s clear that buyer demand remains very strong despite the lack of inventory we have seen over the last several years,” says Elizabeth Harpin Markey, an owner of The Gove Group Real Estate.

 

Although these communities were either reserved or sold quickly, we are currently marketing more than 20 communities with more on the way. To see what is available today and coming soon, check out their new home communities.

 

*This subdivision has not yet been registered with the New Hampshire Attorney General's office. Until such time as registration has been issued, only non-binding reservation agreements may be accepted.


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