Luxury Housing Can Be Affordable

Luxury, it's said, has its price. But in the case of Bradford Square, that happens to be an affordable price. "We have 40 home sites in the community, and nearly 40 percent of those have been sold in just a few months time," said Anthony DePretis, division manager-vice president of Ryan Homes Pittsburgh East Division.
Located in Level Green, a neighborhood in the Borough of Trafford, Bradford Square is one of 10 Ryan communities in DePretis' eastern region, which includes downtown Pittsburgh. How does he account for the brisk business at Bradford Square? "When you've got the right location, the right product and the right price, there definitely is a market."
Bradford Square's appeal is easy enough to understand. If a family has children, for example, the Penn-Trafford School District, where students scored well above the state average in all areas in 2006-2007, is excellent. As for taxes, Westmoreland County's are low. Within the Bradford Square community, home sites are in secluded, wooded settings, but families have quick access to nearby Monroeville's shopping and dining. These affordable single-family homes offer up to five bedrooms, and start in the $180s.
Most of the Ryan communities in DePretis' region are in Westmoreland and Allegheny counties, sometimes within proximity of well-established neighborhoods. According to DePretis, more than a few of the eastern suburbs have a long history of welcoming families that have traditionally tended to settle and stay. "There is a hometown feeling about them," he said. Because of their stability, existing housing stock is older, so there is a pent-up demand for new homes. That presents opportunities for a homebuilder like Ryan Homes.
Proximity to the city, especially with the many ongoing projects in downtown Pittsburgh, is increasingly attractive to many new home buyers.
Breckenridge Highlands, in Baldwin Borough, exemplifies a Ryan community within easy reach of downtown Pittsburgh's many attractions. With distinctive three-level townhomes and 72 stunning single-family homes, the community is located just south of Pittsburgh, putting metropolitan convenience minutes away. Yet, with a private swimming pool and community clubhouse, Breckenridge Highlands retains its particular sense of neighborhood. Confirming that there is indeed pent-up demand for new homes in Pittsburgh's traditional urban neighborhoods, DePretis said that Breckenridge Highlands was one of the quickest-selling communities in the Pittsburgh area in 2007.
DePretis disclosed there is an explanation for the reasonable prices of new homes at Breckenridge Highlands and other Ryan communities. "We've leveraged our size and worked with our trade partners to keep pricing down." But costs for material and labor, he added, will eventually go up as demand for new housing goes up.
And that, said DePretis, leads to an inevitable conclusion for those who are thinking about buying a new home. "Today a newly built home is more affordable than it was two years ago. I would say that people should jump on that while they can."