Stories are consistently appearing in our news, noting the crisis of affordability in our housing markets. This crisis is fueled in part by a lack of inventory, mainly in the moderate or entry-level price range. We are particularly hard hit in the California urban markets and the Denver metro markets of Colorado.
Even as lenders began providing loans with lower down payments, the pain of not being able to afford a home is still very real. Just a slight tick upwards in lending rates can push homes out of range for would-be first time homebuyers.
As a company dedicated to economic opportunity, The True Life Companies is pushing to be part of the solution to our nation’s housing crisis. Sterling Meadows in Elk Grove is an example of one of the ways we’re working hard to provide a supply line to homebuilders that will contribute to the future of moderately priced housing in California.
Located just outside Sacramento, Sterling Meadows is planned to bring 975 homes and 200 apartments to the community of Elk Grove. Several years in the making, three homebuilders began construction this year and are now selling homes in four neighborhoods within the first phase of the development. A fifth neighborhood is on the way, to be built by Lennar. We are pleased to have brought this home site supply to Lennar, Richmond American Homes, and K. Hovnanian Homes.
Our second phase of the Sterling Meadows master plan is currently in development, and we anticipate homebuilders will be active there next year.
Early strong sales in Phase 1 underscore the high demand for homes in this region, with homes starting at just over 1,600 square feet for first time buyers, and ranging up to a little more than 3,200 square feet for growing families.
That’s not all. The neighborhoods are interconnected with meandering pathways and two parks. One is a neighborhood park of 4.9 acres that will offer group picnic areas, ½ basketball court, play area for the little ones, volleyball courts and fitness stations, among other features.
The second park is Kammerer Family Park, a large park dedicated to the city of Elk Grove. Our company has already broken ground in this 13.66 acre regional park, which will offer a wide range of recreational opportunities including a soccer field, basketball court, tennis courts, picnic areas, fitness station area, amphitheater with seating, water features and a tot lot, to name just a few. This space allows residents and the community, places to congregate, to enjoy neighborhood events, take a walk, or to relax on a cool summer evening. Amenities such as the park help to create a better quality of life for residents and neighbors.
We are pleased to be able to lay the groundwork for a well-balanced community such as Sterling Meadows, and to bring economic opportunity to the region. Not only does the new community create jobs during construction, but the new homeowners will bring renewed economic life to local businesses, and add to the local employment base. At The True Life Companies, we believe in the renewal of the American Dream and we are honored to be able to contribute – one neighborhood at a time.