A new subdivision is being built in Durham that will target homebuyers over 55 years old.
Epcon Communities recently broke ground on The Courtyards on Farrington at 5113 Farrington Rd. in Durham County. It lies on the border between Chapel Hill and Durham, approximately 20 minutes’ drive south-west of the city centre.
Founded in 1986, the Ohio-based builder specializes in developing “low-maintenance,” amenity-rich neighborhoods (including landscaping services). The product is “popular with buyers over 55,” the website says.
Epcon now sells 64 ranch-style homes with two-, three- and four-bedroom floor plans ranging from 1,500 to 3,000 square feet. Features include first-floor owner’s suites, open floor plans and private courtyards in addition to other amenities such as a clubhouse, pool, walking trails and fitness center.
Prices start in the mid-$500,000s and go up to the mid-$800,000s.
“The Triangle is a rapidly growing market,” said Tom Sewitsky, regional president of Epcon Communities in Raleigh, in a news release. “The Courtyards on Farrington offers great amenities and floor plans in an ideal location.”
Homes are selling quickly, the company said. “More than 60% of the homes have already been claimed,” according to the website.
In recent years, Epson has built or planned eight communities in the Triangle, including three in Chapel Hill, two in Durham and three in Cary.
It recently opened The Courtyards at Lochmere in Cary. The 73-home community is also priced from the upper $500,000s.
Market snapshot
Despite the recent interest rate cut by the Federal Reserve, mortgage rates remain stubbornly high at 6.79%. The Triangle’s low inventory means sellers remain ahead.
According to the latest data from Redfin, Durham real estate remains “highly competitive.”
In zip code 27514, which includes The Courtyards on Farrington, home sales are down 30.7%. But prices keep rising.
The median sales price for a single-family home was $665,500 in September, up 12.8% from last year, Redfin found.
Homes receive an average of two offers and sell in about 27 days, Redfin found.
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