NVR, Inc. (NVR - Free Report) recently announced opening of a new community of luxury single family homes in Lambertville, New Jersey. The Clifton Park model homes at Creekside Preserve in Lambertville are built on 2 to 16 acres of land, over the Delaware River Valley. The wooded community has 14 estates.
The homes are of 2-story foyers highlighted by luxurious waterfall stair cases, formal dining and living rooms, spacious kitchens with walk-in pantry and ample counter space. The upper floor has 4 bedrooms with attached bath and a walk-in closet. The community is easily accessible through Routes 29, 202, 95 and 31 and local shopping, dining and entertainment options are not that far.
To minimize the risks associated with land development and ownership, the company is currently focusing on purchasing completed building lots at market price, under the flat price purchase agreement.
With a gradual recovery in the overall economy, the homebuilding industry is finally seeing signs of stabilization in 2012. We believe that the housing market is starting to benefit from an increase in employment rates and higher consumer confidence.
Houses are more affordable now as mortgage loans come with relatively low interest rates while renting becomes more expensive. Most of the demand growth has been in high-end communities where home prices are generally higher. We believe that the new Clifton Park model community will help NVR benefit from this trend.
NVR also announced opening of new products in the lower price range like New Ravenna single family homes at Wellington in Williamsburg, Virginia and New Sienna Single family homes at Arbor Ridge in Willoughby, OH.
NVR Inc. carries a Zacks #3 Rank in the near term (Hold rating). We currently have a Neutral recommendation on NVR Inc.
Headquartered in Reston, Virginia, NVR Inc. is one of the leading home building and mortgage banking companies in the United States. Ryan Homes, NVHomes and Fox Ridge Homes are the company’s home building brands. The company operates in 27 major cities in 15 states in the United States.