"Why don't they build affordable housing in Mason Ohio?"
That's a question we see often, particularly after a developer has announced a new development of any type.
If it's news about apartments there tends to be following backlash:
"We don't need the extra traffic!".
"Too many people being added to our schools!".
"Why do we need apartments anyway? Those people could own something instead!!".
My perception? There's a bit of "got mine, don't want anyone else changing my status quo" in those complaints.
Frankly, we're a bit spoiled because we've got it so good. Mason Ohio has reliably made "Best of" lists for places to live. Highly regarded public schools anchor the community. Lots of entertainment, dining, parks and shopping nearby. Well paying jobs? Plenty of those thanks to being smack in the center of the Cincinnati-Dayton corridor.
The net result of that is the community becomes high demand as a place to live.
And you can bet the developers are well aware of that demand. Watch the history of the building in Mason and you've seen the trend. Homes 20 years ago were being sold in the $200,000's. Then prices edged up as homes tended to be a bit bigger. More $300,000's and some into the $400,000's.
Now? In 2017 per Cincinnati MLS 40 new construction homes have been completed and the AVERAGE price was $534,627. The absolute cheapest? $377,151 for a small ranch home. And of course that 40 homes isn't all that sold since many new construction homes are built to order and never appear in Cincinnati MLS. But if you're in Mason schools, Ambleside Meadows and a small section of Roberts Park are about the only place you expect to build new and have the price start with a 3 or a 4. For the most part, Carmelle, Crooked Tree, Roberts Park, Hudson Hills, Long Cove, Vantage Oaks and other Mason communities offering new construction are going to ring the cash register in excess of $500,000, and sometimes WELL in excess of $500,000.
So back to why don't the builders build "affordable" housing?
And by "affordable" we're going to assume people mean homes priced in the $200,000's and $300,000's. Well they are, just NOT in Mason.
It's like going to a concert. You can pay some major bucks and sit close to the stage (Mason), or you can sit further away and pay less (Lebanon, Maineville, Morrow, etc.). Both tickets will get you into the concert, but they come with a different set of expectations.
So the builders know they've got a center stage area in Mason. Land costs are at a premium, so the baseline cost is higher. Then it's just a straight business proposition. If I can build and sell a $500,000 home in the same amount of time it takes me to sell a $250,000 home, and I KNOW I can sell that $500,000 home, why would I as a builder pass up that larger profit?
And obviously, they CAN sell those $500,000 homes without much difficulty. Alverta filled quickly. Roberts Park is going fast (thus the addition of Hudson Hills). Take a drive by Ambleside Meadows and the houses are going up quickly.
Bottom line, "affordable" housing exists in Mason, if your definition of "affordable" matches that of the builders. Otherwise, affordable is limited to resale homes and not new homes.
Need help buying or selling a home in Mason? That's what we're here to do. We regularly work with people on both new construction and resale homes, so just give us a call at 513-520-5305 or email Liz@LizSpear.com.
Serving Mason area home buyers and sellers,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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