Monday, April 06, 2009

KB Homes in Central Florida Cut Home Prices

KB Home, one of the nation's largest residential builders active in the Orlando area, is slashing prices with the introduction this month of what it is calling its "Open Series" in eight new home communities throughout Central Florida.

The designs are "priced to compete with resale and foreclosure homes,'' the company said, with base models beginning at $119,990.

The Open Series home designs are being offered in KB Home's Arbor Ridge, Blackstone, Loch Leven, Isles of Sugar Mill, Southern Fields, Festival Pointe, Hammock Trails, Moss Landing and Harbour Isles communities, mainly in Orange and Lake counties.

KB Home, founded in 1957, focuses on first-time buyers of new homes, a category showing most of the growth in the current slower sales environment, according to various industry surveys.

Move-up buyers have had a harder time buying a new home because many have been unable to sell their existing homes, with home values falling and lending standards tightened.

New federal tax credits, other stimulus measures and record low mortgage interest rates are beginning to boost new home sales in some markets, and home resales also have shown year-over-year growth in recent months, providing some evidence of a more balanced market for the coming year.