Lennar Homes, Inc purchased the land from Schickedanz Capital Group, LLC for $6.51 million in April 2005 and started construction on the townhomes later that year. Initially there were to be two phases of construction, both phases comprising an identical “Bradford” model. Phase one comprised of 92 townhomes selling at that time for $369,990 for a corner lot and $349,990 for an interior lot. Premium site lots fetched high $300’s to low $400’s.
All phase one townhomes were sold with Lennar’s “Everything Included” package which comprised of a list of upgrades and luxury options at no extra cost. These included raised panel cabinetry, upgraded GE® appliances, Corian® counter-tops, 18″ ceramic floor tiles, crown molding in the master bedroom, roman tub with jets in the master bathroom, ceiling fans throughout and a multi-zone alarm system.
Boom and Crisis
Between 1992 and 2006 there was a property boom were house prices rose with rises in income and declines in interest rates. When interest rates rose and economic growth slowed borrowers began defaulting leaving a glut of foreclosed property in a market already over-saturated with unsold new property. This resulted in the bursting of the housing bubble and led to a credit crisis which was the primary cause of the 2007–2009 recession in the United States.
Lennar began phase one construction at Whitemarsh Reserve towards the end of the property boom, hence the initial high prices for the townhomes in the development. However by the start of the credit crisis Lennar had dropped prices substantially to liquidate their remaining inventory and completely stopped further building in the community. Phase two construction was delayed for a number of years and when it did commence in 2010, apart from two blocks, the model of the townhouses changed from what was originally planned for the development.
Phase Two | Regrowth
Phase two comprised initially of two blocks of seven townhouses total based on the original phase one Bradford design but with simpler architectural details, fewer windows on the corner properties and fewer no-cost upgrades¹. The remaining phase two townhouses were smaller in order to accommodate more properties into the remaining land and the new townhouses had fewer no-cost upgrades or luxury items. Completion of all phase two townhomes was accomplished in 2012. The seven phase two Bradford townhomes are: 221/225/229/232/233/236/240 SW Otter Run Place.
Phase Two Manchester & Nottingham Townhomes
Whitemarsh Reserve is a well-managed community and a desirable place to live for both singles and families. Townhomes that are listed for sale or lease do not stay on the market long and property prices have been steadily rising since the community was fully completed in 2012², the Market and Sales Reports on this website are a testament to this growth.
² Period 2012 to 2022