Feeling at home in the Villages at Pine Valley

By William Kenny

Times Staff Writer

February was the worst month in recorded history for new home sales in the United States.

March figures released by the Commerce Department last week showed an 11.1 percent increase in sales over the previous month, but that modest up-tick is considered minimal within the context of a long-sought market recovery.

Yet the Holy Redeemer Health System somehow has found cause to be bullish on the local housing market. Accordingly, Holy Redeemer has begun construction on a new 40-unit condominium in Fox Chase for adults age 55 and older.

The project is the latest phase in the health-care provider's ongoing Villages at Pine Valley development on Susquehanna Road, between Pine and Verree roads. The site covers 65 acres formerly owned by the Medical Mission Sisters. The development already consists of 84 townhouses, an 89-unit apartment building licensed as a continuing-care facility and one 40-unit condominium building.

The new condo will be the second of five planned for the site. Bock Development Group is the builder and is joint owner of the continuing-care apartments, known as "Cedar Views." The townhouses, known as "The Woods," and the condos, known as "Pine Views," are all owner-occupied.

"We believe that the recovery is on the upswing," said Denise Collins, executive vice president of Holy Redeemer Health System.

In February, an estimated 19,000 new homes were sold in the U.S., amounting to a seasonally adjusted annual rate of 250,000. That monthly figure was the lowest since the government began keeping records in 1963 and represented a 16.9 percent decline from the January rate. It also was 28 percent below the February 2010 rate.

Yet, Holy Redeemer thinks it can buck the trend due to seasonal and site-specific factors.

Firstly, sales generally increase in warm weather months, Collins said. Meanwhile, her organization believes that their pricing and product suit the local market.

"The price point where we're at is where sales are happening regionally and nationally," Collins said.

Individual condo units range in price from $229,900 to $329,900 during the pre-construction stage.

"And there's very little new construction going on in the area. [Buyers] like new construction," she added.

The new building is configured with 10 units on each of four floors. Sizes range from 800 to 1,400 square feet. There are single-bedroom/1.5-bathroom models and two-bed, two-bath models. First-floor units have private, enclosed patios, and upper-level units each have a private balcony.

An underground parking garage will have one space per unit. Additional parking will be available in a surface lot.

Potential buyers will also like the location on the fringes of Pennypack Park and will like the low-maintenance setup. Residents pay into an association fund, which covers exterior and common-area maintenance, trash removal and snow removal. The monthly fee also gives residents access to a community clubhouse with indoor pool and fitness center.

"And the fact that we're a 55-plus community, we do better [than other developers]," said Holly Ballay, the on-site sales manager.

Nine of the 40 new units have already been sold. Construction is scheduled to conclude in February, with residents able to move in shortly thereafter.

According to Collins, construction on the townhouses began in 2004 with the first residents moving into their homes the following year. Sales were brisk.

"That was the height of the market, so we sold out right away with very little marketing," she said.

Next up was the continuing-care apartment building. It is considered a retirement community with maintenance and clubhouse membership included in monthly rents. Today, the 89 units are about 85 percent occupied.

Holy Redeemer began marketing the first Pine View condo building in December 2007. The first residents began moving into their units in November 2008. All but two of the 40 residences have been sold.

"We're very pleased, especially given the market," Collins said. "We feel good about the market and the product, so we started the second [condo] building.

"The fact that we have nine sales already in a building of forty that's not built yet is very good."

The vast majority, about 75 percent, of residents previously lived in the immediate area, most within a five-mile radius. However, some moved there from out-of-state.

To reach potential buyers this time around, Holy Redeemer is taking a more-aggressive marketing approach, including advertisements in the Northeast Times, suburban newspapers and specialty publications.

The health system has established a strong Web presence and distributes its LifeLinks magazine for free to former clients and targeted recipients throughout the tri-county area.

A spring open house is scheduled for Saturday, May 14, from 1 to 3 p.m. Ballay and the rest of the sales staff are available at an on-site sales office.

According to Collins, regardless of how sales proceed, construction will continue as planned.

For more information about the Villages at Pine Valley, call sales manager Holly Ballay at 215-745-9824 or visit www.TheVillagesAtPineValley.com

Reporter William Kenny can be reached at 215-354-3031 or bkenny@bsmphilly.com