By Meghan Hall
Century Communities, a national, single-family home developer, has made a significant purchase in the area of Lake Tapps. In a deal that closed on May 13th, Century Communities purchased a tract of vacant land for $26.73 million. According to public documents, the seller was an entity affiliated with Area 17 at Sunrise LLC.
In all, the property totals 41.35 acres, or just over 1.8 million square feet. The land is located off of Sunrise Blvd. E. It is unclear how many homes Century Communities plans to develop at the site, or when redevelopment would begin.
However, the development would not be Century Communities’ first in the Puget Sound. According to the company’s website, Century Communities has developed five other communities in the region: Creekside Meadows in Lynnwood, Helio in Seattle, Eagles Bluff and Woodland Cove at Jubilee in Lacey, Cantergrove at Long Lake in Lacey, and Preserve at Tumwater Place in Lacey. The developer’s homes, depending on location, can range from the mid-$300,000s to more than $800,000.
As demand for for-sale, single-family product has increased, developers like Century Communities have been one of the “winners” of the pandemic. Potential buyers have flooded the market in search of more space, while supply has struggled to keep pace. Century Communities’ first quarter results show the company saw its net income increase 289 percent to a record $101.7 million, and total revenues increased 67 percent to a record $1 billion.
“The positive momentum we are experiencing demonstrates burgeoning demand for our affordable, new homes, driven by favorable demographics, tight resale supply and low interest rates, while underscoring the strength of our competitive positioning and national footprint across 28 high-growth markets,” explained Dale Francescon, chairman and co-chief executive officer.
Century Communities also reported that its home sales revenues also increased to $953.9 million, up from $572.7 million from the year before. The average price per home also increased, from about $307,200 from the first quarter of 2020 to $343,000 at the end of Q1 2021.