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Real Estate

Real Estate: Construction of luxury homes under way on Washam Potts

By Dave Vieser. Site preparation has begun for Washam Potts Reserve on the south side of Washam Potts Road, a short distance east of Westmoreland Road. According to the developer, Classica Homes, there will be 22 single-family ranch homes on the 7.32 acre plot.

Projects such as this are considered “infill development” where homes are built on vacant or under-used parcels within already developed area. Classica did not respond to requests for an interview.

“We’re planning on building single​-​family, three- or four-bedroom residences between 2,700 and 3,500 square feet, with a price starting in the upper $500,000 range,” Classica CEO Bill Saint said. That’s a hot segment in a hot real estate market. Interestingly, there are fewer of these neighborhoods east of I-77. The median price of homes sold in Cornelius was $258,000, according to Zillow.

Demand for mid-price and move-up housing is outstripping supply as in-migration continues unabated. The low-supply trend will help define the local real estate market for the foreseeable future.

The property where the homes are being built was once farmland. The historic home adjacent to the site will not be demolished as part of this project.

At the time of the town board’s approval last spring, Classica officials said they expected to begin site preparation in the late fall last year, and begin building the homes in early 2018. However, Saint says the start was delayed due to what he called “the normal type of permitting issues.” With the new schedule, model homes should be ready for customers early next year. The company had said it will take about two years for a full buildout.

Classica also developed Robbins Park, as well as Jetton Place, behind the Harris Teeter on Old Jetton.