MINNEAPOLIS (WCCO) — Though residential construction is at its lowest level in decades, one development company has plans to build 208 new houses in the metro’s inner-ring this year.
Pulte Homes is taking advantage of low prices and tight supply on land in high-demand school districts.
“Certainly the macro information that we hear is not great about the housing market, there’s no denying that. But there’s opportunities, there’s still people buying homes, it’s a basic need,” said Pulte’s Minnesota Division President Marv McDaris.
Though Pulte’s sales are down about 20 percent from last year, McDaris said sales are strong in certain areas.
“We’re seeing the demand right now in locations we’re talking about, more of a move up buyer $400,000 to $600,000 in great locations that are closer in,” said McDaris.
The company has already started building new developments in Minnetrista, Bloomington, Minnetonka, Arden Hills and Roseville.
McDaris said they’ve had success in these types of neighborhoods before and are excited because their interest lists for these communities have really taken off.
NewsRadio 830 WCCO’s Samantha Smith Reports