In Green Valley Ranch, Oakwood Homes has launched a new line of stand-alone starter homes called On2 starting in the low $300,000 range.
Look online for a single-family home and there are very few listings for under $350,000 left in metro Denver. Most are either decades old or in need of significant repairs.
Above all, they promise to offer more renters a path into home ownership, without the use of a time machine. Even at current interest rates, mortgage payments on a $325,000 home would run about $1,800 a month. That’s below the nearly $3,000 a month mortgage payment on the typical home being purchased in the metro area and below the $2,000 a month in average rent paid in the area, according to Zillow.
For years, builders have complained it is too difficult and costly to construct a single-family home within reach of the typical first-time buyer. With land and labor in limited supply, and water tap and other government fees on the rise, many have chosen to focus on the move-up or luxury-end of the market instead.
Oakwood Homes tackled the productivity problem through a division called Precision Building Systems, which has a 200,000-square-foot facility near Interstates 25 and 70. Initially, PBS focused on pre-building components such as roof trusses, floors and entire walls for entry-level homes. But with On2, those components are now assembled into entire floors, which are shipped out on flatbed carriers.
Currently, PBS can build about two to three On2 homes a week at its current facility, said Barry Kunkel, director of design and modular building at the company, now part of the Clayton Portfolio of companies, as is Oakwood. But a push is on to speed that up.Wall builder Esteban Fleischer cuts framing lumber at Precision Building Systems on July 20, 2022.
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