Reviving Rolling Meadows
A planned 237-lot single-family community in East Manchester Township that has remained idle in the wake of the last recession could finally get off the ground.
Manheim Township-based Keystone Custom Homes Inc., the area's largest locally owned homebuilder, has begun selling homes in Rolling Meadows at Rentzel Farms, off North George Street and Meeting House Road in the Northeastern School District.
John Kamin, Keystone's vice president of sales, cited a half-dozen sales over the last month. Settlements and construction should begin this spring.
The community, which has a few homes and much of the planned infrastructure in place, is slated for 92 homes in the first phase. Homes start below $150,000 and go up to $255,000.
CEO Jeff Rutt said he has been interested in the community for about four years. The location and the built-in amenities — a swimming pool, pool house and tennis courts — made it appealing, he said.
More details on Rolling Meadows and its floor plans are available through Keystone's website.
Broader market appeal — homes that range from 1,600 square feet to 3,600 square feet — should get the community moving, officials said.
Demand for housing has been trending up over the last two years, which has reduced inventory some, according to local sales data. (Read more about the midstate housing market in Friday's print edition).
Rutt cited 92 company sales already this year and a 61 percent increase in January compared with the same month a year ago.
The company completed 299 homes last year — an increase of 23 from 2012 and 95 more than 2011 — and posted total revenue of $87.6 million, according to Business Journal records.
That was its highest revenue total since 2007 ($96.5 million) and highest volume of homes since 2008 (342).
Keystone officials remain opportunistic and said they continue to scout the midstate for finished residential lots and other land tracts they could develop.
Is your company as bullish about new home construction? Let me know.