Hubbell Realty says the second phase of its downtown brownstone project has sold out and the West Des Moines developer will start the project’s third phase.
Hubbell has pre-sold 16 townhomes in the second phase of its Brownstones on Grand project, located between Second and Third streets on Grand Avenue.
Construction is underway on the two-story townhomes, called Riverwalk Brownstones, on Watson Powell Jr. Way. The prices begin around $196,000, Hubbell said.
Location is a big sales feature, says Hubbell. “It’s a great walking distance to a lot of different things, including restaurants and entertainment,” said Rachel Flint, Hubbell’s sales manager.
Flint said buyers run the gamut — single professionals, young families with children, couples in their 50s and 60s. “The common trait is that they all want downtown living,” she said.
It also helps that the townhome project — viewed as a single-family home — is one of the few downtown housing projects that qualify for FHA financing, making it easier for buyers to get a mortgage, Flint said.
The Federal Housing Administration requires that part of condominium projects be sold before buyers can qualify for financing that has lower downpayment requirements. It’s made financing challenging for some downtown condo buyers. Other downtown developers have said they’re working with local lenders to make it easier for buyers to get loans.
Hubbell said it will begin selling homes in the Grand Avenue project’s third phase, nine units on Second Avenue that will be called Capitol View Townhomes. Prices will begin around $200,000, Flint said.
The project’s first phase, with townhomes beginning around $279,000, still has four units that are unsold.
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