By JAN McLAUGHLIN
BG Independent News
In a community with homebuyers hungry for more options, the potential of 120 new homes is good news for Bowling Green.
Tempering the positives about the new subdivision at the southwest corner of Brim and Newton roads, is the realization that the home prices in some cases are double the original projections.
That, according to those at the ribbon cutting Tuesday morning at the Toussaint Springs development, is just the cost of building new houses for families.
To make the homes more affordable, the city of Bowling Green created a program giving homebuyers there a 50% property tax abatement over 10 years.
The prices of the new homes have continued to inch up over the last two years since the project was first announced. Initially, the homes were projected to come with starting prices at $225,000. Then later last year, the price range was projected to be in the mid-$300,000s.
As of Tuesday’s ribbon cutting, the price range was estimated at $400,000 to $460,000, with $60,000 to $80,000 of that going toward the lots.
Andrew Kurek, sales consultant for home builder K. Hovnanian, said the original estimate is no longer within reach.
“That’s not even possible,” Kurek said, adding that K. Hovnanian is offering quality homes. Each home has a full basement, full appliance package, concrete driveway, sidewalks, landscape package and hydro-seed.
“For what you get, it’s a really good deal,” Kurek said.
And the tax abatement can put the homes within grasp of some potential buyers, he said.
“It’s a great thing. People are price conscious,” especially with the current high interest rates. “It’s a win-win,” Kurek said.
Bowling Green City Council member Jeff Dennis joined in the official ribbon cutting Tuesday morning. As people were touring the homes, Dennis reflected on the skyrocketing costs to build quality homes.
“If you know someone who can build a new home in the mid-$200,000, take their number,” he said.
And Dennis is expecting the costs to keep spiking – especially with tariffs being imposed on building materials, like lumber from Canada.
One positive is that 75% of home sales in Bowling Green involve people moving from their existing homes in the city, Dennis said. As they buy new homes, they free up less expensive options for others, he said.
Bowling Green Economic Development Director Kati Thompson said the home prices are based on market conditions and building costs. She also said that as city residents buy more expensive homes, it “frees up existing inventory in the community,” she said.
As one family walked through a model house Tuesday, they talked about why they were buying a home in the new development.
“We could pick what we wanted,” Katelyn Davis said, as she toured a home with husband Alan and daughter Mallorie. Top on their “want” list was a three-car garage and a first-floor master bedroom.
“We fell in love with this layout,” Katelyn Davis said.
BG Chamber of Commerce Executive Director Mary Hinkelman thanked those investing in the development.
“We are very, very excited about new housing in Bowling Green,” Hinkelman said. “The homes are beautiful. Thank you for bringing this to fruition in Bowling Green. We know there is a huge need for housing.”
Two model homes of the five floor models being constructed in the 37-acre Toussaint Springs subdivision were open to the public Tuesday. All the houses will be constructed by K. Hovnanian, which is also building 25 homes in the Cogan’s Crossing development on Bishop Road.
So far at Toussaint Springs, two models are constructed, two homes have been framed in, another is partially built, and three basements have been installed.
Tim King, division president for K. Hovnanian, said the company is selective about where they build.
“We’re happy to be here,” King said. “We believe it’s a great investment for us and the Bowling Green community.”
“This is a community,” he said of the Toussaint Springs development. “We’re starting it from scratch. If all goes well here, we’ll be looking for the next opportunity in Bowling Green.”
The subdivision is ideal for families who “want a community – a good place to raise your kids,” Kurek said.
Kurek estimated an average home construction takes about four months.
“We’re big enough that we can keep building,” he said. And that gives buyers “quick move-in” options.
