Despite the craziness and uncertainty of 2020, one thing was for certain: the need and want for residential housing in southeast Lincoln continued, and even skyrocketed the last quarter of the year.
Southeast Lincoln has been a hot spot for residential builders for years. It continues to be a great area of growth for the City. According to the Residential Land Inventory Report published annually by the City of Lincoln Planning Department, the southeast corner of 70th and Yankee Hill continues to be one of the highest density areas of Lincoln for new single-family construction permits. Krueger Development’s (kruegerdevelopment.com) Woodlands at Yankee Hill neighborhood is precisely at that corner.
Over the last five years, Christina Melgoza has sold over 300 residential lots in the Woodlands at Yankee Hill. As the director of residential development and lot sales for Krueger Development, Christina not only sells the lots but is responsible for the installation of all the infrastructure: water, sewer, paving, etc. She must anticipate the demand for inventory months in advance to start the development process.
“Taking raw land and getting it to a point ready for homebuilding takes months, sometimes years. You have to anticipate what the next year’s demand for lots is going to look like and what kind of capital you can put towards those projects, while running the rest of the business. It’s a constant balancing act of supply and demand. Being ‘sold out’ sounds great, but that also lets you know you left too much opportunity on the table,” said Christina.
When March of 2020 rolled around, it was unclear how the building industry would be affected. Over the next few months lot sales declined, building materials tripled in price or halted production all together, and construction really slowed down. Thankfully, here in the Midwest the overall economy fairs better than most and continued to do so through the pandemic. Krueger Development continued developing lots in the Woodlands at Yankee Hill, anticipating the demand to return before the end of the year.
By the fall season, lot sales began to pick up again. Despite all the new obstacles 2020 brought on, the building community pulled itself up by the bootstraps and kept going. The demand for single family housing in Lincoln, especially southeast Lincoln, continued. With the close of fourth quarter, Christina sold 70 lots in the Woodlands at Yankee Hill with an additional 38 under contract for closings in 2021, her second-best year since 2016.
“If you are looking to build, now is a great time. Interest rates are still at a historic low. If you own a home currently, it’s a sellers’ market and a great time to cash in. Existing home inventory is super low. Building allows you the ability to build what you want, how you want, and know that it’s new to you with no hidden ‘do it yourself’ fixes about to fall apart the minute you move in,” said Christina.
Christina markets Krueger Development lots to builders or individuals. If you haven’t found the perfect builder but still want to secure the perfect location, you can buy a lot now and build later. In addition to the Woodlands at Yankee Hill, Krueger Development also has a premier neighborhood just northwest of South 98th Street and Highway 2 within walking distance of a pond and will soon have another development just southeast of 84th and Yankee Hill with gorgeous walkout lots to Jensen Park.
For more information on Krueger Development neighborhoods, contact Christina at cmelgoza@kruegerdevelpment.com or (402) 423-7377.
