News
ENLARGE
After selling almost every home in the first phase of the Peak One Neighborhood in Frisco, developers are ready to move ahead with phase two. An open house and launch party was held Friday night, and construction is set to begin in mid-July.
The second phase includes 16 new homes, adding to the existing 12. The new homes will include a mix of units ranging from two-bedroom double homes for $209,900 and up to 1,655 square-foot three-bedroom and two-bath single family home for $399,900. Also planned is a mix of small, single-family cottages and cabin style homes.
Developer David O'Neil said as more homes are built, the neighborhood gains more of a sense of community, a goal architect John Lyon, of Wolff Lyon Architects, said they kept in mind during design. The team looked to well-established historical districts around the country for inspiration.
Peak One marketing and sales director Kate Clement said she's expecting a “huge level of interest” in the new additions. She said there are currently over 100 registered buyers on the waiting list, which interested residents are able to sign up for with a refundable $100 deposit through the Peak One website.
Eight of the planned 16 homes in phase two will be available to write contracts on next week; Clement said there are already a handful of people interested and qualified.
There are currently nine homes sold from the first phase's 12. Of the unsold, one is being used as a model and two are connected as a duplex.
The deed-restricted homes are available to people making between 80 percent and 160 percent of the area median income, or incomes ranging between $68,000 and $161,000. Eight homes have no income cap. Homeowners must be either individuals who work 30 hours a week in Summit County or local business owners. Priority is given to people who work in Frisco town limits and immediately surrounding work centers, people who work in other areas of the Ten Mile Basin (Frisco to Copper) and all other workers in the county.
Joan Hart, who has lived in the county since 1986, attended the launch party Friday night to tour the neighborhood. She's thinking about buying a home in Peak One because she likes the community feel and thinks it would be a good place for her kids. Hart also likes the neighborhood's location, and the fact that her potential neighbors would all be working and living in the county.
There are five phases planned for the neighborhood, with one being built every year. Each phase consists of 12-16 homes.
Dan McCrerey with Traditional Neighborhood Builders is the general contractor.
The second phase includes 16 new homes, adding to the existing 12. The new homes will include a mix of units ranging from two-bedroom double homes for $209,900 and up to 1,655 square-foot three-bedroom and two-bath single family home for $399,900. Also planned is a mix of small, single-family cottages and cabin style homes.
Developer David O'Neil said as more homes are built, the neighborhood gains more of a sense of community, a goal architect John Lyon, of Wolff Lyon Architects, said they kept in mind during design. The team looked to well-established historical districts around the country for inspiration.
Peak One marketing and sales director Kate Clement said she's expecting a “huge level of interest” in the new additions. She said there are currently over 100 registered buyers on the waiting list, which interested residents are able to sign up for with a refundable $100 deposit through the Peak One website.
Eight of the planned 16 homes in phase two will be available to write contracts on next week; Clement said there are already a handful of people interested and qualified.
There are currently nine homes sold from the first phase's 12. Of the unsold, one is being used as a model and two are connected as a duplex.
The deed-restricted homes are available to people making between 80 percent and 160 percent of the area median income, or incomes ranging between $68,000 and $161,000. Eight homes have no income cap. Homeowners must be either individuals who work 30 hours a week in Summit County or local business owners. Priority is given to people who work in Frisco town limits and immediately surrounding work centers, people who work in other areas of the Ten Mile Basin (Frisco to Copper) and all other workers in the county.
Joan Hart, who has lived in the county since 1986, attended the launch party Friday night to tour the neighborhood. She's thinking about buying a home in Peak One because she likes the community feel and thinks it would be a good place for her kids. Hart also likes the neighborhood's location, and the fact that her potential neighbors would all be working and living in the county.
There are five phases planned for the neighborhood, with one being built every year. Each phase consists of 12-16 homes.
Dan McCrerey with Traditional Neighborhood Builders is the general contractor.
Holding Value
O'Neil said deed-restricted homes have held their value during the recession with an average annual rate of appreciation of 2.5 percent.“In Frisco, Copper, Breckenridge, Silverthorne and unincorporated Summit County, single-family home values have declined 21.6 percent,” said Summit County Assessor Beverly Breakstone. “Yet, people are not seeing declines in the single-family homes located in deed-restricted neighborhoods, which is truly exceptional.”
“We've always maintained that deed restricted homes are a safer investment than unrestricted market homes,” O'Neil said. “We have real people, buying real homes with real dollars. As a result, it is a very stable market.”
