After 23 years, a local home builder is finally putting leftover lots at a River Road neighborhood on the market.
Colonial Homecrafters has put the last 13 lots in its Riverlake Colony development up for sale.
The homebuilder started construction in the West End neighborhood in 1991, and company President Eddie Goode said he waited for prices to become more competitive before moving forward with the sale of the last batch.
“It was really just like most things in real estate – we had the location, it was just the timing,” Goode said. “The economy is now improving slightly.”
Colonial Homecrafters only started marketing the lots about a month ago when it got new representation from Long & Foster agent Stevie Watson.
The new homes will cost upwards of $799,000 and the lots range in size between half an acre and a full acre.
“It’s hard to find lots of that size for sale in the West End off River Road,” Goode said.
Some of the existing houses in Riverlake Colony, which contains 155 lots total, are priced between $1 million and $3 million. The new homes will be 4,000 to 4,500 square feet with three-car garages.
The home builder is attempting to attract a different type of buyer with these new lots. In the past families have purchased most of the homes in the neighborhood, but Goode said the new additions could also appeal to the move-up buyer who is looking to step into a larger neighborhood.
Some of the plans offer first-floor master bedrooms, which Goode said will likely attract older residents uninterested in retirement or age-restricted communities and like the idea of families in the neighborhood.
Founded in 1978, Colonial Homecrafters is building in five neighborhoods in Richmond and Mechanicsville. It joins the ranks of other are home builders that are finishing off River Road developments, including Bel Arbor Builders and Creative Home Concepts.