The Fortune 500 company Toll Brothers recently launched a new upscale housing community to be built in Sparks. Titled “Catalina at Stonebrook”, the 363 homes in the neighborhood off Stonebrook Parkway is close to the Lazy 5 Regional Park and Red Hawk Golf and Resort and each home design will be anywhere from 2,026-3,011 square feet. They can also be customized to fit homebuyers’ needs.
Forty-seven homes have already been sold in Stonebrook and the first few residents of seven of the houses built have already moved in. The best part is that the new living spaces start at the upper $300,000’s- ideal for firsttime homeowners.
Toll Brothers has built several housing communities in Reno, but this is its first one in Sparks. Toll Brothers Marketing Manager Caryn Pollock says some of the reasons why the company built in Sparks is because the land was a lot cheaper than its last South Reno project by about $100,000. And Toll Brothers noticed that the housing market in Sparks is growing.
“It’s a more affordable place to live which is why people are moving there. It’s close to a lot of amenities and the Veterans Parkway,” she says. Pollock adds that a home at Stonebrook is great for an entry level or first-time home buyer because interest rates are great right now for financing a home.
“The two biggest things in terms of affordability (in buying a home) are low down payments and various banks are offering historically low interest rates. The annual interest rate has a huge impact on mortgage payments. People who didn’t think they could afford a home, now they can- and they have more choices,” she says.
“Toll Brothers is a luxury home-builder here in Reno and we offer customers the ability to visit our design center and truly build their own custom home which is practically unheard of for homes at these prices,” Pollock adds. She also states that many current Sparks residents are interested in moving into the new community, either couples who have kids who have grown and have moved out of the house so they’re looking to downsize or people who are looking for an upgrade.
“It’s the perfect spot for young families, to move up, or move down,” says Pollock.
While there is a housing crunch happening in Sparks, largely due to big companies such as Apple, Switch, and Tesla moving in, Reno-Sparks developers seem to be trying to help mitigate the problem. According to affordablehousingonline.com, there are 11 low income apartment complexes in Sparks that offer a median rent of $954 for a 1-bedroom place. Almost half of these residents are rent overburdened, meaning that they pay more than 30 percent of their gross income.
However, recently an $8.3 million housing community called the Village on Sage Street started leasing its first 90-sq.-ft. rooms in early July. The dorm-style rooms each contain a twin bed, desk, closet, and flat screen TV plus access to shared bathrooms and a 4,000-sq.-ft. kitchen. A gym, secured parking, and 24-hour convenience store will also be available. More than 400 people have expressed interest in moving into the 224- unit shared living space; potential residents must pass a background check and prove a monthly income between $1,330-$2,680 to qualify.
Also going on in downtown Reno, Jacobs Entertainment, Inc. has announced putting forth $1 billion to renovate 20 city blocks between Keystone Avenue, West Street, I-80, and East Second Street (called the Neon Line District). The large-scale project will be revitalized into a mixed-use development which will include around 2,000 residential units, 10 percent of which will be dedicated to affordable housing for seniors. While some rundown weekly motels in downtown Reno have already been demolished, major construction has not started yet. The project is expected to be completed in 5-7 years.
Toll Brothers is hosting a block party and model home tour at 7918 Blue Earth Drive in Sparks this Saturday, July 27 from 11 a.m.to 3 p.m. Attendees will have the opportunity to tour six model homes, listen to live music, and more. For additional information about Catalina at Stonebrook, visit www.tollbrothers.com.