Toronto Based Ballantry Homes Chooses Atlanta As Entry To U.S. Housing Market
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The majority of economists predict a strong year in 2013 for the homebuilding industry and since Atlanta has been identified as one of the top 5 markets in the country, the movement of new builders in to the market is probably inevitable. The latest builder to enter the competitive Atlanta new home market is Toronto, Canada based Ballantry Homes.
This will be the first venture for Ballantry outside its home base of Toronto and consequently its first time operating in the United States.
The company is already busy with several communities in the pipeline for opening in late 2013. One of these is a 65 acre, 123 home community in the West Cobb submarket off Macland Road which recently obtained zoning approval from the Cobb County Board of Commissioners. Homes in this community will range in size from 2,200 to 4,000 square feet with prices from the high $200,000s to $400,000s.
Two other communities will be joint ventures with local builder/developer Edward Andrews Homes with one located in Roswell off Etris Rd. and the other in South Forsyth.
All of the above communities will be new developments, not developed lot purchases at distress sale pricing as has been so common in the last few years. The company is also in land negotiations on four additional potential neighborhoods.
Heading up the local division will be Rob Martin whose background is in corporate finance. Martin recently stated that Ballantry had been eyeing the Atlanta market since as early as 2005 but the company was now “bullish on the Atlanta market because of good basic fundamentals.” He added that “the similarity in population and demographics” of Toronto and Atlanta helped direct the decision. Their target market will be primarily the first and second-time move up buyer.
Ballantry Homes was founded by David Hill in 1989 and is currently building in excess of 300 homes a year in the Toronto market.