Holt Builders Rescues and Revitalizes Failing New Home Community

Atlanta-based home builder Holt Builders devised and successfully implemented a creative strategy to rescue a Hoschton new home community, Stonewater Creek, from looming failure.

The original developer of this Gwinnett County community was facing hard times and foreclosure due to the economic recession that hit Atlanta€™s real estate market starting in 2007. The communitya™s amenities were only half-completed and the roads were not yet top-coated. In December 2009, Holt Builders purchased 65 of Stonewater Creeka™s home sites from the bank and began the process of refurbishing the community. As was the case in many new construction communities at that time, not only was the developer in trouble but many of the homes where unfinished or in foreclosure. At the time, only 18 homeowners resided in the community; not enough to cover the costs associated with a gated community and a huge amenity plan. And, appraisals in the community were coming in low due to all of the foreclosures. This presented Holt Builders with a number of challenges to overcome.

Holt Builders met with the original homeowners and together they came up with an innovative idea: the builder would front the funds to finish building out the amenities. This would work to start stabilizing the neighborhood before they started construction of any new homes. As new homes sold, homeowners would pay a $6,000 initiation fee which would pay back the loan on the amenities and help to cover ongoing association operating costs and short falls.

With completed amenities, home values in the community would rise. In 2012, a two-story clubhouse with a kitchen, bar and multiple gathering spaces opened. The clubhouse boasts stunning stone details and is perfect for entertaining large groups, with a grilling station, covered pavilion, resort-style swimming pool with fountains and a slide directly behind the main clubhouse building. Community amenities now also include a lushly landscaped front entrance and completed main drive that is complemented by iron gates adorned with gas lamps, a guard house and four lighted tennis courts.

And as predicted, property values did rise. In fact, the community has achieved the highest sales price per square foot for the area due to its one-of-a-kind elegant appeal. According to Daryl Chafin, Holt Buildersa™ manager, home prices have increased year after year. aœWe are excited that homes are now selling from the high $300,000s up to the $600,000s, and we expect home prices to continue to rise with the opening of our future phases.a

Future phases of development in Stonewater Creek will consist of 71 new homes, two of which are planned to be estate homes sites of more than three acres, further boosting home values in the community. Additionally, this phase includes plans for a pocket park, tree-lined streets, sidewalks and premium creek home sites. The average home price will be in the upper $400,000s.

The elegant homes at Stonewater Creek offer four to six bedrooms and three-car garages with luxurious interior features including hardwood floors, tile bathrooms, granite countertops, elaborate trim work, wrought iron stair railing, oil rubbed bronze or brushed satin fixtures, stainless steel kitchen appliances, custom stain cabinets and much more. Plans offer options for a home office, two-story great room, keeping room, formal living area, secondary laundry room, outdoor patio and outdoor fireplace. Finishes, from the lighting to tile, wall color and more are customizable by the homeowner.

Stonewater Creek is located in the sought-after Mill Creek school district on Braselton Highway 124, offering easy access to I-85 and I-985. Lake Lanier, Chateau Elan Winery and Resort, Coolray Field, the Mall of Georgia and many more top-notch Gwinnett County and Atlanta-area shopping and attractions are located nearby.

To reach the community from downtown Atlanta, take I-85 North to Exit 120 Hamilton Mill Road. Turn right off the exit. Take an immediate left onto Highway 124/Braselton Highway. Continue 3 to 4 miles to the gated entrance on right. The sales center is immediately on the right located inside the Clubhouse, and it is open daily, Sunday from 1 p.m. to 6 p.m. and Monday to Saturday from 10 a.m. to 6 p.m. Call 404-234-3499 or visit www.echomebuilders.com or tamrawade.com for more information.