Rock Row Press Release
The good folks at Rock Row sent us their latest informative press release:
Rock Row Sets Example for Future of LA Housing – Affordability and Sustainability
Los Angeles – February 10, 2009 - In response to the realities of today’s real estate market such as increased mortgage qualification standards and higher down payment requirements, along with an aging housing stock, the Heyday Partnership is proud to build LEED certified quality housing for hard working Angelenos at Rock Row in Eagle Rock (www.leangreenlivingmachine.com).
Rock Row is the first LEED Certified subdivision in Los Angeles and the first LEED homes offered for less than $800k. Rock Row’s homes are 40% larger than Eagle Rock’s typical bungalow homes at similar prices. Of course the savings in ongoing energy costs due to solar panels, tankless hot water heaters, etc. compared to an older bungalow is also significant. Rock Row’s homes start at $463k, meaning a 10% down payment qualifies for a conforming loan.
With Los Angeles county median home prices down 45% since the peak in September 2007, it would seem anyone who wants a house would buy one now. But brokers are reporting a growing number of homebuyers displeased with the market. It seems the quality of the homes for sale is not respectful of the hard work many homebuyers make to save their down payment.
One client of Rock Row’s agent Christopher Furstenberg noted, “I thought with home prices down so much, it would be a good time to go out and finally invest that down payment I’ve been saving up over the years. So I drove around looking at homes for sale, and was shocked to find that everything in my price range needed lots of work from age or an unfortunate remodel. I am looking for a home that gives me investment value and reflects my ethics and style.”
That’s why Heyday is building Rock Row. Home prices are down, true, but there is still a large discrepancy between the median home price and a nice home. Rock Row bridges the gap, with prices of many floor-plans under $500k but quality features buyers have come to expect in much more expensive homes.
Heyday’s innovative business model creates the affordability working people need in today’s economy, without sacrificing quality or features. Together the partners fill the roles of architect, developer and builder creating a vertically integrated company which eliminates costly inefficiencies and allows for seamless communication, tighter overhead and a lower break-even point allowing the use of higher quality materials and design.
Some of the upper end amenities in Rock Row include formaldehyde free custom millwork and built in cabinetry throughout the homes; central vacuums; gourmet kitchens equipped with EuroCraft custom cabinetry, Ceasarstone countertops and stainless steel appliances; baths done in Gris Linen tile with low flow Grohe fixtures; doors with solid cores throughout; flooring of sustainable strand woven bamboo or Pebblestone (like Pinkberry!) with recessed reveal base molding; Energystar, yet high style lighting including the modern classic George Nelson Bubble Lamp and recessed lighting throughout with attractive cove lighting in bedrooms; built in stereo audio with individual volume control in every room (including baths!); fire sprinklers; and full two car garages with aluminum and satin glass doors.
Rock Row’s collection of 15 single family residences is also being constructed under the LA City Small Lot Subdivision Ordinance which promotes smart growth through allowing smaller lots to combat LA’s traditional suburban sprawl. To maximize outdoor space all of the homes have a series of decks and balconies arranged to guarantee privacy, while affording the residents abundant usable exterior space. In harmony with its neighbors, each home has its own character while fitting into the whole.
Designer Kevin Wronske notes, “we saw a desire among our Eastside neighbors for contemporary and ecologically sensitive homes, but the only available properties were well out of their price range.” He continues, “there is an opportunity to fill a need while exploring our own interest in housing solutions for 21st century issues such as sustainability, smart growth and affordability.”
Some of the green features that Heyday has incorporated into Rock Row include solar panels providing 85% of the electricity; low VOC paint; recycled framing and Trex decking; a water permeable grass pave system for the driveway and a rain filter preventing run off into the ocean; garage fans; tankless water heaters, low flow fixtures, and dual flush toilets; exteriors designed with cool roofs with radiant barriers, and succulent green roof gardens to maximize attractiveness while minimizing resource use and cost. The homes are planned for maximum energy efficiency including passive heating and cooling; a rooftop solar array, dual glazed low-E skylights, dual pane low-E windows, and central A/C with ultra-high energy efficiency.
The development half of the duo, Hardy Wronske adds, “We see the $496k median price as real money, so not only did we want to deliver on our green goals, we also wanted to provide residents with real luxury in quality design, construction and materials.” He adds, “our efficient business model allows us to construct homes for people like our friends, who are ready to move up in lifestyle but stay in the area, people who want more for their money in a new single family home, and expect higher quality than existing bungalows.”
Rock Row offers 15 homes ranging from a two story 2/2 at 1300 sq ft to a three story 3/3 at 1540 sq ft with prices from $463,000 to $529,000. The development offers discerning buyers the green features the desire along with the luxury they deserve, all in a single family home in a convenient location and at an affordable price. Rock Row, the right choice for today’s home buyers.
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