Courtesy Signature ONE Realty
By Susan Elise Campbell
That the final 10 townhouses in the Thompson Farms development are expected to sell soon is one indicator of a healthy residential real estate market in Malta, as well as all of Saratoga County, according to Cindy Quade, owner of Signature ONE Realty Group.
The twin townhomes were built by Michaels Group Homes, with whom Quade has collaborated for more than 35 years, she said. Michaels Group is a third generation, quality homebuilder.
The last street developed in the complex is a cul-du-sac with 12 townhomes. Fifty percent of those homes sold within two weeks of coming to market, she said.
“Some clients waited for the cul-du-sac to open, but all the lots are great,” Quade said,
The land was a working farm on East High Street in Malta, where the Thompson Farms silo still stands.
“Townhomes are maintenance free and appeal to a wide market, not just empty nesters,” said Quade.
With a starting price around $450,000, Quade said first-timers and other buyers find they have the flexibility to get into a new, affordable home and to upscale some of the plans and features if they so choose.
The project has 58 side-by-side townhomes, two to a building, and with all the options homeowners would have with a single family home. Quade said Michaels Group in particular offers “a lot of flexibility of design, and some people are adding sunrooms, finishing basements, and doing upgrades such as that.”
Malta has a small town ambiance and a strategic location minutes south of downtown Saratoga. It has easy access to Clifton Park and to everywhere, being right on Northway exits 12 and 13, she said.
There are 250 businesses right in the community, including medical, day care, banking, and all types of shops and services. Plus, Malta’s parks, recreation and many other amenities are a large draw to Thompson Farms, along with the maintenance free aspect of this neighborhood, she said.
Signature ONE itself has offices in the heart of Malta’s business district. Quade said the town “has undergone a little bit of growing pains,” and that the town board is “very tight and does a lot of good work,” from her decades of professional experience.
“They are very cognizant of the town’s growth and development, keeping the commercial buildings downtown and the residences sprawling off of that,” she said.
“It takes some time to get a neighborhood approved, but the town of Malta is trying to be very friendly with builders, and being sensitive to the type of growth they have for the residents,” she said. “Growth is so important for a community to survive in today’s market.”
The last few units of Thompson Farms may be subject to a price increase, Quade said, and that prices in the Malta area are volatile for all builders right now.
“Construction costs are a strain on builders and on homebuyers who want to get into new homes,” she said. “And there is an extremely low inventory of homes on the market, which drives up resale prices.”
Some people have an appetite for the benefits of new construction versus resale. These include energy efficiency, all new systems, and the opportunity to customize and personalize their home, she said.
“Throughout the Capital Region, construction is vibrant, and builders are putting up homes even though costs are high,” she said.
“Nationally there is a downturn in residential real estate, but this area is protected in that we are slower to have those market shifts,” she said. “It is the region itself that keeps the growth and the desirability to live here strong.”
Quade said that one may observe more townhouses being built in the area, but that doesn’t necessarily mean the town favors them. Land use is a function of what is put in front of the town by developers.
“Having that density of a townhome where you can take your lot and put two structures on it, builders can get a better return,” she said. “It may be more feasible to build residences that way when costs are rising.”
There is a benefit of density to the town as well, such as less road maintenance. She said with Malta’s small footprint and limited space to develop, density increases the tax base.
“And high tax revenue benefits everybody,” she said.
“There is a place in this community for townhomes, and there is a place for single family individual home sites, and there is a place for larger plotted homes,” said Quade. “The town can’t control what comes across their desk, but they can control to a large degree what gets pushed forward.”
“Malta has a great group of people and the leadership by Town Supervisor Cynthia Young is fantastic,” she said. “She has been in this community a very long time, is very savvy, and has an open ear.”
“You can never make everybody happy,” Quade said. “We will wait and see how things play out.”
Learn more at signatureonerealtygroup.com.