The median price for a new home in Palm Beach County, Fla., has soared to $600,000, but a local builder has a new development with 250 homes starting at roughly half that price.
My Palm Beach Post reports that 13th Floor Homes has introduced Arbor Parc, with entry-level homes between 1,558 and 2,086 square feet that will sell for between $278,990 and $336,990.
The homes will have up to four bedrooms and features that include granite counters, wood cabinets, and impact-resistant windows. To save money, garages will only be big enough for one car, and many properties will not have room for a swimming pool.
The builder is targeting first-time buyers by pointing out that owning a $300,000 house might cost less than renting. Borrowing $240,000 for 30 years at 4 percent interest translates to a mortgage payment of $1,146 a month.