Matthews neighborhood experiences a month of success
Charlotte-based Knotts Builders recently experienced a boost in sales in their Matthews Greylock subdivision.
Last month, the company saw four houses sell in the Greylock subdivision, located off John Street near the Four-Mile Creek Greenway. Two houses also sold in Fieldstone Manor, located just outside Matthews on Weddington-Matthews Road in Charlotte.
While neither subdivision experienced a complete stall when the economy tanked, as others in the area have, Knotts Builders hasn’t always seen the activity the neighborhoods are seeing now.
The company was dealt a considerable blow when Ryan Homes, the company that partnered with Knotts Builders to build the homes in Greylock, withdrew from the project in 2009, Karla Knotts, co-founder of Knotts Builders, said. The two companies had entered into a contract that stated Greylock would be responsible for the subdivision’s development and Ryan Homes would be responsible for building the houses, she said.
Determined to see it through to the end, Knotts Builders was left to pick up the pieces. Because Knotts Builders is a builder as well as a developer, the company decided to build the houses in addition to developing the subdivision.
“When Ryan Homes defaulted on their contract, when they walked on me, we decided to build these homes,” Knotts said.
So far, 124 houses have been built in Greylock. More than 100 houses in the subdivision have sold. Knotts Builders has 14 homes left to build in Greylock, which it is committed to finishing.
“It’s a way to protect our value and Ryan’s customers’ value,” Knotts said. “It’s important that our neighborhoods reflect the values of our customers as much as we can.”
The company took on another double project when the developer of the much smaller subdivision, Fieldstone Manor, foreclosed. Knotts Builders, who was originally responsible for building the neighborhood and had already begun construction on four homes, bought the 10 remaining lots and took on the development project as well as the building.
“For homeowners out there, they are pleased that work has begun again,” Knotts said.
Both subdivisions have homes starting in the low $200,000s, with anywhere from 2,300 to 3,800 square feet. They offer a variety of styles, including ranches and two-story houses. A number of basement homes also are offered in Greylock.
The Town of Matthews is excited to see neighborhoods like Greylock successfully selling homes. Annette Privette-Keller, communications director for the Town of Matthews, said there are “good things happening” within the town, regarding homebuilding and houses selling.
For Knotts, the important issue is restoring the public’s confidence in residential development, building and home buying.
“We strongly believe every neighborhood will be completed,” Knotts said. “The question is: ‘at what pace?’ But we’re happy to still be around, and we will continue to do this – build houses and develop subdivisions.”