NEWS
Cambridge Isenhour Homes Announces New Phases on Horizon
August, 01 2007
Cambridge Isenhour Homes is a leading provider of stylish, low-maintenance homes in the Triad area.Offering luxury townhomes, twin homes, patio homes, and single-family homes,this builder has something for everyone with plans that can be customized to meet individual needs.
The company is currently building in 15 communities from Burlington to Davie County. With new communities on the horizon and several current communities expanding with new phases, there is much from which to choose. Isenhour is excited about the future of Cambridge Isenhour Homes. “The recent downsizing of my custom home business,”he says,“ has enabled me to focus more on daily operations of Cambridge. We are continuing to grow and expand. Our future is bright.”
Glenmoor Patio Homes in Burlington in the master planned community of Mackintosh on the Lake has recently opened Phases II and III for a total of 57 additional patio home lots. Geared toward the active adult, these mostly one-level, all-brick patio homes offer maintenance-free living in a picturesque setting.
Located in Winston Salem, Walnut Park is a brand new patio home community within Brookberry Farm. Cambridge Isenhour Homes has combined their classic design and floorplans to create a new generation of elevations and plans, specially designed for this community. These traditional and French Country floorplans and exteriors range in size from 2,000 to 2,800 square feet with the option of a bonus room on some plans.
The company is currently building two and three bedroom townhomes in The Highlands section of Meadowlands in Davidson County near Wallburg. In the months to come, future phases will open which will stretch through the Hale Irwin designed golf course. The builder is also building in another section of Meadowlands, Olde Lantern, which will offer 20 all- brick patio homes with charming designs.
Long Creek Village off Highway 52 in Pfafftown, has just opened another section of townhomes with 30 additional lots available. These all-brick two and three bedroom townhomes offer sunroom and screen porch options along with full exterior maintenance.
Ridgecrest at Wellesley Place in Lewisville will open Phase II in October with 54 single-family lots. This community offers a mixture of plans including larger homes which are perfect for the growing family or smaller patio homes with master suites on the main level for those wanting to downsize.
In Mocksville, Turnberry at Boxwood Village has opened a new phase for additional townhomes. These all-brick, single-level townhomes provide rich interior finishes as
well as year-round grounds and exterior maintenance. Turnberry is within walking distance of shopping, dining and banking conveniences and is easily accessible to I-40.
With future expansion into High Point and Lexington planned for 2008, Cambridge Isenhour Homes continues to be a leader in the homebuilding industry.
This year Cambridge Isenhour Homes plans to enter eight homes in the Winston-Salem Home Builders Association Annual Parade of Homes in October. Prospective buyers are
encouraged to visit these entries in the following communities: Meadowlands, Walnut Park at Brookberry Farm, Lake Louise,Ridgecrest at Wellesley Place, River Ridge Village, Mallard Glen at Greenbrier Farm and Turnberry at Boxwood Village.
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Mackintosh on the Lake opens new phase
September, 07 2006
Mackintosh on the Lake, a 612-acre subdivision that straddles the Alamance and Guilford county line, has opened a new neighborhood. Named Glenmoor, the new neighborhood contains patio homes and town homes and is being built by Winston-Salem-based Cambridge Isenhour.
The town homes range in size from 1,200 to 1,500 square feet with prices starting in the $160,000s. The patio homes range in size from 2,100 square feet to 2,300 square feet with prices starting around $250,000.
Fully decorated model homes are open on weekends from 1 p.m. to 6 p.m.
Mackintosh on the Lake is being developed by Raleigh-based Wakefield Development. Plans for the community call for more than 2,000 homes in various price ranges, although the average home price for the community is expected to be more than $500,000.
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Habitat for Humanity of Forsyth County announces board
February, 02 2006
The Business Journal of the Greater Triad Area - February 2, 2006
Habitat for Humanity of Forsyth County has announced its 2006 officers and board members.
The officers are: President Jeff Clark, Southern Community Bank; Vice President Julio Lazaro, the Lazaro Group; Secretary Maurice Johnson, a community volunteer; Treasurer Jay Joslyn, Crouch Joslyn PLLC; and, ex officio member Anne Armfield, a community volunteer.
New members of the board are Lazaro, Nell Cavanaugh, Freddy Hornsby, Todd Isenhour, Bob Jackson, David Patterson, Aaron Singleton, David St. Clair, Fletcher Steele and Kathy Stitts.
Habitat for Humanity of Forsyth County has built 217 homes during its 20-year history. Its mission is to eliminate substandard housing by providing opportunities for home ownership for qualified families
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Building momentum: W-S developer's change in strategy paying dividends
December, 02 2005
While many homebuilders may dream of the day when their main book of business consists of million-dollar custom houses, K. Todd Isenhour is taking a different path.
The president of Cambridge Isenhour Homes Inc. got his start as a partner in the Boan Isenhour Building Co. in Winston-Salem in 1984. A few years later, he opened K.T. Isenhour Homes, a company that specializes in building high-end custom homes.
Among K.T. Isenhour's customers are former Krispy Kreme CEO Scott Livengood and several drivers of NASCAR fame.
But a few years ago, several of Isenhour's old customers began calling on him again. Their children had grown, they were getting older, and they didn't need the large homes that Isenhour had built for them.
As they were looking for smaller, easier-to-maintain homes, however, they had trouble finding any with the upscale amenities to which they were accustomed.
"They still wanted the granite (counters), and hardwood-and-tile floors," Isenhour says.
Sensing a growing market, Isenhour began building smaller homes with many of the same amenities found in his larger custom homes. In 2003, he spun off Cambridge Isenhour Homes from K.T. Isenhour Homes specifically to target this new clientele.
The new venture appears to be on target. The company has several local subdivisions, including Bellwick in Winston-Salem and Plantation Village at Mallard Landing in Davidson County. Cambridge Isenhour was also chosen by Wakefield Development Co. to build the Glenmoor neighborhood, a combination of town homes and single-family residences, in the Mackintosh on the Lake subdivision in Burlington.
The company had more than $13 million in sales last year with 77 closings and expects to top $26 million this year with 130 closings, said Erik Froelich, the company's chief operating officer.
While Isenhour has shifted most of his focus to Cambridge Isenhour Homes, K.T. Isenhour is still in business, selling 12 homes for about $12 million in 2004
Whereas the typical K.T. Isenhour custom home is about 6,000 square feet with a value of $1 million, the typical Cambridge Isenhour Homes is only 1,700 square feet, but still carries an average selling price of $200,000 thanks to a host of high-end amenities.
Isenhour and Froelich attribute most of Cambridge Isenhour's success to the detailed five-year business plan that was created when the company was first spun off of K.T. Isenhour Homes.
The first step was figuring out exactly who the market was, and the potential for that demographic.
With the first baby boomers reaching retirement age in 2009 and continuing into retirement through 2020, Isenhour says he and Froelich definitely saw a need for smaller, easier-to-manage homes. With North Carolina being a top destination for retirees, Isenhour and Froelich also felt a need greater than just local retirees.
The plan set monetary goals for growth and the number of homes that needed to be built each year by Cambridge Isenhour to meet those goals. In 2008, when the five-year plan comes to an end, Isenhour and Froelich want to have $45 million in sales and more than 250 closings that year. Froelich says that the company's current pace, they will hit that target in 2007.
While Cambridge Isenhour started by building smaller, upscale homes, the company has broadened its prices to reach all levels of the retiree and empty nest market. The company now sells homes and town houses ranging from $130,000 to more than $350,000.
"He's very astute when it comes to judging the marketplace," says Mike Hayes, the vice president of construction lending for Southern Community Bank. "Demand for his product has been so successful that he's been running to keep up."
As they drafted their long-term plan, Froelich and Isenhour say they tried to remain optimistic and did not develop a contingency plan for every challenge that might come up or everything that might go wrong.
"Some people only think about what might go wrong," Froelich said. "Then you never get out of the starting blocks."
While banker Hayes has worked with other business owners and builders who have developed business plans, he says Isenhour follows his plan a lot more closely than most, and he uses that plan to make all of his major decisions. That approach will help Cambridge Isenhour remain strong even if the housing market softens, Hayes said.
"He's not just concerned with the next three months, but is looking at where he wants to be three and four years down the road," Hayes says.
The other factor that Isenhour and Froelich attribute to the success of Cambridge Isenhour is the company's commitment to customer satisfaction.
"Todd understands that word of mouth is very important in the construction business," Hayes says.
Judy Snyder, the new homes marketing director for Prudential Carolinas Realty, says Isenhour and all of his employees spend time with their customers to make sure the home that's being built is precis
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Mackintosh lures Calif. builder and Isenhour
July, 01 2005
The Business Journal of the Greater Triad Area - July 1, 2005
by Erik Holmes
The Mackintosh on the Lake community will mark a California-based builder's first foray in the Triad, while also allowing a Winston-Salem-based builder to increase its presence on the region's eastern side.
Shea Homes of Walnut, Calif., and Cambridge Isenhour Homes Inc. of Winston-Salem will build two neighborhoods with a combined 321 single- and multifamily homes at the site. Together, the projects will be valued at about $65 million.
These will be the second and third neighborhoods built in the 612-acre community Wakefield Development Co. of Raleigh is developing on Lake Mackintosh, off Danbrook Road south of Interstate 40/85. The community eventually will have at least 10 neighborhoods with more than 1,700 homes.
"We've tried to bring together builders that we thought would mesh well in terms of product offering, mix of product and reputation," said John Myers, president of Wakefield Development. "Shea is a well-know national builder, and Cambridge Isenhour is a strong local builder that has a very good reputation."
The Shea Homes neighborhood, called Braemar, is slated for 55 single-family homes starting in the $240,000s. The homes will be 2,200 to 3,500 square feet.
Construction will begin in mid-July, and the first 27 homes will be ready by the end of the year.
Alan Hill, president of Shea's eastern North Carolina division, said the company also wants to establish itself in the relatively undeveloped area between Greensboro and the Triangle.
"We see eventually the markets between Greensboro and Raleigh basically merging," he said. "As the price of land continues to go up and as the Triangle continues to grow out, I think Burlington is a great middle ground."
Cambridge Isenhour's Glenmoor neighborhood will have 174 town homes averaging around $180,000 and 92 single-family homes averaging around $230,000.
The town homes will be 1,250 to 1,550 square feet, and the single-family homes will be 1,600 to 2,800 square feet. The company will break ground this fall, with the first homes to be completed in February or March.
Todd Isenhour, the company's president, said the Glenmoor neighborhood will target aging baby-boomers with features like single-level design, fewer steps, open floor plans and easy-access showers.
Edsel Charles, owner of Market Graphics, a Brentwood, Tenn., firm that follows the Triad and Triangle housing markets, doubts the Mackintosh will draw many people from the Triangle but believes the project will be successful anyway.
"The minute you add that lake to the deal," he said, "that changes everything. (And) what you have with (Wakefield) is probably one of the best developers in the southeastern United States."
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W-S home builder investing $12M in two projects
May, 06 2005
The Business Journal of the Greater Triad Area - May 6, 2005
by Paul Davis
Cambridge Isenhour Homes is planning two subdivisions in the western part of the Triad that will add a total of 78 town homes valued at more than $12 million.
Erik Froelich, the company's chief operating officer, said River Ridge Village will consist of 42 town homes on 14 acres near the corner of Lewisville-Clemmons Road and US 421 in southeastern Lewisville. He said the homes will be next to the River Ridge office and retail development.
Froelich said home prices will start at about $150,000, with the first units ready for sale this fall.
In addition, Cambridge Isenhour is partnering with developer Judy Hartman on Plantation Village at Mallard Landing, which will consist of 36 town homes with prices starting at about $170,000 in northern Davidson County on NC 150.
Froelich said Plantation Village, which is an extension of a previous Cambridge Isenhour project, should have homes available by this summer.
Froelich did not comment on the overall investment required for the projects. But using the proposed base cost of the homes, the projects could have a combined value of $12 million or more when completed, excluding land-acquisition and development costs.
In recent projects, Cambridge Isenhour -- an offshoot of custom-home builder KT Isenhour -- has focused its efforts on town homes marketed to empty nesters, or older adults whose children have moved away.
The home builder's strategy makes sense, according to Edsel Charles, president of Brentwood, Tenn.,-based MarketGraphics Inc. a firm that tracks residential trends across the Triad. He said retirement markets have popped in areas that are in Cambridge Isenhour's crosshairs, including Mocksville in Davie County.
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Isenhour plans $8M housing project in Winston-Salem
May, 14 2004
The Business Journal of the Greater Triad Area - May 14, 2004
by Paul Davis
Cambridge Isenhour Homes, a home builder based in Winston-Salem, is planning to build 38 homes targeting retirees in the Twin City in a project that will have an investment of $8 million when completed.
Todd Isenhour, president of Cambridge Isenhour, said his company has a contract to buy 12.6 acres on Ransom Road near the corner of Polo and Reynolda roads from lot developer PM Development.
Isenhour said the project, which he is calling Belwick, will have 38 homes targeting retirees and empty nesters.
The homes will range from 1,800 square feet to 2,600 square feet, with prices between $180,000 and $225,000, Isenhour said. Cambridge Isenhour has started grading the site, and Isenhour said the first homes could be ready by spring 2005.
Isenhour, who has several other retirement communities in various stages of development, said the new project will have a total value of $7.6 million.
"The site is in a darn good location near Wake Forest (University)," Isenhour said. "And the (retiree) market has been strong for us."
Cambridge Isenhour was the Triad's 12-busiest builder in 2003, selling 81 homes, according to Business Journal research.
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Three projects to add 77 homes in W. Forsyth
February, 06 2004
The Business Journal of the Greater Triad Area - February 6, 2004
by Paul Davis
Two Twin City home builders are planning to add a total of 77 single-family homes with a value of more than $16 million in western Forsyth County, while a third developer has backed away from plans for a large project in southwest Winston-Salem.
Erik Froelich, chief operating officer at Cambridge Isenhour, said his company has a contract to buy 20 acres off Franklin Road in Lewisville. He is planning Ridgecrest at Wellesley Place, which will have 42 single-family homes priced from $175,000 to $250,000.
Froelich said the first homes could be ready this summer. He declined to comment on his company's total investment, but based on the number of homes and an average price of $205,000 supplied by Froelich, the project could have a value of $8.6 million, excluding land-acquisition and development costs.
In Clemmons, Loye Hanes Vaughan, general manager of home builder E.J. Hanes Construction Inc., said her company is planning Hanes Way, a project on Hampton Road that will have 21 single-family homes priced from $160,000. E.J. Hanes also bought 14 lots in the Clemmons West subdivision on Middlebrook Road, where prices will exceed $200,000. Homes in the projects could be ready this summer.
E.J. Hanes, president of the company that bears his name, said the two projects could require a total investment of more than $7.5 million.
Meanwhile, Paul Freer, president of PF Plumbing Contractors, said he is backing away from plans to develop 42 acres on Ebert Road in southwest Winston-Salem for more than 185 single-family homes.
Freer had hoped to start work on the project, which he had called Lauren Acres, by this fall. Engineering firm Stimmel Associates had filed plans with the city/county planning department, but later withdrew them after finding out about a proposed connector road that would dissect the site.
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Developers tap NW Davie for 208 homes, apartments
January, 02 2004
The Business Journal of the Greater Triad Area - January 2, 2004
by Paul Davis
A Forsyth County home builder and a Raleigh developer are planning a total of 88 single-family homes and town homes and 120 apartment units in northwest Davie County in separate projects that could have a value of $21 million or more when completed.
Cambridge Isenhour has a contract to buy 22 acres at the northwest corner of NC 601 and Valley Road in Mocksville, said Erik Froelich, the company's chief operating officer.
Boxwood Village would consist of 40 cluster homes -- single-family homes built on smaller lots maintained by a community association -- and 48 town homes. Froelich said the cluster homes will have an average price of $200,000 and the town homes will average $120,000. The first units could be ready by the summer.
Separately, Pendergraph Development in Raleigh will build 120 apartment units on 8 acres near the Cambridge Isenhour site, said Bill Johnson, managing director of Boxwood Enterprises. Johnson sold the land to Pendergraph and is selling land to Cambridge Isenhour.
Frankie Pendergraph, managing director for the company that bears her name, was unavailable for comment.
But based on the average home prices at Cambridge Isenhour's proposed project and construction sources' estimates for apartment development, the projects could have a total value of $21 million, excluding land acquisition and development costs.
Boxwood Village has commercial development, which was handled by Johnson. The project includes 70,000 square feet of office and retail space, which includes the home office for Bank of the Carolinas.
"The commercial space is developed," Johnson said. "We've just been waiting all along for the right developers with the right (housing) products."
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Developers eye N. Davidson for $45M project
December, 19 2003
The Business Journal of the Greater Triad Area - December 19, 2003
by Paul Davis
A pair of Forsyth County developers are planning a residential and retail project in north Davidson that could have a value of $45 million when completed.
Cambridge Isenhour, a home builder based in Winston-Salem, has a contract to buy 168 acres off the southwest corner of NC 150 and Goodwill Road, said Erik Froelich, the company's chief operating officer. The property is located just northwest of Welcome in an unincorporated part of Davidson County.
Froelich said The Reserve at Mallard Landing will have 147 homes that his company will build and sell over then next four years. The first homes could be ready by next spring, bringing to more than a thousand the number of town homes and single-family residences planned for north Davidson County in the past four years.
He said the 36 town homes in the Mallard Landing project will have an average price of $120,000. Cambridge Isenhour also plans to build 131 single-family homes in the development priced between $200,000 and $250,000.
Using those prices, Mallard Landing could have a value of $35 million when completed, excluding land acquisition and development costs.
Meanwhile, Hartman Construction Inc. in Clemmons, which owns the land, is keeping 25 acres nearby for commercial development, said President Judy Hartman. She said a shopping center is likely to feature small shops geared toward the area's burgeoning housing market.
Hartman said she hasn't decided on the size and costs for the unnamed project. She said she also is open to selling off parts of her property to other developers.
Retail developers estimate they can build 10,000 square feet of shopping-center space on an acre of land; construction costs for that kind of space start at $40 per square foot. Using those estimates, Hartman could build up to 250,000 square feet of space at an investment of $10 million.
Hartman could find that her project services more than just home buyers at The Reserve at Mallard Landing, as numerous housing projects pop up across northern Davidson County.
Cambridge Isenhour, for example, has been very active in that market in the past two years, announcing plans for a pair of town home projects. The latest project will be the company's first to feature single-family homes.
The company is working on North Lake, a town-home community that will consist of 60 units on Friedburg Church Road, and The Commons at Millers Creek, a project planned on Hickory Tree Road that will have 96 town homes.
Hubbard Realty in Winston-Salem has several projects in the area as well, including the 340-home subdivision Hidden Creek off Peters Creek Parkway. Hubbard also owns 290 lots on Union Grove Church Road.
PM Development, also in Winston-Salem, this summer announced plans to develop 128 single-family lots on Friedburg Church Road for an as-yet-unnamed project.
Housing analysts have long seen northern Davidson County as a unique market for home builders because it offers a lower-cost alternative to Forsyth County.
The average home sale in Forsyth so far this year is $153,056, said Susan Jester, who oversees Triad MLS listings for the Winston-Salem Regional Realtors Association.
In northern Davidson, which is defined as the area between the county line and Welcome, the average home price is $162,166, Jester said. She found that prices dip further south in the county; the average price for all homes in Davidson year-to-date is $129,229.
In terms of demand, Charles said the northern Davidson housing market performs much like Forsyth. He defines northern Davidson as an area that extends roughly eight miles south of the county line, representing a line of demarcation that ends just north of Lexington.
"The northern part of the county is carryover of the Forsyth market," he said.
Charles touted the area's proximity to Winston-Salem and its lower tax rate. Forsyth County has a base tax rate of 69.2 cents per $100 of value, while Davidson County's rate is 53 cents per $100.
Those reasons have bolstered Cambridge Isenhour's confidence in the area, Froelich said.
"We're seeing increased interest out there," he said. "It goes back to the tax advantages ... and the proximity to Winston-Salem."
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