Developer optimistic about housing Mahoning project slowed by recession, but prospects brighter for 2012
Ron Gower/TIMES NEWS Richard Maglionico, sales manager at the Summit Ridge Development in Mahoning Township, said the development was started about five years ago and then the real estate bust occurred. He said he anticipates new homes to soon go into the development, which has new roads installed and complete underground wiring.
Five years ago, one of the most impressive housing developments in the Mahoning Valley was begun.
Along with some breathtaking views, the Summit Ridge development, located about a half-mile west of the New Mahoning intersection along Route 902, contains 76 home sites, a utility system that's completely underground, and a million-dollar drainage system.
So far, there are only nine homes - including a model which serves as a sales office - located there.
Richard Maglionico, sales manager for Grant Realty and Grant Homes, anticipates things will be changing. Grant Homes, owned by William Grant and headquartered in Brodheadsville, has been constructing homes for 42 years. Grant had a vision for the Mahoning development.
"He began developing when the market was doing good about five years ago," said Maglionico, who feels a turnaround in the housing market is going to happen soon.
"We're optimistic for the next year," he said.
Fueling his optimism mortgage is the fact that interest rates remain very low and in Summit Ridge, two new homes are under construction, along with with new roads.
In addition, Maglionico said he has been getting more calls and has seen walk-ins at the sales office.
"It's nice to see activity going on," he said.
Grant Homes does all the preparation work and construction for houses in the development.
Maglionico, who is also the owner of Mountain Karate in Lehighton, says the houses feature insulated sheathing and windows with a double paned glass and which carries a lifetime warranty.
He has been the sales manager for Summit Ridge for the past 1 1/2 years. He has resided in Lehighton for the past nine years. Prior to that, he lived in Tannersville for 20 years.
The sales office located at the entrance to the development also serves as a sample home. It's a three-story home with a finished basement and has over 5,000 square feet. Elaborately furnished, it even includes a basement theatre.
"People are always amazed when they come through here," he said of the sample home.
He said with the economy showing signs of improvements, its likely to get even busier in the coming months.
The office for Summit Ridge is open Friday, Saturday, and Sunday from noon to 4 p.m. Appointments are also available by calling Maglionico at 610-377-5551.