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 56-home upscale subdivision planned for western

 Forsyth north of Lewisville


The Business Journal Serving the Greater Triad Area
by Michelle Cater Rash

Residential real estate developer Bruce Hubbard has plans to create a 56-home upscale subdivision just north of Lewisville in western Forsyth County.

The 37-acre subdivision, located north of the intersection of Lewisville-Vienna and Robinhood roads, will be named Olde Fields. Hubbard said he plans to use a team of 10 custom builders in the subdivision, although the builders have not been selected. Home prices will likely start above $300,000.

Once completed, the subdivision will be worth at least $16.8 million, based on an average home price of $300,000.

Site work on the project likely will begin in 90 days and Hubbard said home construction could begin as early as next spring.

He expects it will take two to three years for the subdivision to be completed.

That part of Forsyth County is a good location for high end homes, said Bernard Helm, president of Market Opportunity Research Enterprises, a Rocky Mount firm that tracks the Triad housing industry.

However, Helm said he thought five to eight years was a more likely time frame for the subdivision to sell out, especially given that rising interest rates are starting to squeeze out some potential buyers in the $300,000 to $400,000 price range.

Olde Fields will be marketed by Coldwell Banker Triad Realtors.

Hubbard is involved in several projects around the Triad, including Meadowlands, a 600-home subdivision on the Forsyth/Davidson county line.

Another subdivision named Old Fields is being developed by Union Ridge Development Inc. in Graham. Plans for that subdivision call for nearly 650 homes in various prices.




 
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