New Town has top sales in multistate survey

Issue Date: Sat, 2006-04-01
Page Number: 13

New Town at St. Charles, Missouri, is the top-selling development out of 17,280 products in a region that includes all or part of 16 states, according to a survey by MarketGraphics, a market research firm based in Brentwood, Tennessee. New Town closed on more than 300 houses from March 2005 through February 2006 to come out on top, according to Joe Zanola of the Zanola Company, which researches MarketGraphics in the St. Louis area. The survey covers middle- to upper-middle-size markets in the Midwest and South, including St. Louis, Minneapolis, Nashville, Indianapolis, Kansas City, Louisville, Winston-Salem, and Greensboro, North Carolina, Zanola says. This was the first time figures had been tabulated for all markets covered by MarketGraphics, Zanola says. The success of New Town, a relatively new development and a TND — most other projects are conventional — surprised the researchers, Zanola says. He said New Town is not only selling many units, but the community has a backlog of sales. “I’ve never seen a community with as many presales as New Town achieved,” he says. New Town has a backlog of $65 million in presales representing 230 to