SYCAMORE – Months after resuming construction in the Reston Ponds subdivision, ShoDeen Homes has opened the second phase of the Sycamore development and started offering homes with a base price of $199,900.
ShoDeen launched the second phase of its 391-home site subdivision near Somonauk Street and Becker Place this week to offer lots close to the pond, said Nathan Amidon, director of sales for ShoDeen.
The company also introduced a ranch and two-story home models that reduced the starting price of homes there from $214,990 to $199,900, a move Amidon said was based on discussions with local real estate brokers and on examining the area housing market.
“We wanted to fit the needs of more families in the Sycamore community,” Amidon said.
The average listing price for a home in Sycamore is $199,433. The median sales price is $158,500, meaning half of all homes sold for more and half for less, according to real estate website Trulia.com.
Reston Ponds has 30 lots remaining in the first phase and 146 in the second phase. The 15 lots the company opened in the second phase are considered premium lots because they are near the pond, Amidon said.
“It will take several years to sell out the rest of the community, but there is some urgency for those premium lots around the pond,” Amidon said.
ShoDeen reopened its sales office in Reston Ponds in August after an uptick in progress since the 2009 economic downturn and a restored faith in the Sycamore area housing market. Amidon said so far it has proven to be a good decision.
ShoDeen sold three to four homes in the first phase from August to December last year and three homes in the second phase.
Sycamore Mayor Ken Mundy said the growth in Reston Ponds is a sign the city’s housing market is recovering. In 2013, the city issued 30 permits for new homes in 2013, a six-year high. So far this year, six permits have been issued.
“I’m not surprised,” Mundy said. “They’ve got a lot of potential out there.”
ShoDeen acquired the property from Wiseman-Hughes Enterprises Inc. in 2009.
ShoDeen also is behind the Irongate subdivision and the proposed mixed-use development at Lincoln Highway and Pearl Street.
DeKalb’s principal planner Derek Hiland said the city meets with ShoDeen officials regularly to discuss plans for the mixed-use development, but said the Planning Commission hasn’t addressed it in at least two years.
The Irongate subdivision, approved by the DeKalb City Council in October, is planned for 458 acres north of DeKalb High School at 501 W. Dresser Road, between Annie Glidden Road and First Street. The subdivision could include more than 1,100 single-family homes, 123 townhouses and 350 senior-living units.
ShoDeen officials expect the Irongate subdivision to be built over the course of 20 years. Hiland said there has been no movement regarding residential development in the subdivision.
“We haven’t had anything formally requested,” Hiland said.