US developers tap first-time buyer market

Boston

SURGING prices have almost closed off the new-home market to young buyers such as Brandon and Quincey Lindemann. But the Denver-area couple has found a way in.

The Lindemanns paid US$350,000 in October for a three-bedroom house at Tri Pointe Group Inc's Terrain, a new Castle Rock, Colorado, community designed for first-time buyers. While the home has press-board kitchen counters and a yard too small for the children that the Lindemanns plan to have, it is almost 30 per cent cheaper than the average for a new house in the area.

"We were willing to sacrifice some luxury to have some solid equity in a home," said Mr Lindemann…