One of the leading home building and mortgage banking companies in the United States, NVR, Inc (NVR) unveiled the new Picasso condominium model home at Market Square, Maryland. The townhomes are located in the historic downtown Frederick City. Home prices start from $200,000 onwards.
Picasso homes have up to 2,641 square feet of living space and offer 3 bedrooms, 2 ½ bathrooms and 1 attached car garage. The home offers a spacious living room and a dining room, which can be separated by optional columns. The family room is attached to the kitchen, which has an eat-in option with a breakfast bar. The laundry room is located at the second level. The master bedroom has 2 closets and dual vanities, with the adjoining washroom featuring a tub with a large shower and a compartmentalized water closet.
The Picasso homes come with a 10 year structural warranty and are ENERGY STAR certified. The residents can therefore save up to 30% on monthly utility bills. The residents of Picasso can enjoy facilities such as shopping center, recreation centers, sports and health club and restaurants.
Previously, NVR Inc. introduced Victoria Falls home at Patriot's Glen in Elkton, Maryland, with prices starting from $270,000. The estate–style homes are located in a peaceful neighborhood against a golf course setting. The company had also introduced single family homes at Sadsbury Park in Coatesville, Pennsylvania, with prices starting from $180,000.
Owing to lower cost of borrowing and rising house rents, purchasing a home has started making sense. The rising demand for new homes has led to a favorable situation in the housing market, where inventory levels are dropping and prices are moving upward. Therefore adequate product introduction is necessary in order to maintain the required level of inventory to meet the growing demand for homes.
We like the company’s initiative to constantly introduce new products. With frequent introduction of products, NVR will be able to capitalize on the improving markets. However, we would prefer to stay on the sidelines as the housing market is still in the recovery stage and the rest of the macroeconomic parameters are showing a slow growth trajectory.
NVR Inc. carries a Zacks #2 Rank that translates into a short-term ‘Buy’ rating. Longer-term, we are maintaining our Neutral recommendation on NVR Inc.
NVR INC (NVR): Free Stock Analysis Report
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