TEMPE, Ariz. – They say home is where the heart is. For Fulton Homes, it’s Arizona. As the state’s largest family-owned and operated homebuilder, Fulton Homes has been building for families and strictly limiting investors to beat out homebuyers in the marketplace. Fulton Homes is one of the only builders in the nation with a specific clause in the contract on this issue.
Dennis Webb, Vice President of Fulton Homes explains, “In our contract, each buyer discloses that they are taking the property as owner occupied. The contract does not preclude investors, but if the buyer is taking the property as second home or investment, the buyer will not receive any of the incentives offered at the time, they must select 15% of the base price in options and pay larger deposits.”
Fulton Homes instituted this clause into the contracts 15 years ago to protect its communities.
“Between 2006 and 2008, we regularly drove through various neighborhoods in the Valley to see the impact,” said Webb. “The streets were full of foreclosures, For Sale or For Rent signs. In contrast, our communities told a completely different story.”
Phoenix led the nation in year-over-year growth for those who rent by choice and for those who can’t afford to buy homes, according to the National Multifamily Report by Yardi Matrix.
Between 2011 and 2017, some of the world’s largest private-equity groups and hedge funds, as well as other large investors, spent a combined $36 billion on more than 200,000 homes in ailing markets across the country. Today, in some metro areas, institutional investors still own at least one in five single-family rentals. But not in Fulton Homes communities.
“To us, Arizona is not just another marketplace. This is home. That’s why we put families first and have rules for investors,” added Webb.
From the initial process, Fulton Homes puts the potential homebuyer at ease with its 13,000-square-foot Design Center and its Design Online™ feature that allows those to see all available options, including pictures, descriptions and pricing. The average sales associate’s tenure at Fulton Homes is 15 years, a true indicator of loyalty and confidence in the builder and in the product they represent. Sales associates also showcase exclusive Fulton Features—amenities that are included with no additional cost and would be extras at other builders like two tone paint, ceiling fans, window coverings and ‘Made in America’ maple cabinets.
All Fulton homes are Energy Star® and Indoor Air PLUS® certified to ensure state-of-the-art energy efficiency and comfort. In addition, most new homes built will now feature the WaterSense® label which lowers monthly utility costs and to ensures EPA criteria for water efficiency and performance are met.
Fulton Homes commitment extends beyond the homes they build. The Tempe-based homebuilder has donated more than $300 million to support various non-profit organizations and causes, with a primary focus on education, pets and water safety. When homebuyers choose a Fulton Home, they are not only supporting a local business, but also local charities.
About Fulton Homes
Founded in 1975, Fulton Homes is the largest privately owned and family operated builder in Arizona. Known for its legendary Fulton quality, Fulton Homes has built more than 30,000 high-quality single-family homes over the past 40 years in the Phoenix area. Fulton Homes is headquartered at 9140 S. Kyrene Road in Tempe, Ariz. For more, visit www.fultonhomes.com.