Shrewsbury's Ivy Spotlighted in BBC Report
The new housing development is a sign of positive growth in the housing market, the report claims.
A recent report by the BBC points to K. Hovnanian's The Ivy at Shrewsbury as an example of a rebounding United States housing market.
In the video, available online here, the BBC highlights the Patterson Avenue townhouse complex, which is nearing completion after more than a year of construction. The Ivy features 61 units ranging in price, currently, from about $350,000 to nearly $440,000.
Titled "Signs of U.S. Housing Recovery," the piece reports positive signs in the growth of the housing market after years of disappointment following the market's crash several years ago. Larry Sorsby, executive vice president and CFO of K. Hovnanian's Northeast Division, said positive growth is finally here after several difficult years. The growth seen recently is no longer just a "head fake," a term used to describe a market that goes in the opposite, often negative, direction than what is expected, but an indication of an actual turnaround.
At a recent council meeting, Shrewsbury Councilman Mike DeNofa said 31 Ivy units had been sold, including 15 affordable units.