No Trouble for Iowa Brownstone Sales

From the Des Moines Register: "Hubbell Realty says the second phase of its downtown Des Moines brownstone project has sold out, and the West Des Moines developer will start the project's third phase.  The project's success comes as sales are slow for downtown housing, hampered by the recession and financing challenges for some projects.  'It's a little unusual, but if you have the right product at the right location, it clicks, especially if you can get financing,' said Re/Max Real Estate Group's Jay Snyder.  Hubbell said it's pre-sold 16 [three-story] townhomes in the second phase of its Brownstones on Grand project, located between Second Avenue and Third Street.  Construction is under way on the [third phase] two-story townhomes, called Riverwalk Brownstones, on Watson Powell Jr. Way.  Rachel Flint, Hubbell's sales manager, said buyers run the gamut - single professionals, young families with children, couples in their 50s and 60s. 'The common trait is that they all want downtown living,' she said.  It also helps that the townhome project - viewed as a single-family home - is one of the few downtown housing projects that qualify for FHA financing, Flint said."  Full article here.