Fieldstone to Invade Salt Lake Market
NEWPORT BEACH — Fieldstone Communities is making its first move outside Southern California. The home builder has opened a five-person office in Salt Lake City and plans to begin construction next month on two new communities there totaling 77 homes.
Although sales in the Salt Lake housing market are expected to level off this year after a five-year recovery, officials at Fieldstone believe the market still has good long-term potential. “We didn’t try to find the next hot market,” said Mike Stewart, new manager for the region. “We think this market will maintain a good level of strength for the next three to five years.”
Most important, the firm wanted to spread its risk, diversifying into another market while times were good in California.
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