THOMASVILLE — According to the homebuilding website Realtor.com, the country is short on single-family homes by up to 6.5 million units.

While this issue is even more prevalent in highly-populated areas, Thomasville has seen its share of need for more affordable housing.

Although new home construction is still scarce, it won’t be long before Thomas County residents are able to enjoy the new Bloomfield Lakes Subdivision being developed by Udi Arzi and partner Nir Benromano with ADN Investments LLC.

The project is currently in the final stages of the onsite development with contractors recently beginning construction of the sewer main on May 15.

The work is expected to take approximately two months. Once it is completed, Arzi said the contractors will be able to go vertical, meaning houses will be built from the ground up.

The houses will be built in phases.

Phase 1 will be split into two parts, with 44 homes initially being constructed, before growing to 70. Following the completion of Phase 1, the remainder of the lots, totaling at 175, will be constructed.

“The infrastructure is all set up,” Arzi said. “We are just having a little bit of delay because of the weather, so I would just rather go ahead and get started on Phase 1, because there is such a need for housing in Thomas County.”

Arzi estimates there is currently a shortage of approximately 1,000 moderate to medium-sized homes.

“It’s hard to say,” he said. “Over 10,000 people travel to Thomasville a day for work, and then you have people all over the country searching for a more affordable place to live, and Thomasville, compared to other places in the United States is pretty affordable.”

On top of the affordability of Thomasville, industries are relocating to the south and bringing their labor force with them

“I believe one of the companies coming to town is going to bring 120 people to the labor force here,” Arzi said. “For every job created, it creates four to five indirect jobs, but the question is where are all these people going to live.”

Arzi explained homeowners are hesitant to sell at this time, because of the “locked-in effect.”

“Most of America is locked in a 3% interest rate or less for 30 years, and what happens when someone’s interest rate is less than 3% is they don’t want to sell their homes,” he said. “If they had a $200,000 home that they sold and then turned around and bought the same size home, they would have to pay a little more or downgrade in what they were buying.”

According to data from the Federal Reserve Bank of St. Louis, the median sales prices of homes in the fourth quarter of 2012 was $251,700. At the approximate 18% average down payment as reported by real estate firm Redfin and the 3.34% interest rate at the time, the monthly mortgage for a 30-year fixed loan was roughly $908.

Such payments shot to $2,630 by the close of 2022, when the median sales price hit $467,700. Down payment averages sunk to 10%, and interest states stood nearly double at 6.39%, resulting in a 44.6% increase to monthly bills.

Arzi does not anticipate a price tag of $467,700, stating the homes constructed will start in the lower $300,000 range.

All of the homes will be congruent with one another, but each house will have its own sense of personality and charm.

“I want each home to have its own sense of character,” he said. “I don’t plan on it being a cookie-cutter neighborhood.”

Arzi haș hired interior designer Stacey Forsyth to help with the large scale project.

“Most of the homes will be board and batten, just a real simple, timeless look on the exterior,” she said. “Modern farmhouse would be more of our look.”

The homes will vary in size, ranging from 1,500 square- feet to 2,000+ square-feet.

Arzi îs looking forward to seeing his vision become a reality, as this has long been a dream of his

}“When I was in college I said I wanted to be a developer, and I’m a goal-oriented person, so I’ve always wanted to be in this position,” he said. “For years this is something I’ve been working on.”

Arzi haș not completely brushed off the idea of creating another subdivision if Bloomfield Lakes is successful and the need continues to arise.

“With this locked in effect and businesses continuing to bring people in, it’s part of responsible growth to make this kind of stuff happen,” he said. “I grew up in Thomasville and I’m happy to do this in the town I grew up in; it’s more meaningful.”

Although the homes have not gone vertical yet, homebuyers can be assured that the project has been a labor of love for Arzi, who has added personal touches at every stop.

Arzi lived in West Bloomfield, Illinois before moving back home, prompting him to name the subdivision Bloomfield Lakes and the streets after places that impacted him in West Bloomfield.

He also hopes to establish a Home Owner’s Association in order to assure neighbors are respectful of each other.

His attention to these fine details have already attracted many interesting prospects, but Arzi said he can’t quote any prices until the land has been platted. All homes will be sold through Key South, where he is currently an associate broker.