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Kanareff Homes Inc. of Westlake plans to start building its first homes in Olmsted Falls this month.
Kevin Kanareff, president of the home-building company he founded in 1983, said he wants to diversify the company's price range so that it isn't strictly at the high end of the market.
In Westlake, where the company built 30 homes last year, "everything starts at $360,000 and up," Mr. Kanareff said. As a result, Mr. Kanareff has been looking for suburbs with strong school systems and less costly land on which to build lower-priced homes.
In Olmsted Falls, Mr. Kanareff will create Briarscott, a 22-home subdivision off Sprague Road and Lindbergh Boulevard in the southwestern suburb. The colonial-style homes are upwards of $225,000--a third less than Kanareff's new Westlake homes--for properties starting at 2,300 square feet. Lots range from one-third to...