Smart Money magazine identified the Des Moines housing market as one of the markets “in the best shape for a rebound” in its November issue, citing Iowa’s economic diversification following the ’80s farm crisis. The result: “Many of the resulting development subsidies have contributed to a thriving region around…the capital.”

The quality of schools, employment opportunities in the metro area, and a mix of historic and new homes with an average price of $156,600 have helped Greater Des Moines stave off a crash, according to the report.

Local developers have also been introducing fresh ideas to revive the housing market.

“The idea is to bring some variety,” said Scott Stewart of Peak 8 Development, the owner and developer of Summit Estates, a 45-acre residential development located one block south of 161st Street and Douglas Avenue in Urbandale.

Peak 8, which has been primarily focused on commercial development, is making its first move into residential lot development with Summit Estates, a venture Stewart believes to be a “unique example of a development that will lead the rebound.”

Seeing a decline in neighborhood gathering spots over the years, the company is investing heavily in the project’s infrastructure, including a neighborhood swimming pool, a stone patio with a fire pit overlooking a pond, 6.5 acres of green space, a paved walking path and a community clubhouse. Five cul-de-sacs will also help support a “small and focused” neighborhood feel among the 58 lots, ranging in size from 0.5 to 2.5 acres.

“A lot of people may have to go way out in the country to find” these types of lots, Stewart said, adding land that was once planted with corn and soybeans is today close to a planned elementary school and an “enormous amount of commercial infrastructure.”

“It satisfies an old need,” Stewart said, adding that Peak 8 hopes to encourage potential buyers with the new development and “ideally jump-start the market.”