At least 120 buyers have put down deposits for three-bedroom homes priced from $110,000 to $130,000. Construction bids aren't going out until the end of the year and the first spade won't be turned until January. But what concerns developer Kahli most of all is that he only plans to build 74 townhomes.

"We are pleased at the response, of course," Kahli tells GlobeSt.com, "but we are also cautious, and that may disappoint many hopeful buyers." The homes will be sold on a first come-first served basis.

The 120 reservations to date represent an estimated gross sales volume of $14.4 million, based on an average home price of $120,000. But the 74 homes Kahli plans to erect have an estimated value of $8.88 million, also based on the $120,000 per unit average price.