Boerne, TX (PRWEB) May 30, 2013
Boerne-based DH Investments announced several new offerings of properties in its Cordillera Ranch neighborhood northwest of San Antonio. Low taxes, improving job growth, and the Eagle Ford boom have created a real estate boom for the Lone Star state in what The Wall Street Journal recently tagged the Texas land rush. New land development stagnated during the recession as demand for new lots and homes disappeared. Due partially to the rush, the market is now on an upward curve but without the necessary inventory to handle the sudden return of demand, leaving lot inventory at its lowest level since 2008. Lack of new lots being produced during the downturn combined with rebounding sales has put the area in a pinch for new lots, states Charlie Hill, Vice President of Development for Cordillera Ranch. Weve got a pipeline of numerous different lot offerings at a wide variety of sizes and prices in 2013. Its the largest and broadest offering of new product weve ever offered and based on early indications, we think its going to be a huge success, adds Hill.
Preparing for the Rebound
Although Cordillera Ranch wasnt developing a lot of new sections during the downturn (only delivering two new sections in the past four years), there hasnt been a lot of sitting and waiting. In our business you dont sit idle, even in slower times. You use those inevitable periods to refine future plans and prepare to capitalize when the market turns because it always does, noted Hill. Judging by the unique housing product being delivered in 2013 and 2014 in the community, its clear that they spent that time during the downturn refocusing on product mixes, diversity and unique offerings that work with todays buyer. There continues to be great demand for the ultra-luxury home and one-of-a-kind view. Just look at the success of selling out all of Phase 1 at Summit Pass during the true bottom of the downturn. Those were 1-2 acre lots averaging in the mid-$ 500k’s. These are people that want the absolute best view, trees and site that can be had and thats what Summit Pass had to offer, added Barry Denton, Director of Real Estate Sales at Cordillera Ranch. So the next step is to bring on a new phase of premier view properties, and there is a new section of 25 lots coming online this year, named Bears Ridge (after golf course architect Jack Nicklauss Golden Bear moniker). Bears Ridge lots will offer panoramic views in all directions and satisfy buyers looking to have the best-of-the-best.
Whats New?
Adding lots is not the only solution; broadening the offering is also a critical element. In the early years at Cordillera Ranch before the club was added, lots generally were in the $ 50k-$ 120k range; however, as most of the areas of development in recent years have been concentrated on either golf course frontage, hilltop view or river frontage, the premiums that these properties command has driven us into a narrower band of lot product, adds Hill. With lot prices averaging north of the $ 250k across the community in recent years driven by the size, location and unique view attributes of these phases, diversifying the mix to add some product in certain areas that meets the needs of buyers in the $ 100k-$ 150k range is also a focus for some of the new sections. Its getting back to a diverse product mix. Of the eight new distinct enclaves with 141 lots to be developed in the next two years, two of the eight are geared at broadening the lot offerings with some smaller lots in the
