Austin Business Journal shares, "a new, gated luxury housing development is rising south of West Lake Hills.
The development itself may be small by most standards — five homes on 5.5 acres — but the size of the homes and their price point are not. The homes at Five, as the development is called, range from 6,700 to 8,900 square feet and list prices start at $12.5 million, according to Moreland Properties' Eric Moreland Group, which is marketing the homes for Houston-based developer Unicus Developments LLC.
Five isn't the sort of development that your typical Austinite could spring for, but it is the type of development that can serve a growing population of wealthy homebuyers as Austin's population continues to surge. Last year, the Austin metro became Texas' second largest luxury real estate market, with 3,564 homes sold for $1 million or more, according to data from Texas Realtors. Only Dallas-Fort Worth had more million-dollar home sales, with 4,689 in 2022. For context, the median home sale price in the city of Austin in August was $541,000, according to Austin Board of Realtors data.
The smallest home at Five — a 6,700-square-foot residence with five bedrooms, five and a half baths and a three-car garage — has already been sold, according to the development website.
The next-smallest home available is 7,961 square feet and will be complete in November, according to a Unicus Developments announcement. A third home will be complete in December, and the final two homes do not yet have a completion date.
Construction began in May 2022 at 3605 Stoneridge Road, and the homes were designed by architect David Curiel.
In addition to being the size of small office buildings, the homes — which all have their own unique designs and finishes — are full of features that make them stand out. One home is fronted by a massive brass doorway and contains 65 light fixtures strategically directed at spots ideal for displaying works of art. There are also two interior kitchens and an outdoor one as well.
Another home features a heritage tree in a front courtyard beside a pool that can be viewed from wall-to-wall, floor-to-ceiling windows.
Even the closets are special, with some as large as a typical master bedroom and features such as lighted racks and powered islands for charging electronics.
Despite each property's unique design, there is a through-line for the homes.
"The commonalities are really how we invite natural light from all angles into the house, how open the floor plans are, how we're not really wasting space with a lot of hallways and nooks," said Unicus Developments founder Francisco Uzcategui. "We’re trying to direct the views to something beautiful throughout [the homes]. That’s the sentiment."
The homes are hitting the market at a good time. The summer months are often a quiet time for the luxury market, said Eric Moreland Group leader Eric Moreland.
"We time all of our development marketing, not just here but on all projects, to football season," Moreland said. "Because we get people back [in town]. Now, spring’s a decent time, but fall, for the upper end [of buyers], is really good.""
Source: Austin Business Journal
Written by: Cody Baird
Published: September 28, 2023
Posted by Grossman & Jones Group on
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