Austin Business Journal writes, "Meritage Homes of Texas LLC continues to expand its Turner's Crossing neighborhood in far South Austin.
More homes could soon rise in the neighborhood off Turnersville Road, in Austin's extraterritorial jurisdiction near the city of Buda. Austin's Planning Commission on Aug. 8 recommended to City Council the approval of the third phase of Turner's Crossing.
Meritage is seeking a final plat for 267 new single-family lots on more than 41 acres, south of the State Highway 45 toll road.
It would be another step forward for what what's planned as a large community about 10 miles south of downtown Austin. If fully constructed, the development could have more than 1,300 single-family homes on 468 acres, Austin Business Journal reported in 2019.
Homes within the development are listed to start at $331,655, according to Meritage Homes' website. That compares with a median sale price in the Austin metro of $483,000 in June, according to data from the Austin Board of Realtors, which was down nearly 10% from a year prior.
Meritage is the master developer but other homebuilders active in Turner's Crossing include Trendmaker Homes and Taylor Morrison Home Corp. (NYSE: TMHC).
With the recommendation of city staffers, the Planning Commission voted in favor of the final plat as part of its content agenda. The choice is now up to Council.
Kimley-Horn and Associates Inc. is helping Meritage with planning the third phase.
Map: The master plan for Turner's Crossing shows how the community could take shape in southern Travis County.
Meritage Homes Corp. (NYSE: MTH) defines itself as the seventh-largest public homebuilder in the United States. During the second quarter, Meritage reported closing on 3,490 home sales, an 8% increase over the previous year. The company reported closing revenue of $1.5 billion with a gross margin of more than 24%, declining from nearly 32% during the same quarter the prior year.
The company’s sales orders for the first half of 2023 decreased 11% from the prior year, a result of an 11% decrease in average absorption pace, which measures how quickly properties are sold.
"Homebuying demand in the second quarter of 2023 remained strong as homebuyers acclimated to the higher mortgage interest rates. The new home market continues to benefit from the sustained shortage of resale homes and favorable demographic trends, translating to quarterly sales per community near our absorption target of 4 net sales per month," Steven Hilton, executive chairman of Meritage Homes, stated in the company's latest quarterly report.
Meritage built its first Austin home in 1994."
Source: Austin Business Journal
Written by: Mike Christen
Published: August 10, 2023
Posted by Grossman & Jones Group on
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