Grossman & Jones Real Estate Blog - new construction

"3 new developments in the works in New Braunfels"

CommunityImpact Austin reports, "the following three developments are under construction in New Braunfels, bringing more multifamily and retail spaces to market.

Equinox Townhomes

Construction is underway on a 122-unit townhome development on 10 acres next to the future site of Mission Hill Park along Independence Drive near West Hwy. 46. The developer, Grocapitus Investments, is producing them as two-, three- and four-bedroom rental units.

Space: 122 units; 1,032-1,425 square feet each

Timeline: spring 2023-TBD

The Devereaux Apartments

A new multifamily apartment complex is being constructed off of Loop 337 at 1661 Independence Drive, New Braunfels. Contractor Blazer Building said the apartments will be eligible for U.S. Department of Housing and…

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"Developer eyes 722-acre lakeside development near Lake Georgetown"

Austin Business Journal reports, "a Wyoming-based developer is eyeing a 722-acre development in Georgetown that could bring 1,500 homes and a 15-acre resort hotel to the west side of Lake Georgetown.

While the project is still in its initial stages, representatives from Zovest Capital LLC on June 27 presented a proposal to the Georgetown City Council to support creating a municipal utility district for Lakeside Estates, which would be next to Santa Rita Ranch in the city's extraterritorial jurisdiction. The Santa Rita Ranch neighborhood is still being built out, but it's already one of the biggest neighborhoods in Central Texas.

Zovest's development would add upscale single-family housing to what has been the fastest-growing city in the United…

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"EVK Homes plans 40-acre neighborhood in Taylor with spectrum of housing"

Austin Business Journal reports, "a couple of Taylor residents aim to bring a new subdivision to life in their town that features a variety of housing types.

Taylor-based EVK Homes LLC — owned by married couple Geraldo Reyes, a Taylor native, and Elizabeth Krueger — hopes to build a 40-acre subdivision on the northern edge of the Williamson County city. It would add 174 homes in a city expected to see tremendous growth in the coming years, in part because of the massive factory that Samsung is building there.

The development, to be called North Village, would feature single-family homes, townhouses, cottages and fourplexes for purchase, Krueger said. Additionally, some single-family homes would come with one-bedroom accessory dwelling units…

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"Family-owned developer plans North Austin townhomes"

Austin Business Journal shares, "luxury townhomes could soon be coming to North Austin from a local, family-owned builder and developer.

Cedar Park-based PrimeHaven Homes LLC is navigating the permitting process for its Sonora project on Kramer Lane but leaders hope to break ground at the start of 2024, said Naeem Mahesania, one a partner in the company.

Sonora would rise on four acres at 1517 Kramer Lane and 10620 Macmora Road. Each lot is occupied by a single-family dwelling, and the homeowner at 1517 Kramer also operated a chiropractic office on the property.

"The homeowner was a chiropractor for our family, and we’ve been asking him to sell it to us for years," Mahesania said. "Finally, he decided to retire this year, and I’m thankful he…

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"Homebuilding starts to pick back up as buyers adjust to new pricing norms in tight market"

Austin Business Journal reports, "after months of slowdown in the wake of weaker buyer demand, homebuilders are starting to pick back up on construction — and feeling more confident about the housing market since mortgage rates surged last year.

Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1.63 million, a 21.7% increase from the April estimate of 1.34 million, the U.S. Census Bureau reported this week. Meanwhile, privately owned housing units authorized by building permits last month were at a seasonally adjusted annual rate of 1.49 million, 5.2% higher than in April but 12.7% less than the May 2022 rate.

The jump in home starts observed last month is notable, said Kelly Mangold, a principal at RCLCO Real…

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"Massive luxury community set to break ground west of Austin"

Austin Business Journal reports, "the first phase of construction on Thomas Ranch, a 2,200-acre luxury community near Spicewood, is set to begin later this month.

Salt Lake City-based developer Areté Collective LP plans to break ground June 15, according to an announcement from late May. The first-phase neighborhood will be called Loraloma and have more than 400 homes and a golf course — although a builder is still needed.

Loraloma will be home to about 450 cottages, villas, estates and custom homesites, said Joe Rentfro, Thomas Ranch managing director.

"Our intention was to cater to a wide variety of individuals seeking a fresh take on Hill Country living without sacrificing the culture that rests at Austin’s core," Rentfro said.

To that…

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"Luxury residential community coming soon to San Marcos"

Community Impact reports, "Alta Center Point, a luxury residential community located at 625 Gregsons Bend, is being built in San Marcos.

The multifamily residential community is being developed by Wood Partners and Pursuant Ventures Development, led by Tyler Sibley and will offer 330 apartment homes with a mixture of one-, two- and three-bedroom floor plans.

Alta Center Point will have a resort-style pool, outdoor kitchen and a dog park along with a clubroom. Residents will also have access to a high-tech fitness center, conference area with multiple personal workspace offices and a variety of entertaining spaces.

According to Donya Mansoorian, an assistant account executive for the Wood team, the development anticipates opening its first unit in the…

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"The Housing Market Has a ‘Chicken and Egg’ Problem—but Buyers Have Finally Hatched the Perfect Workaround"

Realtor.com writes, "anyone who’s tried to buy or sell a home lately is no doubt painfully aware that today’s real estate market has slowed down considerably—but why?

A new Realtor.com® report sums it up as the “chicken and egg” problem. Allow us to explain.

It all starts with mortgage rates—which are about 1 percentage point higher than last year, hovering in the mid-6% range. This is a formidable deterrent not only for buyers, but also for sellers, who feel “locked in” to their current properties (along with the lower mortgage rates they got years earlier).

As a result, even homebuyers who are willing to pay high rates are finding few homes for sale, with May clocking 22.7% fewer new listings than last year.

“Many sellers report being…

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"1,200-home Adelton neighborhood rising in Bastrop"

Austin Business Journal reports, "work is underway on a 348-acre mixed-use neighborhood in Bastrop and the search is on for commercial tenants to set up shop on three sites.

Homebuilders broke ground in October on the master-planned development, called Adelton, off State Highway 21 and Farm-to-Market 20. Plans call for 1,200 homes, 125,000 square feet of commercial space, four miles of trails and 50 acres of parks, according to a May announcement from developer West Bastrop Village Ltd., an entity tied to Austin-based Benchmark Land Development Inc.

Phase one of the project, which is estimated to take 10-15 years, is underway with homebuilders David Weekley Homes and Empire Communities already completing two model homes. Developers are now eager…

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"Austin ranks third in national real estate construction"

Urbanize Austin reports, "in the past decade, the pace and amount of Austin real estate development has eclipsed that of all but two other cities in the nation (both in Texas), according to a new report from Storage Cafe, an online platform that provides storage unit listings across the nation.

The StorageCafe study looked at inventory expansions from 2013 to 2022 in the 100 largest U.S. cities to determine real estate growth. It analyzed new construction data for the country’s most populous cities, based on square footage in the case of commercial assets (industrial, office, retail and self storage) and on building permits in the case of residential units. It also analyzed unit count data from U.S. Census building permit records and deemed it a…

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