activity for 2019. Approximately onethird of the homes under construction are in Clubs Village, and Garner Custom Homes leads the way with Preferred Builders handling approximately twothirds of all home construction.
Furthermore, an analysis of the comp inventory in the area reflects that the month’s supply of homes by price point in Cordillera Ranch is below the comp market at every tier. A few highlights regarding current inventory levels: • Historically, available home inventory has ranged from 40-60 homes on MLS at any given time; home inventory on MLS is down to 30 homes as of 1/31/19; • The median home price per square foot on MLS is $291/sf, up from $254/sf 12 months ago; • Four years ago, there were 25 homes on MLS below $250/sf; today only 9 homes are below $250/sf; • Overall average on MLS: $325/sf, which is driving more buyers to see the value in buying a lot and building a custom home; • Only 1 home available under $750k; • Lot inventory reflects 63 lots on MLS with a median of $250k and average list of $305k; ranging from $135k to $1.5MM NEW HOME STARTS There were 25 new home starts in 2018 and there are currently 40 homes under construction, of which 39 are sold. Additionally, there are another 43 homes in architectural review committee, indicating continued strong home construction
74 | MARCH/APRIL 2019
NEW DEVELOPMENT With all of the lot sales and new home construction activity in the past few years, we are in the process of developing several new expansions to Cordillera Ranch. Current home site development includes: the construction of the 21-lot addition along hole number 12 of the golf course (Unit 207F) — representing the final release of Golf Frontage estate lots on the Nicklaus Signature Course and the 15 large estate view lots at Cordillera Ridge near the Highway 46 entry. Both units are scheduled to be paved this spring and lot sales are currently under way. In late 2018, we moved into the new Vista Offices on Cordillera Trace near the Highway 46 entrance. These upgraded offices provide ample meeting spaces for several operations include Cordillera Ranch sales and development, DH Investment Company, Cordillera Ranch Property Owners Association management and Pasadera Builders. Additionally, Jim Terrian of J. Terrian Designs and Mac Northington have offices in the new facility. With strong sales activity in the Springs this year, we’re in planning on the next phase of lots in this 2,000-acre section of Cordillera Ranch. Lots in the current phase generally range from just under an acre to four acres and provide central water and sewer service. Also, the Springs Sports Park is now completed and open for use by all Cordillera Ranch property owners (not just Springs property owners). We’ll be hosting a “Springs” Fling on March 30th at the new Sports Park with games, sports clinics, food and beverage and other fun activities, so stay tuned for emails with more details and RSVP info. It will be a great way to come see how nice these new sports fields are. Lastly, as you may have noticed the Lodges at Cordillera Ranch are under construction and the first Lodge (6-unit) is scheduled to be complete in June 2019 with the second Lodge (4-unit) slated for completion in 4Q19. These will offer a great way to host your friends and family in the community — without the hassle of preparing and cleaning up your home! Or if you’ve not yet completed your home in the Ranch but want to enjoy the amenities, they’ll be a great place to spend a long weekend, within walking distance from the clubhouse. If there are any real estate needs that CR Realty can help you with, please feel free to give us a call at 830.336.3570 or stop by the new Vista Offices and speak with one of our Cordillera Ranch representatives. If you’re interested in a more detailed market report that was presented to Club members and residents, you may go to this webpage: www.cordilleraranch.com/market-report/.