Matt Kunkle, Marsh and Associates
The rapid growth of Cordillera Ranch, and the Clubs membership, has continued into summer 2022 and, as always, we’re working to keep expanding Club and real estate offerings in this 9,100-acre Hill Country playground. In this Developer’s Corner article, we’ll provide a brief update on the rapid sales pace so far this year as well as a few exciting new areas on the planning horizon. Additionally, we’ve got some progress updates — and fresh renderings — of the much-anticipated Cabana renovation and expansion project.
Sales activity in the community has continued on a torrid pace in 2022, though tight inventory has somewhat continued to be a limiting factor. Year-to-date through July, there have been 73 total lot sales in Cordillera Ranch, which is by far the highest amount of sales for that period over the past twelve years, with the exception of the 130 lot sales in the first seven months of 2021. Further, lot sales so far in 2022 have doubled the average number of sales through July over the 10 years prior to 2021. The average lot sales price so far in 2022 is $391k, but there is a wide range by neighborhood within the community.
Home sales have also remained strong so far in 2022, in spite of the continued tight supply of available homes. Year-to-date through July, there have been 31 homes sold (closed) and the average sales price for home (where price was disclosed) is $1.97MM ($395/sf), up 24% from the same period last year when the average was $1.59MM ($335/sf). As of mid-August, there are 12 homes available on MLS ranging from $1.3MM to $5.2MM, and the median price per square foot of available homes is $437/sf. The increasing prices and limited finished home inventory have driven more people to build instead of purchasing existing homes, thus new home construction remains at a record pace with 90 homes under construction (double the figure from three years ago) and another 87 in the POA architectural design review process.
As a result of the continued sales activity, we are actively working on planning new phases of home sites throughout various parts of the community including a phase of 2-to-4-acre view home sites near the main entrance, another new phase in the Springs, which will include some Guadalupe River home sites as well a small pod of new home sites in Clubs Village with beautiful views across the valley. Stay tuned as more details will be announced on each of these areas later this year and in early 2023.
Additionally, the commencement of the Cabana renovation and expansion project is scheduled to begin following the end of the summer pool season, which is now upon us. Final details are wrapping up and demolition of some of the existing improvements in the Cabana will begin in September. While we’re working to keep all of the remaining Clubhouse facilities open and fully operational, please pardon the noise and construction traffic around the circle up on the hill in front of the Clubhouse. Because there will be lots of construction traffic coming in and out of the front of the Cabana as this work progresses, we’ll be temporarily closing off the circle drive up in front of the Locker/Fitness Building and Main Clubhouse to minimize interference and ensure safety. In the interim, we’ll move the valet stand out near the flagpoles (similar to how it has operated during some special events in the past) and cart staging near that area as well. Once construction starts, those parking spots in front of the Clubhouse buildings will be closed off and all parking will be in the lower parking lots. As soon as we get to a stage of the construction work where it is safe to allow vehicles back into those parking spaces up top, we’ll re-open that area. We are very excited to begin this first phase of Clubhouse renovation and expansion (with the second phase, kitchen expansion, immediately following the Cabana renovation), and some current exterior renderings of the Cabana and pool snack bar are included with this article. As mentioned, we’ll be upgrading the interior to provide a modernized restaurant and bar experience with seating for over 80 people inside as well was 30+ under a new covered patio outside, as well as adding new restrooms inside the Cabana dedicated to this restaurant. Additionally, the plans include new patio and bar areas on the north side of the existing snack bar so members can enjoy one of the best views on the property and soak in Hill Country sunsets. The construction activity will undoubtedly create some headaches and disruptions but the Club staff and construction team are going to do everything possible to minimize disturbance so members can continue to fully enjoy the Main Clubhouse and Locker/Fitness areas throughout construction. We appreciate everyone’s patience and understanding during this work — it’s going to be worth the added noise and dust that comes with a project like this! We are targeting having the Cabana exterior complete prior to next pool season so the pools can be open for summer enjoyment, and we’ll update on a targeted re-opening of the Cabana once we get deeper into the construction work.