Welcome to the March 2016 issue of Cordillera Ranch Living, and given that there were over 100 new lot and home buyers in Cordillera Ranch during 2015, welcome to all of those new faces that are joining our community. We just wrapped up yet another record-breaking year in terms of Cordillera Ranch real estate activity, totaling over $100MM in home sales, lot sales and new home starts for the 2nd straight year. The year ended with over 139 transactions (lot sales, home sales and home starts) totaling over $105MM.
The 44 home sales during the year at an average price of $940k has helped cut home inventory by over 25% in the past 12 months to 34 homes on the market as of mid-February. This is the tightest supply of home inventory we’ve had in over seven years and it represents less than 5% of the homes in the community.
Overall, lot sales activity was up 10% in 2015 versus the prior year, including resale and developer lots sold, with an average price of $300k per lot. CR Realty accounted for 78% of the total volume of lot sales and 55% of homes in 2015. There were 33 new home starts in 2015 and the Cordillera Ranch Preferred Builders accounted for 82% of those homes.
We recently completed our newest section of Golf Frontage Estate lots offering views of multiple holes and views to the north and northwest. This new addition, along with the completion of the 2nd phase of Di Lusso Villas and the addition of Bears Ridge, helped drive some of the new growth in the community.
The next section of Cordillera Ranch, The Springs of Cordillera Ranch, is well underway with a diverse new mix of 0.7-acre to 3-acre+ view and creek-front lots set to be completed during the summer of 2016. The Springs will include an interconnected walking and biking trail system, along with nature trails, horse trails, Panther Creek Park (similar to Swede Park) and The Springs Sports Park complete with two new sports fields and basketball court. Lots in The Springs are now available to be contracted and range from $100k to $300k+.
To see an aerial tour of the construction progress at The Springs, please visit the Cordillera Video Gallery at www.cordilleraranch.com/discover/video-gallery/ and scroll down to select the ‘Springs of Cordillera Ranch Virtual Tour.’ To understand more about the Cordillera Ranch real estate market or learn about the opportunities in The Springs of Cordillera Ranch, call or stop by the Cordillera Ranch Visitor Center (830.336.3570).