By:
Gary Short, Director of Real Estate Sales
Each year the CR Realty office puts together a Cordillera Ranch-wide report on the overall real estate market including, but not limited to, lot and home sales along with detailing the status of new home construction throughout the community. We have just posted an updated one to our website and have included a bit of 2024 year-to-date data within it as well. This is a very thorough look into current real estate performance, while also looking back at previous years’ activity.
As you look through the report, you’ll find, and it’s important to note, the surge in activity experienced between 2020 and 2022 was a “perfect storm” in a lot of ways, spurred largely by the COVID pandemic. Folks were fleeing city centers and congested areas, looking for a place that not only provided space, but also accounted for family activities, amenities and excellent work-from-home connectivity — all boxes that Cordillera Ranch checked. Throw in historically low interest rates and you had all the ingredients to create a pace of sales not seen before.
Current data suggests in the last two years, we’ve seen the return to a more normal pace of sales across lots and homes, similar to what the community saw in the pre-pandemic years, with one caveat, home and lot values continue an upward march. Even with the pare down in activity, Cordillera Ranch saw its fourth straight year of total real estate activity eclipse the $150 million mark at $173 million for sales of all lots, homes and new home starts in 2023. That’s an incredible feat and marks the ninth year in a row of exceeding the $100 million threshold.
Amongst the many other statistical points laid out in the slide deck is key information regarding the resale value of homes built by Preferred Builders versus non-Preferred Builders. When considering building a home, a concern many of our clients have centers around the potential of a future sale — whether by way-of-life changes, necessity or simply protection of their investment. A review of resale home data between the years of 2020 through August of 2024 reflects a staggering 66% premium for homes constructed by Cordillera Ranch’s Preferred Builders over non-Preferred Builders when re-sold. When selecting your builder, that’s a compelling “value-add” offered by our Preferred Builders over their peers.
In addition to the resale benefit on homes provided by Preferred Builders is the impact that having a Master Full Golf Membership available with the purchase has on value. In 2023, home sale prices for properties offered with a Master Full Golf Membership reflected a 41% premium over those without that option. With a finite number of Master Full Golf Memberships available, it’s not difficult to understand why the limited number of properties available with that option have such an added value associated with the purchase price.
When you have a few minutes, I would encourage you to visit the “Real Estate” tab on the Cordillera Ranch website and select “Market Report,” or simply scan the QR code to view the most current version available where you’ll find all of this information along with much more.
The Cordillera Ranch Realty Team can be reached at 888.66.RANCH.
