Artist rendering of the Villas of Lake Highlands. Photo: David Weekley Homes

Artist rendering of Villas of Lake Highlands. All photos: David Weekley Homes

Houston-based David Weekley Homes is building their second community in East Dallas, with five houses ready for move-in this summer.

Villas of Lake Highlands will be a private gated community of detached, single-family houses near White Rock Lake at E. Northwest Highway and Plano Road. At build-out, the development will have 80 houses.

Prices start at $410,000 and the houses range in size from 2,308 to 2,904 square feet with five different floorplans. All will be built on 32-foot home sites.

Villas of Lake Highlands

 

HOA fees will be $1,450 per year, with a $300 capitalization fee at time of purchase. Community amenities will include include a dog park and swimming pool.

The area is zoned for Richardson ISD, with assigned schools Lake Highlands Elementary School, Lake Highlands Middle School, Lake Highlands Freshman Core, and Lake Highlands High School.

Here’s a quick look at the five houses available this summer.

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Photo courtesy Bright Realty

Artist rendering of Discovery at The Realm in Castle Hills in Lewisville. Photo courtesy Bright Realty.

Since the first homeowners moved into Lewisville’s Castle Hills community in 1998, more than 12,000 people have decided to call the master planned community home, and it is about 60 percent built-out today.

Located off State Highway 121 and Farm-to-Market Road 544, Castle Hills is 60 percent residential and has single-family houses ranging from about $300,000 to $1.5 million and more.

Developer Bright Realty is enticing a different demographic with their next stage of work at Castle Hills with a $75-million project called Discovery at The Realm. These 4,000 luxury rental apartments are being built with young professionals in mind.

Tim McNutt, Executive VP of Multifamily Development at Bright Realty and a Castle Hills resident himself, said these apartments are part of the strategy to develop Castle Hills in stages.

“The long-term plan was to establish the single-family housing, then to develop the remaining commercial properties,” McNutt said. “Along with the commercial [real estate], we wanted to expand the demographic and this will broaden our appeal to a whole new market.”

Photo courtesy Google Maps

Photo courtesy Google Maps

Bright Realty broke ground in December on Discovery at The Realm, which will include high-end, three podium-style buildings (underground parking with four stories of apartments above) on over 20 acres of land located south of Windhaven Parkway at Castle Hills Drive. The first units will be available in April 2016, with all phase one units completed by October 2016. Jump to read more!

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Republic Property Group — developers of masterplanned community Light Farms in Celina, TX — has donated $2 million to Prosper ISD as well as the land for a new elementary school. The campus, which will be located within RPG’s sustainably oriented Light Farms development, a 1,070 acre community with tons of family friendly amenities.

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A quarterly report from Metrostudy says Dallas-Fort Worth new home construction was up 7 percent, and closings on new homes up 9 percent, in the third quarter July, August, September, compared with the second quarter. And housing starts were up 6 percent from the same period last year. Analysts now says the market is coming down off the post-home buyer tax credit bottom that occurred in the first quarter of 2011, almost like withdrawal. David Brown, director of Metrostudy’s Dallas-Fort Worth office, says he continues to hear that sales are sneaking higher than for the same months of 2010.

Home builders closed sales of 3,805 new homes from July to September, and started construction on 3,839 homes.

Last week I told you about the “sweet spot” of pricing on new home sales up in Allen. Hillwood broke ground on the last phase of Twin Creeks; StarCreek and other Allen developers are breaking ground and moving dirt like crazy, I caught up with Hillwood’s president, Fred Balda, who told me it’s not surprising, in times like these, to see consumer home demand in the great master planned communities. It also helps that we have jobs in Texas, particularly tech jobs, drawing in buyers.

What drives the band for our Allen business is employment in the George Bush corridor,” says Balda. “We’ve hit a bit of a dip, but we are still positive. And you need new jobs to create buyers for these homes.”

Last year, says Balda, Hillwood, with 60 major residential master-planned communities across the continental U.S, Hawaii and Costa Rica, only started 300 new lots in Dallas Fort Worth. Tough year. This year, the company has doubled the number here. In the golden years of the boom peak, Hillwood was churning out 1500 lots a year in D/FW.

It’s not just jobs: another Allen draw, says Balda, is great schools, especially “one neat high school that is like a mini-college.” There’s great retail, shopping and restaurants. 

Twin Creeks is the tail end of a development started back in 1993; only 60 lots left to develop, then it’s a completed community adding to the heft of Allen. As a city, Allen saw 425 new home starts in the last 12 months. There are about 800 lots on the ground right now, or an 18 month supply. Equilibrium for this area is 24 months, says Balda, so Allen is actually below equilibrium.   

And Balda agrees: the sweet spot of home sales in this area is below one million. When I asked where the buyers are coming from, he said  20 to 25% are move up buyers coming from other parts of the market — moving away from the private schools, perhaps? — as well as relocations.

Texas is a good buy, f you have great credit,” says Balda. “At this price point housing here is still very competitive with interest rates so low.”

And the upscale dirt here is not too shabby when it comes to sales. The only gated area in Twin Creeks is exclusive Wimberley, where sales are also cooking. Wimberley’s lots are larger and pricier, with homes ranging from $1 million to $3 million: only 50 left to sell. Who’s buying? Upscale buyers — remember, there are plenty of them — businesspeople and professionals who love the hillier terrain and living near ponds and creeks.

I’m just glad to see the dirt flying.