In the ebb and flow of the real estate market, a CIRI-owned development in Texas is beginning to flow. A master-planned subdivision 15 miles northeast of downtown San Antonio, Escondido North provides high-quality homes at entry-level prices.
CIRI Land Development Company (CLDC), a wholly-owned CIRI subsidiary, began the first stage of development in 2007. In 2008, the Great Recession hit. According to the U.S. Department of Commerce Bureau of Economic Development, residential private investment, mainly housing, fell from its 2006 peak of $800 billion to $400 billion by mid-2009. Along with most housing development projects across the nation, this drop negatively impacted Escondido North and temporarily halted its development.
The housing market, along with the rest of the U.S. economy, began its years-long recovery in summer 2009. Things started looking up for Escondido North in 2014 when the second-largest homebuilder in the U.S., Lennar Homes, expressed interest in purchasing the existing finished lots, along with lots for additional future units. A 2015 sale within the development of an elementary-school site, to Judson Independent School District, proved to be a great benefit to the project and helped solidify a contract with Lennar Homes for 198 finished lots.
Lennar began construction of a model home and several speculative houses toward the end of 2016. The homebuilder is currently marketing the project and generating strong initial interest.
Entry-level or “starter” homes are those priced in the lower one-third of a local market. They often leave much to be desired, either in terms of the home itself, the location or both. Not so with Escondido North. The homes, which range in price from approximately $178,000 to $212,000, feature large master suites and open kitchens and family rooms, and are close to two military bases, parks, schools, restaurants and shopping.
“The San Antonio housing market has recovered significantly from the lows of the recession, which allowed CLDC to put Escondido North back in motion,” said CIRI’s Chad Nugent, vice president, Real Estate. “The entry-level market is the most in-demand segment of the residential housing market, and the addition of the nearby school is an extremely attractive amenity to prospective homebuyers with young children.”
Visit www.lennar.com for more information about the Escondido North subdivision.