Boyle Investment Co. has completed the sale of 10 residential lots to a group of five homebuilders at The Village at Spring Creek Ranch and already is seeing encouraging signs of a residential rebound.
The transaction closed Feb. 15 and is worth $750,000.
Officials with the company anticipate five to six starts in March and two of the planned homes have already been pre-sold, according to Gary Thompson, vice president at Boyle.
“What we’re seeing now is absorption that we haven’t seen in the last four years,” Thompson said. “That’s pretty exciting when 20 percent of a section is sold and you haven’t really hit the ground or told anybody about it yet.”
Home prices for residences in The Village section of the development range from $385,000 to $425,000. Builders involved in the transaction are Artisan Custom Homes, Celtic Manor Homes, Dickens & Associates, RKA Construction and Klazmer/Sklar Homes.
Boyle, only three months removed from its $4.3 million purchase of the remaining 340 lots at the high-end Collierville development, has awoken from a four-year dormancy in residential development and is primed to take advantage of a seemingly rejuvenated upper-end housing market. Chandler Reports data indicated a 25 percent increase in the volume of homes sold for $300,000 or more through 2012.
Ron Sklar, chief manager at Klazmer/Sklar Homes, said he has seen “a lot of action” in that price range.
“That market seems to have really come back and we’re building in several places where that price range has been very good for us in recent weeks,” he said.
One of two pre-sold homes in the latest phase of construction at Spring Creek was built by Klazmer/Sklar.