One of Houston’s most sought-after master-planned communities, Bridgeland, is getting cost-conscious in 2023.
Homebuilders like Chesmar Homes are shaking up the popular community with lower-cost products. The Courtyard Collection is set to be Chesmar Homes’ first foray into cost-cutting designs for the master-planned community. The median home price in Bridgeland was $538,000 in December, according to data by Redfin. Meanwhile, prices will start at $317,000 for this new development, about 60 percent lower than the median home price. The development’s priciest homes would reach $430,000, according to a source close to the development.
The homesites will range from 1,500 to 2,000 square feet for an average price of about $215 per square foot. It marks the latest development in the builder’s long-standing partnership with Bridgeland, dating back to 2016. Planned for Bridgeland’s outer district, Parkland Village, this new collection of build-to-buy homes will hit the market in February.
The master-planned community has also enlisted homebuilders Beazer Homes, Century Communities and Highland to provide a diversity of products, including lower-cost options, across its four distinct villages.
Like many master-planned communities in the Houston area, Bridgeland is reacting as the market calls for adjustments amid ballooning mortgage rates. Rates reached 7 percent in November, dampening Houston’s previously booming resi market.
Prairieland Village, located west of Grand Parkway, is also introducing Bridgeland’s first build-for-rent properties. A 27-acre BFR gated community, Wingspan, will expand into Bridgeland Creek Parkway and Peek Road. It will be offered as an alternative for families without the resources to buy property in the high-demand community. Wingspan will include farmhouse-style homes and duplexes for lease with an expected grand opening this summer.
Bridgeland has been in development since 2003 with homes first opening in 2006. Woodlands-based real estate development company Howard Hughes spearheads the multi-decade development plan. Situated between Highway 290 and Interstate 10, the community’s more than 11,400 acres meet the demands of Northwest Houston as the city’s emerging population center.
At full build-out, it will be home to more than 66,000 residents and 30,000 homesites, from apartments and townhomes to palatial luxury homes. Bridgeland ranked 20th among top-selling master-planned communities in the nation, with more than 500 homes sold, according to data compiled by real estate consulting firm RCLCO. The estimated completion date is 2037.
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