A prolific developer is targeting a small Texas town, 30 miles northeast of downtown Houston, with a project that could double its 2020 population.
Meritage Homes bought 241 acres in Crosby, population 2,276 in the 2020 U.S. Census, with plans of building about 1,000 homes near FM 2100 and Foley Road for its Sundance Cove community, the Houston Chronicle reported. Prices are expected to start around $200,000.
The Arizona-based developer, which has been active in a number of areas throughout the Houston metro, will offer one- and two-story homes, ranging from 1,300 to 3,000 square feet. Meritage Homes anticipates the project will take several years to complete.
Crosby will likely embrace the addition of Sundance Cove, David Jarvis of John Burns Research and Consulting said. Whereas other suburbs surrounding Houston have become saturated with new developments, Crosby is a hidden gem.
“The existing communities are rapidly building out,” Jarvis told the outlet. “There hasn’t been enough new development coming on to replace them.”
Amenities at Sundance Cove will include trails, a swimming pool, splash pad and recreation center. Homes will be on three lot sizes, spanning from 40 to 50 feet, with a depth of 120 feet.
“The homes here will offer some of the most requested features, including granite countertops, upgraded cabinets and backsplashes, covered patios and pendant lighting,” Meritage Homes’ Kyle Davison said.
Declining interest rates and a strong single-family market bodes well for the developer. The average rate for a 30-year mortgage was recently at 6.3 percent, down from 7.1 percent in November, the outlet said.
Some builders have even offered to buy down points from mortgages to reduce monthly payments, contributing to a strong home-sales volume in Houston. Home sales in Harris County rose from 1,684 in February to 2,157 in March, according to a Rocket Homes report.
—Quinn Donoghue
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