Nearly half of RCLCO Real Estate Consulting’s 50 top-selling master-planned communities last year were in Texas, including in the Dallas-Fort Worth area.
Sunterra, a development in the Houston suburb of Katy, ranked third on the list behind The Villages and Lakewood Ranch in Florida, with 1,293 sales — a 63% increase over the previous year. Homebuyers’ interest in Sunterra and 11 other developments in the Houston area ranks it atop the best-selling master-planned communities, with almost 8,300 sales.
“In 2023, the willingness and ability of new home builders to offer interest rate ‘buy downs’ on their homes helped many buyers purchase a new home that they would not have otherwise been able to afford,” said Tim Johnson of Land Tejas, the developer of Sunterra. “This was a huge help for many people who wanted to make the dream of new home ownership a reality.”
Mortgage rates are expected to gradually decline this year and with “strong underlying demographic trends and a market that is now less constrained by access to materials or shortages of new home inventory,” sales in the second half of 2024 could improve, according to the RCLCO report.
“The perception of the economy during an election year, the need to keep inventory levels sufficient to meet demand, and affordability challenges related to interest rates and home prices are all key items of concern to look out for in 2024,” Tellus Group CEO Craig Martin told RCLCO.
Tellus Group developed Windsong Ranch in Prosper. That master-planned community is ranked 33rd on the top-selling list with 551 sales last year.
Other master-planned communities in Texas included in the top-selling list were Bridgeland in Cypress (5); Mission Ridge in El Paso (11); Marvida in Cypress (12); Tamarron in Katy (14); Santa Rita Ranch in Liberty Hill (15); Silverado in Aubrey (16); Baytown Crossings in Baytown (19); Breckenridge Forest in Spring (22); Sienna in Missouri City (26); Travola in New Caney (tied at 29); Meridiana in Rosharon (37); Sunfield in Buda (39); Painted Tree in McKinney (41); Pecan Square in Northlake (45); Union Park in Little Elm (46); Elyson in Katy (47); and Harvest in Argyle (48); and Jordan Ranch in Fulshear (50).
Master-planned communities are created by special classification using comprehensive plans by developers incorporating several housing types — usually multifamily, single-family residences, condos, and townhomes — common spaces such as parks and green areas, as well as amenities.