Welcome to today’s roundup of real estate news, where we delve into the latest trends and developments shaping the housing market. From Texas and Florida topping the charts in master-planned community sales to innovative projects in Northern Virginia and the challenges of developing new cities in California, our coverage spans a variety of topics that reflect the dynamic nature of real estate today. Whether you’re interested in the economic impact of new developments, the appeal of modern mountain communities, or the intricacies of market trends, join us as we explore these compelling stories. Dive deeper into each article to get a comprehensive understanding of today’s real estate landscape.
Texas and Florida Once Again Top RCLCO Real Estate Consulting’s Mid-Year 2024 Master-Planned Communities Report
Despite lower sales in the broader housing market, sales among the Top-50 MPCs remained relatively steady compared to the top-performers of 2023, showcasing the relative strength and continued appeal of Master-Planned Communities. RCLCO Real Estate Consulting has released the results of their mid-year survey of the top-selling master-planned communities (MPCs) of 2024. The survey shows that new home sales among the 50 Top-Selling Master-Planned Communities remained relatively steady, declining by less than one percent compared to the top-selling communities of mid-year 2023.
“Master-Planned Communities remain a ‘haven’ for consumers amid elevated interest rates and economic uncertainty,” said Gregg Logan, Managing Director at RCLCO. “Sales among top-MPCs outperformed the broader new home market, as sales of single-family homes nationally were 1.1% lower compared to sales in the first half of 2023.”
Key takeaways from this year’s results include:
- RCLCO’s national survey of master-planned communities has been conducted since 1994, and it identifies the top-selling MPCs through a rigorous search of high-performing communities.
- The ranking is based on total new home sales as reported by each individual community and establishes updated rankings from the previously released 2023 year-end report.
- This initiative exists not only as a way to commend the most successful communities but also as a tool for monitoring the overall health of the for-sale housing industry, locating markets with residential momentum, highlighting trends affecting communities, and learning development best practices.
- “New home sales in master-planned communities represent only a fraction of total sales in the country, but the trends and patterns we see there tell us a lot about the state of the housing market overall,” said Karl Pischke, Principal at RCLCO. “Despite the current interest rate environment and softening builder sentiment in the near-term, the long-term strength of new home sales results from strong underlying demographics, particularly millennial households in their prime home buying years as well as retiring boomer households, and domestic migration trends across the country.”
About RCLCO Real Estate Consulting: Since 1967, RCLCO has been the “first call” for real estate developers, investors, the public sector, and non-real estate companies and organizations seeking strategic and tactical advice regarding property investment, planning, and development. RCLCO brings success to all product types across the United States and around the world. RCLCO has offices in Austin, Denver, Los Angeles, New York, Orlando, and Washington, DC, and offers an array of consulting services across real estate economics and management consulting. Learn more at www.rclco.com.
SOURCE: RCLCO
RCLCO Mid-Year Report Ranks Summerlin® and Bridgeland®
Summerlin® and Bridgeland®, two of the award-winning communities in the Howard Hughes Holdings portfolio, have been ranked among the country’s top-selling master planned communities (MPCs), according to a mid-year 2024 report released by national real estate consultant RCLCO. Summerlin ranked #5 on the RCLCO list with 596 new homes sold during the first half of 2024, and Bridgeland ranked #8 nationwide with 498 new homes sold by mid-year. The demand for homes in these amenity-rich communities continues to deliver strong results, supporting the company’s expectation of another year of record residential land sales.
“The inclusion of two Howard Hughes communities in the top ten best-selling MPCs in RCLCO’s mid-year report is a testament to the exceptional high-quality lifestyle that they offer,” said David O’Reilly, CEO of Howard Hughes. “Our impressive mid-year results show a 163% increase in residential land sales revenues and a 35% increase in average price per acre compared to our 2023 mid-year results. Despite high interest rates and national headlines propagating a misleading singular picture of the housing sector, the communities across our national portfolio are delivering strong year-over-year improvement.”
Summerlin spans 22,500 acres and offers over 127,000 residents unparalleled access to nature and expansive commercial amenities in a business-friendly environment. With a variety of housing options and ongoing development, Summerlin anticipates another record-breaking year for residential land sales. Bridgeland, an 11,500-acre master planned community in Cypress, Texas, is on pace to meet or exceed its record for annual home sales set in 2023. The community offers extensive outdoor amenities, top-rated schools, and expanding job opportunities.
According to the RCLCO report, sales among the country’s top master planned communities outperformed the broader new home market, with people choosing communities that offer an exceptional quality of life, a variety of housing options, and short commutes. Houston and Las Vegas were the top-performing metropolitan areas in terms of sales among ranked MPCs.
About Summerlin®: Summerlin is one of the most sought-after and best-selling communities in the country, offering over 127,000 residents access to nature and commercial amenities. It offers a variety of housing options and has nearly 3,000 acres of raw land remaining for development.
About Bridgeland®: Bridgeland is an 11,500-acre master planned community located in Cypress, Texas. It offers a wide variety of housing options, extensive outdoor amenities, and a focus on conserving and enhancing the natural environment.
About Howard Hughes Holdings Inc.: Howard Hughes Holdings owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its portfolio includes master planned communities such as Summerlin and Bridgeland. The company is committed to design excellence and the cultural life of its communities.
Hines To Build Master-Planned Residential Communities In Northern Virginia
Hines, the global real estate investment manager, has acquired two land development lots in Loudoun County and Manassas, Virginia. The parcels will be developed into master-planned communities, adding over 1,200 single-family homes to the Washington D.C. submarkets. The Village at Clear Springs in Loudoun County will be a 1,076-unit community with diverse housing options and top amenities. Parkridge West in Prince William County will bring 162 single-family and stacked townhomes. These developments aim to meet the high demand for housing in the area and contribute to economic growth. Hines has a proven track record in land development and master planning.
About Hines: Hines is a leading global real estate investment manager with a diverse portfolio of assets. They have a strong focus on investing in, developing, and managing high-quality real estate. Learn more at www.hines.com.
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Rastegar Secures $31.7M Loan for Phase One of Master-Planned Community Infinity Square in Kyle Texas Near Austin | Yield PRO
Rastegar, the real estate investment and development company, has closed a $31.7 million loan to finance the construction of the first phase of Infinity Square, a master-planned community located in Kyle, Texas. The loan, provided by Trez Capital, will fund the construction of 329 single-family lots, which will be acquired and developed by CastleRock Communities and Brightland Homes. Infinity Square will feature single-family homes, multifamily units, commercial space, parks, trails, and an elementary school. Rastegar aims to create a vibrant community in response to the growing demand for housing in the area.
Modern Mountain Communities: modern mountain community
Explore the beauty and innovation of modern mountain communities. These communities offer a unique blend of contemporary design, natural surroundings, and outdoor recreational opportunities. Discover how architects and developers are reimagining mountain living with sustainable features, luxurious amenities, and stunning architecture. Experience the best of both worlds – the tranquility of nature and the convenience of modern living. Learn more about these modern mountain communities and find your perfect retreat.
California Forever’s Delayed Vote Shows How Hard It Is To Build a New City
Discover the challenges of building a new city in California as California Forever faces obstacles in its plans for a 17,500-acre, 400,000-person community in Solano County. The company initially planned to run a ballot initiative this year to secure zoning changes but has now delayed the vote until 2026. The project requires rezoning, environmental impact studies, and a development agreement, all of which can be time-consuming and subject to legal challenges. Despite the vision of creating a more pro-growth, urban community, California’s regulatory processes and NIMBY opposition continue to pose significant hurdles. Learn more about the complexities of building new communities in California.