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Trinity Falls New Homes In McKinney Texas
Dated: August 14 2015
Trinity Falls New Homes in McKinney, Texas
When Leisha Ehlert talks to would-be residents of Trinity Falls, the 1,700-acre master-planned community in McKinney, she talks about the relative affordability of the homes within the amenity-rich project.
But it hasn't been easy trying to develop a single-family home to hit a price point in the $200,000s, she said.
“If you go to any study, you see the price point is nonexistent as land prices continue to go up, the cost of construction materials go up and labor prices continue to increase,” said Ehlert, who is overseeing the $1.3 billion development with Austin-based private investment firm Castle Hill Partners.
“We’re going to try and maintain that price as long as we can," she said.
The average new home in Trinity Falls sells for $327,000, with options available in the $200,000s. That’s relatively affordable considering the median home price for an existing home increased 13.4 percent year-over-year to $220,000 in Dallas-Fort Worth, according to the Texas Association of Realtors and The Real Estate Center at Texas A&M University.
The rising home prices are tied to an increasing demand for homes by employees relocating into the region. Trinity Falls sells homes to employees who are relocating here that want to be near Toyota North America's new headquarters in West Plano or State Farm Insurance's regional hub in Richardson.
Trinity Falls offers residents a much-needed affordable housing option in the northern suburbs, which is hard to find as home prices continue to rise, saidDavid Brown, regional director of Metrostudy, which analyzes the North Texas residential market.
“Because we have such a strong housing market in DFW, there’s been a disparity between actual sales prices and ‘affordable’ prices based on income,” he said.
When I was touring the property last week, Ashton Woods Sales ManagerMichael Bulin showed me around the builder's model at Trinity Falls. The base price for a bare bones, 1-story home was $245,000. But the homes prices have been increasing steadily, he said.
"We've been increasing prices $2,000 to $3,000 every four to five weeks to keep up with market conditions," said Bulin, citing rising subcontracting costs.
Even with rising costs the demand for single-family homes in the northern suburbs of Dallas isn't showing any signs of slowing.
By next month, the group will begin delivering its first home lots for the second phase of Trinity Falls, which is slated to total 462 new homes at completion. The first phase totaled 527 home lots, which also included a 6,000-square-foot club house, a resort-style pool, splash pad, and an outdoor kitchen and patio.
At build-out, Castle Hill Partners will bring about 4,200 homes to McKinney, with about 300 acres of open space along the east fork of the Trinity River.
Want to learn more about Trinity Falls? Contact me I can help at Ivy League Realty.
Candace CarlisleStaff WriterDallas Business Journal
Ivy League Realty
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