I drove through Falconhead to visit the model homes in Falconhead West and was pleased to see so much new home construction. I had driven through there a couple of months ago and there was little happening. There must be a dozen new homes under construction on or right off of Vail Divide, the main road through the subdivision.
Falconhead West New Homes under construction
Drees, Ryland and Taylor Morrison are building in Falconhead West. Drees is building from the mid $300,000s to over $600,000. Ryland’s prices start in the mid $300,000s and Taylor Morrison starts in the low $300,000s. Prices are dependent on lot location. The Lantern Ridge section will have 70 foot wide lots with views overlooking hills and valleys. Copper Canyon has 80 foot wide lots and some also have hill and valley views.
There are currently 11 Active listings in the MLS, but other homes are being built as well. Current list prices range from $399,900 to $589,900. The Drees rep told me today that he is selling 6 or 7 homes a month in Falconhead West. He told me that many people are moving from Austin to take advantage of the low 1.9% property tax rate and to have their kids in the awesome Lake Travis Schools. Other people are moving from older homes in the area and others are moving up or down in size. Families relocating to the area are coming from California, New York and other states with high tax rates.
The MLS shows 49 Falconhead West homes having been sold with all but 8 selling in 2009. The average selling price has been just under $454,500, which is a little over $120 per square foot. Knowing that many homes sold in new communities never hit the MLS, my guess is that there are probably closer to 90 new homes on the ground in Falconhead West.
Five years ago, home buyers would have thought that Falconhead West was out in the middle of nowhere. But over the last several years the Bee Cave and Lakeway area have seen the addition of the Hill Country Galleria Mall, the Shops at the Galleria and a plethora of new restaurants and retail stores. There is also a hospital site in Lakeway that ground has been broken on.
There isn’t much in the way of amenities in Falconhead West yet. There is a public golf course and what sounds to be a very nice swim center is on the drawing board. The city of Bee Cave recently opened a nice park with play areas and walking paths. Falconhead West is located in Bee Cave, just west of Austin, and can be accessed off Hwy 71 or RR 620.
Sam Chapman is an