Two real estate developers have plans for new neighborhoods at lower price points than much of what the Austin area has seen in recent years. One is in north Austin and the other is in Dripping Springs just south of Hwy 71 off RR 12, which is around 40 minutes west of downtown Austin in the Hill Country.
Springs at Walnut Creek is the north Austin development. It will be near IH 35 and Yeager Ln. There will be a little over 100 homes priced in the $200,000s. A smaller number of townhomes priced in the $100,000s are also planned. Construction is anticipated to begin next year.
The Dripping Springs project will have just under 250 homes and townhomes priced in the $mid 100,000s to just under $300,000. The Dripping Springs area has been underserved in this price range. This is largely because builders had not been able to purchase lots at a low enough price point to keep home prices lower. Most new Dripping Springs homes at the lower end have been in the $250,000 to $400,000 range. Many buyers want to spend less because of economic uncertainty.
I have talked with a lot of area builders recently and most are quite reluctant to build homes without already having buyers for them. Many still have unsold inventory and some dimply don’t want to take the risk. Because of this, the developer of the Yeager Lane project will build homes if individual builders don’t step up.
The Dripping Springs project expects to have hike and bike trails, a small lake, a series of ponds and some office, retail and restaurant space. The developer hopes to have infrastructure construction starting next year.