Taylor Morrison seems to be hedging its bet that the housing problems Texas has had in some areas might soon be over. On June 30th, they purchased 400 acres of property, resulting in around 1,200 lots, in the Crystal Falls master planned community in Leander. It’s the largest land purchase the company has made in a number of years anywhere in the country.
Leander is one of the fastest growing community in Texas. It’s population has more than tripled since 2000, and thus the need for more homes in the area. Predictions have been that the area would run out of places to build homes if the population kept growing at such a high rate, and that tight credit could hurt the potential for new homes being built. Taylor Morrison seems to be betting against these predictions, possibly looking at figures in the area which show that new home construction is up around 11% from last year at this time and over 32% higher than at the beginning of the year.
Taylor Morrison is the top private home building company in the country and recently won home building awards, so they seem to know what they’re doing. It’s unknown what types of homes they’ll build and for what price, but the average for homes in the area is at least $300,000, so it’s wise to believe these new homes will be in that ballpark.
See also:
Mitch writes on real estate, finance, and many other things.