Housing market continues to grow as Georgetown population booms

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Housing market continues to grow as Georgetown population booms
Homebuilders in Georgetown are working to keep up with a growing number of people moving to the area, according to some developers.

In May the city was named the second-fastest growing city with a population of 50,000 or more in the United States, according to data released by the U.S. Census Bureau. Between July 1, 2013, and July 1, 2014, the city is estimated to have added more than 4,000 residents.

“That’s 11.4 people a day that moved to Georgetown,” City Manager David Morgan said.

City staffers expect the trend to continue and estimate that another 25,000 people could move to the Georgetown area in the next 20 years based on the number of housing units planned or platted in the city, Principal Planner Jordan Maddox said.

City Council approved several large developments in 2014, including Wolf Ranch Georgetown, a Sun City expansion and the Woodhull municipal utility district, or MUD, Maddox said. Several of those projects are expected to move forward in 2015, he said.

“There are a lot of people who want to come to Georgetown and wanting to make investments here, and that’s exciting,” Maddox said.

More than 1,200 single-family homes are platted in the city limits, and nearly 8,000 lots are in the planning stages or are under review, according to the planning department.

“[The number of lots is] the potential based on [the plans, agreements or concept plans] with the city,” Maddox said, adding that some projects may take longer than others to be developed.

Maddox said many proposed developments can be found clustered together.

“A lot of stuff we are dealing with is in the [Leander Road]/Hwy. 29 corridor,” Maddox said, adding that as the city continues to invest in infrastructure along Westinghouse Road, development is expected to continue in the city’s southern region.

Teravista, located in the city’s extraterritorial jurisdiction, or ETJ, is also continuing to grow, said Vaike O’Grady, marketing director for the master-planned community’s developer, Newland Communities.

On June 9, City Council approved an amendment to the neighborhood’s consent agreement that would add 101 acres to the 390 it is already developing in the Georgetown ETJ.

“We’ve spent almost 15 years establishing the Teravista brand, and it has been a best-selling community for the past five years at least,” O’Grady said.

Newland is still in the process of acquiring the property, which could add up to 250 lots, she said. The new section would also include additional parkland.

The developer is also adding homes near Hwy. 29 and Ronald Reagan Boulevard in Rancho Sienna.

She said homebuilders are working to get as many homes on the ground as possible to keep up with demand.

“Across all four [of our] communities, about 30 percent [of home purchases are people relocating] … either from Houston or California and [the Midwest],” she said, adding there are also a large number who move from other locations in Central Texas. “We’re finding that people who are relocating need to be able to move in quickly.”

Other projects, including Georgetown Village, are also responding to the city’s population growth, said Bill Weber, president of Village developer Green Builders Inc. The neighborhood is continuing to add new sections, such as The Arbors at Georgetown Village, which is expected to be under construction by the end of the year, he said.

“The market has really come to the [west side of] Georgetown,” he said, counting accessibility to schools and the neighborhood’s pocket parks as a draw for new residents. “I’m very excited about Georgetown, Georgetown Village especially. It’s a great community. … I’m very excited to be involved there.”

Mayor Dale Ross said it is no surprise people want to live in Georgetown.

“A lot of folks and businesses are coming here because of the unique charm of Georgetown,” he said. “Just look at the different elements we have here: It’s very safe here, we have a sound economy, we have the second-lowest [property] tax rate in Central Texas, we have the charm of the Square, we have parks—San Gabriel and Garey Park that’s coming online—we have the convention center that’s coming online and Southwestern University, too.”

Under consrtuction

1. Cimarron Hills
Developer: Desert Troon Companies
Builder: DRees Custom Homes, GH Reserves, Opus, Partners in Building, Sitterle Homes
Acreage: 1,000
Lots: 488
Home prices: $325,000-$2 million

2. Creekside at Georgetown Village
Developer: Green Builders Inc.
Builder: KB Home
Acreage: 56
Lots: 184
Home prices: $211,000-$261,000

3. FreDRickson Ranch at Lake Georgetown
Developer/Builder: FreDRickson Builders
Acreage: 160
Lots: 70
Home prices: $550,000s and up

4. Georgetown Village
Developer: Green BuilDeRs Inc.
Builders: Gehan Homes,
Ashton Woods
Acreage: 811
Lots: 128 lots by Gehan Homes,
123 by Ashton Woods
Home prices: $211,000-$302,000

5. Highcrest Meadow
Developer/Builder: D.R. Horton
Acreage: 31
Lots: 135
Home prices: $200,000-$242,000

6. Katy Cove Estates
Developer/Builder: D.R. Horton
Acreage: 12.44
Lots: 47
Home prices: $229,000-$269,000

7. La Conterra
Developer/Builder: KB Home
Acreage: N/A
Lots: 267 in phases 6,7 and 8
Home prices: $211,000-$257,000

8. Lakeside
Developer: Georgetown 116 Development Partners
Builders: Gehan Homes,
Wilshire Homes
Acreage: 116
Lots: 300
Home prices: $350,000-$600,000

9. Oaks at San Gabriel
Developer: James R. Harris Partners
Builders: Ashton Woods, Brohn Homes, Highland Homes,
Scott Felder Homes
Acreage: 400
Lots: 843
Home prices: $280,000-$500,000

10. Pinnacle
Developer/Builder: D.R. Horton
Acreage: 66
Lots: 462
Home prices: $180,000-$211,000

11. Rancho Sienna
Developer: Newland Communities
Builders: CastleRock Communities, Centerra Homes, Chesmer Homes, D.R. Horton, Emerald Homes, Partners in Building, Ryland Homes, Sitterle Homes, Wes Peoples Homes
Acreage: 500
Lots: 1,455
Home prices: $220,000-$500,000

12. Sun City
Developer/builder: Del Webb
Acreage: 5,300
Lots: 10,000 upon build-out
Home prices: $192,000-$518,000

13. Teravista
Developer: Newland Communities
Builders: Centerra Homes, Chesmar Homes, D.R. Horton, Lennar, MileStone Community Builders, Ryland Homes, Village Builders, Wes Peoples Homes
Acreage: 390 in Georgetown ETJ
Lots: Approximately 1,000 in Georgetown ETJ
Home prices: $200,000-$700,000

14. Water Oak at San Gabriel
Developer: Galo Properties
Builders: Chesmar Homes, Grand Haven Homes, Scott Felder Homes, Wilshire Homes
Acreage: 1,354
Lots: 3,000
Home prices: $250,000-$450,000

Under development

15. The Arbors at Georgetown Village
Developer: Green Builders Inc.Acreage: 29
Lots: 85 single-family homes planned

16. Crescent Bluff
Developer: Zamin LP
Acreage: 284.6
Lots: 730

17. Madison at Georgetown
Developer: Land Strategies Inc.
Acreage: 596
Lots: 936

18. Shadow Canyon
Developer: Land Strategies Inc.
Acreage: 308
Lots: 675

19. Wolf Ranch Georgetown
Developer: Hillwood
Acreage: 755
Lots: 1,688 single-family, 388 multifamily, 336 age-targeted units

20. Woodhull
Developer: David Nairne
Acreage: 350
Lots: 1,166 proposed single
family, 350 multifamily units


21. Anatole at Westinghouse
600 Westinghouse Road
Units: 250

22. Gateway Northwest Apartments
1617 Northwest Blvd.
Units: 180

23. Rivery Park Apartments
1400 Rivery Blvd.
Units: 228

24. Vantage at Georgetown
2000 FM 1460
Units: 288