Cinco New Home Sales #2 Nationwide
For 2008, Cinco Ranch was the No. 1 community for new-home sales in Houston and Texas, ranking second nationwide, according to a study released by RCLCO, a leading independent real estate advisory firm which has compiled the annual list since 1994.
With 775 new-home sales in 2008, Cinco Ranch was one of only three communities on the RCLCO list to report positive sales gains for 2008 over 2007. Despite the economic downturn, new-home sales in this 7,600-acre community, a development of Newland Communities, increased 7 percent in 2008 compared to the previous year.
The only other communities on the RLCO list with positive sales gains, Telfair in Sugar Land and Eagle Springs in northeast Houston,are also located in Houston and developments of Newland Communities. Overall, Houston was home to five of the top 10 communities on the RLCO list.
“Another highly positive trend for Houston, not reflected on the RCLCO report, is the fact that 2009 new-home sales for the three Newland communities on the top 10 list are on par with, or even ahead of, 2008,” said Ted Nelson, President of Newland’s Central Region, which includes Texas.
“Continued strong new-home sales in Cinco Ranch prove that during uncertain economic times, homebuyers are choosing quality homes in well-planned, well-located communities with great amenities and lifestyle built in,” Nelson said. “Homebuyers seem to be viewing large-scale master-planned communities as strong investments, especially those communities with strong track records, such as Cinco Ranch, now in its 18th year of development.”
Nelson added that Cinco Ranch had an eventful year in 2008, with the mid-year opening of a new 2,400-acre phase that will ultimately contain 5,000 new households. Newland Communities has also worked to expand new-home offerings throughout Cinco Ranch, ranging from neighborhoods appealing to first-time buyers with homes from the $160,000s, to custom estate homes priced in the $1 million range. The average sales price was up 11% in 2008.
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