Bridgeland Introducing New Housing Type, Market briefs

In Houston, In keeping with a national surge in townhome building, Howard Hughes Corp.is starting the first townhomes for sale in Bridgeland Central, the future multi-use town center of its Bridgeland large-scale planned community in northwest Houston.

Highland Homes is the builder of the townhome buildings is set to feature two to four units and will offer 22-foot or 25-foot alley units as well as 25-foot front-loaded homes, all of which are designed in a modern eclectic architectural style.

Square footage will range from 1,761 to 2,300 SF. Pricing will be from the high $400,000s.

A major rebound in townhouse construction is in progress across the nation as buyers seek options as home prices surge and mortgage rates are rising.

The National Association of Home Builders says 152,000 townhouse construction starts were recorded in the last four quarters, up 25 percent from the prior four quarters.

“The long-run prospects for townhouse construction remain positive given growing numbers of homebuyers looking for medium-density residential neighborhoods, such as urban villages that offer walkable environments and other amenities,” Rob Dietz, NAHB chief economist said in a recent NAHB report. “This will be particularly true for prospective first-time buyers in high cost metro areas.”

Bridgeland’s horizontal development is now being overseen by Steve Sams, HHC’s Senior Vice President of MPC Residential. “The townhome series’ city-inspired architecture fits in perfectly with the neighborhood’s proximity to Bridgeland’s future urban core,” said Sams. “Coupled with its proximity to recreational opportunities, City Series will appeal to those seeking an elevated residential experience with access to greenspace and best-in-class amenities.”

The new neighborhood will represent the first residential section for sale in Bridgeland Central, a 925-acre multi-use development on Grand Parkway. Bridgeland Central is destined to become one of Northwest Houston’s most vibrant centers, highlighted by office, retail, dining, entertainment, hospitality and more in a friendly, community-focused city-inspired setting.

In Houston, Highland Homes recently reported it will build townhomes in the Towne Lake community. “Dallas-Fort Worth was our test market for these floorplan designs, and they did very well,” said Aaron Graham, President of Highland Homes. “With the significant demand we are seeing in the Houston area, the time was right to expand our offerings in this market.” High ceilings are a standout feature of each of the designs, Graham said, giving the townhomes aa sense of openness. Each of the floorplans has two-story family rooms and ample windows for natural light. Each also has side or back patios for outdoor gathering.

Mortgage rates have been rising significantly this year as the Federal Reserve moves to head-off runaway inflation. The average interest rate on a 30-year fixed-rate mortgage jumped to 5.78 percent last week, almost double the average rate a year ago.