Venture backed by billionaire Hildebrand plans 2,800 homes in Katy

The yet-to-be-named community is expected to break ground in the second quarter with initial lots delivered to builders in the fourth quarter of 2024.

Johnson last year added more than 1,600 lots to the Houston market and recently acquired 1,400 acres in Magnolia for a new community. The Katy Independent School District schools are expected to be a draw to its newest community, which is near Sunterra, a 2,300-acre development of Land Tejas/Starwood Land that has become the top-selling community in the Houston region since opening in 2021.

“We have seen a slowdown in home sales and expect it to continue over the next 18 to 24 months,” said Michael Smith, president and CEO of Johnson Development.

“The Houston market is still strong when compared to the rest of the nation, and this west Houston corridor has fared better than other parts of the region,” he said. “The region is still historically undersupplied, so given the two-year development cycle for the first phase of this new community, we hope to be bringing much-needed new homes to a more normalized market when we launch the new community.”

Houston lands on top

Houston made a strong showing on a new list of the nation’s top-selling master-planned communities in 2022 compiled by RCLCO, a real estate consulting firm based in the Bethesda, Md. Houston earned the title of the top-selling metropolitan area with 13 local communities accounting for nearly 6,000 new home sales.

Two communities from Land Tejas/Starwood Land made their debuts last year: Sunterra, coming in at No. 8 on the list with 795 sales, and Marvida in Cypress, ranking No. 13 with 635 sales. Bridgeland, a development of the Howard Hughes Corp. in Cypress, slipped to No. 20 with 567 sales, down 20 percent from 2021 levels.

Home sales were down in a majority of the communities in 2022 compared to the previous year, and Houston activity was no exception, according to RCLCO. Mortgage rates peaked at 7 percent in October, more than doubling during the year and shutting many buyers out of the market.

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“Master-planned communities, like the broader U.S. housing market, saw a decline in home sales in 2022 compared to their prior year performance,” RCLCO Principal Karl Pischke said in the report. “The second half of the year in particular saw significant declines, correlated with rising interest rates, as top communities sold about 13 percent fewer homes than in the first half of the year.”

Tavola, a community of Friendswood Development in New Caney, bucked the trend with sales rising 17 percent over the year to 508, placing it at No. 23. Sales more than doubled to 410 in Becker Crossing, a Friendswood development in Hockley that came in at No. 36.

Communities with year-over-year declines included: Tamarron, No. 33 with 431 sales, down 39 percent; Meridiana, No. 38 with 400 sales, down 14 percent; Cross Creek Ranch, No. 40 with 396 sales, down 13 percent; Woodforest, No. 42 with 382 sales, down 18 percent; Elyson, No. 46 with 362 sales, down 21 percent; Sienna, No. 49 with 351 sales, down 46 percent; and Sierra Vista/Sterling Lakes, also No. 49 with 351 sales, down 39 percent. 

Caldwell Ranch, a development of D.R. Horton in Rosharon, made its debut at No. 47 with 359 sales.

Partners in growth mode

Houston-based Partners Real Estate has expanded with the acquisition of Providence Commercial Real Estate Services, a commercial real estate company in San Antonio. Founders Steve Garza, Dan Gostylo and Phil Crane have joined Partners Real Estate as partners.

The deal brings Partners’ employee count in the San Antonio office to more than 25, including seven partners, according to Jon Silberman, the firm’s managing partner. The company opened a Dallas office last year and rebranded from NAI Partners.

katherine.feser@chron.com