One of North Texas’ busiest developers has just bought Denton County land for hundreds more homes.
Centurion American Development Group purchased land for 850 houses on the west site of Celina on FM 428.
The almost 250-acre Edgewood Creek property brings Centurion American residential sites to a total of five in that area to the west of the planned Dallas North Tollway extension, said real estate broker Rex Glendenning, who handled the sale.
Glendenning said Centurion American’s new land acquisition is about three and a half miles north of U.S. Highway 380.
“Edgewood Creek overlooks a big floodplain to the west that will be a greenbelt area,” he said. “They’ll break ground on that property probably in February or March.
“For the first time in my 40 years in the business, there are major master-planned developments going in in West Celina following the tollroad extension north,” Glendenning said. “I’ve done several deals with Centurion up there.”
The property the developer just purchased is in the city of Celina and Prosper’s school district, Glendenning said.
With this year’s surge in demand for new homes, builders and land developers are scurrying to tie up sites for additional residential communities in Dallas’ northern suburbs.
“Everybody is looking for a position to put homes on the ground,” Glendenning said. “If you are in the suburbs, of Dallas you have caught more wind in your sails.”
New home starts in North Texas were up by 34% in the third quarter from the same period in 2019.
Glendenning said at the start of the COVID-19 pandemic, he expected the land market to cool.
“If someone would have asked me in April when we shut our office down, I would have said we had seen the better days of this cycle,” he said. “I didn’t foresee the true economic impact of the exodus from these major metro areas to the higher-end suburbs.
“It’s pushed the suburban single-family home market up 20% in the last three four or five months,” Glendenning said. “If you are in that sector of the game, you are a winner.”
The D-FW area inventory of developed available homebuilding lots is at its lowest level in years, according to a new report by Dallas-based Residential Strategies.
“Builder appetite for new lot deals has surged this summer,” Residential Strategies principal Ted Wilson said. “Builders are anxious to replace lots that are being burned off their inventory and embrace the growth in demand that is being presented today.
“With this heightened demand, we are witnessing renewed lot price inflation and tougher deal terms from developers.”
Centurion American’s Celina purchase is on the heels of a more than 500-acre land buy by the company on U.S. Highway 380 at FM 720 in Little Elm. The Spiritas Ranch property will be used for more than 2,000 homes.