By Candace Carlisle | Dallas Business Journal
Rebuilding custom home sales at the Tribute have the developer optimistic, perhaps for the first time since the recession.
“We’ve had a lot of activity in the last four to five weeks,” said Jack Matthews, president of Matthews Southwest and developer of the Tribute in the Colony near Lake Lewisville. “It’s been a real game changer.”
In the past few years, Matthews has slowed the development’s construction schedule. But this year’s forecast of 80 custom homes could be upped based on sales activity, he said.
Thirty-eight home sites have sold at The Tribute through July 31, with 10 contracts signed in July, officials said. There were 36 total home sites sold last year.
The Tribute is a 1,150-acre master-planned residential and golf community. There are about 175 homes build at the Tribute ranging from the mid-$200,000s to the $1.2 million.
There are more than 1,100 rooftops planned for the community, officials said.
Mathews Southwest is shopping for retail partners, such as a bakery, exercise facility or wine shop, to serve the expanding residential community, Matthews said.
Other future developments that could start at The Tribute in the next 18 months could include a hotel, condominiums and higher-end golf villas, he said.
The Tribute isn’t alone in continued interest. There’s been a flight to quality in residential homes, especially high-end master-planned communities, said Cassie Gibson, a senior vice president at Dallas-based Residential Strategies, which tracks and analyzes data for the residential market.
“There has been a theme throughout the downturn and home buyers have been quick to move to higher-quality developments,” Gibson said.
The Tribute – with two 18-hole golf courses – is one of those in-demand properties, she said.
Homes priced between the mid-$200,000s to the $400,000s have shown the most stability in the past year, she said.
That price point seems to be a “sweet spot,” for home buyers at The Tribute said Kathy Cunningham, vice president of the Tribute.