Homeowners Express Concern Regarding Lower Priced Homes in Craig Ranch

by Craig Ranch - June 6th, 2010.
Filed under: Craig Ranch News. Tagged as: , , , .

McKINNEY, TX: Nearly 100 new homes are about to pop up in McKinney’s Craig Ranch. You’d think that would be good news for the luxury community but some neighbors are not rolling out the welcome mat.

The homes in the area currently range from about $400,000 into the millions but the homes being built are substantially less.
Beazer Homes, one of the largest builders in the country, bought 93 lots in The Settlement neighborhood at Craig Ranch. The houses, described as “luxurious and high performance,” will be among the lowest priced at the master planned development.

“Do you think I want a $200,000 home next to my house? Absolutely not,” said Carol DeMott, a homeowner who lives in The Settlement.
Some homeowners, like DeMott, are concerned lower priced homes coming into the neighborhood will drive their property values down.

“Would you want to buy a million dollar home next to a home that’s going to cost $200,000 to $300,000? I don’t think so,” said DeMott.
Michael Blackwood lives adjacent to the land where Beazer will build new homes. He calls it a good news-bad news situation. He likes the possibility that all the vacant lots in the settlement may finally be filled but he has concerns. “I do see a possible negative happening because the lower priced values of the home will drive down prices a little bit,” said Blackwood.

Craig Ranch executives want to ease homeowners’ concerns. “Every builder in there, it doesn’t matter who it is, they’re going to try to sell it for the most they can. So that product level is in the mid twos to threes. I think eventually it’s going to be even higher,” said Miles Prestemon, Craig Ranch chief operating officer.

Prestemon says builders must follow Craig Ranch architectural guidelines but that is not easing anyone’s concerns.

E-mail: sstoler@wfaa.com

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