Mission Mortgage’s Director of Business Developement, Mark Sprague, was quoted in today’s Austin American-Statesman in a story regarding the Lakeline Station development. Lakeline Station was a development planned by Pacific Summit Partners for a 326-acre parcel in Williamson County that would have included 2,700 homes at a cost of approximately $400 million. The land was originally sold by owner Bill Savage whose family owned the land for many years. However, in 2008, Pacific Summit Partners went bankrupt and Savage worked to re-acquire the property. He was successful in his efforts and now has reclaimed the entire parcel and plans to keep it as a working cattle ranch.
Mark Sprague was contacted by Austin American-Statesman writer Shonda Novak to provide comments regarding this transaction and what it means to the future of land availability in a very active residential area. In the article, Mark discusses the future shortage of quality new-home lots as inventories are being quickly snapped up by developers and investors. Removing 2,700 potential lots from future development will have an impact on the new-home market in Austin as Mark explains in the piece.
For the complete article, please click here.
Mission Mortgage is proud to have a respected expert on Austin real estate on our staff helping us to make the right decisions and to provide expertise to others in the industry. Mark Sprague writes a weekly newsletter that is distributed every Friday by email. If you would like to receive his newsletter or if you have questions about the story, Mark’s comments, or the real estate market in Austin, please feel free to contact us at firstname.lastname@example.org.