Mark Sprague, noted expert on the Austin market and Director of Business Development for Mission Mortgage, was quoted in today’s (Feb 1, 2011) Austin American-Statesman regarding a new development planned for Horseshoe Bay.
Horseshoe Bay is an upscale development on the shores of Lake LBJ, one in the chain of lakes to the west of Austin knows as the Highland Lakes. A new plan for 50 luxury homes was the focus of the story in today’s paper. According to the article, The Reserve at Summit Rock will lie along the 17th and 18th holes of the Jack Nicholas designed golf course to be called Summit Rock Golf Course. The development will encompass roughly 21 acres of land and will offer homes in the price range of $475,000 – $750,000.
Shonda Novak, reporter for the Austin American-Statesman, explains that the new development will occur in three phases, with the first phase offering 18 homesites. The developers are said to be encouraged by the strong Texas market and point to the fact that little new construction is currently underway in the area. The partnership bringing the new homes believes that the lack of new golf courses being built nationally will attract more people to the area. Among others, they are targeting people who want to “downsize and upgrade,” according to the article.
Mark Sprague was asked for his outlook on the project and provided cautious concerns.
Mark Sprague, an executive with Mission Mortgage in Austin, said the project, like others seeking to tap into the second-home market, could be a difficult sell.
“Any community in a second-home area nationally will find it a challenging market with the large inventory of resales on the ground” and planned projects, Sprague said. “Their bread and butter — $300,000 to $750,000 — is challenging with lack of financing, and higher property taxes have tarnished waterfront and golf lots.”
(Austin American-Statesman, February 1, 2011, article by Shonda Novak)
One of the defining characteristics of Sprague is that he is not afraid to speak his mind. When he sees opportunity, he’ll gladly proclaim it. When he sees reason for caution, he’ll say that, too. That’s just one of the reasons why Mission Mortgage is proud to have him on staff. His knowledge and honesty helps Mission Mortgage to guide their business efforts, especially in these recent challenging times. The result is a reputation of providing honest answers and the latest information in an effort to allow everyone to make the educated decisions necessary for success in today’s market.
To read the complete article from the Austin American-Statesman, please click here.
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