Subdivision demand has builder in a bullish mood
Streetman gets strong response to reservation strategy for new homes.
It might have only 22 lots, but Streetman Homes says its Barstow Court subdivision in southwest Austin is indicative of the strong housing demand in the Austin area amid a tight supply of homes for sale.
The Austin-based homebuilder was flooded with calls when it posted a sign in October announcing homes were coming soon — with prices starting in the mid$200,000s — at the community at Barstow Avenue and Slaughter Lane in Circle C North, says Ryan Jackson, Streetman’s vice president of sales and marketing. Before long, the list had grown to 104 interested buyers, he said.
That’s when Streetman decided on an unconventional selling strategy: It would take reservations on a firstcome, first served basis, with a $1,000 refundable deposit that let prospective buyers reserve a spot in a home-site selection process that would take place in December.
About 30 people showed up for the reservations meeting on the morning of Oct. 20, Jackson said.
“We walked out with 26 people signed up for reservations,” Jackson said. “Since then, it’s up to 39.”
Jackson said the first round of buyers have made their home selection and converted their reservation deposit into earnest money for a home purchase. Construction is due to start on the first homes in late January or early February. Another 30 people have placed deposits to earn a chance at reserving one of the remaining 16 lots.
Jackson said Barstow Court is a microcosm of the housing demand in the Austin market overall, as well as for homes in the price range Streetman plans to build in Barstow Court. The development will be part of the Circle C subdivision, where more than 4,000 homes have been built to date.
“It just think it kind of tells the story that if you have great home sites and a great location, there’s a great deal of demand for that,” Jackson said. “This year has been just incredible as far as the amount