CDS on Residential Real Estate Growth

Coventry developing new community near likely Exxon campus
Houston Business Journal

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Coventry Development Corp. plans to create a master-planned community near acreage Exxon Mobil Corp. has acquired for a possible campus.

Springwoods Village is designed as a sustainable development in a forest-like setting on 1,800 acres south of The Woodlands, and the newcomer will rival its neighbor to the north with a similar mix of residential and commercial...

Springwoods Village will directly compete with The Woodlands in the residential and commercial realms. The new community in Houston’s extraterritorial jurisdiction plans a residential mix of single family homes, townhomes and apartments from the onset.
The properties will go up against those in The Woodlands, one of the fastest-selling master-planned communities in the country. 

Charlie Savino, executive vice president with CDS Market Research, says The Woodlands sold 635 homes during the first six months of this year, and closed a total of 1,260 homes in 2009. 

Savino, who was hired by Coventry to do a residential market analysis for Springwoods Village, says The Woodlands is selling homes at a rate that will build-out the community within seven years if no more land is acquired. That bodes well for Springwoods Village, which Savino says could fill 5,000 residences by 2025. “Our forecasts are not outrageous,” Savino says. “We’re confidant that the project will be successful.” Coventry is planning 8.5 million square feet of offices and medical space for development at the same time the residential properties are being built.

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