By Chris Eversole
Construction is booming in the Mustang and Yukon school districts, with starter homes predominating.
Building within the 12 square miles of the city of Mustang illustrates the trend.
Building permits within the Mustang city limits totaled 196 from July 2017 through June 2018, more than doubling the 82 building permits from July 2016 through June 2017.
Developments featuring homes between $175,000 and $225,000 have surged over the past three years, said longtime Mustang area developer Robert Crout.
That’s a change from past pricing within Mustang.
“Five years ago, the average home price in the city of Mustang was $350,000, and the average price in Oklahoma City was $185,000,” he said.
“Until the last couple years, not many small lots were available,” said Crout, president of Crout Companies.
On the other hand, construction of executive home priced from $350,000 to $1 million is holding its own.
Magnolia Trace, which Crout developed, is among the higher-end developments.
“I’ve been surprised that sales in Magnolia Trace have been steady,” Crout said.
“A lot of the buyers are oil and gas executives, and they’re not certain about their job security, but they’re still buying in the Mustang area,” he said.
“Others are doctors and other medical professionals, and the medicine is doing very well.”
Lure of schools, access
DR Horton, a national homebuilder, is developing one subdivision in the Mustang School District, Brookstone Ridge – east of Mustang Road and north of the Mustang city limits.
It also has two subdivisions in the Yukon School District – Summerhill, located in Surrey Hills, and The Homestead at Horn Valley – just west of Lake Overholser.
Mustang and Yukon schools are driving demand, said area sales manager Keifer Horton.
“The school district is everything for home buyers,” he said.
Timbercraft Homes has great sales in its Pinnacle at Brookstone subdivision, located off SW 29th Street between Mustang Road and Sara Road, in the Mustang School District.
The company also is doing well with Sara Vista, at NW 10th Street and Sara Road in the Yukon School District.
“The Mustang and Yukon school districts are where people want to be,” said President Bob Chamberlain.
The ease of commuting from the Mustang and Yukon areas also contributes to the popularity of the areas.
“You can get access to anywhere in the metro pretty easily,” Chamberlain said.
Homebuilder Joe Roberts said being in the Yukon School District was important to him and his partners in developing Crestone Ridge, a subdivision located on Wilshire Boulevard just east of the John Kilpatrick Turnpike.
“One spouse can work in Edmond, and the other spouse can work in the other direction,” he said.
DR Horton works hard to keep its homes around $200,000.
“We want to avoid people having sticker shock when they look at financing,” Horton said.
“We want to keep the prices as low as possible, so they don’t have to back out items from their package.”
The company has moved away from custom designs in favor of standard packages.
Another way it keeps prices down is to use laminate countertops instead of marble ones. “The $5,000 savings is important to people,” he said.
DR Horton offers limited flooring options as another cost-savings.
Timbercraft Homes is taking a different approach than DR Horton is with Pinnacle at Brookstone, which features homes between $200,000 and $300,000.
Timbercraft features a contemporary look with clean lines and uses Hardie Board siding on part or all of its homes in Pinnacle at Brookstone (which also has other builders), Chamberlain noted.
The cost of lots plays a big part in pricing homes, he said.
Lots in Sara Vista, the Timbercraft community on NW 10th Street, cost relatively less than others in the company’s other subdivision, which helps the company to sell homes there from $175,000 up, he said.
In developing Crestone Ridge, Rogrebo Inc. is following up on the success of its neighboring project, the Villas at Crestone Ridge, a 37-unit gated community aimed at empty-nesters.
Crestone Ridge features homes of 2,100 square feet and above, and it offers a large pool and clubhouse.
“We felt there was a need for this,” Roberts said. “We’re filling in a gap between smaller homes and luxury homes.”
Older homes offer high end lots
Although new homes are attractive to many buyers, many existing homes have the advantage of larger lot sizes, said Karl Mengers, broker with Weichert Realtors-Main Edge.
“If you want land, you’re going to have to buy an older home if you want to be in the city of Mustang,” he said.
In getting homes ready to sell, making upgrades to decor may not pay off, Mengers said.
“Upgrading is not necessarily worth it,” he said. “People want so many different things in decor, but if you try to guess what kind of carpet and countertops they want, your chances of guessing correctly are slim to none.”