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Bastrop housing permits hit five-year high

Ninety-four new single-family homes were approved for construction in Bastrop in 2016 — setting a five-year high — and officials say the city is on pace to meet or exceed last year’s housing production.

“We had several new site plans come through that we’re either reviewing or under construction or in the approved phase but they haven’t actually started,” Bastrop Director of Planning and Engineering Wesley Brandon said.

According to a 2015 housing market study commissioned by the Bastrop Economic Development Corp., home sales in Bastrop could reach up to 250 per year through 2020, and about 325 sale closings per year in the next five to 10 years.

“(River’s Bend at) Pecan Park, our residential subdivision, has just really exploded,” Brandon said. “They’ve pretty much sold everything that they have on the ground right now.”

Pecan Park, south of Texas 71, is a 311-acre mixed used development with 200 acres dedicated to housing that can support about 530 lots. The commercial portion of the development, which could include multifamily housing, comprises 80 acres.

The subdivision is about to open a new section that will include about 48 residential lots, most of which have already been sold, Brandon said. Infrastructure improvements are in the works for two new sections that will have attached and detached single-family homes.

Brandon said there is high demand for single-family homes in Bastrop priced from $200,000 to $300,000.

The 2015 housing study by real-estate market advisor Robert Charles Lesser & Co. found that Bastrop’s proximity to Austin and Houston and its quality-of-life community amenities will increase its share of the Austin regional housing market.

As Austin’s housing market becomes overly saturated and expensive — as and prime and high-activity Austin submarkets along Interstate 35, such as Round Rock, Kyle and Buda, fill up and become less affordable — continued growth will shift new home construction to emerging, attractive areas to the southeast, the study found.

Read the full article at statesman.com