North Houston homes selling for (a lot) more than expected

HOUSTON – Homes in Springwoods Village are selling for a lot more than expected as thousands of new Exxon Mobil Corp. employees move to the north suburb.

Taylor Morrison Homes Corp. has built 29 of 51 planned homes in the Audubon Grove neighborhood. Their traditional, single-family homes were originally listed between $470,000 to $570,000, but have sold between $600,000 and $700,000.

Sullivan Brothers Builders has built 26 of 88 planned homes in the Harper Woods neighborhood. Their American craftsman, New Orleans-style and row townhomes were originally listed between $395,000 to $595,000, but have sold between $500,000 and $600,000.

Homes in both neighborhoods are selling for a lot more than originally estimated, said Keith Simon, executive vice president and director of development at CDC Houston.

As CDC Houston looks to its second phase of residential development, it hopes to hold down home prices to between $300,000 and $400,000, Simon said.

Click Houston NewsTalk, Houston Market Research.