Odessa building boom to hold in 2014Odessa building boom to hold in 2014https://www.recenter.tamu.edu/news/newstalk-texas/?Item=47202014-03-07T07:01:00Z2014-03-07T00:00:00Z

ODESSA - Northern Odessa will see 900 single-family residences constructed over the next three years for an estimated $10 million. Betenbough Homes will build the residences on 260 acres north of 91st St.

In 2014, the company plans to build about 250 homes, which are expected to sell before completion, according to Vice President Ron Betenbough. The company has already built nearly 800 homes in Odessa’s North Park subdivision.

The new homes will fall in the $150,000 to $200,000 range and most buyers will be blue-collar workers, office workers and lower-level managers, according to Betenbough.

In 2013, Odessa and Midland saw 1,333 single-family permits issued, according to economist Karr Ingham. Odessa homes sold for an average price of $178,752 in 2013, and the average time on the market was 51 days, according to data from the Permian Board of Realtors.

“I think that lots are coming online and the homes will be built to help catch up,” said Randy Brinlee, Odessa’s director of planning. Most announced development plans lie to the northern and eastern parts of Odessa.

Significant developments include:
•  D.R. Horton’s Legado Estates, a 25-acre lot of three streets near Parks Legado;
•  The Old Course Estates, being built by Permian Homes, near the 18th hole of the Odessa Country Club;
•  The Desert Ridge subdivision off Grandview Ave. and 52nd St. planned by Houston Endowment and Leeco Properties, proposed as
    about 70 townhomes on 7.5 acres and 100 single-family residences on 34 acres; and
•  Mardi Gras Estates, which will bring 574 homes near the northwest corner of East 87th Street and East Loop 338.

Several economists who study the Odessa and Midland area have predicted growth rates to cool from the extremes of the past few years, giving infrastructure a chance to catch up and possibly relieve housing costs.

Odessa American
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