The infrastructure for Edgemont Meadows, a subdivision northeast of Durango, is going in this spring.
The development along Florida Road (County Road 240) will be built in phases, and the first includes 83 lots that were put up for sale in April, said Justin Osborn, exclusive listing agent.
The lots near Edgemont Ranch are a quarter acre and the prices range from $99,000 to $165,000, he said. He expects the area will be ready for home construction in the fall after utility construction is finished.
The demand for the area is high and thus far he has sold 13 lots and had nine lots under contract. All the lots are dedicated for single-family homes. No duplexes or secondary units are allowed, but depending on demand, there may be some multifamily buildings in future phases of the subdivision.
The timeline for building future phases of the development will be determined in part by how quickly lots sell in the first phase.
He expects builders will have the highest interest in the first phase initially.
“I think the biggest appeal for the builders is they are relatively flat,” he said.
For prospective home owners, the area offers open space, trails, access to the Florida River and southern exposure.
The area will also have paved asphalt roads and underground utilities.
The median home price in the new subdivision could be about $500,000, but it’s difficult to say because it depends on the type of home a customer is interested in, he said.
Land is generally between 20 to 30 percent of the overall cost of a house.
Compared to Edgemont Highlands, across Florida Road, the lots at Edgemont Meadows are cheaper and smaller.
Lots at the Timbers at Edgemont Highlands went on the market in April with prices starting at $145,000.
At Twin Buttes, a subdivision within city limits, lot prices range from $140,000 to $225,000.