Pardon Our French

Housing development in Bee Cave slated for $126M second building phase

Provence housing developement in Bee Cave

Houses at Provence aren't all the same stylistically, but they're all medium to very large in size.

Masonwood Development/masonwoodtx.com masonwoodtx.com

Texas already has a Paris; and now Provence, a "Hill Country-style" master planned community, is growing on Hamilton Pool Road in Bee Cave. Some homeowners moved in after the first phase was completed, and Trez Capital, a real estate investor working with Masonwood Development, has announced a second phase of development coming in the near future.

There does not appear to be an estimated date of completion for the second phase.

What is set in stone is the $126 million transaction binding the two companies in Phase II. The new phase will add new homesites, totaling 1,600 across Provence's 910 acres.

Because developers are working with various builders within the Provence project, there are a variety of home styles and price points. According to the Austin Business Journal, the floor plans will span 2,200-5,500 square feet on 50- to 80-foot lots. Masonwood lists the price range as mid $500s to $1 million.

As counted in the investor's press release, amenities will include a wellness center, a dog park, and even small vineyards. The latter sounds lofty, but the plan is already in action — and the vines are already growing grapes.

Additional amenities listed on the developer's website include the Provence Club House, a pool house and pavilion, and access to hiking and biking trails. Provence houses are fitted with sustainable features such as solar panels, energy-efficient appliances, and landscapes that conserve water.

“When I first viewed the property, I was immediately struck by its raw beauty and envisioned the limitless potential,” said Masonwood founder Jim Meredith. “Historians say the original settlers of Provence, France, were pioneers — people seeking something more. That’s us — embarking on a journey.”

As the address suggests, the community is close to Hamilton Pool, about a 15-minute drive. It's also about 10 minutes from Dripping Springs, 15 from Lake Travis, and 30 from downtown Austin. Kids at Provence will be within the district for Bee Cave Elementary School, Lake Travis Middle School, and Lake Travis High School.

Potential buyers can browse a list of addresses under development and request more information online.

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Rent report

Kyle's apartment rent prices rivaled Austin's, surpassed suburbs in June

The City of Kyle, TX - Local Government/Facebook

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Apartment rent prices in June were more expensive in Austin and Kyle than they were anywhere else in the metro, according to the latest monthly rental report from Zumper.

The rent report, which analyzed active listings from the previous month across all cities in the Austin area, tracks the most and least expensive rent prices for one- and two-bedroom apartments, and determines the cities with the fastest growing rents. Listings were aggregated by city to calculate median asking rents.

Despite being the most expensive rent in the region last month, the asking rent for one-bedroom apartments in both Austin and Kyle technically hasn't risen or decreased since this time last year. The asking rent for one-bedrooms in both cities remained flat year-over-year at $1,500. For two-bedroom units, asking prices in Austin grew 0.5 percent to $1,910, and prices came out to $1,780 in Kyle.

Zumper's report revealed that the median asking rent for a one-bedroom apartment in Texas came out to $1,134 last month, but there was no figure given for two-bedroom units. All eight Austin-area cities had higher asking prices than the statewide median.

Round Rock had the third most expensive rent for one-bedroom apartments in June, with asking rent for single-bedroom units at $1,320, and $1,630 for two-bedroom units.

Rent prices in Pflugerville were the cheapest in the Austin area last month, as prices for one-bedroom apartments fell to to $1,190. That's 6.3 percent lower than they were a year ago, and it was the most dramatic year-over-year decrease out of all Austin-area cities. Two-bedroom apartment prices also plunged 6.5 percent from last June to $1,730.

These were the prices for one-bedroom apartments in the remaining four Austin-area cities in June:

Georgetown – $1,290
Cedar Park – $1,280
Leander – $1,270
San Marcos – $1,210

June asking prices for two-bedroom units in the four suburbs were:

Georgetown and Cedar Park– $1,720
Leander – $1,590
San Marcos – $1,530

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