Press
Builders Black Diamond, Abercrombie bet on Memorial Villages
Custom-home team developing high-end enclave in ritzy area
By Allison Wollam
Friday, April 10, 2009
Two Houston custom home builders have joined forces to launch a swanky subdivision in the silk-stocking Memorial Villages.
Black Diamond Cos. and Abercrombie Builders got up and running last month with Greyton Lane, a 19-home subdivision on 11 wooded acres acquired by the builders for an undisclosed price in spirited bidding competition last spring.
Tom Zenner, principal of Black Diamond, says about a dozen bidders vied for the prime tract owned by the Holy Name Retreat Center on Bunker Hill Road.
Size and location inside the Memorial Villages make the site unique, says Zenner.
“You won’t find another opportunity like this close-in,” he says. “There are no tracts this large that have never been developed.”
Andy Abercrombie, owner of Abercrombie Builders, has developed about nine different communities in the Memorial Villages over the past 20 years and feels fortunate about landing his latest project.
“It’s an exceptional find and we’re lucky we won the bid on the property,” says Abercrombie.
He chose to partner with Black Diamond on the property purchase because it’s “a lot for one builder to bite off.”
Black Diamond shares a similar track record in developing upscale enclaves. The company has completed 60 communities valued at approximately $63 million while building high-end homes in the Houston area since 2001.
Zenner notes that Cásares, a European-style gated community of 119 townhomes in Rice Village, has posted $6 million in sales since the fall. He says sales are also brisk at Bammel Lane Park Homes, a gated enclave of 12 home sites in the River Oaks area.
Sharon Ballas, a Realtor with Greenwood King Properties who has specialized in the Memorial Villages area for 20 years, says Greyton Lane marks one of the largest developments in the past 15 years.
Ballas says it’s unique for two builders to acquire a large tract of land in a wooded area close to good schools, shopping and restaurants.
She expects the community to be successful based on the location and the reputation of Black Diamond and Abercrombie Builders. All of Abercrombie’s communities in the area have been great sellers, and she expects the same from Greyton Lane.
Says Ballas: “They are both very notable in the area for their high-quality custom homes. They seem to include the right amenities to fit the lifestyle of the buyers.”
Eclectic restrictions
Infrastructure was in place and a brick fence separated the secluded cul-de-sac neighborhood from the adjacent Holy Name Retreat Center at the grand opening of Greyton Lane in early March.
Zenner says two owners are completing design work, and construction should start on their homes in the next eight weeks.
The 19 lots range in size from 20,000 square feet to approximately 27,000 square feet, and are priced between $825,000 and $925,000. The custom-built homes are expected to range between 5,000 square feet and 8,000 square feet.
Deed restrictions require stone or brick exteriors, but Abercrombie hopes to see an eclectic mix of strong architecture styles throughout the neighborhood.
He estimates that it should take three to four years to build out the subdivision, which is located east of Bunker Hill Road just north of Memorial.
Zenner sees the purchase as a good investment, noting sales activity in the high-end home sector has remained consistent in the market slowdown.
While sales volume has slipped, prices have shown a significant appreciation in the Memorial Villages area since 2006, according to statistics from the Houston Association of Realtors’ Multiple Listing Service.
In 2006, 412 homes were sold with a median price of $784,320. In 2008, there were 299 home sales with a median price of $975,000. So far in 2009, 44 homes sold at a median price of $1.05 million.
Zenner believes the natural beauty and exclusive nature of Greyton Lane will beguile buyers.
“The land is surrounded with towering oak trees and pine trees and you’ll never have to worry about any high-rises or noisy streets in this area,” he says.
