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City updates on Lennar subdivisions: Ridgeland sales strong, Windridge/Washington infrastructure underway
Summary
City planning staff reported sales and pricing data for Lennar’s Ridgeland subdivision, described the larger Windridge/Washington project in early infrastructure stages, and flagged how affordability caps and market dynamics affect the city’s attainable-housing goals.
City planning staff briefed the Kerrville City Council on Jan. 14, 2025 about two Lennar subdivisions—Ridgeland and Windridge—and the broader attainable housing picture in Kerrville.
Staff said Ridgeland (a planned 130-lot subdivision) has about 80 homes sold and roughly eight more under contract, based on closing data supplied by Lennar. “Ridgeland's a 130 lots…80 homes have sold so far,” City staff member Michael Hornace reported. The staff analysis showed an average net sale price since inception of about $254,000.
The staff presentation described how earlier affordability agreements set maximum sales price adjustments based on an annual cap (2.9 percent in earlier agreements) and indices tied to average median family income (AMFI) and state adjustments; staff said that linkage contributed to an increase in the allowable maximum sales price to about $275,000 in recent years as AMFI rose. City staff explained that net sale price calculations can include closing-cost assistance or interest-rate buy-downs, which reduce a buyer’s effective cost within the developer’s accounting model.
Hornace told council that Lennar reports investors purchase a significant share of units—staff said Lennar indicated roughly 30 percent of sales were to investors who rent out houses. Staff said the second subdivision (referred to in the presentation as Washington) is well underway in infrastructure work, including roads and a large retention pond, and noted that both an EIC grant and “TIRS number 2” were part of the funding framework for regional infrastructure in the area.
Councilmembers asked whether the developments are meeting local housing needs. Staff said the city has added several hundred new single-family doors across multiple projects and that the 2018–19 housing study estimated a larger multi-thousand-unit need; staff said they will return next month with a citywide capital-improvement presentation and further housing analysis.
Councilmembers who visited Ridgeland described occupied homes, front-porch activity and buyers who used different affordability mechanisms, including a veteran who purchased a home using a GI benefit. Staff emphasized the program’s intent: to set a cap on sales prices so homes remain more attainable than typical market rates, not to replicate federal low-income housing programs.
Staff concluded that Lennar is selling homes rapidly and infrastructure work on the larger subdivision is moving forward; the council asked staff to return with additional analysis on citywide capital implications and housing study updates.
