7 Catamount lots on market

Agent doesn't think current downturn will hurt resale of sites

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— All 25 building lots at the Ranch at Catamount have been sold out for more than a year. But that doesn't mean well-heeled buyers can't join the neighborhood.

Seven building lots surrounding the Tom Weiskopf-designed golf course at Catamount Ranch and Club are back on the market for resale in the million-dollar range.

Among the lots back on the market is site 16 listed by owner Richard Matthews of Houston with Broker Steve Asbury of Mason & Morse Real Estate. The 6.7-acre home site is listed for $1.25 million.

The property is located on a private drive off of the Canyon court cul-de-sac between the sixth and 11th holes of the golf course.

Asbury said membership in the club is available with the lot.

The Catamount Ranch lots originally came on the market in autumn 1998 at prices ranging from $495,000 to $875,000. The average price was about $725,000, Asbury said.

He suggests that the seven lots have come back on the market for a variety of reasons. A small percentage of the original buyers were probably speculating and hoping for a quick turn around, he said. For some owners, the downturn in the stock market may have changed their plans.

Other buyers bought the lots to build spec homes. Currently three spec homes are under construction and two custom homes are also being built.

Asbury said he believes the current construction activity is a positive development for the undeveloped lots on the market. The kinds of homes being built establishes a market level the overall subdivision will live up to, he explained.

William O'Meara's spec house being built on lot 8 is listed for $9.35 million, Asbury said. The home is being built by contractor John Iverson and is listed by Nancy Jarchow. Another spec house being built by Tom Dover on lot 17 is listed at $3.735 million.

Another spec home sold to Wayne Carlisle, who had entered the original drawing for building lots in Catamount Ranch, Asbury said.

Although some of the building sites in Catamount Ranch have been on the resale market for several months, Asbury doesn't think the current slowness of the local real estate market will hurt the value of lots at Catamount Ranch.

"Yes, we're in a down market," Asbury said. "But the fact that there are only 25 lots next to a Tom Weiskopf golf course makes this (opportunity) very, very hard to reproduce."

Asbury agreed golf course lots are a little harder to sell in the depth of winter, but all of the lot corners have been staked and are visible above the snow for people who want to evaluate them.

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