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strmchsr77

Mountain Ranch

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Mountain Ranch is coming back to life after all of the problems with it's developer. Cobblestone homes bought 117 lots of Phase I of the massive 460 acre project in west Fayetteville and have started construction on homes priced between 170,000-300,000. I believe they are more townhouse style than single family. Phase I will also have a 360 unit apartment complex. That is a lot of residential space for such a bad market.

Phase II will have office and commercial space, a hotel, shopping centers and townhomes and it will be located along Shiloh Drive (and I-540). Both Phases will be made up of 133 total yards of the 460 available.

Phase III will consist of 175 lots on 50 acres and will be at the highest elevation on the site. Homes will be from 5000-15000 square feet! Kind of large don't you think.

The remaining acreage will be developed over the next 7-10 years.

Here is a link to the info from the NWA Business Journal: Mountain Ranch

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Mountain Ranch is coming back to life after all of the problems with it's developer. Cobblestone homes bought 117 lots of Phase I of the massive 460 acre project in west Fayetteville and have started construction on homes priced between 170,000-300,000. I believe they are more townhouse style than single family. Phase I will also have a 360 unit apartment complex. That is a lot of residential space for such a bad market.

Phase II will have office and commercial space, a hotel, shopping centers and townhomes and it will be located along Shiloh Drive (and I-540). Both Phases will be made up of 133 total yards of the 460 available.

Phase III will consist of 175 lots on 50 acres and will be at the highest elevation on the site. Homes will be from 5000-15000 square feet! Kind of large don't you think.

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Mountain Ranch is coming back to life after all of the problems with it's developer. Cobblestone homes bought 117 lots of Phase I of the massive 460 acre project in west Fayetteville and have started construction on homes priced between 170,000-300,000. I believe they are more townhouse style than single family. Phase I will also have a 360 unit apartment complex. That is a lot of residential space for such a bad market.

Phase II will have office and commercial space, a hotel, shopping centers and townhomes and it will be located along Shiloh Drive (and I-540). Both Phases will be made up of 133 total yards of the 460 available.

Phase III will consist of 175 lots on 50 acres and will be at the highest elevation on the site. Homes will be from 5000-15000 square feet! Kind of large don't you think.

The remaining acreage will be developed over the next 7-10 years.

Here is a link to the info from the NWA Business Journal: Mountain Ranch

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Something doesnt add up here from this article. I did the math--117 lots at $15.4 million means they paid $137K per lot--no way! You could never sell houses for $170-$300K with a lot that cost that much. I could see perhaps $30-$45k per lot. I think there's something wrong here.

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Yeah, I think the Business Journal hasn't done their homework on this one... I searched the property records on the Wash. Co. website for transactions in the Mountain Ranch subdivision within the last year. It looks like Rouse-Walker homes (which I'm assuming is the same as Cobblestone homes) purchased 20 lots for a total of $770,000 on Oct. 23, 2007. This works out to be $38,500 per lot, which seems much more reasonable.

The way the records are shown, there is a separate transaction for each of the 20 lots, but the total on each record shows $770,000. Only as a subscript in each record does it show that the $770,000 is the total for the 20 lots. If you multiply 20 lots times $770,000 it comes out to $15.4 million. The rest of the lots in the subdivision (as well as a few hundred acres of adjacent raw land) are shown to belong to Coco mountain ranch, LLC, which is owned by Gene Cauley. Just based on the Wash. County website I can't see where any of the other lots out of the 119-lot subdivision have been sold.

According to the records it looks like the Journal was correct in reporting that Cauley bought the entire project from Tom Terminella on July 19, 2007 for $17,139,000.

Hope this makes sense... if not, let me know!

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Thanks for the good research, Bubba. It's nice to have someone on the board who really does some research to get the truth on what's going on development-wise!

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Phase I of this huge project is nearing completion finally after breaking ground 2 years ago. It included 117 single family lots and 360 luxury apartments. Phase II will be starting soon and it will include a hotel and restaurant as well as office and mixed use space. I am surprised to see so much still going on in west Fayetteville. I guess that area of town is still booming comparetively speaking.

More info on the project from the Times: Mountain Ranch begins Phase II

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Phase I of this huge project is nearing completion finally after breaking ground 2 years ago. It included 117 single family lots and 360 luxury apartments. Phase II will be starting soon and it will include a hotel and restaurant as well as office and mixed use space. I am surprised to see so much still going on in west Fayetteville. I guess that area of town is still booming comparetively speaking.

More info on the project from the Times: Mountain Ranch begins Phase II

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The apartment complex of this development is going up quickly. Very impressive buildings for apartments. Work on the recently announced commercial portion is underway just east of this along I540.

DSCN1177.jpg

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The apartment complex of this development is going up quickly. Very impressive buildings for apartments. Work on the recently announced commercial portion is underway just east of this along I540.

DSCN1177.jpg

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Thanks, zman, for the pictures. I have seen a picture in the paper of some of the "single-family houses" (I hate the idea that we have so many duplexes) and they seemed like the same old stuff that we see everywhere around here (high roofs, no diversity).

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