Million-dollar homes planned along canal
With their roots tracing back to the coast of southern Italy, Nick and Teresa Scotto searched throughout Texas before finally settling on living in League City because of its proximity to the water.
Now they plan to import a Mediterranean flavor as developers of an upscale Italian-coastal-village-themed subdivision called Cypress Bay north of FM 2094 and east of South Shore Harbour Marina. Next month construction begins on model homes along a canal that is just a short sail from Clear Lake.
The Scottos' development company, MB Harbour Ltd., is selling only the 99 lots -- houses won't be built in advance -- but buyers can choose from a list of builders ready to construct their dream homes and Scotto envisions houses costing more than $1 million, with space for boats up to 40 feet long.
The first step is to build a model home in each of the 60-acre subdivision's two sections, which are separated by the canal, which has pumps to circulate its water and 10-foot vegetation banks.
One model home by Harbour Classic Homes will be two stories and 3,400 square feet, and the other by Centurion Builders will be three stories and 5,000 square feet with a roof-top terrace and pool. Both will be villas similar to those on the southern Italy coast, where Nick Scotto was born and Teresa Scotto has family.
Both model homes will be for sale.
The lots range in price from $175,000 for a non-waterfront plot of 10,000 to 12,000 square feet to $475,000 for a waterfront lot of 20,000 to 22,000 square feet, she said.
So far, MB Harbour has sold three lots in the subdivision's first section. Despite a local economy that is finally starting to slow, potential buyers have expressed significant interest in the subdivision, Teresa Scotto said.
Given that these are high-end homes that will be built, we're very optimistic at the response we've gotten so far," she said.
She said she expects all of Cypress Bay's houses to be built within the next five years.
It would have been a shorter term if not for the change in the economy," she said.
But economic woes may be hard to overcome when it comes to selling high-end in League City, real estate agent Monica Foster said.
She said she has houses listed at $400,000 that are not selling in League City, and $1 million houses will be a tough sell.
I don't see a huge market for it," Foster said. Your buyer pool in that price range is so small anyway. Things have just really slowed down in League City in general."
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