New Ownership and Relaunch of Exclusive Texas Hill Country Development Signals Renewed Optimism for Texas Real Estate Market

HORSESHOE BAY, Texas, Jan. 21 /PRNewswire/ -- In a positive sign for the Texas real estate market in general, and the Hill Country region in particular, new owners of Skywater Over Horseshoe Bay are making substantial progress on construction of a Jack Nicklaus Signature Golf Course, which will form the backbone of the 1,618-acre upscale residential community called Skywater Over Horseshoe Bay.

This turn of events follows a bankruptcy filing by a former owner in early 2009 for the development and is a strong indicator of an upturn in the Texas real estate market.

According to economist Ray Perryman of The Perryman Group, "Over the past couple of years, this nation has grown all too familiar with headlining 'bad news,' particularly of the economic nature. However, most economists now agree that the recession is over, and signs are emerging that confirm this pattern. Even so, the economic downturn experienced over the previous almost two years continues to linger as the nation steps out of the worst recession seen in generations towards recovery.

"In Texas, the effects of the recession have been less severe than other states, and recovery is likely to be quicker," Perryman continued. "The Texas economy, somewhat sheltered from the recession from the onset due to a strong energy sector in a time of high oil and natural gas prices as well as a more stable housing market, appears to be leading the way in the recovery showing employment gains above all other states this past month.

"New investment in the state, such as the new ownership of Skywater Over Horseshoe Bay and the construction of a major new golf course, are strong signs that optimism is high for the future of this region of Texas and indeed for the entire state."

A real estate investment group assumed control of Skywater in June 2009. The group, known as SW Ownership LLC, is backed by several well-funded investment firms from Dallas, New York and Connecticut. SW Ownership has engaged Skywater Management, an affiliate of Southstar Development Partners, to develop, market and sell the project through completion. The International Bank of Commerce (IBC) San Antonio is the primary lender for Skywater's relaunch and build-out.

Skywater offers panoramic views of Lake LBJ and the Texas Hill Country, and will feature about 1,200 sites for single-family homes, villas and condominiums.

The Jack Nicklaus Signature Golf Course, called Summit Rock Golf Course, will wind through the community, offering beautiful vistas and dramatic elevation changes to challenge the most seasoned players.

In addition to its on-site golf course and clubhouse, amenities at Skywater will include a private recreation center with a resort-style pool and fitness center and more than seven miles of hiking trails. Skywater lot owners will be offered full membership privileges (with no initiation fees) to the neighboring Horseshoe Bay Resort. The resort has three renowned championship Robert Trent Jones Sr. golf courses, two clubhouses, a fitness center, a spa, a yacht club and full-service marina, extensive tennis facilities, a Marriott hotel, and a private airport and jet center.

Lots range in size from one-third of an acre to eight acres, with prices between $140,000 and $500,000 each. Each of the enclaves will be gated, creating 'neighborhoods within a neighborhood.'

About Skywater Management LLC

Skywater Management LLC is an affiliate of Southstar Development Partners Inc., a firm that has developed communities in the Dallas Metroplex and throughout Florida. The firm's primary activities include the analysis, financing, acquisition, planning and marketing of real estate for both residential and commercial uses. Communities in the Dallas area include The Trails of West Frisco, a master-planned golf course community with a community center and an extensive walking trail system; Pearson Farms, a community with lakes, walking trails and open spaces; and Country Club Ridge, featuring home sites overlooking The Trails Golf Course in Frisco. For more information, visit www.southstardevelopment.com.

SOURCE Skywater Over Horseshoe Bay