Residential lots located in phase three of Timberstone Estates, located off of Louisiana 87 are beginning to sell quickly, said Pat Caffery, the real estate broker marketing the property.

The subdivision has proved popular with a great deal of movement, Troy Comeaux, developer of Timberstone along with Kirk Sieber, said.

The pair purchased the land for phase three almost two years ago, but the Timbers-tone project has been ongoing since 1997, Sieber said.

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“Phase one moved rather slowly and phase two moved very quickly,” Comeaux said. “We cater to a price category that no one else is. The size and price of the lots are in the middle and allow us to catch people downsizing as well as first-timers moving out of apartments or mobile homes.”

Caffery said there was a real need for the expansion of the popular neighborhood.

“Phases one and two are completely sold out,” he said. “Phase three is good news for Iberia Parish because there is no other single-family residential development ready for occupancy.”

Comeaux said the local housing industry is solid and presents a real need for more developments.

“I believe the oil and gas industry and the movement of folks into the community after hurricanes Katrina and Rita are driving the local housing market and our economy here,” he said.

Sieber believes the growth of the Broussard and Youngsville area in the direction of New Iberia is increasing the demand for residential developments, as well.

“People working in Lafa-yette have the option of coming 20 minutes up the road and getting a better price,” Sieber said. “We have a great market here in Iberia Parish.”

Phase three also has an entrance directly onto Louisiana 87 and another located on Estate Drive.

Sales have begun for the more than 80 lots located in phase three. The lots available have similar dimensions to those in phases one and two. Ranging in size from 75 feet by 116 feet to 90 feet by 116 feet, asking prices for the residential lots start at $23,000.

The public is invited to a ribbon cutting ceremony at 11 a.m. Thursday.

Those who wish to attend are asked to RSVP by calling the Chamber of Commerce at 364-1836.