At that price, it's "RELATIVELY" priced well, meaning:
1- Compared to the local "for sale" houses, it is priced right.
2- Go a little north, nearer to Morgan Creek, and similar houses are $1.2 and up.
3- There is no mention about the land-size, so I am assuming "as small as legally possible", so around 2,800 to 3,200 sq. ft. which is 20% to 40% smaller than comparable homes nearer to Morgan Creek.
Conclusion: based on comps, it's priced correctly.
PSS: Don't forget to negotiate! Free upgrades, etc. in lieu of price decreases if the developer is not budging on the price.