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Across Texas, The High-End Home Real Estate Market Topped $22 Billion

DFW Led State in Million-Dollar Home Sales

DFW: North Texas led the state in the sales of homes of $1 million or more in 2022, a new report shows. Between November 2021 and October 2022, 13,998 homes of $1 million or more were sold throughout Texas, a report from Texas A&M University’s Texas Real Estate Research Center says. That was a 17% increase from the same period the previous year. But the DFW million-dollar home real estate market recorded 4,689 such sales, a 23% increase that topped the state average. Across the state, the high-end home real estate market topped $22 billion. Those high-end sales accounted for just under 4% of all homes sold in the state but represented more than 14% of the total dollar amount of the homes sold. Across Texas, Austin came in second with 3,564 high-end homes sold during the period, followed by Houston with 3,527.

DFW: North Texas continues to lead the country in commercial transactions—for the third consecutive year. MSCI Inc., a data and research company that advises global investors, says in a new report that $42.5 billion in commercial property transactions were recorded in North Texas in 2022. Apartment deals represented more than half of those transactions. Even though transactions in both North Texas and across the country were down last year compared to 2021, DFW easily topped other major metropolitan areas. Los Angeles came in second with around $30.4 billion in property deals and third-place Atlanta recorded just under $29 million. Houston was fourth at $24 billion in commercial sales and Austin rounded out the Top 10 with $14 billion. North Texas already is among the nation’s leaders in office construction projects this year with nearly 8 million square feet in development. And industry analysts forecast North Texas as one of the strongest real estate markets in the country this year.

DFW: If you like the bright lights and the rhythm of the city, then you know why downtown Dallas tops the list of city centers across the country. StorageCafe has named downtown Dallas as the No. 1 city for living and it ranks high for dining and entertaining, too. Dallas led 30 other major metropolitan areas based on metrics of cost of living, apartment options, entertainment, safety and other variables. At an average of 995 square feet, Dallas also offered nearly double the downtown apartment square footage of other cities. Downtown Dallas apartments also had more luxury living options, plus more amenities such as parking and fitness and business centers than those available in other cities. Austin came in second in the survey and Houston ranked No. 9.

DFW: Another hotel is in the works in Uptown Dallas. Phoenix Development Partners of Chicago plans a 19-story hotel on Oak Grove Avenue near Hall and McKinney streets. The nearly $49 million project includes a seven-story garage and will operate under a Marriott-affiliate banner when it opens in 2025. The upcoming hotel project is one of several in the area north of downtown Dallas. Newport Beach’s T2 Hospitality has plans for a 19-story high-rise hotel at Cedar Springs and Olive Street. Harwood International’s 22-story Swexan Hotel is expected to open this year near The Crescent. The 14-story, 255-room Marriott Dallas Uptown Hotel opened on Fairmount Street in 2021 and its developer, Alamo Manhattan Corp., now wants to build a luxury apartment high-rise tower across the street. DFW led the U.S. last year with about 175 new hotel projects in development.

DFW: It appears Nike has expanded its footprint to North Texas. Developer Logistics Property says that its latest huge warehouse center at its Southport Logistics business park near Interstate 45 in Wilmer has been fully leased. The athletic shoe and apparel giant appears to be the company that has taken the 1 million-square-foot lease. Last year, Dallas County approved $68,000 in annual tax incentives for the creation of 500 jobs to Nike USA at an address listed for the warehouse and distribution building. Chicago- based Logistics Property has developed a total of 3.55 million square feet of warehouse and distribution space on the 250-acre Southport Logistics business park in Southern Dallas County and plans to build another phase. North Texas remains the busiest warehouse and distribution market in the country with more than 80 million square feet in development.

FLORIDA: His team may not be in the NFL playoffs, but Robert Kraft, the owner of the New England Patriots, has just scored big, or for sure has paid big, on an oceanfront penthouse in South Florida. Kraft paid $23.75 million for the Palm Beach penthouse, the highest for a condominium in that city. The property had been listed for $26.5 million last fall by the estate of Erving Wolf. The 5,000-square-foot penthouse has four bedrooms, floor-to-ceiling windows and a 1,300-square-foot terrace. The previous owners paid $6 million for the property in 2000. Their daughter-in-law, May Lin, a designer of the Vietnam Veterans Memorial in Washington, D.C., assisted with renovating the apartment over the years. Kraft is no stranger to the real estate world. He has luxury homes in Boston and Palm Beach and most recently paid $43 million for a property in Southampton, N.Y.

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