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Area Homebuilders Saw A Spike In Sales In Q1

Area Homebuilders See Rise in Sales and Starts

DFW: Area homebuilders saw a spike in sales in the first quarter. Residential Strategies, which analyzes housing data, said that builders sold 13,067 homes in the first three months of the year. The company also said that builders broke ground on 9,691 homes in the first quarter, up from just over 8,000 starts at the end of 2022. Builders delayed starting new homes toward the end of the year because of challenging conditions, particularly rising costs and mortgage interest rates. That rate had peaked at around 7% last fall, but dropped in January and is closer to 6%, coaxing many would-be homebuyers off the sidelines.

DFW: A Missouri apartment firm is betting on The Farm for its next development. Maxus Properties, which has more than 13,000 rental units and nearly 500,000 square feet of commercial space in nine states in its portfolio, has purchased a four- acre tract on The Farm. That is the 135-acre mixed-use development on State Highway 121 and Alma Road in Allen. The overall development will have about 1.6 million square feet of office space and more than 140,000 square feet of retail space and more than 60,000 square feet of restaurant space. Apartments and townhomes also are in the mix, as will be a 150-room hotel. Amenities will include an outdoor entertainment complex, a large greenbelt, a lake and boardwalk and numerous trails and small parks. The Farm is in an area that leads DFW in apartment construction, with more than 11,000 units in development.

DFW: Seven new buildings will soon rise in Las Colinas near the Toyota Music Factory. Savannah Developers will construct the medical and professional complex called Highway 114 Office at State Highway 114 and Fuller Drive. The buildings will total 57,000 square feet and the project will cover approximately five acres. The development is part of 18 acres that Rosewood Property Co. bought last year. Nearly 400 apartment units, a mid-rise office tower and dozens of townhomes also are planned on the larger site. After Rosewood purchased the property, it tore down a three-story building that once was occupied by Allstate Insurance. Savannah also has other projects in the Irving area, including a condominium development and dozens of residential flats.

DFW: Mansfield will be getting a multimillion-dollar mixed-use development. It may just take a while to see it all play out. Wildcat Management, which has also been involved in redevelopment in downtown Dallas, is planning a 45-acre, $150 million development in Mansfield called Castle Ranch. It will include apartments, offices and retail spaces on West Broad Street close to downtown Mansfield. Construction is expected to begin sometime next year. The Tarrant County city has seen a surge in activity in the past few years, including several thousand single-family homes and apartment units, plus the announcement of a film studio project that could bring thousands of jobs.

LA LA LAND: Chachi is saying bye-o to his Los Angeles home. Actor Scott Baio—who played Charles “Chachi” Arcola on the ‘70s sitcom “Happy Days”—is listing his five-bedroom, 4.5-bathroom home in Woodland Hills for $3.85 million. Baio paid $1.85 million for the 6,300-square-foot red-tiled roof home in a gated community in 2010. The home’s entry has a curved staircase and stone floors. It features a gourmet kitchen, a great room, dining room and home office on the first floor. The primary suite has two walk-in closets, plus a fireplace. There is a home theater. A pool and spa are nestled among a beautifully landscaped and manicured back yard.

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