North Texas Home Prices Continue To Rise
DFW: Home prices are continuing to inch up in North Texas. The S&P CoreLogic Case-Shiller report says that from May to June, DFW home prices continued their five-month upward streak, rising 0.7%. The report looks at the housing market in the 20 largest metropolitan areas of the country. Home prices across the country rose an average of 0.9% in the same period. Meanwhile, the Texas Real Estate Research Center at Texas A&M University and the North Texas Real Estate Information Systems says that in July the median single-family home price was $415,000. That’s not far off from the $435,000 peak recorded last summer before home prices began their price decline through the end of 2022 and January of this year. Chicago and Cleveland, meanwhile, reported home price increases of more than 4% each and New York City home prices inched up more than 3%. The biggest home price declines continued to be on the West Coast with San Francisco seeing nearly a 10% drop, followed by Seattle with a nearly 9% decline.
DFW: It may not be as recognizable as 90210, but Highland Park’s 75205 is a pretty hot Zip Code when it comes to rising home prices in Dallas-Fort Worth. That Zip Code tops the area’s list of the highest median home value as compiled by the Dallas Business Journal: $1,761,405 as of June, up 2% from last year’s figure of $1,722,283. For a better perspective, it is nearly 60% higher than the summer of 2018 when it was $1,109,038. The other top area Zip Code is 75229, which includes Preston Hollow, among other areas of northwest Dallas. The median home value in that Zip code was $651,800, up more than 3% in the past year and up nearly 50% from the $437,908 figure in 2018. The other top Zip Code is 75209, which includes the Bluffview neighborhood and the area between the North Dallas Tollway and Love Field. The home value there is $861,774, up 2% from last year and up nearly 50% from five years ago when it stood at $577,262.
DFW: There may be some good news for that 7-acre hole in the ground on the Dallas North Tollway in Frisco. Work on the 175-acre, $2 billion mixed-use development called Wade Park started in 2014, but it stalled in 2017 after previous owners defaulted, leaving the big hole and several unfinished buildings. Now, JVP Management of New York, which took over the project four years ago, now has new plans for the development. First, they have rebranded it as The Mix and are looking for Frisco city leaders to approve plans for the first phase of the project at the intersection of Lebanon Road and the toll road. That phase would include a medical building spanning 120,000 square feet, approximately 100,000 square feet of retail space, a large park and residential units. That work would be completed within three years. Frisco’s planning commission approved development plans that would ultimately allow for two hotels, more than 3,000 multifamily units, 2 million square feet of offices and more than 370,000 square feet of retail space. That big hole? It would be reworked into a parking garage at a cost of more than $150 million. The full Frisco City Council must still approve the plans.
DFW: Do you know where to search for Red Oak, Texas? Try Google. The search engine’s parent company did and found it the right place to invest $600 million over several years in a new data center site. The construction of a new facility is expected to create several hundred temporary construction jobs and more than 30 full-time jobs upon completion of the project. The data center will support such services as Google Cloud, Workspace, Search and Maps. Google already has another multimillion- dollar data center in Midlothian and says it has already invested more than $1 billion in Texas.
LA LA LAND: The “Star-Lord” wants an out-of-this-world price for the mansion he bought, took down to the studs and built up again. Actor Chris Pratt who played the character in the “Guardians of the Galaxy” franchise and his wife, Katherine Schwarzenegger, are asking $32 million for the six-bedroom, 12-bath, 13,000-square-foot hillside mansion in Pacific Palisades. Pratt paid $15.6 million for the home in 2018, the same year he divorced actress Anna Faris. He immediately began remodeling it, and the following year married Schwarzenegger, daughter of Maria Kennedy Shriver and Arnold Schwarzenegger, the former bodybuilder and California governor. The home is in the exclusive Marquez Knowles gated community. The home has amenities galore, from five fireplaces and formal and casual dining and entertaining areas to a home theater, gym, spa, steam room and sauna indoors, plus patios, a fire pit, saltwater pool and hot tub and a sports court outdoors with views of the Santa Monica Bay, Catalina Island and Los Padres Mountains.