North Texas Home Prices Up Slightly in July
DFW: Dallas home prices continued to rise over the summer. The S&P Corelogic Case-Shiller home price index showed home sales prices inching 0.3% from June to July. Meanwhile, home prices across the country hit a record high, growing 0.6%. North Texas home prices actually peaked in june of 2022 before beginning their 8.5% decline through the end of the year. Prices have been climbing back in 2023 and analysts forecast more price increases as the market looks for stability amid looming economic challenges, particularly higher mortgage rates. The Case-Shiller index reported that single-family home prices in north Texas in July were still nearly 4% lower than the summer of 2022. Chicago, Cleveland and New York led the countrys home price increases from June 2022 to July of this year.
DFW: A north texas broadcaster is getting into the mixed-used development business, in a way. KERA, the non-profit media company with radio, television and newspaper operations, is selling 2.4 acres of its property in the uptown Dallas area to Kaizen development partners. It will partner with Kaizen to develop the property into sleek, high-rise residential and commercial towers along with a new headquarters for the broadcaster. The office tower will encompass 400,000 square feet and the residential tower will also have 20,000 square feet of retail and restaurant space. Both will be constructed on the southern edge of KERAs current campus. KERA will temporarily vacate its property on the northern part of its campus to make way for its own new complex. Work is expected to begin next year and be completed within three years. KERA, which offers local and NPR and PBS programming, operates the north Texas public service television and radio station, among others, and recently purchased the denton record-chronicle.
DFW: Theres long-term planning. Then, theres really long-term planning. A 34-acre mixed-use development in the north texas suburb of prosper has gained approval from the town council for a project west of the dallas north tollway and north of prosper trail. Padera development had to meet strict guidelines from prosper in order to gain approval for a project that will take 20 years to complete. The development will include a mix of apartments and condominiums, plus office space. The road will be a long one for padera. Design work will take two years, from 2024 to 2026. Civil construction will go from 2025 to 2026. Townhome construction, 2026 to 2029; apartments and a town square, 2030 to 2032; hotel construction from 2032 to 2038; the first office construction will begin in 2038 and be completed in 2040, and the second office construction will be completed by 2043.
DFW: A long-vacant hotel off Stemmons freeway west of downtown Dallas will soon be converted into a mixed-market apartment complex with affordable units. The Dallas city council approved a plan to turn the cabana hotel into 160 apartments and gave the developer, cabana sycamore development. The council also gave cabana sycamore 41 million in incentives to complete the redevelopment, which is estimated to cost nearly $120 million to complete. The plan calls for 96 market-rate apartments and 64 income-restricted units. Work on the development is expected to begin next year. The hotel opened in 1962 as the cabana motor hotel and hosted celebrity guests before it closed in the 1970s and became part of the dallas county jail system. Centurion american development group bought the property six years ago, but its restoration plan fizzled during the pandemic.
Atlanta: Elton John no longer wants to have Georgia on his mind. Hes selling his condo in Atlanta for $4.9 million. Atlanta? Bet you didnt know the grammy winner even owned property in the peach state. Well, its pretty grand, as far as condos go. Its on the 36th floor of the luxe park place tower in the citys buckhead neighborhood. The residence encompasses more than 13,000 square feet over two floors which was accomplished by combining six separate units. There are four bedrooms, seven baths, and a stunning two-level dining room with floor-to-ceiling windows. In fact, there are floor-to-ceiling windows throughout the condo that allow for varied views from the numerous lounging areas and bedrooms. There are several private balconies and theres a separate dining area off the wide galley kitchen. The primary bedroom is actually a primo suite itself with a large sitting area and a giant walk-in closet, plus the en suite bathroom has mirrored walls, a huge walk-in shower, a chandelier and thats right, another sitting area. Theres a home office, a spa and fitness studio and five wine storage spaces, plus much more. The best part: nine reserved parking spaces.