Luxury Home Market Remains Strong in DFW
DFW: Luxury homes remain hot commodities in North Texas. AgentStory, a real estate tech company, says that single-family homes priced at $2 million and above have accounted for at least $500 million in sales in DFW since January. About 80 such homes sold in the first quarter and at least 160 similarly priced homes sold in the second quarter. In July, 23 homes priced at $2 million and above sold, compared to 15 homes sold in July 2022. The trend remains a testament to the robust and diversified North Texas economy that makes the area among the top in the state for sales of homes priced at $1 million and above. And the sales of these homes are moving faster and at higher prices, from an average price of $482 per square foot last year to $523 per square foot in 2023. The number of days on the market for these homes also has dropped from 47 days late last year to about 38 days in the second quarter of this year.
DFW: Small spaces continue to be a big deal in Dallas-Fort Worth. Even though new apartment construction has stalled in many parts of the country for a variety of reasons, North Texas’ apartment projects continue to make headlines. Institutional Property Advisors says in a new report that new apartment construction throughout Texas fell by more than 70% in the second quarter compared to the past two years. Even so, the 3,200 apartments that were being developed in North Texas in that period equaled the number of similar units being built across the other major Texas cities—combined. More than 72,000 new apartment units already are underway across the DFW, even as higher borrowing costs and other factors have slowed development. Less than 7% of the area’s apartment units were vacant at the end of the second quarter. Rents have remained steady over the past year, but analysts are forecasting higher rents beginning early next year.
DFW: Add Cityplace Tower to the list of Dallas office high-rises converting its office space to apartments—well, at least some of it. The 42-story high-rise on North Central Expressway north of downtown has more than 1 million square feet of space, but only about 60% of the office space in the building is leased. Its owners, NexPoint Diversified Real Estate Trust, now plan a mixed-use redevelopment that will include the addition of a 220-room hotel and conference center that will cost $130 million to convert. The owner also plans to turn the office space on floors 34-41 into 98 luxury apartments at a cost of more than $60 million. Neiman Marcus currently leases three floors in the tower for its corporate headquarters. The redevelopment of the hotel and apartments in the tower is expected to be completed sometime in early 2025.
DFW: TaylorMade Golf will soon give Callaway Golf-owned Top Golf a run for customers looking to spend some green for ultimate golf entertainment. The California-based company is pairing up with The Bays golf company to build the Bays Golf Experience and Suites on 18 acres near the PGA of America headquarters in Frisco. The four-story resort will include 24 suites with personal hitting bays. There will also be a 25,000-square-foot putting area, plus a restaurant and bar, a rooftop pool, and other amenities, including a 100-foot-wide display screen. The project is the latest in the $1 billion Link development that includes golf courses, luxury hotels, restaurants, entertainment venues, and office and retail space between PGA Parkway and U.S. Highway 380 in Frisco. The new Bays golf experience is expected to open in 2025. How exclusive will the Bays project be? Founding memberships will be by invite only.
LA LA LAND: Ray Romano hopes somebody loves his Malibu beach home enough to rent it. The star of the popular “Everybody Loves Raymond” television series wants $175,000 per month for the fully furnished 5,000-square-foot, five-bedroom home with lots of amenities, a two-bedroom guesthouse and A-list celebrity neighbors. The home opens to a double-height entry in the split-level abode that has hardwood flooring and lots of windows throughout, plus central air and heating. There is a galley kitchen with stainless steel appliances and granite countertops. Outside, there is a small lap pool and separate hot tub, a fire pit, a grill and dining area and easy access to the beach. Romano’s hit series about a sportswriter and his growing family living next to his parents on Long Island is still available on streaming services. His most recent project is “Somewhere in Queens.”