DFW Home Prices Remained Up in 2022 Despite Dips
U.S.: North Texas home prices remained higher at the end of 2022 compared to a year earlier and continue to stabilize. The National Association of Realtors says in a new report that DFW home prices were up 7.1% at the end of the year, compared to the fourth quarter of 2021. And, the association said, the increase was double that of the national average. The realtors’ association said median home prices in North Texas were down about 8% to $375,000 at the end of the year compared to their high of $408,200 last summer. Home sales in DFW were down 30% at the close of the year due to rising mortgage interest rates among other factors. Even with the drop from their peak, home prices were higher in 90% of the markets tracked by the NAR but the group said that home prices fell in 20 metro areas at the end of the year. Austin was among that group, with its prices declining more than 20% from their peak in June. Meanwhile, the North Texas Real Estate Information Systems and the Texas Real Estate Research Center at Texas A&M University report that the median price of a single-family home in North Texas was $380,000 last month. Industry analysts forecast North Texas home prices will decline from 5% to 8% in 2023.
DFW: More cranes will soon dot Uptown Dallas, which has become a popular site for office developments. After a three- year pause, Dallas-based developer KDC plans to start the first phase of the Parkside Uptown development in the second quarter on a site at Woodall Rodgers Freeway near Klyde Warren Park. The $200 million initial phase will include a 30-story, 500,000-square-foot office tower with retail space on the ground floor and underground parking. It is scheduled to open in three years. The second part of the development calls for a high-rise hotel. The Parkside project is near the future home of Goldman Sachs’ planned development that will house thousands of workers in its 1 million square feet of space.
DFW: Meanwhile, the 60-story Comerica office tower in downtown Dallas could soon go the way of other neighboring office buildings. Plans from the new owner Pacific Elms Properties call for numerous floors of the tower to be converted into a hotel, retail spaces and luxury apartments. Pacific Elms Properties already is working on similar renovations at the nearby 40-story Bryan Tower and 50-story Santander Tower. Office space accounts for more than 28 million square feet in downtown Dallas, but it pales in comparison to other suburban cities that have attracted thousands of businesses to their areas. The downtown Dallas office conversions are in line with a nationwide trend of turning millions of square feet of vacant office buildings into mixed-use spaces to include hotel, residential and retail. That conversion is expected to top 20 million square feet in 2023.
DFW: A Utah developer is getting deeper into the uber-busy industrial warehouse market in North Texas. Bridge Logistics Properties plans to construct two warehouse buildings on Great Southwest Parkway in Grand Prairie. The project will cover more than 280,000 square feet and will have a price tag of $20 million. Work on the business park is scheduled to begin in a couple of months. Bridge Logistics is part of Bridge Investment Group that has been active in North Texas, working on apartment projects in Dallas and Richardson and buying another warehouse in Grand Prairie. Its total acquisitions in DFW have topped 1 million square feet. North Texas remains the busiest industrial market in the U.S. with upwards of 80 million square feet of warehouse space under development.
DFW: Prosper, the fast-growing bedroom community in Collin County, will soon have many more overnight bedrooms. Atlantic Hotels of Dallas will soon build the town’s first hotel—a $26 million, 91,000-square-foot Residence Inn by Marriott on the northside of U.S. Highway 380. The site is near the PGA of America complex in Frisco and other developments that include single-family and multifamily communities with thousands of homes along with sites that include hotel and restaurants and retail and office spaces. Atlantic Hotels started in 1999 and now has 18 hotels in North Texas, which is the country most-active hotel market with more than 20,000 hotel rooms in development.
LA LA LAND: LA Rams QB Matt Stafford has scored big—again. Not on the football field, of course, but in the California real estate market. The former Highland Park standout and Super Bowl LVI champ and his wife Kelly just doled out $10.5 million for a 1.5-acre winery compound called Wish Vineyards. It has been listed for more than $13 million. The estate includes an eight- bedroom, 10-bath mansion that spreads across more than 11,000 square feet. The property is northwest of Los Angeles in Hidden Hills, which ironically offers spectacular city and mountain views. The custom-built red-brick traditional mansion includes, five fireplaces, a gourmet kitchen, formal and informal living and dining areas, a pool, spa, a guesthouse and guest quarters above a five-car garage. The couple bought two adjoining properties from rapper Drake last year.