North Texas Home Prices Still Higher Than 2021
DFW: North Texas home prices continue to decline but remained higher at the end of 2022 than the previous year. The Texas Real Estate Research Center at Texas A&M University and the North Texas Real Estate Information Systems reports that the median price for a single-family dwelling in December in North Texas was $390,000. That is down from its peak of $435,000 at mid-year, but still 6% higher than December 2021. Industry analysts believe that prices for single-family homes, condominiums and townhomes will continue to drop and stabilize over the next year as potential homeowners navigate additional inventory of homes on the market and fluctuating mortgage interest rates that have dropped in the past month but remain twice as high as last year.
DFW: The recent announcement of a forthcoming Universal theme park in Frisco geared to children under 10 adds another entertainment element to the huge $10 billion mixed-used development off the Dallas North Tollway. Hundreds of homes, apartment units, hotel rooms, commercial spaces and restaurant sites are planned in the development that includes a 600-acre site for the PGA headquarters, adjacent hotel and two golf courses. In 2018, an investment group led by Hunt Realty bought the 2,500-acre vacant parcel of land from the estate of businessman Bert Fields. Frisco city leaders and Universal Parks & Resorts officials recently announced plans for the 100-acre theme park within the Fields development and that will also include a 300-room hotel. It is expected to open sometime in the next four years.
DFW:The Ritz-Carlton in Dallas is getting a $22 million facelift. The 218-room property owned by Crescent Real Estate of Fort Worth will soon begin renovations to all its guestrooms, spa, and lobby. The luxury hotel property already is known as one of the highest-rated hotels in the state and most recently underwent a multimillion-dollar renovation just seven years ago. The new renovation comes as more luxury hotel competitors are preparing to enter the market, including a new J.W. Marriott in downtown Dallas, the Omni at the PGA complex in Frisco, and the former Four Seasons Resort and Hotel in Las Colinas that will convert to a Ritz-Carlton property.
DFW: Bluelofts Inc., a Dallas investor and developer, recently purchased an iconic office building in Fort Worth with plans to turn it into apartments. The investor bought the 16-story Oil & Gas building on West Seventh Street that had been on the market since 2020. The new owners will have ground-floor retail tenants and 180 apartment units on the upper floors. Among the additions will be designing and cutting an atrium from the building’s top floors to the bottom. Plans also call for a fitness center, club room and rooftop entertainment space. The apartment spaces will be divided into one- and two-bedroom units ranging from 650 square feet to 1,000 square feet. Renovations are expected to be completed within a couple of years.
DFW: Rosewood Property Co. has announced plans for a rental complex in a former office space in Las Colinas. The Dallas developer bought the former Allstate Insurance building early last year, demolished it and received approval from the city of Irving for a mixed-use project. The developer plans to start building a five- story, 370-unit apartment complex later this year and has plans for future commercial projects within the 18-acre site. The apartment project is expected to be completed in 2025. North Texas remains at the top of the country’s growing apartment construction market with more than 60,000 units in development. The area was ranked by RentCafe and Yardi Systems as the state’s most competitive rental market last year, behind the border cities of El Paso and McAllen.
DFW: A Seattle developer now has taken control of a sought-after Dallas warehouse. Early last year, Champion Partners of Dallas completed the 417,000-square-foot Tradepoint 20/45 warehouse and distribution building south of Interstate 20 near Interstate 45. They sold it to Blumenfeld Development Group out of New York in August. Now, Blumenfeld has sold it to Lake Washington Partners of Seattle for $47 million. The Seattle developer is a family- owned company with investments in commercial and warehouse spaces across the country and the South Dallas purchase was its third in the area. Champion Partners, meanwhile, is leading an investment group in developing a 610,000-square-foot warehouse property in Wilmer and is working on a separate Wilmer warehouse project with about 1.4 million square feet of space. North Texas ranks as the country’s leading warehouse construction market with more than 70 million square feet in development. And to that end, Southern Dallas County ranks as the area’s most-prolific warehouse development zone with more than 20 million square feet of projects under construction.
CALIFORNIA: Former Texas Rangers star Adrian Beltre wants to hit it out of the park when it comes to selling his Golden State mountain home. The future MLB Hall of Famers who retired in 2018 after 21 years in the Big Leagues is selling his estate in Big Bear, about 100 east of Los Angeles. Beltre has listed the six-bedroom, six-and- a-half-bathroom property that sits on one-acre in the Meadowbrook Estates for $2.38 million. The 6,500-square- foot home has an open floor plan and includes a chef’s kitchen, a home bar and various sitting areas. It also has a guesthouse and a four-car garage that has space for an RV hookup and a boat. The four-time All-Star played for the Seattle Mariners, the Los Angeles Dodgers and the Texas Rangers, finishing with over 3,000 hits and 477 home runs.