Millennial-Homeownership-Affordability

Skyrocketing prices and appraisals are good news for Dallas homeowners who want to sell, but what about those who want to buy? According to data just released by Apartment List, 79 percent of Millennials who are renting would prefer to own a home, but cite high prices as the biggest barrier to homeownership.

The data, which comes from 30,000 Millennial renters surveyed by Apartment List, shows that those who want to own a home are putting off their purchase until at least 2018. But if housing prices continue to rise, could the affordability gap grow, too?

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It seems like there’s a new press release with new data in our inbox every day telling us that more and more people are moving to Dallas now than ever before. And just as often we are reading news stories about slow apartment leasing and price reductions in some areas of the market.

If you’ve been overwhelmed with the seemingly ubiquitous data-driven news showing both how fast we’re growing and how troublesome the rental market is looking, here’s a little breakdown of the most recent news regarding Dallas growth and Dallas real estate. The takeaway: Expect to see more of these guys.

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TX-10-most-expensive-Feb-2016

Demand is pushing rents upward in Texas, and renters in Dallas are feeling the burn in their wallets. According to a recent analysis from ApartmentList, Dallas is the most expensive metro area in Texas for renters, with the median price for a two-bedroom apartment clocking in at $1,560 per month. That’s $90 higher than Austin, which is often decried for its astronomical real estate prices, though the state capital saw a 7.8 percent year-over-year increase in rent prices. Rents are up 4.8 percent for Dallas year-over-year, while Plano has seen a 5.9 percent year-over-year increase in rents — the second highest in the state. Look for that number to inch skyward as more luxury multifamily developments come online in Plano and along the northern corridors of Dallas.

TX-10-fastest-growing-Feb-2016

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Suite 200 Living

Are you a self-employed creative? Then live/work space might be right for you says Chase Heckendorn. (Photos: Chase Heckendorn)

By Chase Heckendorn
Special Contributor

The growing culture of self-employed folks, creatives/freelancers and start-up businesses in Dallas has spurred quite a bit of demand for live/work space. Pioneered by some early loft developers in Deep Ellum, we’re now seeing a widespread trend of property owners and developers following in their footsteps. The idea of having an eclectic mix of commercial and residential tenants is appealing to both the tenant and property owner alike.

So what exactly is a live/work space, and why is it so appealing?

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New-Transwestern-rendering-Preston-Rd

As predicted, we are all two-weeks older since the Planning Commission fobbed-off the vote on the proposed Transwestern development at the northeast corner of Preston Road and Northwest Highway. What, if any, votes changed in those two weeks is unknown, but I suspect few. Certainly attendees were not treated to German band Texas Lightening popping out of a cake as I’d hoped.

In those two weeks Transwestern held a meeting largely for angry single-family homeowners upset that the proposal had moved on without them paying attention and seemingly their neighborhood association not informing them. Thankfully I was busy elsewhere that evening. However, I invited Candy over after the fireworks to spill the beans while I plied her with wine.

Also in those two weeks the opposition became a bit more organized and vocal, certainly putting up more of a show at today’s Planning Commission meeting.

And a show it was… hours of tedium and speechifying. It was like church without the wine and crackers.

The same tired rubrics about density, traffic and parking ultimately found no purchase with the Commission. Especially after both the Transwestern-hired traffic engineering representative and the City traffic planning representative spoke. Those arguments were shot, gutted, stuffed and mounted on the rumpus room wall. (more…)

Monaco on The Trail is a fantastic development for those who want a home that feels like a vacation.

Monaco on The Trail is a fantastic development for those who want a home that feels like a vacation.

By Grant Bynum
Special Contributor

Ready to live in a place that you can truly have a staycation every day? Then think about a move to Uptown. So many people are making the move to Uptown Dallas to enjoy the convenient and walkable lifestyle that only Uptown Dallas offers.  And, this year, Uptown Dallas got bigger and better, with the expansion of the West Village and the addition of Whole Foods on McKinney Avenue.  Put that together with the free McKinney Avenue Trolley and hundreds of shops, restaurants and nightlife.  This gives you an amazing lifestyle to help achieve that “work/life” balance we all need.

Uptown has a huge amount of choices for renting! Let’s explore just a few of the choices you might want to consider.

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Photos: Jo England

Photos: Jo England

I just chatted with Denise Edmondson, sales director at the Shelby Residences. This building, which wraps around the Twisted Root Burger Company on SMU Boulevard, is a rare bird in Dallas — it’s an apartment building that, in our hot rental market, is converting to condos.

“We did a lot of market analysis,” Edmondson said. What the developer, the Marquis Group, noticed was the severe lack of ownership opportunities in the University Crossing District. It’s a desirable neighborhood for Millennials, recent college graduates, and young professionals or graduate students thanks to its proximity to mass transit, walkability, and nearby grocery and restaurant options. “In this location, there’s nothing for less than $400,000.”

That may seem too steep for someone who is paying off a hefty amount of student loan debt, and the attractiveness of investing in ownership instead of renting, along with living a car-free lifestyle, might be too much to pass up. Interest in the 10 available units has been through the roof, Edmondson added, and they expect the market debut tomorrow, April 18 from 11-7, to be a feeding frenzy.

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Blind 6

(Editor’s Note: This is the second installment in a hopefully regular series from Jon Anderson, in which he dishes on the inner-workings of life in the sky. Anderson’s take on Dallas high rise living is both entertaining and educational. You can read his first installment here.)

By Jon Anderson
Special Contributor

Driving up and down our High and increasingly Toll “ways” one can’t help but be proud of the number of housing units built for deaf and blind people. This has picked up considerably since the recession and something we can be proud of.

Or course I’m kidding about the deaf and blind, but how else can you explain the huge numbers of apartment blocks and condominiums lining our dirty and unendingly noisy six-lane thoroughfares? Otherwise, I’d be forced to think developers actually believe people with functioning ears and eyes would not only want to live facing a high-speed motorway but use a balcony overlooking it all.

Here’s just a sample…

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