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We talk about the impact of rising home prices all the time, but that’s only half the affordable housing story. Across the country, rents in suburban areas also show dramatic increases over the last year, with no signs of stopping.

A recent study from RentCafe shows that while urban Dallas continued to post fairly consistent rent increases in 2016 (5.9 percent), the farther you travel away from the city, the greater the hikes renters experienced. In Dallas proper, rental housing remains relatively affordable when compared to the rest of the Metroplex (and the country, as a whole). We have all that apartment construction to thank for that. More than 6,000 new apartment units became available in 2016, alone.

But in Fort Worth, where apartment inventory has stagnated, rents grew 6.3 percent over 12 months. And that’s nothing compared to areas like Weatherford and Midlothian where rent skyrocketed over 10 percent in 2016.

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Real Estate Story

As the Dallas-Fort Worth area grows and suburbs develop, many people wonder about the advantages of buying a new versus preowned house. We’ve put together a handy infographic for you, outlining the advantages of each. What’s your opinion?

New versus preowned home

 

 

Photo courtesy Bright Realty

Artist rendering of Discovery at The Realm in Castle Hills in Lewisville. Photo courtesy Bright Realty.

Since the first homeowners moved into Lewisville’s Castle Hills community in 1998, more than 12,000 people have decided to call the master planned community home, and it is about 60 percent built-out today.

Located off State Highway 121 and Farm-to-Market Road 544, Castle Hills is 60 percent residential and has single-family houses ranging from about $300,000 to $1.5 million and more.

Developer Bright Realty is enticing a different demographic with their next stage of work at Castle Hills with a $75-million project called Discovery at The Realm. These 4,000 luxury rental apartments are being built with young professionals in mind.

Tim McNutt, Executive VP of Multifamily Development at Bright Realty and a Castle Hills resident himself, said these apartments are part of the strategy to develop Castle Hills in stages.

“The long-term plan was to establish the single-family housing, then to develop the remaining commercial properties,” McNutt said. “Along with the commercial [real estate], we wanted to expand the demographic and this will broaden our appeal to a whole new market.”

Photo courtesy Google Maps

Photo courtesy Google Maps

Bright Realty broke ground in December on Discovery at The Realm, which will include high-end, three podium-style buildings (underground parking with four stories of apartments above) on over 20 acres of land located south of Windhaven Parkway at Castle Hills Drive. The first units will be available in April 2016, with all phase one units completed by October 2016. Jump to read more!

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102 Skyline A

Gone with the Wind was a childhood favorite of mine, with its winding storyline, genteel fashion, and dramatic romances. In one memorable scene, Scarlett’s father, Gerald O’Hara, an Irish peasant immigrant, proclaims in his rough brogue, “The land is the only thing in the world worth working for, worth fighting for, worth dying for, because it’s the only thing that lasts.”

That sort of mentality about the importance of land to heritage, identity, and wealth still exists, and there’s something visceral and deeply gratifying about owning actual land, as opposed to, say, stocks, which seem to exist in the ether.

If you’re an urban homeowner, the amount of land you’re likely to own is quite small, as plantations like Tara don’t exist within city limits. But there are properties in DFW with actual land, and for today’s Tuesday Two Hundred, I found one sitting on almost an acre in Collin County.

The house at 102 Skyline Dr. in Murphy is listed by William Duke of Carrington Real Estate Service for $259,000 and sits on 0.98 acres. It is located near the intersection of Farm-to-Market Road 544 and S. Murphy Road.

Murphy is a fast-growing bedroom community of about 18,000 residents, bordered by Plano, Richardson, Wylie, Sachse, and Parker. It’s about 20 miles from Downtown Dallas, 35 miles from DFW Airport, and 25 miles from Love Field Airport.

This house is a 2,496 square foot fixer-upper with three bedrooms, three full bathrooms, and a pool. At $104 per square foot with all that land, I think it’s got huge potential. Jump to read all about it!

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old town 2

Old Town Lewisville. Photo courtesy of the city of Lewisville

When you think of hip, fun destinations to live, work, and play in the Dallas-Fort Worth area, the city of Lewisville is not usually at the top of the list.

But city leaders in this northern suburb of almost 100,000 residents are changing that as redevelopment moves into full swing in the Old Town area. New houses, townhomes, restaurants, and retail shops are all in the works as developers and entrepreneurs take note of the changing atmosphere.

“Everybody has been hyper-focused on Collin County, but these changes in Lewisville will give people another option,” said David Maez, Broker and Co-Owner at VIVO Realty, which represents the developer Belleville Village, the builders of Uptown Village Lewisville townhomes near East Main Street and East Mill Street in Old Town. “It’s close to Lewisville Lake, close to the airport, close to I-35, which makes it easy to get to Dallas. These changes will make that area more appealing for buyers, especially younger professionals.”  (more…)

Real Estate Story

As the Dallas-Fort Worth area grows and suburbs develop, many people wonder about the advantages of buying a new versus preowned house. We’ve put together a handy infographic for you, outlining the advantages of each. What’s your opinion?

New vs preowned home infographic

 

 

Second Story Addition

Two families in my neighborhood, Casa View Haven, recently announced that they’d be selling their modest post war-traditional homes and heading for the ‘burbs. Sure, that’s an option, but sometimes families choose to invest in an addition to accommodate growing families rather than packing up and moving.

Of course, there are pros and cons for both choices. Sometimes the investment in building onto a home isn’t recouped. And sometimes you can’t sell your existing home in time and end up carrying two mortgage payments. And sometimes, too, Homeowners Associations and deed restrictions can keep you from adding more space.

Michael Staten, a Dallas architect and senior project manager at CBRE, considered adding on to his Lake Highlands home. Instead, Staten and his family of four moved to Richardson. Why?

“The price per square foot ended up being more than we thought the neighborhood supported,” Staten said, adding that he and his wife realized the size of the yard, which was petite for a family with two active children, “was not something that we could fix.”

Of course, adding on to a home presents other unique challenges, Staten said. Temporary housing is one. While some families choose to live in a construction zone, others decide to find short-term digs.

“This was also a problem for us since we would have been displaced for 3 months or more,” State said. “This added a significant dollar amount to the project.”

Budgets will also dictate other issues, such as size and finish-out, Staten offered, but will you be able to sell your home after you finish the remodel? “It is easy to create your dream house and then realize no one else will buy it,” he said.

Thinking of building an addition, Staten offered homeowners these tips to make sure they don’t make a big mistake:

1. Hire an architect.  There are too many contractors who offer design services who are only recreating the last project and not helping you to create what you want.

2. Try to reign in emotions.  Remodels become like children and homeowners will make emotional decisions and not think of about the long-term impact of the decisions.  That could be layout, cost, or resale.

3. Stay away from trendy.  Think about the home and how you will need it in the future, not just today.  Ask the hard questions now. In 15 years will I be able to use the 2nd floor? How long will my kids be able to share a room? How long until I want my kids far away from me and not in the next room? Etc.

Do you agree? What are some other tips homeowners should consider before building an addition?