Lakeside White Rock Goes Above & Beyond Prime Rate Cut: 4.99 (6.227% APR)* is Mighty Fine
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Lakeside White Rock is one of the city’s most progressive prototypes of great new housing in a city literally parched for more shelter. Pay attention to it, pay a LOT of attention to it.
The developers of Lakeside White Rock are committed to getting more Dallas buyers into homes, especially at this crossroads moment when rates are starting to trickle down from a nearly three-year high. Mortgage applications surged by 14.2% in just one week, according to National Mortgage Professional.
Lakeside White Rock’s developers teamed up with one of the most progressive lenders in the White Rock area, CMG Home Loans, headed by veteran mortgage expert Nick Conley (NMLS ID# 1084447), to actually buy down rates for a select number of Lakeside homebuyers for a period of ten years. The move accelerates the prime rate cut enacted by the Federal Reserve last week, and directly impacts buyers with significant monthly financial relief.
Now the developer of Lakeside White Rock announces a ground-breaking move to make these clean-lined, easy living townhomes even more affordable for homebuyers: 4.99% (6.227% APR)* Adjustable-Rate Mortgages (ARM).
Let’s talk about the concept of “buy down.”
Rate buy-down is not unique in real estate development — large-scale tract builders such as DR Horton and Toll Brothers have been doing this for years: partnering with a lender, then “buying down” the rate for buyers. How do they do that?
Or to put it another way, who pays for it? The cost is tucked neatly into the price of every new home they sell.
Not so in this instance with Lakeside White Rock.
“Most lenders ask volume builders for a huge down payment, called reserved funds,” says Conley. “But CMG Home Loans is delivering this particular product to the Lakeside builder at no cost. That is how committed we are to helping them not just move inventory but get eager young buyers into homes and make their numbers work.”
Lakeside White Rock at 7207 Gaston, smack in the middle of a beautiful, tranquil, residential neighborhood, is the prototype of a new era in Dallas home ownership. Buyers love the townhome-style condominiums with incredible walkability to Blue Ribbon Lakewood schools, shopping, and of course White Rock Lake, which come with cool tech and design bells and whistles.
The garages are engineered and pre-wired to accommodate EV chargers for electric vehicles when you will need a car.
There is a huge swath of fenced-in green space that effectively buffers the pristine white homes from Gaston Avenue. That same space is your private dog park when you cannot walk Rover to the lake or through the neighborhood.
And every home has a garage, one- or two-car bays, where you can raise the door from your car, pull in, and be at home with all your shopping, briefcases, luggage, and wares. Even Amazon drivers can deliver packages safely to your garage with MyCue Smart Garage Control. The storage space in each garage is some of the largest I have seen in townhome living — and the garage doors fit the latest model SUVs or trucks easily.
Agents selling Lakeside White Rock tell me the garage-level flex rooms are really appealing to buyers.
“The “mud rooms” are super flexible,” says co-listing agent Forrest Gregg. “Several buyers are customizing the generously sized entrances from the garage, all below the living level, to an exercise room, or a first-floor office.”
Lakeside White Rock has been moving inventory quickly, especially given the tough interest rate climate that has slowed most home-buying to a snail’s pace. The first phase of 44 homes is complete and 25% of those homes have been sold. First-time home buyers often find themselves looking at single-family homes first, then move to townhomes and condos because of affordability, agents tell me. Some look at the current interest rate market — sigh — and sign a two-year apartment lease. Agents tell me a lot of people are waiting to buy.
The drop in mortgage rates below 6% has the potential to drive demand, which could increase home prices in many markets.
“We know many potential buyers are stuck in the rental realm, mostly because of current interest rate market conditions,” says Conley.
This is a tremendous opportunity to break free from the rental cycle and build equity immediately.
Conley’s finance team also wanted to reassure first-time home buyers they would not be saddled with excessive HOA fees, a common cautionary concern for some buyers. Lakeside White Rock’s monthly fee of $488 includes porter services to take the trash from your home to the dumpster, as well as maintenance of the overall property. Plus they cover water, blanket insurance, and AT&T fiber.
As for the units, each home, and each future home, sports custom millwork and lighting, the highest R-value insulation, and luxurious custom finishes such as layered wood window casements.
The sun-drenched main floor includes a living room, kitchen, powder room, and dining area. Windows, which are on almost every wall, are massively tall and solid thermopane casements manufactured by Jeld-Wen.
Flooring is hand-laid white oak throughout the home, and the kitchen is equipped with Bertazonni appliances and swaths of stunning quartz countertops and custom fixtures — gold and matte black. The elevation renders each unit higher to gain an expansive view of Gaston Avenue and the surrounding green space.
Each home comes with a builder’s new home warranty,
The introductory low interest rates, available on the next ten homes purchased, are a collaborative effort between the developer and the lender, CMG.
“As we started selling, we realized CMG has been incredible on getting loans closed, really moving the needle in taking young buyers from start to signing,” says co-listing agent Nadine Meyer. “We knew the condos were going to close, which made buyers very happy.”
With the success of Lakeside White Rock, home ownership in the heart of Lakewood is more readily available now than it has been in the past two years.
“This is considerably less cash out of pocket,” says Conley. “We see smooth closings with our team at CMG and the highly qualified team at Independence Title Monticello Office. It’s a complete squad of East Dallas professionals who grew up here, live here, and want to see this area thrive.”
With Lakeside White Rock price ranges from $499k to $700k, based on a 4.99% (6.227% APR)* interest rate, savings to buyers are substantial… potentially enough to cover a nice car payment, tuition, or a nest egg of savings.
“We know inflation has hit consumers hard the last couple years, and home affordability is a challenge,” says Conley. “This incredible program we have made available for a window of time can really turn the calendar back on interest rates to make homeownership more reachable for a younger buying audience. That’s our goal, and our dream at CMG Mortgage.”
Lakeside White Rock, listed by Forrest Greg and Nadine Meyer, will be open this weekend both Saturday and Sunday, 1 to 3 p.m.
*Rate as of 9/4/2024. 10/6 ARM. Stated rate may change or may not be available at time of rate lock. 740 credit score. Example: Purchase price of $500,000, 25% down payment, $375,000 Loan Amount, 30 year term, at a fixed rate of 4.99% (6.227% APR) you would make 120 payments of $2,011 not including taxes & insurance.
1Post Introductory Period Example: Interest Rate = SOFR + Margin. Payment can adjust every 6 months. Sample Repayments at month 120 with balance of $304,941: 3% Margin, 5.34% SOFR (9/11/24), 8.375% variable rate, $2,623 monthly payment. At max interest rate of 9.99% payment is $2,941. 2
Nick Conley Loan Officer NMLS ID# 1084447CMG Mortgage, Inc. dba CMG Home Loans, NMLS# 1820, is an equal housing lender. Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending. AZ license #0903132. Regulated by the Division of Real Estate (CO). To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and www.nmlsconsumeraccess.org. 5495 Belt Line Road Suite 140, Dallas, TX 75254 | Branch NMLS# 2477725
