It’s happening. The real estate market in Tarrant County is officially slowing down. This past week, the Fort Worth Housing Report indicated that the number of closed homes in July 2019 was down nearly 4 percent from July 2018.
Inventory of homes in Tarrant County has increased, and total days on market, from listing-to-close, jumped six days from 2018 to 2019. Prices have barely increased in the past 12 months, and this could be why we are starting to see issues with appraisals.
What’s The Home Worth?
Regardless of we want to believe, we don’t live in a free-market society. If a home is listed at $X and a buyer is willing to pay $X (or in recent years more than $X) the true value of the home is only going to be what the bank is willing to lend, and that all starts with the biggest enigma of all: the appraisal.
Centrally located, 24/7 guarded entrance, homes of all shapes and sizes — welcome to The Villages of Stonegate.
You know how some neighborhoods are deemed “first-time buyers” or “age-restricted community” and you immediately cross that area off your list of desired locations? Unfortunately, that seems to be happening more and more these days.
Certainly, price point is a key factor in making an area a “move-up neighborhood,” but there are first-time buyers who can afford more. There are empty-nesters who don’t want to be around other 55-plus-year-olds.
There’s Stonegate…and Downtown FW and TCU football stadium…close proximity to many destinations
Welcome to Stonegate
In the mid-1990s the 132-residence gated neighborhood of Stonegate was developed. Within the 24/7 guarded community are various pockets of homes of various sizes that meet the needs of many buyers. Surrounding the gated enclave are stores, shops, restaurants, medical practices, and even a retirement home.
Because of its great location (just south of I-30 on Hulen Avenue) and proximity to Colonial Country Club and golf course, and feeding into Tanglewood schools, pricing in Stonegate might not work for some, but for buyers with money to spend, Stonegate is the answer.
Welcome to So 7 Townhomes — 59 urban townhomes in Fort Worth. (photos Trey Freeze Media)
First of all a grammar lesson: It’s So 7 and it’s pronounced “So Seven.”
There’s no period after the “o.” It’s not “South Seven” or “South of Seventh.” It’s simply So 7. Dallas has its quirky areas and nicknames, and Fort Worth has the same.
Welcome to So 7
Built in 2007 before the lauded West 7th Street Corridor between Downtown Fort Worth and the Museum District was much to cheer about, So 7 Townhomes have really come into their own.
That was after the Big One ripped through Cowtown on March 28, 2000. It pretty much destroyed this area. Buildings were abandoned. Shops and restaurants were sparse. There was no urban living.
If an F3 tornado hadn’t ripped through West 7th Street would we have a thriving urban community today?
The single-story home at 4036 Tamworth Road has two master suites and great Luther Lake views. (photos: TourMax)
This episode of Tarrant County Tuesday is only for those who like to party. If you don’t like people, don’t like going to parties, or don’t like hosting events at your home, stop reading now.
For the rest of you avid Dirty Readers, let me introduce you to a home that screams “hospitality!”
Lake Living Without The Lake
Have you ever wanted to live near a body of water? You know, a lake house or beach house where you have tranquil views of the tide or lapping water from your patio?
How about a home with those same qualities … but that’s not located on a lake! Huh? How can this be?
In the center of the Ridglea Hills neighborhood of Fort Worth lies Luther Lake. You will probably remember that I wrote about a home on Luther Lake a few years ago.
Luther Lake is a hidden lake in the middle of Ridglea Hills in Fort Worth.
This home at 700 N. Bailey is located on a corner, but corners weren’t cut. (Photos: Trey Freeze Media)
It happens in all businesses. At first, a business delivers the best product to get the customers familiar with their creation. Customers start buying the product. Prices go up and up and up so the company starts pass increases along to customers.
Suddenly customers stop buying the products at a higher price. The company starts cutting corners on quality and materials in order to still provide a product hopefully customers will continue to buy. Maybe the product continues to sell, but now customers are not associating quality and workmanship with the product. The company and product are now commodities based on price … not quality.
The large porch of 700 N. Bailey has blue flagstone, gas coach lamps, and a steel door from Durango Doors.
Does this sound familiar? Think about all the different products — TVs & electronics, clothes, restaurants, and of course new homes.
Oh sure, this doesn’t happen with homes (wink, wink)…whatever. The list forms to the right on once quality-first home builders that have unfortunately lowered their standards of workmanship, design, creativity, and materials in order to keep their doors open.
Don’t get me wrong, I’m not talking about every home builder out there, but there sure are a lot more of them than five, 10, and certainly 15 years ago.
Makerspace manager Scott Sumner teaches residents about a wood carving machine.
It’s summertime! Time for kids to swim, sleep until noon, and forget everything they learned from the school year, right? Not so says the creators of the makerspace initiative in Fort Worth’s newest luxury home development of Walsh.
What’s a Makerspace?
According to our friends at makerspace.com, “a makerspace is a collaborative workspace inside a school, library or separate public/private facility for making, learning, exploring and sharing that uses high tech to no tech tools.”
Okay, but what does that mean and what does that have to do with real estate?
Bringing the community together and inspiring minds of all ages is the goal of the Walsh makerspace.
The makerspace in Walsh, just 13 minutes west of downtown Fort Worth, is run by Scott Sumner. His job is to showcase all the amazing ways kids of any age can learn how to design, create and produce just about anything.
“If they come with an idea, we can pretty much make it happen,” claims Sumner. “We have machines for laser cutting, screen printing, woodworking, sewing, 3D printers and so much more. My job is to teach everyone what’s available and to explore the possibilities.”
6813 Treehaven Road in the Ridglea Hills West area is helping the neighborhood continue the revitalization (photos Trey Freeze Media)
Don’t you love it when you’re right? Of course, you do. Last week we discussed how we love when we’re first, now we will focus on the adulation of being right in regards to the revitalization of a certain Fort Worth neighborhood.
In 2016, your favorite Real Estate Sherpa told you about a neighborhood that was on the cusp of revitalization. That neighborhood was called Bomber Heights. Combined with the adjacent neighborhood Ridglea Hills, west of Highway 183, Bomber Heights has become an area where revitalization has taken off and isn’t looking back.
If peace and quiet lake living is your jam for the Fourth – 1901 Park Street is for you!
Let’s face it, parades and clowns aren’t everyone’s ideal way to spend the Fourth of July holiday. If you are more of a “relax and enjoy the lap, lap, lapping of the lake” type, then I have the property for you!
Azle, Texas and Eagle Mountain Lake
Azle? Where is Azle? Is that in Tarrant County? Does it qualify for our Bonus Tarrant County Tuesday post? Actually yes, Azle, is a bedroom community of Fort Worth – one of the best-kept secrets that is starting to get out – about 17 miles northwest of Cowtown.
Home, pool, and lake — any questions?
The town of around 13,000 residents is partially in Tarrant County as well as Parker County — so it totally counts to be highlighted in our Fourth of July Bonus Tarrant County Tuesday!