Davis St looking west to N. Zang Blvd. from the CVS sidewalk.

If it’s been a few months since you last drove through the Davis/Zang intersection near the Bishop Arts District, you likely wouldn’t recognize where you are now. Buildings five stories tall are going up on three of the four corners, and a new CVS stands where El Corazón was. Melba St., on the other side of the district, is beginning to feel like the State Thomas neighborhood of Uptown: mid-rise apartments and town homes on all sides with a small historic home here or there.

Not only are the streets torn up from increasing utility sizes to accommodate the growth and reconstructing complete streets, but there are about 20 large-scale residential and commercial projects currently under construction in North Oak Cliff, totaling more than a quarter of a billion dollars of investment and adding more than 1,200 units.

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Open House this weekend, Saturday & Sunday from 2-4 p.m. 2826 Hedgerow Drive Dallas, TX is currently listed for $489,000 by Susan Griffin of Bill Griffin Real Estate.

Have we got the Friday Four Hundred for you! Located in Dallas’ hot Medical District sits this stunning three-bedroom, two-full-bathroom, newly built contemporary gem with a slew of modern upgrades, and at a price you won’t believe! We went straight to the source and tracked down listing agent Susan Griffin to get the full story behind this stunning, economically priced home, which is currently listed at $489,000. We guarantee its impressive finish out and 7,841-square-foot floor plan will have you at hello.

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renting in dallas

A new report from Apartment List analyzes the top trends in the 2017 rental market and predicts their impacts in 2018. For example, the report highlights the increase in the homeownership rate after a decade of declines, as well as the decrease in the share of rental units considered affordable to the lowest-income renters. Although affordability remains a concern for those renting in Dallas, Dallas rent growth slowed as the metro added more new rental stock than any other U.S. metro. Dallas rents remain slightly lower than the national average, at $1,100 for a two-bedroom apartment, compared to $1,160 nationwide.

The Dallas market added an estimated 22,851 new rental units in 2017, more than Miami, Phoenix, Boston, and San Francisco combined, and nearly 50 percent more than the number of new units added in 2016. While rental units in Dallas remain in high demand, with 2.4 percent year-over-year rent growth, the large increase in supply decreased occupancy rates from 92.3 percent to 91 percent.

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New housing starts have grown the most in the $300,000 to $400,000 price ranges. (chart: Metrostudy)

 

More confirmation that Dallas has pricey dirt in this latest report from Metrostudy: While housing starts are up to the tune of 12.4 percent year-over-year and 8.3 percent over last month, few of those have been in more affordable price ranges. More people who would have preferred to buy new construction have turned to the existing home market, and those unable to find an affordable home in the market have turned to renting in droves.

“New home starts below $200,000 dropped as starts between $250,000 and $400,000 surged,” said Paige Shipp, Regional Director of Metrostudy’s Dallas Office. “Although starts between $200,000 and $250,000 increased, a diminishing supply of homes at that price point is a concern. Buyers seeking affordable housing near employment and urban core are forced to buy from the limited resale market or into the rental market. Starts during the third quarter surged 38.9% and 74.5% higher than the second quarter for homes priced $250,000 to $750,000. The most notable increase in starts was in the $300,000 to $350,000 range, which is quickly becoming DFW’s new “affordable” price point.”

That’s exactly what we heard from the Real Estate Center at Texas A&M University last month, as economist Dr. Jim Gaines noted the gap in the less-than-$200,000 bracket:

“For years in Texas, we have had the most affordable housing for a major metro area,” said Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University. “Affordability and workforce housing are going to be a major issue.

“We are not building enough houses in the $150,000 to $200,000 bracket.”

So what fallout could we expect from that? What is the increased demand for leases in Dallas-Forth Worth doing to rents?

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