Dallas

Photo courtesy Wikimedia Commons

By Phil Crone
Executive Officer, Dallas Builders Association

Dallas and surrounding areas have obviously experienced remarkable growth over the last few years, especially with commercial construction and multifamily. Residential development struggles to keep pace with builders primarily focusing on infill lots and small-scale, shared access projects. Dallas permitted just over 2,000 homes last year and is on track for a similar figure in 2019.  

Dallas is also not exempt from the impact of rising housing costs. It is well documented that the city needs 20,000 affordable housing units. In the single-family context, new affordable housing needs to be priced around $250,000 to $350,000. Getting there is especially difficult in Dallas, with land prices and, in some cases, neighborhood opposition to new affordable homes. 

While some factors are out of our control, we need to take ownership of what we can. The stakes are too high not to. Homeownership remains the number one path to wealth creation for the American family, and the attainability of that dream here in D/FW remains a primary impetus to job creation. However, for too many people, homeownership is becoming less attainable, the drive to work is getting longer, and the options for safe, quality homes at a reasonable price are getting fewer. 

A major barrier to affordable housing in Dallas is the city itself. Development processes are not operating as efficiently and effectively as they should. Attempts to build attainable housing suffer disproportionately from these unforced errors. 

This is not a new issue. Builders, developers, and small business owners have bemoaned Dallas’s lack of transparency and predictability for years, yet Dallas has succeeded in spite of itself. 

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Midway HollowHow hot is Midway Hollow still? We put a pin in two listings for this week’s Splurge Vs. Steal last week, and by this weekend, both had offers.

So back to the drawing board.

Luckily, there are homes in all sizes and price ranges still in this tree-lined neighborhood that boasts three terrific public elementary school options (including one school — Walnut Hill Elementary — that is in contention to be a National Blue Ribbon school). The neighborhood is hot because not only is the dirt still a relative bargain, but because the neighbors frequently band together whenever it’s needed, mature trees are abundant, and it’s an extremely family-friendly spot.

So which Midway Hollow home will you choose this week — our tall new construction Splurge, or our cozy original 1950s Midcentury Bungalow?  (more…)

ForsytheNew construction in Preston Hollow is expected to have designer touches, and Forsythe + Hall Homes’ latest organic contemporary home does not disappoint.

The four-bedroom, four-and-a-half bath home at 5915 Del Roy Dr. is full of stunning design elements throughout its 5,421 square feet.  The home is located just west of Preston Road and south of Forest Lane.

“We like the area because of the 60-foot building line setbacks that create a great drive up, especially with the six trees in the front yard,” Holly Forsythe, owner and designer of Forsythe+Hall Homes, said.

That drive up sets the scene for a home with a unique floorplan that is entertainment perfect, and full of details both expected and unexpected.

“The layout and the floor plan itself is one of the more special things about this home,” Forsythe said. “We designed the floor plan with our architect, Lance Stovall, around an existing pool in the backyard, which we completely replaced with a brand new more modern pool that gave more space in the backyard for the Emerald Zoysia grass.” (more…)

WataugaWatauga, a suburb of Fort Worth, is hot. How hot? On average, homes in Watauga sell in 15 days — in fact, Realtor.com recently said that’s three percent faster than last year, and about 50 percent faster than homes in the rest of the country.

So for our inaugural Suburb Sunday, we decided to take a look at three homes in Watauga that provides the affordability of the suburbs but is close enough for its residents to enjoy everything Fort Worth has to offer.

CRISP, CLEAN HOME ON AMBER DRIVE

Address: 7428 Amber Drive
This home Amber Drive was built in 1995, but has recently had a renovation that keeps it current. While the finishes may not be luxury, they are durable and family-friendly, making this three-bathroom, two-bath home a great starter home. (more…)

 

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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real

Texas schools aren’t failing, but they’re close, Education Week’s annual report card revealed. The biggest mark against the state seems to be no surprise — school finance (we talked more about how school finance affects the real estate world here). (more…)

Dallas is still the top location for home building, according to data from Metrostudy.

New data from Metrostudy shows that Dallas is still the top new home market in the country, with builders starting 31,911 homes in the 12 months ending in the third quarter of 2017. Additionally, quarterly new home starts increased 7.6 percent year-over-year, with new homes priced between $200,000 and $350,0000 seeing the greatest buyer demand. Shockingly, new home starts in the luxury range — starting at $750,000 — overran third quarter 2016 numbers by more than 60 percent. 

Price increases are getting pushback from buyers, according to Metrostudy’s research. The median new home price seems to be stagnating around $321,000. That’s good news for homebuyers still hoping to snag a new build without breaking the bank.  This, however, highlights the affordable housing crisis in Dallas-Fort Worth, Metrostudy notes. “In order to satisfy the greatest buyer demand, builders and developers must work together with municipalities to deliver attainably priced new homes or D/FW could be on the declining end of the cycle sooner rather than later,” the report stated.

Jump for the full report:

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Even as the price of new-builds in Dallas remains largely stagnant, a report last month suggests that housing affordability will remain a primary concern for the foreseeable future. According to Metrostudy, the area’s low housing inventory streak continues unabated, and the median home price inches ever upward, reaching $320,600 last quarter. Resale prices of homes show no signs of slowing and new home starts in the $200,000 or under price range have become relics of the past.

“New homebuyers are stretched to the limit of what they can afford,” said Paige Shipp, Director of Metrostudy’s Dallas-Ft Worth market. Tell us about it.

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