Dallas rent prices took a small dip in a recently-released report for October, Mesquite breaks ground on a new mixed-use community, and Southern Gateway deck park moves forward, all in this week’s roundup of real estate news.

Dallas rent prices took a small dip in a recently-released report for October, Mesquite breaks ground on a new mixed-use community, and the Southern Gateway deck park moves forward, all in this week’s roundup of real estate news.

Dallas Rent Prices Decline Slightly This Month

A very slight decrease in Dallas rents was reported for the month of October, but don’t get too excited. Numerous figures and comparisons are compiled – and this good news is just for the month. Overall annual numbers show rent is on the rise in Dallas and just about everywhere else.

Rent growth, median prices, and market trends are tracked monthly by Apartmentlist.com, whose report for October shows the following local data:

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Westworth Falls

You needn’t travel more than 20 minutes southwest from town to find a new build with the magnificence of Mira Vista or Montserrat. Only 10 minutes from downtown, near Westover and Shady Oaks Country Club, in the unincorporated town of Westworth Village is the glam gated community of Westworth Falls. Of course, our own Seth Fowler was on this handily located, luxury development at the beginning.

One year hence, there are only a few unbuilt lots left, and some builders such as Toll Brothers, are already winding down their operations here.

Westworth Falls

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Last week, while exploring the area of the Beverly Hills Estates listing, I stumbled on to 1716 Inspiration Lane, only a few short blocks away in the unincorporated city of River Oaks. A chunk of Inspiration Lane is part of a new upscale development that is markedly grander than its much humbler neighbors. Still, with the furious pace of growth in Fort Worth seemingly incessant, more areas of town are getting a second look, and developers and homebuyers have begun to nibble at River Oaks.

The structure, in the modern, Texas vernacular style is the conception of architect Bruce Conway and has been featured in 360 West Magazine.  The exterior blends into the landscape replete with native Texas plants and large specimen trees.

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Renderings of the proposed $100-million Santa Rita Hotel in downtown Midland. Photo: Bond Partners

Renderings of the proposed $100-million Santa Rita Hotel in downtown Midland. Photo: Bond Partners

Across the country, there’s a trend toward downtown revitalization and urban living.

Midland is no exception. A large group of young professionals working in the oil and gas industry desire an urban lifestyle, and the new $100 million Santa Rita Hotel in downtown Midland is being created in part to meet that interest.

“Similar to much of the US, there is an unmet urbanization demand in the city,” said Robert Watson, CEO of San Antonio-based Bond Partners, one of the developers of the Santa Rita Hotel, along with Overland Partners and Arup. “We had the opportunity to create a city center with this project, a true amenity for the city of Midland, and a catalyst for living and working downtown.”

This 17-floor boutique hotel will offer residential, retail, and office space. The mixed-use development also includes around $20 million in public improvements, like the redevelopment of nearby Centennial Plaza and construction of an underground parking garage with 467 spaces.

Jump over to MidlandDirt.com to read the rest of this story!

Lexington park

I always dreamed of moving into downtown Dallas, but there just doesn’t seem to be much in the way of family-friendly properties with the amenities I want in the price point our family can appreciate. Still, I love the idea of urban living, being close to shops and restaurants, and having quick access to mass transit.

Normally you won’t find things like this if you have an address in the suburbs, so color me surprised when we stumbled across the townhomes of Lexington Park at Rice Field.

Priced in the $200,000 range, these townhomes have excellent finish-out and tons of great features. There are five different floorplans available ranging from 2,126 to 2,351 square feet, including both 3/2/2 and 3/3/2 units.

I love the master bath in the model unit, which you can see in the very neat video above. Seriously, the Branch Team did an excellent job marketing this new development!

What do you think?