Less than half of Dallas-Fort Worth residents can afford new homes in the region, according to the Dallas Builders Association.

Recent data from the Real Estate Center at Texas A&M University paints a pretty bleak picture for housing affordability in the Dallas-Fort Worth area. More than 100,000 new jobs regionwide netted just 30,000 new homes by the end of last year, according to stats from Meyers Research and the Dallas Builders Association. The median home price, thanks to the scarcity of new builds, jumped from $149,900 in 2011 to $232,000 in 2016. 

The end of the affordable new home is nigh, it seems. 

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Arlington 2906 Serenity Front 2

This might be one of the most unique homes in the Midcities area, if not the most unique. Right from the first glance, this multi-level contemporary in Arlington’s Tiffany Park won me over. I love the prairie-style shape of this home, with five different levels anchored by a rectangular tower. It’s a novel way of taking advantage of the unobstructed views of Lake Arlington.

But would you believe that this home, built in 1984 and with many great updates, is on the market for just $595,000? It seems like such a bargain for a home in a great neighborhood, right next to a lovely lake, with more than 4,500 square feet, and with an incredible deck and pool with an easily accessible Midcities location.

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Chantilly Court by Greico Homes

Chantilly Court by Greico Modern Homes

It’s been a newsworthy summer for Greico Modern Homes. Their homes are featured in Dwell Magazine this month, and they are finalists in multiple categories of the Dallas Home Builder Association ARC Awards. But the awards that Tom Greico is the most proud of are the ones that he was awarded as a student of W.T. White High School.

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Vision - Ground Level & Overall Site Plan-2

Site Plan (top is West), courtesy of Crescent Communities

Crescent Communities released more details about its project planned at Zang and Davis near the Bishop Arts District. The residential components offer a variety of types and sizes to appeal to a range of budgets and lifestyles.

Most controversially, the second phase North Site plan includes a set of 30-38 brownstones with single units — each three to three-and-a-half stories high, made of high quality materials, and with walk-out roof terraces. The Towns on Zang product would likely be a great addition to the neighborhood if the front entrance stoops weren’t so devoid of character, but the question is whether Crescent would develop the property themselves, or sell to another developer. Their portfolio doesn’t include multi-level brownstones currently, and according to neighborhood watchdog Councilman Scott Griggs, their plan is to change the overlay to allow residential, then sell.

The current zoning overlay requires one-story retail frontage all along Zang Blvd. Removing the requirement for retail frontage would allow even dingy apartments to be built. Griggs insists upon including stipulations for street-access units if/when changing the zoning overlay. If this is the plan, let’s just make it part of the plans! But Crescent seems unwilling to make that concession. All we have is their word — and better pictures promised in a few months.

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casechart5.31
We are still cooking when it comes to rising property values, though the heat is no longer set to boil: Dallas’ March home price increase was only 1.4%, the lowest annual increase in nine months, and below February’s. But Dow Jones’ Case-Shiller March report says oil pries be damned, Texas is still killing it as real estate becomes a more scarce commodity:

“The economy is supporting the price increases with improving labor markets, falling unemployment rates and extremely low mortgage rates,” S&P’s David Blitzer said in the report. “Another factor behind rising home prices is the limited supply of homes on the market.

“The number of homes currently on the market is less than 2 percent of the number of households in the U.S., the lowest percentage seen since the mid-1980s.”

Here is what I am loving: while nationwide home prices are still 10% below what they were in 2006, when the market was just nuts, Dallas-area home prices are now more than 25 percent higher than they were before the recession.

We can thank the more than 80,000 people a year moving here for making our homes short in supply, our days on market about 3 months or less (less in Plano-Frisco) except, of course, when you are talking the eight digit properties.

Price movements, said the report, vary across the country. “The Pacific Northwest and the west continue to be the strongest regions. Seattle, Portland, Oregon and Denver had the largest year-over-year price increases. These cities also saw some of the largest declines in unemployment rates among the 20 cities included in the S&P/Case-Shiller Indices. The northeast and upper mid-west regions were at the other end of the ranking. The four cities with the smallest year-over-year prices gains were Washington DC, Chicago, New York, and Cleveland. The unemployment rates in Chicago and Cleveland rose from March 2015 to March 2016.” (more…)

23 Ash Bluff Front

Show of hands: How many of our CandysDirt.com readers enjoyed the beautiful weather at the annual Polo on the Lawn match this past Saturday? It was a wonderful event held at Prestonwood Polo Club in Oak Point, benefiting Children’s Miracle Network. But did you know that 23 Ash Bluff Lane was once the site of the Dallas Polo Club in the 1920s?

Yes, it’s true! This gorgeous Anton Korn-designed estate built in 1935 is the very same place where polo ponies and riders raced while the elegant ladies and gentleman of Dallas society looked on.

It was originally built for oilman Clint Murchison, but was later renovated in a way that holds on to the home’s history while allowing it to easily accommodate today’s buyer. Jump to see the rest of this gorgeous home located inside the exclusive Glen Abbey neighborhood.

23 Ash Bluff Side Front

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Left: This outdated shower/tub unit was rarely used and presented a fall hazard. Right: Bruce Graf updated the bathroom with trendy tile and frameless glass, which is now wheelchair accessible. (Photo: Graf Developments)

Left: This outdated shower/tub unit was rarely used and presented a fall hazard. Right: Bruce Graf updated the bathroom with trendy tile and frameless glass, which is now wheelchair accessible. (Photo: Graf Developments)

“For most folks, their home is the biggest investment they own,” said Bruce Graf, a home remodeler with more than 30 years of experience in working with multiple generations of families.

Graf has helped families remodel a house to accommodate growth, and then returned years later to adapt their home to special health needs so they can continue aging-in-place within that same residence filled with lots of memories.

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Barbara Corcoran

When you talk about the dream that gets people into real estate, it often follows the arc of Barbara Corcoran’s story. She worked 22 different jobs before getting a $1,000 loan from her boyfriend and starting a fledgling real estate office in New York City. More than $5 billion later, Corcoran is a well-known entrepreneur and stars along with Mavericks owner Mark Cuban in ABC’s hit reality show Shark Tank.

The Corcoran Group is what made Barbara her fortune, but she couldn’t have done it without an iron will and fearlessness for which she is admired. If you find yourself gearing up for 2016 and looking for the right motivation to build your real estate business into a universal brand, then you don’t want to miss Barbara Corcoran’s “Rags to Riches” keynote May 10 at the Plano Centre.

Hosted by Champions School of Real Estate, Corcoran will share the story of her journey to becoming a real estate mogul detailed in her book “Shark Tales.”

You can purchase sponsorships, as well as group and individual tickets, through Champions School of Real Estate today. Don’t wait because this will likely sell out!