THE ALLMANAC

Investor Sentiment Points to Fed Lowering Interest Rate

U.S.: The Federal Reserve meets next week, and investors already have placed their bets that it will lower the lending rate to help stimulate the economy, including the housing market. Key data has been released over the past month on prices, consumer spending, jobs and inflation, with the latest numbers rallying Wall Street and reinforcing investor sentiment that the Fed would cut the federal funds rate by 0.25%. That would trigger lower borrowing costs on most credit cards and new auto loans, among other costs for businesses, with a hopeful trickle effect to lower mortgage rates. The 30-year fixed rate mortgage recently dropped below 6.5%, sparking a jump in both new mortgage and refinance applications.

DFW: A Nebraska-based developer that has big plans in the Trinity Grove area of West Dallas has now turned its sights west to Cowtown. Goldenrod Cos. recently broke ground on one of two mixed-use developments west of downtown Fort Worth that will total more than $400 million. The first project on West Seventh Street, The Van Zandt, will include 13,000 square feet of retail space, 100,000 square feet of office space and more than 200 apartment units. The nearby One University project will include 100,000 square feet of high-end office space, a 175-room hotel, 10,000 square feet of retail, and 240 apartments. The city has offered more than $30 million in incentives if the developer meets certain deadlines. Goldenrod currently has plans to develop 90 properties in West Dallas into multifamily residences, hotels and commercial spaces.

DFW: Addison city leaders have approved a new multimillion-dollar mixed-use development near the new DART Silver Line station. The Addison City Council gave the go-ahead for the multiphase project called Addison Junction that will be developed by Quadrant Investment Properties of Dallas. The city of Addison will provide $40 million of the $240 million project estimate in infrastructure improvements and two parking garages in the 14-acre development. Groundbreaking is planned for next year and the project’s first phase will be for a 30,000 retail-entertainment district. When completed, the development will include a 150,000-square-foot office tower, a 12,000-square-foot event space with an aviation theme, and a 140-room hotel. The development will link to the Addison Circle Park and the Cotton Belt Trail Corridor via plazas and other venues. 

DFW: While Texas grocer H-E-B continues to make headlines with new store announcements and openings across the Metroplex, a warehouse giant has quietly expanded its reach in North Texas. Costco, the membership-only bulk store, stocks everything from groceries and meats to clothes, books, garden supplies and furniture. It now has 16 locations in North Texas’ growing counties: Collin, Parker, Dallas, Tarrant and Denton, with a footprint of about 1 million square feet. The multibillion-dollar company also has announced plans for three more stores in the near future, one each in Kaufman, Tarrant and Collin counties, among the country’s fastest-growing areas. H-E-B, on other hand, has about 15 stores in North Texas with plans to open another seven in the coming years, including its first store in Dallas. That doesn’t include six of the company’s Central Market locations, or a seventh one planned to begin construction next year in the former Albertson’s location at Lemmon and McKinney in Uptown.

CALIFORNIA: Adam Levine, the Maroon 5 frontman and on-again-off-again coach for The Voice, has made another move. In real estate, this time. Levine and his wife, model Behati Prinsloo, have purchased a new Spanish-style property with multiple guest houses and a barn which that they will renovate over the next year. That means they’re selling 11,500-square-foot mansion in Montecito in Santa Barbara County for $65 million, $13 million more than they paid actor Rob Lowe for the property three years ago. The nine-bedroom, 14-bath property sits on more than 3 acres that has sweeping views of the mountains and the Pacific Oceans. It includes a pool, tennis court, gardens, a koi pond and an outdoor kitchen. Levine and his wife have bought and sold numerous properties in Southern California over the years with nice profit margins. The Levines are moving this time because they want to be closer to their children’s school. 

COPYRIGHT © 2024. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

THE ALLMANAC