F E B R U A R Y

0 3

2 0 2 3

W E E K

THE ALLMANAC

DFW Home Prices Faring Better Than Other Metros

DFW: North Texas home prices are faring better than those in 19 other major metro areas across the country. The latest S&P CoreLogic Case-Shiller Index shows that area home prices were up 10.9% in November compared to November 2021. Even so, November also recorded another month of price decreases. The Case-Shiller Index notes that area median home prices have receded about 6% since their peak last summer and ended the year at around $390,000. Industry analysts have predicted for months that price increases in 2023 would continue to taper from the market frenzy in 2020 and 2021. But many say that this spring’s home-selling season could trend higher than expected if mortgage rates continue to slide as they have done over the past several months. Dallas’ home price increases trailed behind Miami, Tampa, Charlotte and Atlanta.

DFW: The extent of all that construction activity across North Texas has now been tallied. Dodge Data & Analytics says DFW was behind only Gotham in commercial building and apartment construction to the tune of more than $16 billion last year. Dodge Data notes construction in that sector was double the national average last year and grew by 51% from 2021. Across the country, commercial construction spiked 25% to $159 billion. Among North Texas’ top projects was the Hall Tower in Frisco at $314 million and a third phase, $180 million apartment project in the 25-acre Trinity Green development near Trinity Groves in West Dallas. DFW was the country’s leader in commercial real estate deals in 2022 with $42.5 billion in transactions.

DFW: The Trammell Crow Co. is seeking approval for a large industrial project south of DFW International Airport. The Dallas developer wants to build seven buildings that would total nearly 2 million square feet in a new 180-acre development to be called Passport Park West.  The existing Passport Business Park north of U.S. Highway 183 and Passport Boulevard already is home to numerous warehouses that total more than 9 million square feet. At the end of last year, about 2 million square feet of industrial space was in the works around the airport. With more than 80 million square feet of space under development, North Texas is the busiest warehouse and distribution sector. 

DFW: One up. Another one on the way. Urby, a developer based in Hoboken, New Jersey, is starting a second luxury high-rise apartment tower in the Design District near the Virgin Hotel. The company’s first tower, a 27-story high-rise with 383 units on Hi Line Drive, opened last year with various amenities, including a swimming pool, fitness center and other amenities. The developer has started construction on a second similar high-rise with 364 apartments. That project is estimated to cost nearly $100 million. The four-acre site has space for a third tower and Urby plans to build over 900 apartment units in the development. 

LA LA LAND: Jennifer Lopez has put her Bel Air estate on the market for $42 million. The 14,000-square foot home has nine bedrooms and sits on an eight-acre lot that includes a private lake. In addition to the expected dramatic entrance with wrought-iron staircase, chef’s kitchen, formal dining room, library, game room and home theater and gym, the estate also includes a guest home, pool, and 100-seat amphitheater and a gazebo with a firepit. Lopez bought the estate in 2016 from actress Sela Ward for $28 million. Last year, her husband Ben Affleck sold his 13,000-square-foot, seven-bedroom, nine-bath home in Pacific Palisades, for $29 million and moved to the Bel Air estate. Beniffer has (have) been busy lately. Her latest move, “Shotgun Wedding” is out and his film “Air” about the creation of the Air Jordan brand is scheduled to be released this spring. 

COPYRIGHT © 2022. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

F E B R U A R Y

0 3

2 0 2 3

THE ALLMANAC