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DFW Median Home Price Hits New Record

DFW: Home prices in DFW continue to rise even in the eye of rising mortgage interest rates and economic uncertainty. The latest S&P Case-Shiller Index reports that DFW home prices grew 31% in April compared to a year earlier, surpassing the national average of 20.4%. DFW was one of nine metro areas around that country that saw home prices increase faster in April, compared to March. And the Texas Real Estate Research Center at Texas A&M University says that in May the median single-family home price in Dallas shot up again—to $438,000. That’s up 23% from May of 2021. Real estate analysts have forecast slower home price increases in 2022 due to domestic and global economic challenges.

DFW: The Dallas City Council has been busy when it comes to granting incentives for new developments and projects throughout the city.  And Hoque Global of Dallas has received council approval one project in downtown Dallas and another in southern Dallas. The council recently approved $96 million in incentives for Hoque’s project near Canton and Cadiz streets south of Dallas City Hall.  The anchor will be called Newpark and will include a 38-story hotel, resident and office tower, along with other buildings in what now is one of the largest vacant areas of downtown. City leaders also approved $31.4 million tax increment financing for the first phase of Hoque’s 270-acre development near the University of North Texas at Dallas campus in southern Dallas. The University Hills development will bring in hundreds of homes, more than 1,500 apartments and upwards of 1.5 million square feet of commercial space near Interstate 20 and Lancaster Road.

DFW: A Dallas developer has purchased more than 1,000 acres near Forney and is planning a massive master-planned community. Tellus Group LLC’s project will be called Tapestry and is valued at more than $1.5 billion. The project could bring more than 3,100 single-family homes and townhomes to the area in Kaufman County east of Dallas. The property is on FM 548, a few miles north of Highway 80 and east of Lake Ray Hubbard. Neighborhood parks, walking and biking trails, multiple lakes and community centers will be part of the development. Home prices are expected to range from the high $200,000s to the low $300,000s, depending on the lot size and floor plan. The first homes are expected to be available in mid-2024.

DFW: A Georgia developer is looking at Lancaster for another industrial project. Core5 Industrial Partners of Atlanta has worked on various warehouse and distribution center projects in North Texas. It now is working on a two-building, 600,000-square-foot project on Interstate 35E, south of Interstate 20. The $16 million project is set to open in 2023. Lancaster has been one of North Texas’ hottest warehouse and distribution market project centers in recent years, attracting numerous national chains as tenants. More than 20 million square feet of industrial projects are under development in southern Dallas County, one of the area’s top markets in that category.

LA LA LAND: Frankie Valli wants out of his Los Angeles condo. The Jersey boy bought the condo in 2009 for $2.55 million. The condo been listed and relisted in the past several years for as high as $3.14 million but now is listed at $2.59 million. The home is in a high-end high-rise near Beverly Hills. It has three bedrooms and four baths and spreads across 3,100 square feet with floor-to-ceiling windows. The primary suite has walls of glass, two walk-in closets, a bath with double sinks and a spa bath. The two other bedrooms also are listed as en suite. With the condo’s price changing like keys in a song, the 88-year-old former leader singer of the Four Seasons now probably just wants the right buyer to say, “My Eyes Adored You.”

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

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