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Dallas Leads Country in Hotel Construction Pipeline

DFW: Dallas has scored another first, again, this time in the hotel construction pipeline. Lodging Econometrics says in its latest report that Dallas leads all other areas of the country in the number of pipeline projects with 20,707 rooms and 173 projects. The company’s second quarter United States Construction Pipeline Trend Report says that Dallas led the country for the fourth consecutive time in the category. Following Dallas in the pipeline was Atlanta with 140 projects and 18,131 rooms. Los Angeles was third with 124 projects and 20,365 rooms. When it comes to construction projects, DFW is high on the list in numerous other categories.

DFW: Despite challenges in the area’s residential market sector, the DFW commercial real estate market continues at a good clip. Starts of commercial buildings in DFW increased 70% in the first six months of the year. The DFW area was behind only New York City in construction starts. The DFW commercial market was the country’s favorite for investors in the first half of the year with nearly $23 billion in transactions. Along with the hotel construction pipeline ranking at the top nationwide, DFW also leads the country in apartment and warehouse and distribution space construction. And not to be left behind, DFW new office building starts also are leading the country, with close to 4 million square feet of those projects breaking ground in the first two quarters of the year.

DFW: Although area median home sales prices are higher from a year ago, more inventory and higher sales prices and mortgage interest rates have cut into the market. The Texas Real Estate Research Center at Texas A&M and North Texas Real Estate Information Systems report that the median home sale price in DFW was $421,000 last month. Although that number was 21% higher than last July, it marked a 3% decrease from June. That percentage decrease was the largest month-to-month drop in price since around 2020. Industry analysts say that the DFW residential real estate market remains hot but that several factors will continue to temper the rate of home price increases through the end of the year.

DFW: A new luxury apartment complex will soon be going up near the Galleria Dallas. Trammell Crow Residential plans to start construction later this year on the five-story Alexan apartment complex on Noel Road between Interstate 635 and Spring Valley Road. The community will have 239 apartments with upscale amenities and is expected to open sometime in 2024. When completed, the apartment complex will be close to a master-planned development, called the Dallas International District, which includes the former Valley View Center shopping mall. North Texas is the national leader in apartment construction with more than 40,000 units currently being built, and Trammel Crow Residential is one of the most prolific multifamily developers not only in North Texas but across the country.

LA LA LAND: Ben Affleck is off the market, but his bachelor pad is now on. The actor married singer-performer-actress Jennifer Lopez recently in Las Vegas after a 20-year on-off-on-again relationship that kept countless paparazzi employed for many years as they chronicled “Bennifer.” Now Affleck’s nearly 13,000-square-foot mansion in a gated community in Pacific Palisades is for sale for nearly $30 million. He bought the place for $19 million four years ago after his divorce from the other Jennifer—Jennifer Garner, that is. The mansion has seven bedrooms and nine baths, vaulted ceilings, numerous living space areas, a covered patio with a fireplace, a pool and a large greenspace with landscaping and trees that create a private setting. The pair are now living in Beverly Hills while Lopez’s Bel-Air home is being renovated.

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