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Multimillion-Dollar Expansion Planned at FW Stockyards

DFW: Big changes could be coming to the real cow-town part of Cowtown. Developers are looking for city approval for a multimillion-dollar expansion and improvements at the Fort Worth Stockyards on the north end of the city. Fort Worth Heritage LLC is seeking approval from city leaders for a project that will add more than 300,000 square feet of mixed-used space. That would include hotels with up to 500 guest rooms, a multifamily community with about 300 units, two underground parking garages with more than 1,000 spaces and green space and amenities. Fort Worth Heritage’s investment could top $600 million, but it would seek city incentives and grants estimated at more than $70 million over 30 years. The request for incentives could come up for a vote at the Fort Worth City Council later in June. If approved, the project would be completed by 2032. Currently, more than 9 million people visit the nearly 100-acre Fort Worth Stockyards district each year.

U.S.Inflation numbers, consumer price index, job gains. The numbers in recent weeks have been both good and bad, so the Federal Open Market Committee kept its benchmark lending rate unchanged at its last meeting. There is little hope that it will do anything different when it meets again in late July. That means borrowing costs, especially for credit cards and home mortgages, are not coming down anytime soon. Even so, real estate agents across many parts of the country, including North Texas, are pointing to a robust residential real estate market despite higher interest rates, higher prices and more homes hitting the market. The latest data has inflation at around 3.3%, but the Fed has continued to point to a “needed” inflation rate of 2% before it would consider lowering rates.

U.S.: Think it’s more expensive to own a home these days? You’re not alone. Bankrate, the personal finance platform, says that the cost of owning a home has spiked more than 25% since 2020. On average, those rising utilities charges, taxes, property insurance, cable, internet and home maintenance top $1,500 each month or more than $18,000 per year, up more than $300 from four years ago. In Utah, expenses were more than 40% higher than in 2020. The good news for Texans is that despite the perception of a surge in home-related expenses, costs rose only about 14% across the Lone Star State.

DFW: It’s called the long-term plan for the countryside in Kaufman County. Lennar, one of the country’s biggest homebuilders, is looking to build nearly 4,000 homes near Crandall, located about 25 miles southeast of Dallas. The two Lennar projects on 900 acres of land in the new Eastland developments will transform the area over the next decade. Construction on the first phase already is underway. The three- and four-bedroom homes will vary in footprint—from 1,200 to 2,300 square feet and from $200,000 to just over $350,000 in price. The Eastland development is one of several communities that Lennar has in the region. Crandall is among the growing communities in Kaufman County, which grew nearly 8% from 2022 to 2023 and recently was named by the U.S. Census Bureau as one of the fastest-growing counties in the country.

LA LA LAND: When is a 12-bedroom, 24-bath, 38,000-square-foot mansion not big enough for two people? When your name is Bennifer. Talk everywhere is that the 2022 marriage of Ben Affleck and Jennifer Lopez—more than 20 years in the making—is going splitsville ala many Hollywood romances and unions. The couple paid $60 million for the over-the-top 5-acre Beverly Hills estate last year, but now it seems they’re quietly shopping it for $65 million. They’re not expected to make any money off the deal, but word in Tinseltown, TMZ and everywhere else is that they’re ready to move out and on. Ben apparently is living in a $100k per month rented home near his former wife, Jennifer Garner, and Jennifer (Lopez) is also shopping around various parts of LA for a new place to call home. They each own other properties separately—and far away—from each other.

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

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