DFW: More than 3,400 acres of land near the intersections of State Highway 114 and US 287 in Wise County have been bought for a residential development of more than 10,000 homes. Parts of the property are in the towns of Rhome and Newark. The development is projected to cost more than $3.5 billion by completion, which makes it among the largest residential communities in North Texas. Home prices are expected to range from more than $200,000 to above $500,000. Planned are 800 acres for open space with a trail system around existing lakes, creeks and natural springs.
DFW: A five-story, 322-unit luxury apartment community has broken ground at Frisco Station, a $1.8 billion, 242-acre mixed-use project on the west side of the Dallas North Tollway in Frisco. The new rental community is next door to Frisco Station’s first apartment project, which is 95% leased.
DFW: Dallas area rents are up $49 a month on average to $1,240, a new high, according to Yardi Systems data. The national average is $1,476. Austin residents have the biggest increase with average rent up $74 to $1,442. Houston rates are up $16 to $1,111. Ft. Worth rose $39 to an average of $1,130. Highest rents are in Manhattan ($4,245), Los Angeles ($2,530), Washington, D.C. ($2,233) and Seattle ($2,138). DFW is still the fastest-growing apartment market in the country.
DFW: SBA disaster loans up to $2 million are available for businesses and non-profits in the seven North Texas counties that suffered tornado damage in October. For homeowners, the loan limit is $200,000. Homeowners and renters are also eligible for $40,000 to repair or replace destroyed personal property. Deadline to apply for property damage loans is January 13 and for economic injury August 14. The loans interest rates start at 3.875% for businesses, 2.75% for private non-profits and 1.5% for homeowners and renters with terms up to 30 years. Loans will be made for costs to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other assets. Loans can also be for improvements to protect, prevent or minimize the same type of damage in the future. Loans are also available to businesses with no physical damage but who lost revenue when customers couldn’t access their businesses. The temporary disaster loan office is open in the Bachman Lake Branch Library, 9:00 a.m.-5:00 p.m. No appointment is necessary.
D.C.: The NAR reports about one-third of homes sold this year went to first-time buyers, compared to the usual 40%. Median age for first-time buyers rose to 33 in 2019, highest ever recorded by the residential sales industry. The median age of repeat home buyers rose to the mid-50s. The share of U.S. home buyers with children living at home continues to decline. This year, it was just 35% of the market. In 1985, almost 60% of buyers had kids. Likewise, the share of married couples purchasing a home declined from an historical high of 75% to 67%. The share of new homes purchased dropped to an all-time low of 13%. Builders of new houses in recent years have shifted their product line toward more expensive properties.
Austin: In the next three-to-four years, the Capitol Complex will undergo an $895 million expansion through the Texas Facilities Commission, the real estate management and construction group for the state. The massive project will reshape a large swath of Austin’s Central Business District. The state is the city’s biggest real estate player, leasing 2.5 million-square feet, and owning or managing another 3.9 million-square feet. It’s also the biggest employer in the Austin area with about 63,000 workers. Four buildings will be built in two phases totaling 1.5 million gross square feet, that will bring an estimated 4,800 workers to Congress Avenue.