North Texas Sees Big Spike In Home Inventory
DFW: Just in time for the spring real estate market, the “For Sale” signs are going up on North Texas homes at a greater clip compared to last year. The Re/Max National Housing report ranks DFW just behind Raleigh, N.C., with the largest percentage increase in home inventory in February, compared to the same period in 2022. At the end of last month, DFW had 2.9 months’ supply of home inventory, compared to 0.6-month supply in February 2022, an increase of 343.4%. Last year, Raleigh only had a 0.3-month supply and increased to 1.6 months’ supply, a jump of 367.3%. The report also noted that area home sales were up in February by nearly 30% compared to January; the median home sale price in North Texas was up nearly 6% compared to last year; and that the current median home sale price is just under $399,000, after peaking in the late second quarter in 2022. Many homes in sought-after North Texas communities and neighborhoods still receive multiple competitive offers.
DFW: A stalled hotel project near the Galleria Dallas has a new owner with pockets to finish the development. Structural work was completed on eight of the 12 planned floors of the Plush Suites hotel on Noel Road before coming to a standstill. Churchill Capital, a Dallas-based real estate investment banker founded in 1995, purchased the property at auction. The original plans for the hotel called for 295 suites, a restaurant, rooftop pool and deck, a roof dog run, a fitness center and two floors of underground parking. Conversion of the space for multi-family apartment or condominiums could also be possible as numerous apartment projects are underway in the area north of the Galleria Dallas area. With more than 170 sites in development, DFW continues to lead the country in hotel construction.
DFW: A luxury Marriott hotel line will be coming to Hall Park, the $7 billion, 162-acre mixed-use re-development in Frisco. Autograph Collection Hotels will be a 224-room luxury high-rise that will include 60 suites, plus a lounge, restaurant, ballroom and other amenities dotted with fine art. The first phase of the masterplan includes two other towers: a 16-story office tower and The Monarch, a 19-story multifamily luxury high-rise with 214 rooms and eight penthouses and a food hall at ground level with nearly a dozen restaurants. The project also will encompass Kaleidoscope Park and the redevelopment will have access to The Star, the development that includes The Dallas Cowboys World Headquarters and its practice complex.
DFW: A Midwest investor led by a former NFL player is now a major player in the redevelopment world of West Dallas. Goldenrod Cos., founded by Zach Wiegert who played for the St. Louis Rams, the Jacksonville Jaguars and the Houston Texans, acquired about 85 properties across 35 acres from West Dallas Investments. That’s the investment group that developed the Trinity Groves restaurant concepts and purchased other surrounding properties that once totaled 72 acres. West Dallas Investments led the development efforts in West Dallas when it began purchasing land that no one would touch 20 years ago. Sales prices for vacant land and industrial and residential properties have since skyrocketed with the better access to downtown Dallas via the Margaret Hunt Hill bridge. Dozens of mixed-use developments of multifamily, office and retail followed and others are in the construction pipeline. The original developers had predicted the completed projects would one day top about 6,000 apartments and several million square feet of retail and office spaces.
LA LA LAND: Kim Kardashian is a brand seller but, in reality, she’s having a tough time selling her own suburban LA penthouse. The three-bedroom, 2,260-square-foot abode sits on the top floor the 72-unit Avanti condo complex. She and her mother Kris Jenner bought several units in the complex in Calabasas, north of Los Angeles, before the Avanti community was completed in 2016. The penthouse has been on and off the market for several years and now Kardashian is asking $2.7 million for it. The home has 10-foot ceilings, a living room that opens to a balcony with mountain views, a chef’s kitchen, an elevator and other amenities, including a two-car garage. Last year, a buyer paid Kardashian $3.5 million for another of her Calabasas condominiums where she sold several brands that were seen on episodes of her family’s reality show “Keeping Up With the Kardashians.”
