Thanks to Steve Brown for the following news. Follow@SteveBrownDMN on twitter.
The continuing story on the Dallas residential real estate front continues to be the lack of available homes for sale. For Dallas home buyers, the pickings are slim. As a result, Dallas – Fort Worth home prices continue to climb, and were up 9% in the fourth quarter of 2014.
New homes in urban areas close to downtown Dallas are in demand as home builders are active and competing aggressively inside the loop for both single family home builder lots and multifamily zoned land. How hot is it? There are stories of some new homes going under contact as soon as the foundation is poured. So if you’ve had thoughts of selling, now may be the time to “make hay while the sun is shining”.
While residential mortgage rates are near 2-year lows, they did tick up this last week. The 10-year Treasury (which fixed mortgage rates follow) yield climbed to 2.05% as global investors seek safe investment assets in light of the Euro-Greek debt standoff.
The 30-year fixed-rate mortgage (FRM) averaged 3.69 percent with an average 0.6 point for the week ending February 12, 2015, up from last week when it averaged 3.59 percent. A year ago at this time, the 30-year fixed-rate-mortgage averaged 4.28 percent.
The 15-year fixed this week averaged 2.99 percent with an average 0.6 point, up from last week when it averaged 2.92 percent. A year ago, the 15-year FRM averaged 3.33 percent.
The big news in Dallas this week was the announcement of four new high-rise towers in Victory Park. Three of the towers are slated for apartments, while one will be designed for office use.
A 28-story apartment tower, called Katy Station, is planned at at Hi Line Drive and Houston Street. It will reside about a block north of where Camden Property Trust is building 423 units north of the American Airlines Center.
Estein and Associates, which manages Victory Park, is teaming up with Lennar Multifamily Communities on a mixed use tower featuring retail on the ground floor and apartments above.
Atlanta-based Novare Group, which recently built SkyHouse Dallas apartments, has filed plans with the city to build a second tower in Victory Park. Houston-based developer Hines will join forces with Cousins Properties to build the fourth planned tower for office use. Called Victory Center, the 23-story office building will contain 466,000-square-feet and will take almost two years to build.
As Victory Park is being redesigned, it’s transforming into a residential area instead of the retail and office uses that it’s planners originally envisioned.
To accommodate all of those new residents in Victory Park, there are rumors of a new grocery store going in to The Akard Place Development in Uptown. RED Development of Phoenix and Dallas’ StreetLights Residential are building the $200 million mixed-use project next door to Victory Park, with plans for a 40,000-square-foot grocery store.
On the office tower development front, more big news was announced for the Legacy West Development. Gaedeke Group LLC purchased 11 acres just east of the Toyota campus. Real estate brokers say it plans to build a 15-story office tower with about 300,000 square feet.
Read other Dallas real estate news below.
Let’s look forward to another great week in Dallas real estate. If we can answer any of your real estate questions, we would love to help. Reach me directly at 214-690-9682.
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