Thanks to Steve Brown for the following news. Follow@SteveBrownDMN on twitter.
The lead story in Dallas – Fort Worth real estate continues to be the tight residential market. DFW home prices surged 12% in 2014 as a limited supply of homes for sale forced buyers to outbid each other for desirable properties. As we begin 2015, the story continues, with an all-time low of available homes for sale. Experts expect a continued tight supply of DFW homes for sale in 2015, but they don’t think we’ll see double-digit price appreciation again this year. Time will tell.
Toyota broke ground on the development of it’s new $350 million headquarters campus in grand style, with a 2015 Toyota Tundra bulldozing through north Texas dirt. Read more about Toyota’s new headquarters ground breaking that took place at the intersection of Headquarters Drive and Palomino Crossing in Plano.
Hey, Dallas doesn’t tear everything down. The 1958 Braniff building next to Love Field will be renovated and expanded thanks to $55 million from Reed Enterprises. A new office tower and an auto showroom are in the plans.
The city of Frisco has kicked in $122 million to Thomas Land & Development for their $1.6 billion upscale Wade Park development. The incentives include money for infrastructure improvements, and sales and ad valorem tax grants. Wade Park must build at least 550,000′ of retail, restaurant, hotel and entertainment facilities, plus a 16-story class A office tower by December 31, 2017 to qualify.
Last Thursday, January 22, State Farm employees began moving in to their new $1.5 billion CityLine complex at Plano Road and the George Bush Tollway. It will eventually serve as the corporate digs for about 8,000 employees.
Atlanta’s Brookdale Group has purchased 777 Main, a 40-story 954,895′ office tower in downtown Fort Worth.
The three-building office complex Energy Square is for sale. Located at University and North Central Expressway, it’s been recently renovated and owned since 2011 by Champion Partners, Lincoln Property Co. and Long Wharf Partners.
A new apartment and retail development coined Knox Heights is planned for McKinney Avenue just north of Knox Street. The developer is High Street Residential, an offshoot of the Trammel Crow Co. The six-story structure designed by Good, Fulton & Farrell Architects will include 182 apartments and 13,500′ of ground floor retail space.
New York investor DRA Advisors LLC bought three office buildings in Addison.
The apartment building boom is said to have peaked as oil prices are expected to postpone some multifamily development in Houston. 30,000 apartments were built in DFW in 2014 versus 24,000 homes. Look for that trend to reverse soon as low interest rates and high rents entice home buyers in to the market.
Let’s hope for another great week in Dallas area real estate. It’s an owner’s market, but there are always opportunities for buyers. Call me if I can help you at 214-690-9682.
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