Top Dallas Real Estate News for Week Ending March 15, 2015

Legacy West development in Dallas

Pictured, the Legacy West development rendering, courtesy of Legacy West Team and Gensler.
Thanks to Steve Brown for most of the following news. Follow @SteveBrownDMN on twitter.

The top stories in Dallas real estate news this week include two prime redevelopment sites for sale south of Mockingbird Avenue. Austin-based PSW Homes wants to build sixty eight homes to replace thirty-four existing duplexes near Glencoe Park on Anita, Ellsworth and Winton streets. Suitors have made runs at this assemblage previously but have been shot down by neighbors. I had a front row seat at a previous attempted purchase of this tract when I owned a duplex on Anita Street.

Bordering the northern boundary of Glencoe Park, the location of the approximate 7-acre tract should make it one of the most coveted in Dallas. It’s within walking distance of the The Katy Trail, SMU, a Dart Rail Station, and restaurants and retail at Mockingbird Station. 

The second development tract is approximately four acres for sale in Uptown at Carlisle and Hall. The existing 2-story condo development next to the Katy Trail with a view of Turtle Creek, is being marketed by HFF. It’s a great location for a for sale product and and, let’s hope, an architecturally significant building. 

Dallas residential home sales were flat in February versus a year ago, but Dallas home sold prices were up 9%. As Dallas home for sale inventory was 15% below year ago levels in January, there would undoubtedly be more sales if there were more homes to buy. Due to the low inventory levels, Dallas homes for sale average the lowest days on market in Texas at 62 days.

Home sales in Houston were down 5% in February due to layoffs from the energy sector, appreciation in home values, and lack of inventory. Still, the Houston median home sold price still rose 7.9% in February.

With Dallas and Houston being the top two multifamily development markets in the country, it’s estimated that multifamily real estate has a $25 billion dollar impact on the north Texas economy. According to data from the National Multifamily Housing Council and the National Apartment Association, apartment development added $2.4 billion to the Dallas – Fort Worth economy in 2013.

Many of those new apartments will be built at the CityLine development on Plano Road at the Bush Turnpike. 1,700 apartments at four major apartment communities are under way at the $1.6 billion CityLine development in Richardson. Trammell Crow Residential, Trinsic Residential Group, JLB Partners and Zale/Corson are the four apartment developers at CityLine.

Trinsic Residential Group is also kicking off a 387-unit Aura Cedar project at Cedar Springs Road and the Dallas North Tollway. The development is Trinsic’s third major rental community in Dallas’ Oak Lawn neighborhood.

Dallas-based Catalyst Urban Development has financing to begin a $29.4 million dollar 249-unit apartment development in McKinney. It’s located near the northeast corner of State Highway 121 and U.S. Highway 75 in McKinney.

The City of Plano has approved a 12.2 acre land tract for the development of 118 home sites at Legacy West. Scott Felder Homes will build the new residential community on the east side of J.C. Penney’s corporate headquarters. It’s next door to the new $400 million dollar urban village with shops, apartments, restaurants, office and hotel rooms. The luxury residential development will feature 3-story houses clustered together on small lots surrounding a central open, green space.

Other quick links on this week’s Dallas real estate news are below.

Huntington Industrial Partners and Artemis Real Estate Partners have bought 24 acres on Lakeside Parkway in Flower Mound for the DFW Airport North Distribution Center II project.

Laura Miller asks council member Jennifer Gates to vote against Preston Center sky bridge.

Crow Holdings increases it’s ownership of Dallas Market Center.

A California investor is selling two Dallas office towers.

Dallas home foreclosures are down 23%.

Chuck E. Cheese is getting a new office location.

Gladstone Commercial Corp. has purchased a Richardson office building.

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.

Enter your email at the top left to get daily Dallas – Fort Worth real estate updates.

Follow our Texas Lots & Land scoopit page.

Follow me on twitter @troycorman