55 finalists revealed for best real estate deals in DFW

Dallas Business Journal revealed 55 finalists for the annual Best Real Estate Deals contest, which honors the projects shaping the future of North TX

Best Real Estate Deals finalists

• Commercial property sale: CityLine campus sale, Link Logistics acquisition of Stockbridge business parks, Plaza of the Americas sale, Stemmons Towers sale
• Community impact: Downtown Garland Square and Streetscape Project, Stephen G. Terrell Recreation Center in Allen
• Data center: CoreWeave data center in Plano, Google data center in Red Oak, Skybox data center in Lancaster
• Hospitality/hotel: Loews Arlington Hotel, Magnolia Dallas Downtown, Miyako Hybrid Hotel Plano
• Industrial user: 2800 & 3000 Skyline development, DrinkPAK leases in Fort Worth, Southwire at Alliance Westport 25, Trina Solar lease at Tradepoint 45 West

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Source: Dallas Business Journal

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Dallas-Fort Worth home sales jump in January is one of best in the nation

Last month’s increase in Dallas-Fort Worth home sales was the first year-over-year rise in almost two years.

Last month’s increase in Dallas-Fort Worth home sales was the first year-over-year rise in almost two years.

The increase was also one of the biggest such gains in the country, according to a report by residential sales firm Re/Max LLC.

Sales of homes in D-FW were up 14.2% in January from a year earlier, according to Re/Max’s monthly study. Only Salt Lake City – with a 20% gain – had a bigger annual increase in sales of homes by real estate agents.

North Texas real estate agents sold 5,208 homes in January by Re/Max’s count.

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Source: The Dallas Morning News

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How this developer is transforming neighborhoods in Southern Dallas

Since 2020, Jay McIlveen has been investing in property that he remodels into quality, affordable housing, full time.

Many people get into real estate for the potential financial rewards. But for Jay McIlveen, president of Five Star Properties, the returns come in more than dollars and cents. Since 2020, he’s been investing in property that he remodels into quality, affordable housing, full time.  

His passion for real estate started as a side hustle and grew as he realized he had an opportunity to make a positive impact on people’s lives.

“In 2002, I was working in corporate America and buying houses on the side, and I would either sell them or rent them out,” says McIlveen. At that time, he worked with a mix of clients, but when the market crashed in 2008, and he was still getting payments from his Section 8 tenants, he pivoted.

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Source: Dallas Innovates

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More property investors expect to be active this year, lured by price changes

Among investor types, developers, private equity funds, real estate funds and real estate investment trusts are expected to be particularly active this year.

Despite challenging conditions, U.S. real estate investors are planning to return to the property market this year with a preference for cities with an established track record of increasing value.

More than 60% of investors expect to add to their property portfolios, according to CBRE’s 2024 U.S. Investor Intentions Survey. That’s a sharp pivot from last year, when only 16% of investors planned to buy real estate.

About 87% of investors said higher-for-longer interest rates were their biggest concern this year when it comes to real estate, followed by tighter credit availability and loan terms, as well as differing price expectations of buyers and sellers.

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Source: CoStar

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How Texas ranks in the booming world of ultra-luxury real estate

Anyone who’s paid attention to Texas’ rapid recent growth won’t be surprised to hear that the Dallas, Austin, and Houston markets rank highly among the ultra-high-end real estate market.

Anyone who’s tracked the luxury boom during the pandemic won’t be surprised to learn that ultra-high-end real estate has continued to grow year over year in America. And anyone who’s paid attention to Texas’ rapid recent growth won’t be surprised to hear that the Dallas, Austin, and Houston markets rank highly among those markets.

With the recent release of Compass’ 2023 Ultra-Luxury Report, the national real estate broker has highlighted 23 thriving markets contributing to the year’s 1,560 $10 million-plus transactions. Palm Springs and Boston boomed while Manhattan was named the number one U.S. market. But cities like Boulder and Dallas also earned a callout — the latter actually saw a 100% increase in $10 million-plus sales over 2022.

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Source: Paper City

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Sales of homes for $10 million and up in DFW doubled last year

Sales of ultraluxury homes, or those that change hands for $10 million or more, doubled last year in Dallas-Fort Worth.
Sales of ultraluxury homes, or those that change hands for $10 million or more, doubled last year in Dallas-Fort Worth, according to research from Compass.
DFW’s 100% growth doesn’t come along with massive figures. The percent increase, good enough for third in the country, represents a jump from four ultraluxury home sales in 2022 to eight in 2023.
Those eight sales add up to a combined $104.01 million. Compass’ 2023 Ultra-luxury Report excludes commercial, land and multiunit properties.

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Source: The Dallas Morning News

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Housing market predictions for 2024

The combination of high mortgage rates, steep home prices and low inventory levels are lining up to make the 2024 housing market a challenging one for both buyers and sellers.

Key takeaways

  • Low levels of inventory mean that sellers continue to have the upper hand in the housing market.
  • Mortgage rates have come down from their peak but are still high, and steep home prices are dissuading would-be buyers.
  • If rates were to drop further, that would spur the market for both buyers and sellers.

With home prices historically high and inventory still very tight, many prospective sellers and hopeful buyers are feeling nervous about today’s housing market.

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Source: Bankrate

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6 reasons why it makes sense to sell a home right now—before the spring rush

When selling a home, timing can make a difference: Home prices rise and fall, similar to stocks. Head to market at the peak moment.

Thinking about selling your house in 2024? While many home sellers wait until spring to put their property on the market, there are some distinct advantages to getting ahead of the curve this year and listing sooner rather than later.

Generally, the cold weather season causes home sales to be sluggish, but this winter is a bit different. High interest rates kept much of America’s real estate market in a deep freeze for most of 2023. But now that rates have subsided a bit in the new year, there is a whole lot of pent-up demand (and supply) that could burst onto the market at any moment. Some of it is out there already.

When selling a home, timing can make a difference: Home prices rise and fall, similar to stocks. Head to market at the peak moment, and you can stack the deck in your favor and reap higher profits and better terms.

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Source: Realtor.com

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Fort Worth median home prices down at end of 2023

Fort Worth ended the year with median home prices at $325,495. While high, that’s a 4.3% decrease year over year.

Fort Worth ended the year with median home prices at $325,495. While high, that’s a 4.3% decrease year over year.

Tarrant County’s median home price was $337,990, which was down from December of 2022 by 3.4%.

Also down at the end of 2023 was inventory. Fort Worth was at 2.3 months, which decreased from 2.7 months in November but was up slightly year over year.

Mortgage rates have remained in the mid-6% percent range over the past four weeks, after falling from a late October peak of 7.79% for a 30-year-fixed-rate loan, according to Freddie Mac. The decrease has created a slight uptick in demand, so as sellers start to emerge after the holiday season, it will be important to move quickly, Realtors say.

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Source: Fort Worth Report

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Hot Homes: Classy condos for sale in Cowtown

While it might have the character of a small town, Fort Worth is no doubt a big city, complete with the benefits of urban living.

While it might have the character of a small town, Fort Worth is no doubt a big city, complete with the benefits of urban living. What better way to enjoy those benefits than from the comfort of a swanky condominium? We’ve rounded up eight classy condos hot on the market.

501 Samuels Ave., No. 440, Rock Island | 3 BD, 3.5 BA | $825,000
The expansive fourth-floor condo at Villa de Leon has high ceilings, an open plan, and sweeping views of downtown and the Trinity River.

2600 W. 7th St., No. 1817, West 7th | 2 BD, 2 BA | $369,000
Located in Montgomery Plaza, the light-filled apartment features extra-large windows and a sophisticated kitchen.

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Source: FTW Today

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