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Just listed: 8832 Ashcraft Dr, North Richland Hills, TX 76182 for $194,900 via @realbird

Just listed: 8832 Ashcraft Dr, North Richland Hills, TX 76182 for $194,900 via @realbird.

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Dallas-area real estate regains momentum in 2012

Dallas Home Prices

The recession is in the rearview mirror, and North Texas real estate developers are moving forward with new deals.
Office and warehouse construction is picking up. Apartment building shows no sign of a slowdown. Even the housing market, which has recovered by fits and starts, has turned the corner in Dallas-Fort Worth.
The combination of solid job growth and an increasing population fueled strong demand for all types of real estate in 2012.
And the outlook for next year is just as sanguine — assuming the folks in Washington don’t put the economy in reverse.
Biggest game changer:
Three blocks of bushes, trees and lawns erased the canyon dividing downtown Dallas from Uptown.
And by blurring the line between Dallas’ hottest real estate market and the older central business district, the park over Woodall Rodgers Freeway should be a big boost for downtown’s renaissance.
The public-private sector project will spur real estate development and investment in the area for decades to come.
Biggest turnaround:
Since stumbling out of the starting gates, Dallas’ Victory Park project is getting its second wind.
Construction of hundreds of apartments and more office and retail tenants should bring a flood of folks into the development on the northwest corner of downtown.
After years of making headlines because of store closings, foreclosures and loan defaults, Victory Park is set to generate some good news in the year ahead.
Highest sales price:
The recent sale of the 12-story Encana Oil & Gas tower in West Plano set a record for office building transactions.
The new high-rise sold for $120 million, an eye-popping $376 per square foot — head and shoulders above other recent first-class office sales in North Texas.
Cole Real Estate Investments paid top price for the building because of its prime tenant and high-profile location on the Dallas North Tollway.
Biggest building boom:
You’d be wrong if you thought the apartment building binge was running out of gas.
More than 20,000 apartments are under construction in the Dallas-Fort Worth area, more than in any other U.S. market.
And developers show no sign of easing up when it comes to new deals.
Current apartment building totals still come nowhere close to what they were in the 1980s, when more than 45,000 units were completed in just one year.
Greatest market comeback:
After several false starts, the Dallas-Fort Worth home market took off in 2012 with higher prices and a double-digit increase in sales.
The number of houses on the market in North Texas has fallen to its lowest point in more than a decade.
And home foreclosures are down substantially.
Homebuilders are having a hard time keeping up with demand because of a pinch on building lots and labor.
Brightest addition to skyline:
This rapier-thin, pearlescent high-rise is one of the most striking additions in decades to the downtown skyline.
The deluxe condo is just the kind of development Arts District planners envisioned when they planned the neighborhood.
But a nasty catfight over reflections cast by the tower has clouded Museum Tower’s impact on the market.
Biggest office tenant:
Illinois-based State Farm Insurance has gobbled up enough office space in the Dallas area this year to fill a good-size downtown high-rise.
State Farm leased an entire office building in Richardson, then rented two more in Las Colinas.
Now the insurance giant has signed on to be the anchor office tenant in a $1.5 billion mixed-use project in the Telecom Corridor.
Biggest loss: Downtown’s Thomas Building
Dallas’ grand old Thomas Building was built as a palace for a cotton tycoon.
The 88-year-old building on Wood Street was prized by preservationists for its decorative stone-and-brick exterior and storied past. But after sitting empty for years, the landmark was imploded in November to make more room for parking cars.
Biggest boost for southern Dallas County:
After several years of almost no building, North Texas industrial development is surging back with new deals.
And most of them are along the Interstate 20 corridor in southern Dallas County.
Major distribution centers have been announced for Quaker Oats and cosmetics maker L’Oreal Group.
And more projects are pending for companies including automaker BMW.
Greatest potential for 2013:
After a long drought, office developers are poised to crank out new buildings starting next year.
Most of the construction starts will be in Dallas’ Uptown district and along the Dallas North Tollway in Collin County. Less than half of what’s being talked about will probably get built. But with the local economy heating up, prime office space will soon be in short supply in some business districts.
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Source: Steve Brown stevebrown@dallasnews.com
Published: 27 December 2012 09:48 PM

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Gone To Texas…

Gone To Texas

Texas gained more people than any other state between July 1, 2011, and July 1, 2012, but North Dakota was the fastest-growing state, according to Census Bureau population estimates released today.

North Dakota’s population climbed by 2.17 percent, nearly three times faster than the nation as a whole. Following it was the District of Columbia (2.15 percent), Texas (1.67 percent), Wyoming (1.60 percent), Utah (1.45 percent) and Nevada (1.43 percent).

The United States population increased by 2.3 million from 2011 to 2012, to 313.9 million for an overall growth rate of 0.75 percent.

In the year ending July 1, Texas added the most people (427,400), followed by California (357,500), Florida (235,300), Georgia (107,500) and North Carolina (101,000). Those five states accounted for more than half of the nation’s total growth.

California remained the most populous state, with a population of 38 million. Rounding out the top five were Texas (26.1 million), New York (19.6 million), Florida (19.3 million) and Illinois (12.9 million).

The only states to lose population were Rhode Island (-354 or -0.03 percent) and Vermont (-581 or -0.09 percent).

Since the 2010 Census, Texas has experienced a 3.6 percent growth rate, adding the most people (913,642) for a total population of 26,059,203.

North Dakota was also the fastest growing over the two-year period with a 4 percent growth rate, adding 27,037 people for a total of 699,628.

California added the second most people (787,474), followed by Florida (514,878), Georgia (232,282) and North Carolina (216,602).

Read more here: http://www.star-telegram.com/2012/12/20/4498954/texas-gains-more-in-population.html#storylink=cpy#storylink=cpy

Source: BY STEVE CAMPBELL
sfcampbell@star-telegram.com

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Housing Starts Soar!

In each Economic Update, the Research staff analyzes recently released economic indicators and addresses what these indicators mean for REALTORS® and their clients. Today’s update discusses housing starts.

Housing starts reached an 894,000 annualized unit pace in October, which is the highest in over 4 years, and up 42 percent from one year ago.
Even with this huge gain, further increases are needed. The 50-year historical average is 1.5 million per year. Now that the household formation is bouncing back and reaching about a million, housing starts need to be at least 1.3 million just to keep the overall vacancy rates stable after accounting for 300,000 or so uninhabitable units that are demolished each year.
Multifamily starts made a larger gain of 57 percent compared to single-family starts, which increased 35 percent. Falling vacancy rates and solid rent gains have tipped developers to focus more heavily on new apartments.
The West region showed the biggest increase with a 73 percent gain. Inventory levels are very tight in California, Seattle, Phoenix, and Las Vegas. Naturally, homebuilders are responding to these market incentives and conditions. However, California lags well behind Texas in housing starts even though California has a larger population and is experiencing a more acute housing shortage because of tight land regulations and high fees associated with taking out housing permits. In Texas, just about anyone can dig earth by simply putting on a construction helmet. So expect a faster home price acceleration in California.
The northeast region experienced a slight downturn over the month and only an 11 percent gain from one year ago. Since Hurricane Sandy was at the very end of October, the lower starts are attributed to market forces in the region and not yet related to the storm. A large overhang of shadow inventory still looms in New Jersey, New York, and Connecticut. All three are judicial foreclosure states and hence it takes forever to turn it into an REO. Some delinquent homeowners are said to game the system by not paying mortgage but finding tenants to collect on rents.
Housing starts are likely to reach 1.1 million in 2013 and then rise to 1.4 million in 2014. That translates into a huge percentage gain of 50 percent in 2013 followed by another 25 percent gain in 2014. But such levels will still be insufficient to meet the rising housing demand. Housing shortage conditions will last for a while.

Source:
Lawrence Yun, Chief Economist
Lawrence Yun is Chief Economist and Senior Vice President of Research at NAR. He directs research activity for the association and regularly provides commentary on real estate market trends for its 1 million REALTOR® members.

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Fixed and Adjustable Mortgage Interest Rates – Basic Facts

There are many different types of mortgage loans. Various types of loans make the whole process of home-buying quite intimidating.

Mortgage interest rates influence the borrower’s choice of mortgage to a great extent.

There are two most prevalent mortgage interest rates. These are fixed mortgage interest rate and adjustable mortgage interest rate. This article briefly describes the two types.

o Fixed Mortgage Rates:

In case of ‘fixed mortgage rates’, the principle and the monthly payments for interest do not change throughout the duration of the loan.

As long as the borrower is in a fixed term agreement, the interest rates remain the same.
The advantage of this type of mortgage interest rate is that the borrowers can keep a track of the exact amount of their payments. They can, thus, manage their personal budget easily.

It is advisable to have a fixed-rate mortgage in case the mortgage interest rates are rising. This is because fixed-rate mortgage fixes the current rate and the borrowers need not worry about the future hikes in rates.

Thus, the long-term fixed mortgage rates protect borrowers from any sort of upward fluctuations in mortgage interest rates.

o Adjustable Mortgage Rates:

The mortgage interest rates that are adjusted from time to time on the basis of an index are termed as the ‘adjustable mortgage rates’.

It is advisable to go for adjustable mortgage rates when there is a downward fluctuation in the interest rates.

These mortgage rates change periodically, that is, every one, three, or five years. Therefore, borrowers can easily capitalize on the new rates that are lower than the previous rates.

Source: By Eshwarya Patel & Business & Finance on Twitter at: @OnlineBizss

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Fall Spruce Up Your Home Time!

It seems every year, pick a project that we can undertake to improve our home. But somehow this project always becomes an expensive ordeal. One year what started as a need to replace a window in our sun room turned into tearing down the walls and gutting the entire room.

Now that’s not to say I’m not satisfied with the end result (because I am), but I enjoyed seeing an articles that give us ideas for low cost ways to spruce up our home.

Ah, those coveted words that every home owner loves to hear when having to update their home: “low cost.”

Sometimes you get what you pay for but the ideas laid out in this article make good sense. A few of the simple things that you can do include adding an accent paint color to an existing room, using pillows to update old furniture or instead of gutting your kitchen adding a simple element to give it the feel of an upgrade.

A while back, Coldwell Banker gave 10 ideas to help whittle down the list. I think, I’ll forward it to my wife in the hopes that this may save me a couple hundred dollars this spring and a dozen fewer trips to the hardware store.

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