Buyers & Renters In The Hunt For North Texas Housing

NORTH TEXAS (CBS 11 NEWS) – With home prices nearing all-time highs, and rent rates setting records across the Dallas-Fort Worth area, it is not an easy time to be in the buying market.

“I’ve seen a few places, and know that they’re few and far between,” said Brooke Beavers.

Beavers is looking for a condo in the Oak Lawn/Uptown area of Dallas. She recently sold her current home to a developer who was interested in buying the entire block.

Now a buyer again, she knows the inventory is slim.

Her agent, Joe Atkins of Joe Atkins Realty, said he’s very clear with his clients. “I tell everybody, ‘you’ve got to be able to jump when I say jump,’ because coming in a day late, you could miss out on a home. Homes are selling, in some neighborhoods, in a matter of hours.”

Currently there are an estimated 10,000–plus people, per month, moving to the Dallas, Tarrant, Collin and Denton County regions.

The Dallas Builders Association (DBA) says inventory of homes on the market is low. One measuring stick for supply and demand is the number of single-family home building permits issued for new construction.

To keep up with the projected population demand, the DBA estimates, 32,000 to 33,000 new permits is a healthy number to be issued per year. According to the DBA, just 24,646 permits were issued in 2013.

But the numbers are moving in the right direction. Builders estimate by the end of this year, 27,000 to 28,000 permits will be issued — with the vast majority for the first-time construction of single-family homes.

Realtors hope the market will ease up in the next few years, as construction catches up.

“That could take two to three years, seeing as there was a period where there weren’t a lot of houses or condos built, when we were in the recession,” said Atkins.

Master-planned developments also play a key role. Multiple homes built at once in a community are helping fill the gap, according to the DBA.

Having found a condo in her same neighborhood, Beavers does not plan to wait on the market. She plans to make an offer now, and hope the investment pays off in the long run.

“Never stop looking. If there’s something out there you would want – get it,” she said.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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The Latest: Retired SEAL enters Texas runoff for US House

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Republican mega-donor Kathaleen Wall did not advance to the runoff despite pumping close to $6 million of her own money into her campaign for District 2 in the Houston area. Her husband is the founder of Houston-based tech company Texas Memory Systems.

For all the talk of renewed Democratic energy heading into the 2018 midterms, Texas Republicans have set a new benchmark for turnout in a midterm election. Read more

HFF Announces Financing for Luxury High-Rise Apartment Community in Frisco, Texas

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DALLAS, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces financing for the development of SkyHouse Frisco Station, an upscale 332-unit, 25-story, Class A high-rise apartment community in the North Dallas suburb of Frisco, Texas.

The HFF team worked on behalf of the development group, a partnership between Novare Group and Batson-Cook Development Company (BCDC), to secure a construction loan through BBVA Compass Bank and Trustmark Bank and joint venture equity through an investor advised by Stockbridge Capital Group (Stockbridge). Read more

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NORTH RICHLAND HILLS, TX — A Silver Alert has been issued for an 84-year-old North Richland Hills man last seen the morning of Feb. 21. James Booth was seen leaving the area of Mid Cities Boulevard and Ice House Drive in a white 2017 Toyota Corolla with Texas license plate number JHC2212.

Booth was wearing a dark green sweater over a beige sweater on Feb. 21. He is described as standing 5-foot-8 and weighing 165 pounds. He has white hair and blue eyes.

He does not have a cell phone with him, and he might be in need of assistance. His family believes he may be in the early stages of dementia, police say.

Anyone who sees him or know his location should call 9-1-1 or the North Richland Hills Police Department at 817-281-1000.

Lead image via PatchJames Booth, via North Richland Hills Police Department

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University of North Texas Health Science Center to pay $13M

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The University of North Texas Health Science Center agreed to the repayment, announced Friday. A statement from U.S. Attorney Erin Nealy Cox says the case involved allegations that center officials inaccurately measured, tracked and paid researchers related to some National Institutes of Health grants. Read more

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As Amazon ponders possible locations for its new second headquarters, analysts are looking at costs in potential locations.

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