Fort Worth-Dallas leads state in metro-area condo sales
Fort Worth and Dallas-area condominium sales have sprinted past all major markets statewide, according to a newly released report by the Texas Association of Realtors. Metroplex condo sales jumped 38 percent between January and September, followed by Houston at 25 percent, Austin at 24 percent and San Antonio at 18 percent. That comes as no surprise to at least one local observer. “We have seen impressive improvement in the average number of days units stay on the market,” said Andy Taft, president of Downtown Fort Worth Inc. The trend extends statewide, according to another source.
“Data from the Texas condominium sales report shows that all types of housing are in demand in Texas,” said Shad Bogany, chairman of the state Realtors association in a news release. “Given the rapid job and population growth across Texas’ major metro areas, as well as our state’s shrinking housing inventory, it’s no surprise condo sales are playing an increasingly important role in the Texas housing market,” Bogany said. Based on data from the Real Estate Center at Texas A&M University, the new report found sales trends between January and September mirroring those of single-family home sales across Texas, with double-digit decreases in active listings and days on the market and moderate increases in median and average price. “Inventory is at an all-time low for both condominiums and single-family homes, but the development of new condos and townhomes has lagged behind that of single-family homes through the housing recovery,” said Jim Gaines, economist with the Real Estate Center at Texas A&M University.
“As a result, we’re at least a year or two away from delivering the condos that are currently needed in Texas’ metro areas,” Gaines said. In the Dallas area, 4,468 condos were sold between January and September 2013. Compared to the same period in 2012, the median price increased 10 percent to $153,000. The number of new listings also increased 10 percent to 6,311, whereas active listings dropped 26 percent to 1,607 listings and pending sales jumped 33 percent to 4,077 year-over-year. Finally, days on the market dropped to 67 days, a 28 percent decrease from the year prior. Taft described an improved lending environment. “In addition, D-FW has a number of fine urban environments where condos are the preferred housing form,” Taft said. In Houston, 5,067 condos were sold between January and September 2013. And in Austin, 2,450 condos were sold, with San Antonio seeing 469 condos sold. With more than 80,000 members, the Texas Association of Realtors is a professional membership organization advocating on behalf of Texas Realtors and private-property owners to keep homeownership affordable, among similar aims. More information is available at www.texasrealestate.com.
Park Ridge Townhomes in Arlington sold Marcus & Millichap Real Estate Investment Services has announced the sale of Park Ridge Townhomes, a 42-unit apartment property in Arlington. Boyan Radic, Mason Green and Doug Banerjee, investment specialists in the firm’s Fort Worth office, marketed the property on behalf of the seller, Clarus Investment 6 LLC. The buyer, a Dallas-based limited liability company not identified in a news release, also was secured and represented by Radic, Green and Banerjee. The trio procured five offers in a two-week marketing process. The purchaser closed all cash, 25 days after contract execution. Park Ridge Townhomes is located at 1620 South Pecan St. about one mile from the University of Texas at Arlington. It covers about 2.43 acres and was constructed in 1985. Comprising the complex are 20 two-bedroom, one-bathroom townhomes and 22 three-bedroom/-two-bathroom townhomes ranging from 989 to 1,160 square feet. The buyer plans to renovate the common areas, exterior, and update the interiors as units turn. More information is available at www.marcusmillichap.com.
Dominion Enterprises sells Arlington site Dominion Enterprises of Tennessee has sold a 36,006-square-foot office-warehouse space on two acres at 925 111th St. in Arlington to Duratile Natural Stone LLC. Representing the seller were Kevin Santaularia, president and CEO of Bradford Commercial Real Estate Services; Michael W. Spain, senior vice president and managing partner; and Joe Santaularia, market director. Michael Stanzel of NAI Robert Lynn Co. represented the buyer.
Luby’s Cafeteria site sold Luby’s Restaurants Ltd. has sold an 11,262-square-foot retail building on two acres at 1551 S. Cherry Lane in Fort Worth to RLB Assets. Representing the seller were Karen Simon, executive vice president and managing partner of Bradford Commercial Real Estate Services, and Erik E. Blais, market director. Nathan Vasseur of Coldwell Banker Commercial represented the buyer.
Weis Builders completes senior living community General contractor Weis Builders has completed the first phase of The Villas of Hulen Bend, a $12 million affordable independent living community in Fort Worth. The first phase of the U.S. Department of Housing and Urban Development-financed property, which is specifically designed for active seniors, consists of 138 units in one- and two-bedroom layouts. Amenities include a pool, putting green, gazebo and community garden with greenhouse, and select units have an attached garage. Trinity Courtyard LP acted as developer on the project, which is located at 6150 Oakmont Trail, and RPGA Design Group Inc. served as architect.
Other leases Impex Forwarding Agency has inked a 32,000-square-foot lease at 2401-2407 Centennial Drive in Arlington from First Industrial Realty Trust. Lee & Associates‘ Becky Thompson represented the tenant. CBRE’s Kacy Jones and Wilson Brown represented the landlord. Spirit Life Church International has renewed a lease for 12,000 square feet at 2805 Market Loop in Southlake. Silver Oak Commercial Realty’s LeAnn Brown represented the landlord. Providential Realty Partners’ Max Schwartzstein represented the tenant. Darling Homes has leased 19,000 square feet at 2500 Legacy Road in Frisco. Myers Commercial’s Bob Myers represented the tenant. CBRE’s Rick Rensi represented the landlord. Sapience Partners has sold a 43,000-square-foot, two-story office building at 1320 Tennis Drive in Bedford to Calvert Family Holdings. Bradford Commercial Real Estate Services’ Karen Simon and Erik Blais represented the seller. Keep Real Estate Holdings’ Josh Born represented the buyer. Behringer Harvard Bowen Rd has sold 41 acres at 4950 S. Bowen Road in Arlington to Charter School Fund II. SCM Real Estate Services’ Gary Walker and Renee Efimoff represented the seller. Vanguard Commercial Group’s Jamie Leonie represented the buyer. Southern Shingles has leased 46,082 square feet of industrial space at 1420 S. Forum Way in Fort Worth. Donnie Rohde and George Jennings of Holt Lunsford Commercial negotiated the lease on behalf of Nussbaum Properties and Buddy Turner of Avison Young represented Southern Shingles.
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