Fort Worth home sales decreased 0.9 percent to 1,253 homes in August 2019. The median price for Fort Worth homes increased 3.3 percent year-over-year to $228,000 in August 2019.
“We saw a slight slowdown in the market in August,” said Moiri Brown, 2019 president of the Greater Fort Worth Association of REALTORS.
“Lack of inventory and higher home prices are still presenting a challenge for home buyers in the market,” Brown said in a news release.
Fort Worth’s monthly housing inventory was 2.6 months in August 2019, 0.1 months less than the year prior. The Real Estate Center at Texas A&M University cites that 6.5 months of inventory represents a market in which supply and demand for homes is balanced.
Homes spent an average of 36 days on the market in August 2019, three days more than August 2018. Additionally, active listings decreased 3.7 percent to 2,820 listings during the same time frame.
August 2019 Statistics At-A-Glance:
• 1,253 – Homes sold in August 2019, 0.9 percent less than August 2018.
• $228,000 – Median price in August 2019, 3.3 percent more than August 2018.
• 2.6 – Monthly housing inventory in August 2019, 0.1 months less than August 2018.
• 36 – Average number of days homes spent on the market in August 2019, three days more than August 2018.
• 32 – Average number of days to close in August 2019, one day more than August 2018.
• 2,820 – Active home listings on the market in August 2019, 3.7 percent less than August 2018.
PRESIDIUM BREAKS GROUND ON MASTER-PLANNED MULTIFAMILY COMMUNITY IN FORT WORTH
Diversified real estate investment and management firm Presidium has broken ground on Presidium at Revelstoke, a luxury residential community in Alliance Town Center, the company said in a news release.
The first building is expected to be completed in mid-late 2020. The three-story, 466,515-square foot development will be the first multifamily community in proximity to Alliance Town Center that both incorporates modern design throughout and fully integrates SMART technology into units, the company said.
“Corporate relocations and expansions are driving the demand for high-end multifamily communities in North Fort Worth,” said John Griggs, co-founder and co-CEO of Presidium.
“Residents will enjoy a modern, technologically-advanced living experience at Revelstoke, which was designed with a contemporary architectural approach to create a luxurious lifestyle for residents,” he said.
Revelstoke will feature 408 units on a 17.24-acre site.
Presidium purchased the land from Hanover Property Co. John Carter of Hanover handled the sale for Hanover. Presidium selected O’Brien Architects to design the property, Kimley-Horn as the civil engineering firm and Provident General Contractors as the builder.
FORT WORTH-BASED REAL ESTATE INVESTMENT FIRM ACQUIRES LARGE TRACT
Fort Capital has acquired the largest contiguous tract of developable land currently available in West Fort Worth, giving the developers the opportunity to expand The River District.
Located at 5700 White Settlement Road in Westworth Village, the 27.73 acre site has about 1,000 feet of Trinity River frontage and is directly adjacent to the River District.
It is a five-minute drive to the West 7th and Cultural districts, 10 minutes from Downtown and a quick stroll to the Trinity Trails, Fort Capital said in a news release.
The site has been nicknamed the “Kite Farm” as a tribute to its previous owner, Samuel Kite, who moved to Fort Worth in 1951 and founded Kite’s Custom Cleaners. He had a passion for showing his Palomino Western Pleasure horses and operated equestrian stables on this land, which was once the Kite family farm, said the Fort Capital news release.
Potential uses of the land include a mixed-use development, which would bring additional amenities, attractions and places to work for surrounding neighborhoods and the approximately 234,000 people living within a five-mile radius.
SOUTH MAIN PRIME LEASE PROPERTY LISTED
LanCarte Commercial has announced the listing of a newly renovated office and retail building at 451 S. Main St. in The Near Southside available for multi-tenant mixed use.
“We’re excited to partner with CHC Development on this project, as they are passionate about the re-development of the South Main neighborhood,” Sarah LanCarte, founder and president of LanCarte Commercial, said in a news release.
“The original roots of this historic building will remain preserved while modernizing it for today’s use. The renovations will also double the building’s current size, turning it into a Class A mixed-use space,” she said.
Notable businesses in the neighborhood include Red Productions, The Bearded Lady and Hot Box Biscuit Club. It is also in close proximity to hospitals, less than a half mile from the T&P Station and immediate access to Highways I-35 and I-30 via Main Street and Pennsylvania Avenue.
SECOND PHASE OF ARLINGTON COMMONS UNDERWAY
The Nehemiah Company has broken ground on the second phase of Arlington Commons, a multifamily development for 1,331 residential units along Van Buren Drive and East Lamar Boulevard in Arlington.
The four-story multi-family wrap building will have 358 apartments, complementing the 353 homes in the project’s first phase. Construction is estimated to last two years, although the project will be phased to allow for leasing to begin before construction is complete.
The contractor for the project is KWA Construction in Addison.
Approximately 75 percent of this new phase of Arlington Commons will be one-bedroom apartments, with most of the remainder offering two bedrooms. Less than 1 percent of the units in the four-story complex will have three bedrooms, the company said in a news release.
“The lease-up for Phase 1 proved a strong demand for the smaller one-bedroom units,” said Robin van Werkhoven, director of Multifamily Development for the Arlington-based firm. “The unit mix for Phase 2 was adjusted a bit to accommodate the market demand.”
Anchoring the community will be Nehemiah Coffee Company, a 3,500-square-foot neighborhood coffee shop that will serve locally sourced pastries, ice cream, wine, beer and coffee that has been roasted in the Dallas-Fort Worth area.
Grab-and-go foods from a local caterer will be available as well as a light menu of salads, sandwiches and soups.
A 3,500-square-foot coworking space located above the coffee shop is included as an amenity to the residents and clients of Nehemiah Coffee Co.
Van Werkhoven anticipates this new phase of Arlington Commons to open in October 2020. Phase 1, which finished construction in June 2018, is approximately 94 percent occupied.
NEWCRESTIMAGE BREAKS GROUND ON CLASS A OFFICE BUILDING
Hotel, construction and management company NewcrestImage has started construction on an 80,000 square foot four-floor office building in Grapevine within the company’s 52-acre SilverLake Crossings master-planned development, about two miles north of DFW Airport.
The company’s headquarters will occupy one floor of the building when it is completed in the summer of 2020, with the remaining 60,000 square feet available for lease on a multi-tenant basis, the company said in a news release.
“Our hotels provide travelers with a comfortable, upscale home on the road,” said Mehul Patel, chairman and CEO of NewcrestImage.
“Now our proven attention to quality and innovation is creating premium Class A office space to serve as a signature home for our corporate office, as well as for tenants who value being located in a walkable multi-use neighborhood,” Patel said.
SilverLake Crossings features 400 residential units plus 30,000 square feet of retail and dining options, alongside 15 acres of park land that includes nature trails and a six-acre lake for fishing, kayaking, canoeing and paddle boating.
SilverLake Crossings also includes six of NewcrestImage’s hotels – four are in various stages of construction or development as part of a 702-room “hotel campus” plus a 301-room dual brand property that the company has operated since 2013.
NewcrestImage has selected Chris Taylor and Christy Thelen of Cushman & Wakefield to consult on the design and to perform leasing of the building’s available space.
NewcrestImage, which has its current headquarters in Lewisville, operates in 10 states with 28 owned and managed hotels plus another 15 properties under construction or in development. The company served 1.9 million guests in 2018.