Real Deals
FW home sales down 2.1%, median price up
Fort Worth home sales decreased 2.1 percent to 1,281 homes in June. The median price for Fort Worth homes increased 7.8 percent year-over-year to $227,250 in June.
“The inventory of homes for sale is at the highest we’ve seen in a few years, due in part to an increase in active listings and a slight decrease in closed sales,” said J.R. Martinez, president of the Greater Fort Worth Association of Realtors. “This could be due to a slight correction in the market and/or a slowdown at the end of summer as school will begin in a few weeks. However, inventory and days on market remain historically low and the increase in median price over 2017 reflects that dynamic.”
Fort Worth’s monthly housing inventory was 2.4 months in June, two months more than the same time last year. The Real Estate Center at Texas A&M University says that 6.5 months of inventory represents a market in which supply and demand for houses is balanced.
Homes spent an average of 28 days on the market in June, the same as June 2017. And active listings increased 13.9 percent to 2,596 listings during the same time frame.
June 2018 Fort Worth Statistics At-A-Glance
· 1,281 – Homes sold, 2.1 percent fewer than in June 2017.
· $227,250 – Median price, 7.8 percent higher than in June 2017.
· 2.4 – Monthly housing inventory, 2 months more than in June 2017.
· 28 – Average number of days homes spent on the market, the same as in June 2017.
· 32 – Average number of days to close, 2 days less than in June 2017.
· 2,596 – Active home listings on the market, 13.9 percent more than in June 2017.
Fort Worth was hardly alone in seeing some slowdown. U.S. homebuilders sharply curtailed the pace of construction in June as housing starts plummeted 12.3 percent.
The U.S. Commerce Department said on July 18 that housing starts fell to a seasonally adjusted annual rate of 1.17 million from 1.34 million in May. June’s pace of construction was the lowest since September 2017.
Housing starts plunged 35.8 percent in the Midwest and declined less severely in the Northeast, South and West.
Permits, an indicator of coming construction, also declined 2.2 percent in June from the previous month.
For the first half of 2018, a steady job market and a shortage of existing homes for sale has bolstered housing starts. New home construction has climbed 7.8 percent year-to-date.
Homebuilders are also relatively confident that the expansion will continue. The National Association of Home Builders/Wells Fargo builder sentiment index declined slightly to a reading of 68 in June. Any reading above 50 signals growth.
But builders also see reasons for concern. They face cost pressures from a shortage of available land and construction workers, as well as from higher commodity prices from the tariffs announced by President Donald Trump. – The Associated Press contributed to this report.
HOMEBUYING ONLINE PLATFORM
EXPANDS TO DALLAS, DENTON
After launching in Austin in March, Los Angeles-based homebuying platform Open Listings has expanded its footprint in Texas to Dallas and Denton counties.
Through the Open Listings website or app, people searching for houses for sale in Dallas and Denton counties can make a personalized real-time feed of listings, schedule house tours and create offers on any home. Prospective buyers then get paired with a local real estate agent. According to the company, homebuyers receive a 50 percent refund on their agent’s commission when using Open Listings.
“We’re excited to bring Open Listings to Dallas homebuyers,” said Judd Schoenholtz, the company’s CEO and co-founder. “Our software makes an overly complicated process easy. Then, the best agents take homebuyers through the last mile of closing, which makes it possible to offer a refund three to four times more than other brokerages.”
Open Listings is one of several real estate startups that hopes to change the real estate industry. Addison-based Door, for instance, uses salaried brokers to save on commission costs. Door founder Alex Doubet received the EY Entrepreneur of the Year 2018 Southwest Region award in the Emerging Technology and Service category in June.
2 MEMORY CARE FACILITIES
SOLD TO CALIFORNIA REIT
Two Texas memory care facilities – Riverside Inn in Fort Worth and Saddle Brook in Frisco — have been acquired by LTC Properties Inc. of Westlake Village, California, for $25.2 million. LTC Properties is a real estate investment trust that primarily invests in seniors housing and health care properties.
The facilities were owned and will continue to be operated by Koelsch Communities under a 10-year master lease at a starting cash yield of 7.25 percent.
Riverside Inn is a 68-bed, 42-unit memory care facility that was built in 2014. Saddle Brook, built in 2015, is a 65-bed, 46-unit memory care facility.
New to LTC’s portfolio of operators, Koelsch Communities has owned and operated seniors housing since 1958. It currently operates 34 independent living, assisted living, memory care and respite care communities in eight states.
“We are excited to be working with Koelsch as our newest operating partner. Koelsch has been successfully operating seniors housing properties for 60 years,” said Wendy Simpson, LTC’s chairman and CEO. “As a strong regional operator with a solid balance sheet, they represent exactly the type of strategic partner we want to work with to enhance our portfolio.”
“Koelsch is pleased with our new relationship with LTC,” said Aaron Koelsch, president and CEO of Koelsch Communities. “With LTC as capital partners, we can remain operationally committed to the principles and values that have been our cornerstones for the last 60 years — offering unprecedented service and care, while treating our residents with dignity and respect.”
WEITZMAN TO HANDLE LEASING
AT RIDGLEA VILLAGE, COLLEYVILLE
Velocis, a Dallas-based private equity real estate fund manager, has named Weitzman to direct project leasing and property management at two landmark Tarrant County retail centers, Fort Worth’s historic Ridglea Village and Colleyville’s Town Center Colleyville.
Gretchen Miller and Stephen Wise with Weitzman are handling project leasing, and Weitzman’s Vicky Johnson is property manager for the two centers, which together incorporate 358,424 square feet.
Town Center Colleyville is a 246,370-square-foot high-profile lifestyle center located at 5605 Colleyville Road. The center is anchored by upscale grocer Market Street and entertainment concept Studio Movie Grill and includes a 6,600-square-foot Pet Supermarket junior anchor. The center also features a number of restaurants, including Gloria’s, Celebrity Bakery, Luna Grill, Costa Vida, McAlister’s Deli and Loveria Caffe. Specialty shops include Brazos Running Co., Austin Lorin, Art Impressions and Take 5 Birkenstock. Beauty concepts and services include Sola Salon, Great Clips, Massage Envy, Castle Nail Spa, Rooster’s Men’s Grooming, FedEx Kinko’s and First American Title.
“The center featured prominent spaces that are available for lease, and we also are targeting full-service restaurants for a high-profile endcap space,” Miller said.
Ridglea Village is a 112,117-square-foot property located at 6100 Camp Bowie Boulevard. The center was developed in the 1940s and features Spanish-style architecture, balconies and clay tile roofs. Key tenants include Haltom’s Jewelers, La Madeleine, Campisi’s Italian, R Taco, Little Lily Sushi, FedEx Office, Honeycomb Salon & Colorlab, Eurospa and MetroPCS. The property also has a second level that is home to office and medical office space.
Wise noted that the center is getting attention not just from retail space users but office users. “The second-floor executive office suites space offers a signature address with access and visibility in the heart of some of Fort Worth’s strongest and most established neighborhoods,” he said.
SALE
Westover Village in Fort Worth has been sold. STRIVE, a commercial real estate investment sales firm based in Dallas, announced the sale of the three buildings totaling 111,374 square feet at 651 Alta Mere Dr, The buildings were almost fully occupied and the surrounding land included in the sale is available for development. Jennifer Pierson of STRIVE exclusively represented the seller, a developer from St. Louis. The buyer, a Texas investor, was also sourced by Pierson. Additional terms of the sale were not disclosed.
LEASES
Discount Kitchen & Bath leased 3,750 square feet at 4639 Irving Blvd., Suite 314., in Irving. Phil Rosenfeld and Matt Thompson of Lee & Associates Dallas/Fort Worth represented the landlord, Regal Business Center LLC.
Westin Automotive leased 128,400 square feet at 4675 Railhead Road in Fort Worth. Reid Bassinger and Trey Fricke of Lee & Associates Dallas/Fort Worth represented the tenant. The landlord, James Campbell Co., was represented by Bob Scully, J. Scott Moore and Brice Wells of CBRE.
Wilbur’s Antiques & More has leased 1,200 square feet of retail space located at 306 W. Avenue F in Midlothian. Tom Heraty of NAI Robert Lynn represented the landlord.
Fresh by CanDDS has leased 2,430 square feet of retail space located at 145 W. FM 1382 in Cedar Hill. Tom Heraty of NAI Robert Lynn represented the landlord and Brandon Fauley of Xite Realty represented the tenant.
Waxahachie Gymnastics has leased 15,972 square feet of retail space located at 505 N. Highway 77 in Waxahachie. Tom Heraty of NAI Robert Lynn represented the landlord and Lance Rust of The Joe Rust Co. represented the tenant.
Total Fitness Kickboxing has leased 2,350 square feet of retail space located at 4897 State Highway 121 in The Colony. Ryan Lee, Dan Avnery and Stewart Korte of NAI Robert Lynn represented the landlord. Matthew Perry-Miller of LCRG represented the tenant.
Send real deals to Robert Francis at rfrancis@bizpress.net.