Lennar Multifamily Communities wants to build a mixed-use development of apartments and retail on Garland Road near Buckner.
The company, a subsidiary of Miami-based homebuilder Lennar Corp., is requesting a zoning change for the two lots between Fire Station No. 31 and Baylor Scott & White Medical Center, formerly Doctor’s Hospital.
While Lennar’s zoning-change application requests a new planned development district “to allow for multifamily residential and retail,” it doesn’t specify what kind of density they’re seeking. How many stories, how many apartments and how much retail space they’ll be requesting remains to be seen.
A representative from Lennar, Todd Cook, did not immediately respond to a request for comment.
This would be the first new apartment complex on that part of Garland Road since the housing bust.
I just wanted to share this article from Jack on the Web (100.3 JackFM) about an upcoming, new kind of special event during the Dallas Arboretum’s famous Dallas Blooms Festival. If you have never been to this treasure in Dallas, you simply must go and explore! There you will find much more than just spectacular seasonal stems and shrubs… the Arboretum also boasts a number of Historical Landmarks, corners a breathtaking view of White Rock Lake, holds a number of seasonal concert series, and recently debuted an entire children’s park. For those who have frequented the gardens, the promise of a food festival with the best our local culinary talent at such an amazing venue is something I will be sure not to miss!
Steve Brown, Real Estate Editor for Dallas News, recently wrote an article examining where D-FW starter home sales failed in 2016. It is certainly an important topic to consider as we trek into the Spring in 2017, and there may be more to it than Brown suggests:
Homes selling in 3 days is the driving force behind the fallout. The article mentions what used to be the predominant drivers, and I believe those are still occurring at “normal levels”. What the article failed to address is the speed of the current market. It used to be that a Buyer would see a house, like it, go home and sleep on it, come back in the next day or two and see it a second time, and then make a well considered offer. Take that much time making a decision now, and the opportunity will be gone. So, now, Buyer will spend 30 minutes to an hour in the house, and decide to make an offer. At lower price points, they may make several offers, just trying to get to contract. Once the contract is executed, the real decision gets made. And more frequently than in the past, the Buyer decides there is just something they don’t like about the house. Or they execute the contract on their 2nd or 3rd choice home because they could, and then their 1st choice also offers them a contract. They drop the contract done in haste to execute the one they *really* want.
Rising interest rates may quell this a bit. The higher interest rates go, the more impact will be made on affordability. In turn, the ability of Buyers to offer higher and higher prices will diminish. Forecasts I am hearing for mortgage rate in 2017 is perhaps a rise over the past couple years, but likely not higher than 5%.
So I see another year of increasing prices in the DFW market. Perhaps not in the double digit range we have seen for the past 3 years, but likely in the 4-6% range, maybe as much as 8%.