Ground is expected to break for the Bishop Arts Village project this month. The developer, Michael Nazerian is planning more than 400 apartments, 95,000 square feet of retail space, public space, a two-story underground public parking garage just south of Bishop Arts, in an area bounded by Madison, Melba, Bishop and Ninth.
The $42-million overall project will come in different phases over the next few years. The project’s first two buildings, on the south corners of Bishop and Melba, provide will house retail on the ground floor and office space above. Restaurant and retail buildings will be small so that start-ups can afford spaces. The buildings on Bishop and Melba will be two stories, and increase to three to five stories toward Madison and Ninth.
The start of construction could start up by the end of the year and could be open as soon as a year from now. The first apartment building is set to begin construction early 2016. The project’s first phase should be completed in 2017, the larger second phase will begin after that.
The Nazerian family spent about seven years buying properties, and received $2 million in economic development funds from the City of Dallas. Demolition began earlier this summer. Michael Nazerian says the family wants this to be a “generational” project with no intention of building it to flip.
The project has already hired Oak Cliff-based metal artist Manuel Sarmiento to create details such as trash cans, signage, and benches. The Nazerians are collaborating with local public artists to fill out the project with art. “We want this to feel like it’s always been here,” Nazerian says. With the Oak Cliff streetcar line scheduled to Bishop Arts by next summer, it will be a great experience for everybody to enjoy.
What makes Bishop Arts so unique is its architecture, businesses, pedestrian traffic, and human interaction, and the project is being planned with sensitivity and respect to its current culture. “This project builds on the momentum Bishop Arts has already created. We want something there for people to enjoy, not for us to make the most money.” He said.
The Dallas area leads the country in home price gains, with median home sales prices being more than 10% higher this summer than a year ago. Some Dallas neighborhoods are showing price hikes two to three times higher than that. Prices for Oak Cliff preowned homes are up 30% in the first six months of 2015.
Prices were up 15% or more in a dozen other Dallas-area neighborhoods, according to a midyear analysis of the North Texas home market from the Real Estate Center at Texas A&M University.
North Texas median home prices are at an all-time high of $220,000, almost 40% ahead of where they were at the peak of the last housing boom in mid-2007.
Dallas-Fort Worth led the state in home sales increases at mid-year, and demand has not slacked off. North Texas home sales were up 12% in June from last year, and preowned homes are selling for about 60% more than they were at the worst of the recession in early 2010.
Economist James Gaines predicts that the rate of home appreciation and sales will drop in the Dallas area when mortgage costs rise and economic activity slows. He’s not forecasting another housing crash in this area. “This is not really a bubble; therefore I don’t think there will be a bust,” he said.
Demand is especially high for more affordably priced homes, which are in short supply in the Dallas area. The lower price points — less than $350,000 — are moving quickly. It doesn’t matter where it’s located; it’s still getting multiple offers.
Despite concerns about higher prices, buyers do not seem to be backing away from the market this summer as properties get bid up.
The fast pace of real estate has brought along its share of problems. Some buyers who are in a hurry to get a house under contract then realize they’ve made the wrong deal. A lot of folks are realizing they need to act quickly with a strong offer when they find something they like. Often properties are generating multiple offers as soon as they hit the market, causing buyers to put a property under contract and then take a couple of days to think about it, and possibly terminate, and move on in their home search.
Sales would be higher if there were more properties to sell. Thirty of the 45 Dallas-area residential districts The Dallas Morning News tracks each quarter have less than a two-month supply of houses listed for sale with real estate agents. That’s less than a third of what is considered a normal inventory.
What do you think of this hot Dallas market?
Check out the Dallas Morning News article for more information.
There has been much news coverage of DISD’s Rosemont schools ever since principal Anna Brining was informed she would be losing her job at semester’s end. In today’s Dallas Morning News, there are two stories about the beloved North Oak Cliff campus. The main story is about research showing that students in dual-language programs, such as Rosemont’s, struggle academically at first but eventually outpace their peers. The secondary story focuses on some of the first students to go through the entire dual-language program, from kindergarten through eighth grade, and they give Rosemont rave reviews.
Homeowners who live in the Rosemont attendance zone will give similar reviews to these statistics from the North Texas Real Estate Information Systems. They show that the average and media sales prices were up last month when compared to March 2015 and to April 2014.
If you’d like to buy a home in North Oak Cliff, give us a call at 214.752.7070 or visit our website.
Ten years in the making, the zoning change paves the way for transformation of the land between East Kessler Park and the Trinity River. “This is one of the most critical pieces of real estate in the city of Dallas,” Mayor Mike Rawlings said of the gateway area. Hewitt & Habgood Group is excited to see how our North Oak Cliff neighborhood will be transforming in the next few years.
“The time is now,” said council member Scott Griggs, after noting the years of work on the project in his district. “I’m ready today to get it passed.” Griggs has been working on the plan since his district was redrawn to include the area two years ago.
The target area stretches from near Interstate 30, the Trinity River levee and Interstate 35E to Marsalis Avenue, Eighth Street and roughly Zang Boulevard and Beckley Avenue.
The plan mostly utilizes form-based zoning, which does not focus on building uses, but instead determines how buildings address the street and how buildings relate to their surroundings. Exceptions include a medical district for Methodist hospital and specifics for Beckley Avenue adjacent to the East Kessler Park neighborhood.
Goals include attracting residents, retail and offices to an area now home to aging houses and apartments, vacant lots and buildings, a scattering of businesses, two parks and streetcar service to and from downtown. The plan allows for buildings as high as 20 stories along the Trinity River corridor and 12 stories along East Jefferson.
You can read the document from the meeting below.
You’d be hard pressed to find an area of Dallas where people love bicycles more than our very own North Oak Cliff. So our neighborhood’s residents will be delighted to know that the agenda for last Thursday’s City Plan Commission meeting included the addition of bike lanes to Beckley Avenue between Interstate 30 and Zang Boulevard. The stretch of Zang between Beckley and the Trinity River would also get bike lanes — also known as “a cycle track” or “protected bicycle facility” — under the proposal.
The April issue of Modern Luxury Dallas includes the magazine’s inaugural Real Estate Awards. We were honored when we received the call that Hewitt & Habgood was chosen as part of the list of honorees. The list is comprised of 76 individuals and groups. More than a quarter of them are our fellow Dave Perry-Miller Real Estate agents.
The magazine identifies these Realtors as “the who’s who of Dallas real estate agents — those selling everything from Kessler Park homes to Beverly Drive to Texas-sized ranch properties. Modern Luxury Dallas has narrowed down a list of the city’s most in-the-know home hunters who represent buyers and sellers alike.”
Congratulations to all the other Dave Perry-Miller honorees!
- Mark Cain
- Gianna Cerullo
- Elliott & Elliott
- Hewitt & Habgood Group
- The House Sales Team
- Madeline Jobst
- Molly Malone
- Patricia Massey
- Christine McKenny
- Jennifer Miller
- Ronda Needham
- Dave Perry-Miller
- Julie Provenzano
- Sharon Quist
- Ralph Randall
- Emily Ray-Porter
- Rhodes Group
- Ryan Streiff
How much money are you going to recoup on that recent master suite addition? The 2015 Texas Remodel Valuation Report has the answer for you.
Texas Association of Realtors report analyzes the recoup costs in 2014 for more than 20 remodeling projects for six cities: Dallas, Austin, Houston, El Paso, McAllen and San Antonio. It also looks at nationwide trends.
In general, the research shows that functional projects are a much better investment than upscale remodels and additions.
So where should you decide to spend your money? The survey shows the most profitable remodeling project is boosting a home’s curb appeal.
In Dallas, roofing replacement was No. 1, recouping 114.5 percent of the total cost. Other winners in Dallas include: window replacement, siding replacement, steel entry doors, and stone veneer accents.
Sunrooms, home office remodels, and upscale garage additions came in the Dallas survey at the bottom of places to spend your money. Others in Dallas’ bottom are bathroom remodels, fiberglass entry door replacement, attic bedroom remodels, minor kitchen remodels, and upscale composite deck addition.
Take a look at how some of Hewitt & Habgood’s Current Inventory in Kessler Park & Dallas stacks up.
You can see the full report on the Texas Association of Realtors website.
Source Culture Map Dallas
Dave Perry-Miller Real Estate agents and staff gathered at Dallas Country Club on March 5 to honor the top producers of 2014, a record-breaking year for the firm that represents the leading brand for properties of distinction in Dallas’ established neighborhoods. The managers of five offices gave out awards to individuals, groups, and teams based on production, income, and homes sold. It was a great night, and the Hewitt & Habgood Group was honored to take home some of the top awards.
The InTown Office at 2828 Routh Street is managed by Becky Connatser. Its top producers were:
- The Hewitt & Habgood Realty Group
- The Emily Ray-Porter Group
- The Gullutto-Barnes Group
- Brandon Fleeman
- Patty Brooks
- The Martin Group
- Jim Berrong
- The Meyer Group
- Brian Davis
- Premier Associates
- Brittani Frankowiak
The Hewitt & Habgood Realty Group was the top group in both categories. Brandon Fleeman was the top individual per income and homes sold.
The Highland Park Office at 5500 Preston Road is managed by Robb Puckett. Its top producers were:
- The Rhodes Group
- The Haven Group
- Hickman+Weber Group
- Ralph Randall
- Brady Moore
- Christine McKenny
- Gianna Cerullo
- Madeline Jobst
- Stephen Pryor
- Shannon Blount
Ralph Randall was the top individual per income. Brady Moore was the top individual per homes sold. The Rhodes Group was the top group per income. The Haven Group was the top group per homes sold.
The Lakewood Office at 2311 Abrams Road is managed by Lee Thomas. Its top producers were:
- Nancy Johnson
- The Jackson Team
- Meg Skinner
- Heather Guild
- Marissa Fontanez
Nancy Johnson was the top individual per income and homes sold. The Jackson Team was the top group in both categories. The Johnson Holmes Group was the top team in both categories.
The Park Cities Office at 6025 Luther Lane is also managed by Lee Thomas. Its top producers were:
- Sharon Quist
- Julie Provenzano
- Brian Smith
- The Phyllis Glover Team
- Paige and Curt Elliott
- Stephen Collins
- Julie Boren
- Henda Salmeron
- Debbie Sherrington
- Stewart Lee
Sharon Quist was the top individual per income. Julie Provenzano was the top individual per homes sold. The Phyllis Glover Team was the top group in both categories. Paige and Curt Elliott were the top team in both categories.
The Preston Center Office at 5950 Berkshire Lane is managed by Gaynelle Henger. Its top producers were:
- Jennifer Miller
- Mark Cain
- Ginger Levine and Jill Rasansky
- Laura Michelle
- Gayl Braymer and Jonathan Thayer
- Karen Fry
- Diane Gruber
- Justin Easterling
- Martha and McKamy Tiner
Jennifer Miller was the top individual per income. Laura Michelle was the top individual per homes sold. Ginger Levine and Jill Rasansky were the top group in both categories. Gayl Braymer and Jonathan Thayer were the top team per income. Updike│Pugh was the top team per homes sold.