The Good News April 2019

“What’s The Good News?”

1. Local homeowners looking to list are in luck this home shopping season, as Dallas has been named one of the friendliest markets for sellers by real estate database titan Zillow. Zillow analyzed housing markets in the 35 largest metros across the country and ranked them on a spectrum from most buyer-friendly to most seller-friendly. The index "shows how hot a region's housing market is compared to others by analyzing sale-to-list-price ratios, percentage of listings with a price cut, and how long homes stay on the market," the company says in a release. The Dallas-Fort Worth metro area ranks No. 24, making it more seller-friendly than most major metros in the country. DFW has a median home value of $242,600, and homes stay on the market for an average of 71 days. The report drilled down further to name Cedar Hill, where the median home value is $211,300 and homes spend only 53 days on the market, the most seller-friendly spot in DFW. Celina, approximately 15 miles north of Frisco, is the most buyer-friendly location in the area.

2. Nestled in the Dallas-Fort Worth suburb of Roanoke is HGTV’s 2019 Smart Home, a house that takes innovation to the next level in technology, energy efficiency, and design solutions. And, it will be given away later this year. HGTV says the home has “an aesthetic best described as an Old-World retreat,” but it is also full of high-tech advancements. It’s been building these smart homes in various cities for more than a decade. The home’s high-tech applications include a Logitech Harmony Hub to control all of the house’s lights and televisions, a SkyTrak golf simulator, and a Robomow robotic lawnmower, according to GuideLive. The house will also be outfitted with two Echo Dots, three Keurig machines, and Sleep Number mattresses in every bedroom—ensuring that technology will always be at the homeowner’s fingertips. Not only does this house have three bedrooms and three-and-one-half bathrooms, it also has a media room with a 3D movie theater, a home office, a playroom, and an outdoor patio outfitted with a television. Established in 1881, Roanoke is described by HGTV as having “a charming, small-town atmosphere with the best in amenities and opportunities” and as “unique dining, shopping and entertainment destination.”

3. Mixed-use properties come in all shapes, sizes, and locations, but developers say the most effective projects are those that transform multi-use real estate developments into unique destinations with vibrant social scenes. Bright Realty is developing The The realm at Castle Hills, a 324-acre project that will ultimately feature 235,000 square feet of Class A office space and 260 multifamily units, as well as a significant amount of retail and restaurant space. Both the project and the company are based in Lewisville, one of several suburbs on the north side of Dallas experiencing steady growth in mixed-use development. Just north of Lewisville in The Colony, Berkshire Hathaway-owned Nebraska Furniture Mart is developing Grandscape, a 433-acre mixed-use project that will include several hundred thousand square feet of retail and restaurant space, as well as a 345-unit apartment tower and a hotel and resort. To the east in Frisco lie established mixed-use developments like The Star and Frisco Station, which respectively offer hotel and residential space in addition to office and retail. Frisco will also be home to the PGA of America’s new headquarters, which will feature two championship golf courses, a 500-room Omni hotel, office, and retail components, as well as a network of walking and jogging trails.

4. If you start seeing a bunch of Tropical Smoothie Cafes opening all over Dallas-Fort Worth, that’s not a coincidence. It’s because, in the past few years, The Atlanta-based franchise company has been making a concentrated and aggressive effort to expand its business in DFW. The first one in the area opened in 2015 and since then, 11 more have popped up, including its 700th in Hurst. This year alone, Tropical Smoothie Cafe plans to open four more locations in the area by the end of this year. Overall, there are 750 locations in 44 states. “The state of Texas is a business-friendly environment, said Charles Watson, the CEO of Tropical Smoothie Cafe. “The economic growth, the demographics of the DFW area is obviously a good thing for the brand.” Tropical Smoothie Cafe brands itself as a health-conscious quick casual restaurant chain. In addition to smoothies, it offers flatbreads, sandwiches, wraps, and salads. In total, 60 percent of the business is smoothies while the remaining 40 percent is food.

5. Apartment units around the country are getting pricier – and smaller, and apartments in Dallas-Fort Worth are no exception. New apartments in the Metroplex are 4 to 8 percent smaller and 40 to 50 percent more expensive than they were a decade ago, according to a new report from nationwide apartment search website RENTCafe.com. The report found that the average rent for newly built apartments in the U.S. has increased 28 percent since 2008. In that same timeframe, apartments have become 5 percent smaller on average.  But several cities, including Lewisville, have seen an increase in average apartment size. The average unit size in Lewisville, regardless of year built, is 879 square feet. However, Plano actually takes the lead with average apartment size in Dallas-Fort Worth. The average apartment in Plano is 940 square feet compared to 859 square feet in Fort Worth, 848 square feet in Irving, 837 square feet in Dallas and 818 square feet in Arlington. The national average is 882 square feet. While all apartment floor plans have been shrinking across the country, studio apartments have been cut down the most, the study said. The average studio apartment is 514 square feet, 10 percent less than what it was in 2008.

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