Plano Approves Legacy West, Toyota, Fed Ex

Dallas Cowboys Development                   Legacy West with Toyota, Fed Ex, Renaissance Hotel

Dallas Cowboys Development Began Wednesday

Work began Wednesday on the future home of the Dallas Cowboys in Frisco, city officials confirmed.   Mass excavation is expected to start the week of July 7.   The city, the Cowboys and Frisco ISD have partnered on the development, which will include the team’s headquarters, outdoor practice fields and a 12,000-seat multi-use event center at the northwest corner of Warren Parkway and Dallas North Tollway.   The city and the school district have pledged $115 million for the public portion of the 91-acre site. Any costs above that will be paid by the Cowboys’ ownership. About 66 acres at the site will be developed separately by the Blue Land companies owned by Cowboys owner Jerry Jones and his family. That acreage will include retail, restaurants, office space and a hotel.  The indoor stadium and training facilities are expected to be completed in late summer 2016. The stadium will be used not only for Cowboys training but for high school football games and other events.   A ceremonial groundbreaking is planned sometime in August.

-          Dallas Morning News, June 24, 2014

Plano Approves Legacy West, Toyota, Fed Ex

The Plano City Council approved a rezoning request Monday that paves the way for a 205-acre mixed-use project near the J.C. Penney headquarters. The council approved the request to rezone the  undeveloped land, located at the southwest corner of State Highway 121 and the Dallas North Tollway, from commercial employment to central business to allow for greater development flexibility.  Developers plan to break ground after the first of the year on the project that’s part of the Legacy West development, which will surround J.C. Penny’s corporate headquarters. Legacy West will also include Toyota’s new North American headquarters and the new FedEx office building.  The development will include hotel, commercial, retail, office buildings and residential.

-          Dallas Morning News, June 24, 2014

Next Portion of LBJ Freeway (I-635) Dallas, TX Expansion to Open July 12

Next Portion of LBJ Freeway Expansion to Open July 12

The second phase of LBJ Freeway’s massive, $2.7-billion expansion will open July 12, developers announced today. This is the portion that includes LBJ’s interchange with Interstate 35E. If you’ve driven 35E lately, you’ve seen the new lengthy bridges that will be tolled and will connect that thoroughfare with LBJ. The interchange will feature the dynamic toll pricing that goes into effect on LBJ at midnight tonight.

-          Dallas Morning News, June 11, 2014

Home Prices Rise by 10.5 Percent Year Over Year in April

CoreLogic Reports Home Prices Rise by 10.5 Percent Year Over Year in April

 

June 03, 2014, Irvine, Calif. –

—––CoreLogic HPI Forecast Indicates National Home Prices Are Expected to Rise by 6.3 Percent from April 2014 to April 2015—

CoreLogic^® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today released its April CoreLogic Home Price Index (HPI®) report. Home prices nationwide, including distressed sales, increased 10.5 percent in April 2014 compared to April 2013. This change represents 26 months of consecutive year-over-year increases in home prices nationally. On a month-over-month basis, home prices nationwide, including distressed sales, increased 2.1 percent in April 2014 compared to March 2014.*

At the state level, including distressed sales, no states posted depreciation in April 2014. Additionally, Colorado, Louisiana, Nebraska, Oklahoma, North Dakota, South Dakota, Texas and Wyoming all surpassed their previous home price peaks. In all, 23 states and the District of Columbia are at or within 10 percent of their peak home price appreciation.

Excluding distressed sales, home prices nationally increased 8.3 percent in April 2014 compared to April 2013 and 1.1 percent month over month compared to March 2014. Distressed sales include short sales and real estate owned (REO) transactions.

The CoreLogic HPI Forecast indicates that home prices, including distressed sales, are projected to increase 1.0 percent month over month from April 2014 to May 2014 and by 6.3 percent (+/- 1.5 percent)** from April 2014 to April 2015. Excluding distressed sales, home prices are expected to rise 0.8 percent month over month from 1.0 percent month over month from April 2014 to May 2014 and by 5.5 percent (+/- 1.5 percent)** from April 2014 to April 2015. The CoreLogic HPI Forecast is a monthly projection of home prices built on the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.

“The weakness in home sales that began a few months ago is clearly signaling a slowdown in price appreciation,” said Sam Khater, deputy chief economist for CoreLogic. “The 10.5 percent increase in April, compared to a year earlier, was the slowest rate of appreciation in 14 months.”

“Home prices are continuing to rise as we head into the summer months,” said Anand Nallathambi, president and CEO of CoreLogic. “The purchase market continues to suffer from a dearth of inventory which we expect will continue to drive prices up over the year.”

Highlights as of April 2014:

• Including distressed sales, the five states with the highest home price appreciation were: California (+15.6 percent), Nevada (+14.8 percent), Hawaii (+14.1 percent), Oregon (+11.8 percent) and Michigan (+11.3 percent).
• Excluding distressed sales, the five states with the highest home price appreciation were: Hawaii (+13.0 percent), California (+11.4 percent), Nevada (+11.1 percent), New York (+10.3 percent) and Florida (+10.2 percent).
• Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to April 2014) was -14.3 percent. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -10.8 percent.
• Excluding distressed sales, all 50 states and the District of Columbia showed year-over-year home price appreciation in April.
• Including distressed sales, the U.S. has experienced 26 consecutive months of year-over-year increases; however, this is the smallest year-over-year increase since February 2013.
• The five states with the largest peak-to-current declines, including distressed transactions, were: Nevada (-38.6 percent), Florida (-34.5 percent), Arizona (-29.5 percent), Rhode Island (-28.8 percent) and West Virginia (-24.2 percent).
• Ninety-five of the top 100 Core Based Statistical Areas (CBSAs) measured by population showed year-over-year increases in April 2014. The five CBSAs that did not show an increase were: Hartford-West Hartford-East Hartford, Conn.; Milwaukee-Waukesha-West Allis, Wis.; Little Rock-North Little Rock-Conway, Ark.; Worcester, Mass.-Conn.; New Haven-Milford, Conn.

*March data was revised. Revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

** The forecast accuracy represents a 95-percent statistical confidence interval.

AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS

New Listings Reaching Normalcy
The increasing amount of new listings over the past 60 days in the DFW Metro market is showing signs that we are reaching a normal market for new listings. However, the huge inventory of buyers well exceed the supply of listings and all indications are that our strong seller’s market will continue for the next two to three years, with a continual increase in home prices. Approximately 18,900 homes came on the market in May 2014, compared to 17,468 new listings in May 2012. That is a healthy 9% increase. It was in May 2012 when the DFW Metro market made a significant correction, with May the last month of a buyer’s market to August 2012 when the region had become a seller’s market.

AFFORDABILITY OF U.S. CITIES FOR FIRST TIME HOME BUYERS
A starter home in San Francisco is $679,800, but in Cleveland it is only $102,100. But it takes a hefty income of
$137,129.55 in San Francisco to purchase the starter home. Dallas now ranks 16th in most expensive housing markets,
a huge change over the last many years when Dallas was always one of the most affordable cities.
CITY
Income Needed
Starter Home
Price Change from 2013
1. San Francisco
$137,129.55
$679,800
14.50%
2. San Diego
$98,534.22
$483,000
17.10%
3. New York City
$89,788.69
$388,900
5.60%
4. Los Angeles
$85,964.88
$406,200
17.60%
5. Boston
$79,820.01
$363,200
9.30%
6. Washington, DC
$78,503.56
$358,900
2.90%
7. Seattle
$73,851.06
$339,900
8.70%
8. Portland
$60,307.71
$271,900
10.30%
9. Denver
$59,892.46
$288,400
10.40%
10. Miami
$59,734.23
$259,000
15.10%
11. Sacramento
$58,113.87
$255,800
22.20%
12. Baltimore
$53,078.51
$224,500
-0.90%
13. Chicago
$52,866.88
$176,900
11%
14. Philadelphia
$50,546.25
$201,800
2.10%
15. Houston
$49,036.60
$184,600
12.80%
16. Dallas
$47,708.77
$174,800
9%
17. Minneapolis
$45,732.39
$188,200
10.30%
18. San Antonio
$44,506.00
$169,300
8%
19. Orlando
$43,243.95
$178,000
18.70%
20. Phoenix
$41,308.74
$194,300
15%
21. Tampa
$36,437.56
$145,000
7.40%
22. Atlanta
$34,183.44
$141,900
23.30%
23. Detroit
$32,250.30
$110,750
35.60%
24. Cincinnati
$31,850.18
$121,700
0.06%
25. St. Louis
$31,275.49
$120,500
8.60%
26. Pittsburgh
$30,177.78
$120,000
-1.80%
27. Cleveland
$29,788.67
$102,100
1.10%

More Home Buyers Are Bringing All-Cash Offers to the Table

More Home Buyers Are Bringing All-Cash Offers to the Table

And more of these buyers are individuals, not the institutional investors who plunged into the housing market in 2012 and 2013.   Wealthy people, foreigners and retirees are transforming markets across the United States with these all-cash deals, helping make up for an alarming shortage of first-time buyers who are struggling to save for a down payment or qualify for a loan, a cause of grave concern about the long-term health of the market and its prospects for a true recovery.  “It’s the investor and the wealthy individual that’s keeping the market alive,” said Mark Zandi, chief economist at Moody’s Analytics.  “The wealthy buyers in particular are fully engaged now. The stock market is up and times are good for them.”    But it is a frustrating time for first-time buyers who cannot compete because their offers included financing contingencies, appraisals and inspections.

-          Washington Post, May 26, 2014

Wood Is Good: The Must–Have Material For Your Spring Home Spruce-Up

Wood Is Good: The Must–Have Material For Your Spring Home Spruce-Up

Thinking of sprucing up your home for spring? You're not alone; one in three homeowners say they'll take on at least one home improvement project in the first half of 2014, according to a recent survey by Burst Media. And it turns out, freshening your home for spring is a smart investment.

Home sales and prices are up, and mortgage rates are still considered low by historical standards. The combination is a recipe for a strong 2014 home remodeling forecast. Homeowners are regaining equity in their homes, and that confidence is expected to spur them to take on deferred projects for their own enjoyment, or upgrade their homes for sale.

In its annual survey, Remodeling Magazine reports that wood deck additions deliver the second highest return on investment of the home improvement projects surveyed. If you're looking for a way to make your spring spruce–up add value to your home, wood is a great option. Wood is known for its versatility, ease of use and natural beauty.

Whether you're looking to update your living space or transform your outdoor entertaining area, Mark and Theresa Clement, home improvement pros, offer simple, do–it–yourself tips for incorporating wood into your spring home improvement projects:

Prepping Decks for Spring Entertaining
"One of the best things you can do in the spring to spruce up your house is to clean and refinish your wood deck," Mark says. "The natural beauty of a well–maintained deck transforms a backyard into a gathering place."

After you've carefully cleaned the deck to remove dirt and debris, choose a finish. Both sealers and stains are designed to seal out elements. Clear sealers contain no pigment, allowing the natural beauty of the wood to show through. Stains may contain a little pigment (labeled as "tone" or "transparent"), be semi–transparent or come in solid colors. Avoid paint, which can form a film on top of the wood and bubble or flake.

Can't decide between a semi-transparent stain and a water–repellant sealer? Try using the sealer first. If you change your mind later, it's easy to switch to a semi-transparent stain when the deck needs to be refinished. If you do opt for a sealer, use one that contains ultraviolet light–blockers to protect against sun damage and mildewcides to inhibit the growth of mildew.

Add Crown Molding to a Room
Crown molding imparts an upscale, elegant air to any room — and you only need basic DIY tools to install it.

"Crown molding bridges the junction of walls and ceilings — a prominent visual location where an architectural accent can really shine," says Theresa. "While crown molding is a high–impact, higher–difficulty project, it's well within the abilities of most DIYers. Plus, you probably already have the tools you need in your toolbox — with a miter saw, nails and a hammer, you can transform your favorite room with a custom finish."

When choosing your molding, remember to keep a consistent scale from floor to ceiling.

You may be tempted to install a wide, impressive crown molding and skimp on the base or casings, but molding sizes need to be balanced throughout the room. Wherever possible, use corner pieces, plinth blocks and other transition pieces — they make installation simpler, minimize the need for miter cuts and help joints stay closed despite seasonal changes in humidity. Finally, don't paint your crown molding and trim. Instead, opt for a clear sealer and allow the natural texture of the wood to shine through, adding warmth, personalization and a natural touch to your interior decor.

Install Wainscoting
Wainscoting has long been a hallmark of fine construction and design. Wood paneling is applied to a lower section of wall — typically in dining rooms, but also in kitchens, hallways and even bedrooms. If you crave old–world elegance in your modern home, wainscoting is an easy, cost–effective way to achieve that look. Depending on the style you select and how you choose to finish your wainscoting, you can create whimsy or elegance, rustic appeal or modern sophistication.

If you choose to panel with wainscoting, it's important to ensure pieces are level. If yours will have a top cap, a router — a power tool used to bevel or round an edge on a square piece of wood — can provide nice detail at the top of panels. Finally, while wainscoting is frequently painted, there's no rule that says you must paint yours. Consider a simple clear sealer or semitransparent stain that will allow the natural beauty and character of the wood to shine through.

DALLAS FARMER'S MARKET

Farmers Market

“This is one of the best ideas this city has ever done.”  And with those strong words, Mayor Mike Rawlings picked up a red-tipped shovel and helped break ground on the new-and-improved Dallas Farmers Market, which officially began its $65-million makeover just nine months after a private group took the keys from Dallas City Hall.  Mayor Mike Rawlings introduced the new market with some very high expecations.   The redevelopment will consist of four new restaurants, a grocery store that will serve the southeast portion of downtown Dallas, approximately 300 more apartments and lofts, and a dazzling new Farmer’s Market.  It will be a showplace for Dallas.

-          Dallas Morning News (excerpts), March 28, 2014