Hot Property

Study says Dallas home prices are rising at record levels

Dallas housing prices continue to rise, according to the latest report from Standard & Poors/Case-Shiller Home Price Index. Local home prices rose 7 percent in the one-year period ending in January 2013. Prices have now been on the rise for 11 months, including previous growth of 4.4 percent in the fall.

Dallas' change was a bit smaller than the 20-city composite from the study, which increased by 8.1 percent. Other cities in the composite include Atlanta, Chicago and New York City.

Dallas experienced its largest year-over-year gain since the report began in 2006.

Nevertheless, Dallas experienced its largest year-over-year gain since the report began in 2006. This time around, Phoenix led the pack with a gain of 23.2 percent in home prices, while San Francisco and Las Vegas rounded out the top three.

All 20 cities experienced growth, and both the 10-city and 20-city composites posted the highest year-over-year increases since the housing bubble burst in 2008.

David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, attributed the gains to steady employment and low borrowing rates. He said that foreclosure filings are down 25 percent from 2012, and single-family home building permits and housing starts recorded double-digit increases in February 2013.

The S&P/Case-Shiller Home Price Indices are designed to monitor the price path of single-family houses in the 20 cities listed. The indices are released on the last Tuesday of each month at 9 am.

unspecified

GP News

Grand Prairie expands to the south with new master-planned community

Rendering courtesy of Provident

Goodland Grand Prairie

The City of Grand Prairie is growing fast and expanding to make way for a new master-planned development south of US Highway 287 and along Tollway 360, in Ellis and Johnson counties.

The community development, called Goodland, is the result of Grand Prairie’s recent 1,500-acre annexation extending its southern border toward Mansfield. Overall, with the added land, Goodland will be a 5,000-acre site featuring 15,000 residences including townhomes, custom homes, and gated communities for 50,000 residents.

According to a release, it will be a “city within a city” and a 45-minute drive from Dallas-Fort Worth. Beyond housing, there will be shops, restaurants, schools, public and private event venues, regional sports fields and complexes, dance halls, churches, trail systems, city parks, ponds, and preserved green spaces.

“This is a significant step in our city’s development,” says Grand Prairie Mayor Ron Jensen in a statement. “Unlike many of our neighboring cities, we have the unique advantage of new development opportunities to our south that will drive the growth and prosperity of our city. We recognized the opportunity and took decisive action.”

Leading the development is Provident, a Dallas-based real estate firm that has created other master-planned communities across Dallas-Fort Worth, such as Preston Hollow Village and Hillstead in Collin County. Provident has plans to work nature into the space design with more than 1,600 acres of creek corridors and floodplain land.

Plans are ongoing for a centralized mixed-use walkable Town Center, complete with civic buildings and other commercial development. Further south on the property near Highway 67, light industrial uses and other private employment campuses are already underway, projects that will contribute vital tax dollars for city growth and future expansions.

“This level of placemaking is quite rare, and certainly not easy to execute, especially in a brand-new community," says Provident Managing Director Rylan Yowell in a statement. "We are committed to a long-term vision with a desire to be good stewards of the land."

A new four-lane road called Goodland Parkway will link Goodland to Grand Prairie at Tollway 360 and US Highway 287. It's set to open by December 2025.

openings