Snow In Texas

$215 million resort will bring world's longest indoor ski run to North Texas

If all goes according to plan, the Dallas suburb of Grand Prairie will have a grand new addition in 2018. Dubbed The Grand Alps, the $215 million development is an indoor ski resort and hotel that will sit on a massive, 350,000-square-foot property off Interstate 30 and Belt Line Road.

The City of Grand Prairie announced the news in an October 14 release, detailing the artificial winter wonderland that will soon await paying customers.

There will be beginner, intermediate and expert ski runs, in addition to ice climbing, luge track and Olympic half pipe.

A snow dome will house the longest indoor ski run in the world, which will be more than 1,900 feet in length. There will be beginner, intermediate and expert runs, in addition to ice climbing, luge track, Olympic half pipe and snowboard courses, and general snow play areas.

The ski resort will be integrated with a Four Diamond Hard Rock Hotel and Restaurant. The hotel will contain 300 rooms, two restaurants, retail stores, and a rooftop pool and deck capable of hosting live music events. Within two years, the developer must build a second hotel or double capacity.

In the release, Grand Alps Resort co-chairman Sherman Thurston called the Hard Rock Hotel "the icing on the slopes."

"The Grand Alps will be a summertime favorite for Texans who want to escape the summer heat and enjoy a usually seasonal only sport," Thurston said.

Construction on the hotel and ski facility is slated to begin in January 2015, with hopes of opening in 2018. According to the release, the City of Grand Prairie's investment includes the land and very generous tax breaks, including 100 percent real estate tax abatement for seven years and 75 percent hotel tax rebate for 10 years.

The city estimates more than 1.3 million annual visitors to the venue and the creation of around 2,000 jobs. The total cost of the project is expected to reach $400 million by 2018.

"The entire area is proud to be home to the first Hard Rock Hotel in Texas," Grand Prairie Mayor Ron Jensen said. "The Grand Alps will be a great new addition to our well established tourist business."

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not too shabby

Dallas ranks No. 15 nationwide on new affordability and housing report

Reunion Tower

Downtown Dallas skyline, all lit up.

A new national real estate report card has given Dallas-Fort Worth a passing grade for housing demand and affordability.

Realtor.com's first-ever Metro Affordability & Homebuilding Report Card compared the 100 largest metropolitan areas in the U.S. based on two scores that measured the most important factors for potential home buyers: an "Affordability Components" score that examined the current affordability of housing for residents, and a "Homebuilding Components" score that analyzed the rate of new home construction to meet future demand. Both scores were then used to calculate the final score and assigned a letter grade.

Only 10 total U.S. metros, including Houston (No. 4) and Austin (No. 6), received grades in the "A" range (A+, A, A- ) representing the most balanced locales for "favorable current affordability conditions and healthy future inventory growth to sustain them."

"Homebuilding and affordability are inseparable, and if we want to improve affordability in a lasting way, we need to build more homes," said Realtor.com chief economist Danielle Hale. "The metros at the top of these rankings show that buyers benefit most when communities pair homes that are attainable for today's local earners with enough new construction to support tomorrow's demand."

Only two metros earned "A+" grades with a total score of 77.5 or higher: De Moines-West DeMoines, Idaho (83.4 points) and Raleigh-Cary, North Carolina (82.8 points).

Dallas-Fort Worth earned a "B+" overall with a total score of 67.9 points, an "Affordability Components" score of 54.5 points, and a "Homebuying Components" score of 81.3 points. The DFW Metroplex also ranks 15th in the national ranking of the best metros for affordability and housing.

Five more U.S. metros earned the same rating: Augusta-Richmond County, Georgia-South Carolina; Baton Rouge, Louisiana; Madison, Wisconsin; Wichita, Kansas; and Louisville, Kentucky-Indiana.

Realtor.com's report said the Dallas-Fort Worth-Arlington metro has a median household income of $88,783, and home listings have a median price of $426,446. The report's findings also show that newly built homes in the region cost 8.9 percent more than existing homes on the market.

DFW has a 1.76 housing permit-to population ratio, meaning the metro permits 76 percent more new homes than what would be considered typical based on its population and national average construction levels.

DFW's "Realtors Affordability Score," or the share of for-sale inventory affordable to households at different income levels, is 0.639, or slightly lower than the national average of 0.675.

Housing market grades across other Texas metros
Houston and Austin were the only two Texas metros to earn a grade in the "A" range.

Houston outperformed every Texas metro for housing and affordability with its solid "A" rating. Newly built homes in the Houston area cost about 7 percent more than existing homes on the market, and the metro has a 1.88 housing permit-to population ratio.

Austin earned an "A-" with a combined score of 72.5 points. Unlike many other U.S. metros, newly built homes in the Austin area are actually more affordable than existing homes on the market. Austin has a negative new construction premium, where new build homes are 6 percent cheaper than existing ones.

The Austin metro also has a permit-to-population ratio of 2.37. Combined with the negative new construction premium, these factors signal that "builders are delivering homes at a rate well above the metro's population share — and at prices slightly below existing homes."

This is a snapshot of the factors that impacted Austin's grade:

Realtors Affordability Score: 0.639
Median listing price: $501,200
Median household income: $102,412

Elsewhere in Texas, San Antonio-New Braunfels and McAllen-Edinburg-Mission both earned "C+" ratings, while El Paso's housing market performance was only worthy of a "D" grade.

The top 10 U.S. metros with the highest-performing housing markets are:

No. 1 – De Moines-West Demoines, Idaho (A+)
No. 2 – Ralgieh-Cary, North Carolina (A+)
No. 3 – Columbia, South Carolina (A)
No. 4 – Houston, Texas (A)
No. 5 – Indianapolis, Indiana (A)
No. 6 – Austin-Round Rock-San Marcos, Texas (A-)
No. 7 – Jacksonville, Florida (A-)
No. 8 – Oklahoma City, Oklahoma (A-)
No. 9 – Palm Bay-Melbourne, Florida (A-)
No. 10 – Columbus, Ohio (A-)

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