Deep Ellum News

Novel apartment complex preps for opening on south edge of Deep Ellum

It replaces what used to be a low-slung single-story tan brick industrial building.

Photo courtesy of Novel

Coming off the completion of Novel Bishop Arts, developer Crescent Communities is now leasing Novel Deep Ellum, a new 7-story living and entertainment complex at 2900 Canton St. near Malcolm X Boulevard.

The new building replaces a block-long one-story industrial building, and will be home to 231 one- and two-bedroom rental apartments ranging from $1,405 to $3,624 a month. The original opening was slated for November or December of 2019, although a spokesperson says that date may be moved to early 2020.

Novel Deep Ellum will feature art by local artists, ground-floor food and beverage options, and a rooftop pool and lounge.

It joins a host of new and coming soon rental options in booming Deep Ellum, but what sets them apart is their community-based approach to development.

For Novel Bishop Arts, located at Davis Street and Zang Boulevard, Crescent Communities leaders met with North Oak Cliff residents to solicit their feedback and give them an inside track to what was coming to their neighborhood. With 302 units, two dog parks, killer amenities, and well-designed community spaces, Novel Bishop Arts is 90 percent leased.

"After working with the dynamic Bishop Arts community, we are excited to continue our expansion in Dallas," says Peter Petricca, Managing Director at Crescent Communities. "Deep Ellum is a unique neighborhood full of art, music, energy, food and entertainment, and I believe Novel Deep Ellum embodies all these things to be the residential heart of the area."

The North Carolina-based developer has a series of Novel communities all over, including Dallas, Houston, Atlanta, Charlotte, Tampa, Orlando, D.C., and more in the works in Denver, Phoenix, and Nashville. The concept of Novel is about finding the character of the neighborhood and then building the property around it.

In Charlotte’s hip NoDa neighborhood, you’ll find stylized art of Davie Bowie and Prince in its community spaces, as opposed to glittering contemporary chandeliers and elegant gold fixtures in Charlotte’s Novel Stonewall Station community. At D.C. South Capitol, there’s a midcentury vibe with bright brass accents versus Tampa’s Riverwalk, which features a more tropical look with wood, wicker, and bright colors.

Novel Deep Ellum will have an edgy vibe to match the neighborhood. According to its leasing page, "you can immerse yourself in a place that celebrates the daily adventure, delights in the unconventional and doesn’t shy away from making a statement every now and then. Because around here, we're just like you — Perfectly Off Center."

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A version of this story originally appeared on CandysDirt.com.

deep-ellum

Homebuying strategy

Now's the best time for Dallas homebuyers to score a deal, report says

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Back-to-school season turns out to be prime homebuying season in Dallas-Fort Worth and the state’s three other major metros.

A new report from real estate brokerage Redfin finds mid-September reigns as the best time for homebuyers to score a deal in Dallas, Fort Worth, and San Antonio.

The report pegs late August as Austin’s best period for nailing down a home deal, while late September is Houston’s sweet spot.

“Each homebuyer has their own timeline based on personal circumstances. But seasonality trends suggest buyers in these places looking to score a bargain may want to hit the pavement as summer comes to a close and the leaves start falling,” Asad Khan, a senior economist at Redfin, says in a release.

“Sellers who put their home in the market in the spring or early summer and haven’t offloaded it yet may be open to dropping their price or offering concessions,” Khan adds.

Redfin cautions that the best time to buy is more complicated than when a homebuyer is most likely to land a deal. Redfin economists recommend balancing choice and competition when shopping for a home.

“More inventory to choose from improves the chance of finding the home that’s right for them, and more competition creates more urgency and requires stronger offers to win a home, decreasing the likelihood that buyers will get a deal,” says Redfin.

Redfin emphasizes that most places in Texas are now buyer’s markets, equipping buyers with negotiating power. In fact, the majority of Texas markets have roughly twice as many buyers as sellers, according to Redfin.

The Redfin analysis, based on data from Home Economics, looked at three metrics for determining the best times for homebuyers to make a deal:

The week when the number of new listings is the greatest compared with the annual average.
The week when the number of active listings on the market for 60 days or less is the greatest compared with the annual average.
The time when the average home price drops the most heading into late fall or winter.