Documenting Growth, Development, and Real Estate in Fort Worth.
I suppose we should join the ranks of those announcing the opening of the Omni Hotel downtown.
It really is a breathtaking structure, and does a lot for the local skyline. I can’t wait to get over there and check it out. Condo rates are extremely high (Nolan Ryan got one), and HOA fees are even higher, but I might have to grab a room one night just for fun. Maybe I’ll wait till summer so I can out the pool (don’t worry I will let everyone know what days to avoid the pool in advance).
From ham radios to stock that’s worth about the same as cold ham, Radio Shack is looking for a new image. The word is that Fort Worth based Radio Shack is looking for some new insight on their marketing. Brand Noise has some interesting insight on what could come of this, something about Genius bar + Geek Squad = well I am not really sure (I didn’t really catch his drift).
No doubt though that the Tandy Corp needs a major overhaul, and we all have a vested interest in this considering they are a major pillar to the local economy. In an effort to support the local corp, I went by the retail location in Montgomery Plaza on a quest for a new graphics card. Not only did the dorko’s working there not have the slightest idea what I was talking about, they didn’t have what I needed either. I walked out saying under my breath “And that’s why you’re going bankrupt”.
I am not sure what the solution is; if they need to go into private label branding or what, but they need something badly. If not I suppose there will soon be an exceptionally beautiful, and only slightly used, corporate campus up for sale in Fort Worth.
No surprises here, total home sales are way down in the metroplex. Not just way down, but down 14% for 2008. This is on top of an 8% overall decline in 2007. In fact, our total sales are back to 2002 levels. You can read about it all here.
This shouldn’t really shock anyone though, as the economy has essentiall been set back about half a decade also. Compound this with the fact that banks are sitting pretty courtesy the fed’s, but don’t seem to be passing on the funds to consumers these days, and getting a loan just appears to be a pipe dream. It’s not just you, I heard that Finley couldn’t close the Carter Bugress building purchase because they couldn’t get a loan.
Conventional wisdom would say that this is the time to own rental properties, but that sector is hurting also. DFW apartment occupancy fell by 6000 units according to Dallas News. The really bothersome issue is that buildouts have not ceased, in fact, they appear to be rampant. What will we do with all this square footage glut? Look for deals.
I have written lately about the strong fundamentals of DFW commerical space, but I would look for some key defaults to open up investment opportunities. It just may be the other shoe to national mortgage default trends.
Noticed an interesting sign outside of some of Village Homes’ new construction. It said that 100% of proceeds would benefit a charity. I had never heard of Houses for HOPE, which apparently has the goal of ending poverty world wide.
Through Micro-loans, donations, and programs like Houses for HOPE, HOPE International assists some of the poorest people in helping themselves to a better life.
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