Documenting Growth, Development, and Real Estate in Fort Worth.
I had no idea that Crescent was building the Ritz-Carlton development in Dallas. I guess I don’t keep up with Dallas. The Real Estate Channel says 23 story tower is a $300 Million Dollar project. Unit prices are $700,000.00 to $8 Million. I don’t know what that is per square foot, but I am not sure I really care to know.
If I was going to burn through $8 Million I don’t think it would be on a Condo. But I am glad that the developer is based in Fort Worth anyway.
The DFW market is showing some seriously erratic behavior. There doesn’t seem to be a lot of correlation between the pricing and sales movements in different areas of town. Arlington for the most part is down; both in numbers of sales and in prices. Certain parts of Central Fort Worth, on the other hand, have risen in both of these departments.
The only clear trend that I can see is that the markets focused more on city center remain strong. That is to say that those markets around downtown, like the TCU area, have performed better than the areas farther removed. I suspect that we will continue to see this trend.
For several decades now the US has nurtured a culture of suburbanization. Those daily may certainly be coming to an end. The best investments will most likely be the ones that equate into short commutes. I see this study as proof of that happening.
No surprises here, the Fort Worth Cats baseball franchise is hurting for cash, and up for sale. Towards the end of their season I had heard that they were becoming insolvent and firing most of their non-essential employees. Now it seems that they have very few left.
Here’s the interesting part. The franchise is (according to its owner) worth about $40 million. That figure includes not only the team, but also LaGrave Stadium and about 60 acres of land around it. Forget about the team. I doubt anyone will be able to put them in the black anytime soon. 60 acres is a pretty considerable holding in the area that should become the Trinity River Vision Project.
Would be a great buy and hold.
A mother and daughter have filed a suit against their neighbor and their property management association. The crime? The neighbors cigarette smoke.
The women claim that the smoke permeated the walls and HVAC of their high end Estancia town home in Dallas. They are seeking six figures in damages from the two co-defendants.
The property manager said that they have done more for this tenant than they have ever done for anyone else, and she doesn’t think it is possible to satisfy them. Among other things the management changed air filters, installed electric plates with sealant, and re-caulked around plumbing pipes. The women complained, but continued to renew their lease. Now they have filed for disability under the fair housing act due to the harm they have suffered from the cigarette smoke. They also claim that they cannot enter their residence without wearing goggles and gas masks.
This is completely insane. I hope they lose their case, and I hope they have to repay the defendants legal fees.
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