Fort Worth Real Estate

• 28May

  A System to Build Upon

  Developments, Local Stuff, Residential No Comments
  I noticed an interesting article in the FW Weekly by a guy named Kendall McCook titled The Real Builders. In the article McCook attacks a friend when the topic of finance flip houses in New Orleans. McCook seems sure that laborers are getting fleeced while the banks finance a middleman “at the expense of the taxpayer” he says. Depending on the institution I suppose that may be partially correct, given the Bush/Obama bank bailouts. Still I feel that McCook is essentially attacking the same capitalism which is catalyzing the rebuilding of New Orleans.

  McCook, who has produced plays about Socialist farmers, suggests instead corporations which are equally owned by all employees. A utopian idea I suppose, and of course people do have the freedom to establish such corporations, but the realist in me sees things fairly differently. In fact, I simply can’t understand this logic at all. The breakdown doesn’t add up. The bank lends money in hopes of receiving back only a minimal interest payment; that is their business. The borrower (presumably a house flipper) tends to be fairly handy and will invest much of their own time in this project, may hope to make say $20,000.00 profit for several months work. Assuming a skilled laborer is hired (McCook says a “Mexican fearing deportation”) they will contract their services independently. Everybody wins here. Each entity their own company or sole propeitorship.

  I think it’s safe to say that most “Republican free-enterprise capitalists” don’t enjoy the fact that the Federal government is stealing from taxpayers to pay banks (regardless of which administration is doing it). I know that is true of this free-enterprise capitalist. In fact, I think that McCook’s inclination towards worker owned companies, would be a concept similar to taxpayer funded banks. Both being socialist in nature, it’s almost absurd for him to abhor one and promote the other.

  I think our system works well. We can see plainly that it promotes jobs and rebuilding in areas like New Orleans. It is a system which far surpasses those of other nations, leading to McCook’s migrant laborers. And it is the same system which allowed Mr. McCook to finance his home in Fairmount.

• 21Apr

  Lot Investment

  Developments, Residential No Comments
  There seems to be quite a bit movement in raw, but platted, residential properties. Recently,161 lots sold in Burleson, and 96 sold in South Fort Worth. Prices are discounted currently, but I am surprised investors still see this as a viable vehicle.

  With 90,000 vacant lots on the market, investors know that they may require several years to see a demand increase. There certainly is a reality locally that subdivisions have gone up incredibly quickly. The market is overbuilt, and foreclosures are providing a glut of vacant structures. Thinking about all those poorly built subdivisions on the periphery of the city calls into question the necessity for further subdivisions. Compound that with incredible growth in the condo/urban market around Fort Worth, and it may only add more time justifying vacant lot investments.

  I can’t help but wonder if the Trinity River Vision project will further slow a rebound in subdivided land. Many of these investors are paying a premium for the “paper”; or platting and permits that may already be in place. This isn’t to mention existing infrastructure. Seems to me that the last thing Ft. Worth needs is more poorly built subdivisions in Mansfield. Of course, at the end of the day there will always be a value in land.

• 14Apr

  Adriatica

  Commercial, Developments, Residential No Comments

  I went by McKinney to go see The Adriatica first hand. It wasn’t exactly what I was expecting. Turns out it’s a little more subdivision and a little less Croatia. There is an extremely unimpressive parking garage botching the landscape. Most disappointing was the lack of seclusion I was expecting. 

  Maybe when it’s all built out. For now it just seemed very McKinneyish (read: overgrown farm town with a disproportionate cheap-uptown feel), so I hit Starbucks and left.

• 13Apr

  Montserrat Availabilities.

  Commercial, Developments, Residential 1 Comment

  There’s a pretty nice home for sale in Montserrat, if you have $2.25 million laying around. Personally, I think I would go for the foreclosure in Rivercrest, seems like you might be able to get a better deal. 

  But here is the thing I have noticed lately, there are a ton of homes for sale in Montserrat. At least thats the way it appeared to me on a Sunday drive two weeks ago. It could be me, but it seemed that disproportionate percentage of these homes were available. There is no doubt in my mind that this is directly linked to the current economic situation. 

  I will be interested to see the new commercial area going in near by. I can only expect that the build out will be superb, but I would also imagine that this may add some badly needed grocery accessibility.

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