17 posts categorized "Home building"


Southlake developer buys land in Colleyville for single-family homes

COLLEYVILLE Southlake-based Terra Manna, a real estate development and land management company, has bought 97 acres at the corner of Glade Road and Heritage for a $160 million single-family development.

The community is being called Creekside at Colleyville and will feature builders Standard Pacific Homes and MainVue Homes. 

The site is the location of the old Harrington family property, whose original owners were some of the early pioneers in Colleyville in the late 1800s.  The site will be added to an adjoining piece of land for a total of 269 lots.  Homes will begin in the $500s.

“We have been working with the heirs for more than two years to put this site together,” said Bobby Harrell, Terra Mann's principal, in a statement.  “We anticipate a high demand for luxury homes in this area with a variety of lot sizes and high-end, active-lifestyle amenities.”  

Standard Pacific Homes has some homes under construction to be ready in June.  Other lots will be ready for construction later this year, the company said.

Creekside at Colleyville will feature 30 acres of parks and open space on Little Bear Creek.  Trails and several new lakes will be constructed in the park area that will complement an existing lake on the north end of the project, Terra Manna said.

_ Sandra Baker




New home supplies may be constrained in 2014, says Metrostudy report

Dallas-Fort Worth new home construction last year reached its highest level in six years, causing supply constraints that will spill over into this year, according to a Metrostudy market report Monday.

Builders ended 2013 with 2,622 finished homes in inventory, a 1.6-month supply, down 8 percent from 2,862 homes, or a 2.1-month supply, at the end of 2012, the housing report said. 

Moreover, the inventory of available lots to build stood at 46,029, or enough supply for 26.1 months, at the end of December. At the end of 2012, the number of lots was at 51,658, or a 34.8-months supply, the report said.

“The market will not have the ability to grow at the same rate in 2014 as it did in 2013 because of the supply constraints,” said David Brown, Metrostudy’s regional director in Dallas-Fort Worth. “With the increased construction activity in 2013, the months of supply of lot inventory in many submarkets, such as Frisco and McKinney, has dropped more than 30 percent during the last year, driving up lot prices significantly over the last year in these high demand locations.”

In 2013, new home builders started construction on 21,197 homes, up 19 percent from 17,799 starts in 2012, the report said. Builders also closed the sale of 19,945 homes in 2013, up nearly 23 percent from 16,250 home closings in 2012. 

Despite strong demand because of job growth, higher home prices and rising interest rates will likely have some impact on market growth this year, Brown said.

 _Sandra Baker


Dallas-Fort Worth new home starts rise in the third quarter, new report says

A rise in mortgage rates didn't seem to impact Dallas-Fort Worth new home starts in the third quarter, says Dallas-based Residential Strategies.

Area builders started construction on 5,786 new homes in the quarter, a 26.3 percent increase from the same quarter a year ago and the ninth straight quarter of year-over-year start activity, Residential Strategies said.

"Traffic and sales patterns during the third quarter were more seasonal than the previous year, but buyers were also adjusting to the environment of higher mortgage rates and house prices," said Ted Wilson, principal with Residential Strategies, in a news release.

Builders also started the quarter with large order backlogs, he said.

New home closings were also up, the consulting firm said. Dallas-Fort Worth builders closed the sale of 5,019 homes in the third quarter, 610 more units than in the third quarter of 2012.

_ Sandra Baker


More homes being built in Parks of Aledo

Parks of Aledo entry AFort Worth developer James R. Harris Partners has started development of 104 homesites on 29 acres in the second phase at Parks of Aledo, a $120 million development on Bailey Ranch Road near Aledo High School.

The Parks of Aledo broke ground in October and 20 houses have been sold since February, said Justin Welborn, a partner in Harris Partners and managing partner of the development. The houses sold ranged from $290,000 to $525,000.

Parks of Aledo will eventually have 296 homes on 100 acres. The homebuilders include Village Homes, Bannister Custom Homes, Brass Key Custom Builders, Leatherwood Construction, Clarity Homes, and HD Homes.

Homes in the second phase are on larger lots and offer more amenities and scenic view of a creek and park areas. The developer said it added a 1.1-acre park surrounded by homesites.

Amenities will include two entryways featuring extensive landscaping, irrigated lawns, crushed limestone walking trails, and natural play structures. Curbside amenities will include parkways lined with shade trees, concrete sidewalks, antique street lights, mail boxes, and street signs.

Two, 15,000-pound limestone boulders from a quarry in Leuder will be placed near the Parks of Aledo entry monument. One boulder is 9-feet by 9-feet and the second, 7-feet by 9-feet.

_ Sandra Baker


Fort Worth developer starts $55 million home development in Argyle

Fort Worth-based James R. Harris Partners has started construction on the $55 million The Oaks of Argyle 107-lot custom home community in Argyle, north of Fort Worth.

The 40-acre development, at the end of Cook Street, east of Texas 377 and adjacent to Argyle High School, will have 8 acres of park land, the developer said. Home prices will start at $400,000.

“We decided to purchase the land because of its location and its beauty,” said Justin Welborn, a partner in JRH Partners. “Our intent is to leave the land in its native form as much as possible.”

WeThe%20Oaks%20of%20Argyle%20entrylborn said a first phase of construction will include 50 homes. Selected builders are Village Homes, Bannister Custom Homes, Noble Classic Homes, Hamilton Homes and Craftsman Village Homes.

JRH Partners bought the land from The Miles Foundation of Fort Worth, a philanthropic group. Frost Bank and the foundation are financing the development, Harris Partners said.

Mike Ball with Mike Ball Realty represented The Miles Foundation.

JRH Partners has been developing in Texas since 1979.

_ Sandra Baker


No reason state's housing recovery won't continue says Dallas Fed

Strong regional economic growth helped the Texas housing market rebound faster than other areas of the country, and there’s no reason it won’t continue, the Federal Reserve Bank of Dallas said in a report Thursday.

 Job growth, particularly in the energy sector, and the overall expansion of Texas’ economy has boosted home sales that are now reaching pre-housing-boom levels. As a result, home prices and apartment rents have risen faster than usual, the report said.

 Through April, the state’s home sales rose at an annualized 23 percent, a rate of increase seen just before the housing collapse, the report said.

 “Further improvement is anticipated in the housing sector,” the report said. “Anecdotal reports from Dallas Fed industry contacts suggest a very competitive marketplace for buyers, with multiple offers on homes driving up prices.”

 Exiting-home sales have risen statewide and in the major metro areas by 33 percent since the start of the housing recovery in 2011, the report said.

 And through the first quarter, Texas home prices exceeded by 7 percent the prerecession peak recorded in the fourth quarter of 2007, said report authors D’Ann Petersen, a business economist, and Christina Daly, research analyst, with the Dallas Fed.

 Home prices nationally are 13.8 percent below their peak six years ago, the report said.

 “Texas prices have especially improved since single-family demand began turning the corner in late 2011,” the report said. “Prices rose 6.2 percent in the 12 months ended March 31.”

Single-family home sales in Texas in the first quarter reached 53,937 homes, a 17.5 percent increase from the same quarter of 2012, the  Texas Association of Realtors reported in May.

_ Sandra Baker


Village Homes buys eight lots in Fort Worth's exclusive Montserrat neighborhood

Village Homes in Fort Worth has bought eight of the final 14 lots in Montserrat in far southwest Fort Worth.

The firm, owned by Micheal Dike and James Harris, have already built 25 homes in Montserrat. The 30-acre development of the Siratt family began in 2004 with 208 lots.

Village Homes said it will build homes on the new lots ranging in size from 3,000 square feet to 5,000 square feet and from $550,000 to $850,000.

"We are delighted to have reached this agreement because Montserrat is recognized for its unique character, commitment to homes of exceptional character, and and unmatched quality of life," Dike said.

Village Homes said it has completed about 350 homes in the greater Fort Worth area since it was founded in 1996.

_ Sandra Baker


Lennar Corp. to begin homebuilding in Riverwalk development in Euless

EULESS — National homebuilder Lennar Corp. has bought 49 acres at the northwest corner of Airport Freeway and Texas 360 in Euless, the first land acquisition in the planned Riverwalk development since the project was announced nearly two years ago, the company said Wednesday.

Lennar said it will debut its new, more upscale home designs in the development, with home prices starting in low $300,000’s.

"Our Riverwalk homes will comprise the first of several new developments in the region where we will debut a new, upgraded product line that encompasses higher quality details and amenities in addition to a more upmarket architectural design," said Greg UrechÖ , Lennar’s land operations director in a statement. "We are proud to deliver a residential product that will appeal to today’s demanding Dallas-Fort Worth-area homebuyer."

Lennar bought the land from Dallas-based Stratford Land Co., which bought a 194-acre tract in April 2011 from a California real estate company that owned the property since 1993. A fashion mall was once planned for the site, but Stratford said it wanted to develop the tract for homes, shopping and hike-and-bike trails with a signature riverwalk feature.

"When Stratford acquired the property in 2011, we knew the location was exceptional," said Steve SandersÖ , Stratford Land’s senior investment manager for Texas. "Lennar’s decision to build at this location affirms our investment, and we are excited to see the residential area of Riverwalk come to life."

Groundbreaking on the first homes is scheduled for this summer, with a model home open by the first quarter of 2014, Lennar said. The company said it will initially build 200 homes, but that it has an option to double the number of homes.

Stratford said it is also talking with potential buyers for Riverwalk’s multifamily tracts. The company said it expects sales of the commercial tracts to happen soon thereafter. About 70 acres is set aside for commercial development.

When completed, Riverwalk will have approximately 480 single-family homes, 250 town houses and at least 500 apartments, as well as shops and restaurants.

The land stretches from Airport Freeway on the south, to Harwood Road on the north, Texas 360 on the east to near Fuller-Wiser Road on the west. Midway Drive bisects the tract east to west. During the 1990s, the Bear Creek Fashion Mall was proposed for the site, but never built.

_ Sandra Baker


Acme Brick reopening Parker County plant after three years of being closed

In a sign of the improving economy and homebuilding market, Fort Worth-based Acme Brick Co. has reopened it plant in Bennett, just west of Weatherford, this week.

The facility had been shuttered since 2009.

"Over the course of the past year, we have seen a rebirth of activity here in the Metroplex with construction now totaling 83 million square feet and forecasted to rise by double digits in 2013," said Dennis Knautz, Acme president and CEO. "Given the recovering construction sector and the strong demand seen at other Acme plants, we believed that it is an absolute necessity to restart operations at this facility in order to have an adequate spring supply of brick for our homebuilder customers."

Acme said it also restarted a third kiln at its Texas Clay plant in Malakoff, near Athens, in December because that plant saw increased demand in 2012.

The Bennett plant was built in 1996 on the site of the company’s first brick making facility. That plant began making hard-fired bricks in 1891.

Homebuilding peaked in 2006 with construction activity reaching 182 million square feet of space, Acme said.

"We witnessed demand plummet by nearly 70 percent to a low of only 57 million square feet by the start of 2011," Knautz said. "I believe we can finally say with confidence that our local homebuilding market is back."

The Bennett plant has the capacity to produce 2 million residential brick a week, or enough brick for 150 average-sized homes, Acme said.

Acme was acquired by Warren Buffett’s Berkshire Hathaway in 2000.

_ Sandra Baker


Higher 2012 profit boosts compensation for top two D.R. Horton execs

Top officers at Fort Worth-based D.R. Horton didn't get a raise in base salary in 2012, but the home builder's chairman and its CEO each saw their total pay increase, according to its latest proxy statement filed Thursday. Chairman Don Horton's total compensation was $5.9 million, and CEO Don Tomnitz's was $5.2 million. Don Horton's total compensation was up 33 percent from a year ago, and Tomnitz' was up 32 percent.

Both executives received sharply higher incentive awards that are based on the company's pre-tax income, which soared from a year ago.  Don Horton and Tomnitz each were awarded 1 percent of the company's $242.9 million in 2012 pre-tax income, or $2.43 million. That was up from $240,798 in 2011, when the company has just $12.1 million in pre-tax income. D.R. Horton's fiscal year ends Sept. 30. 

Those compensation figures are calculated using The Associated Press' formula, which counts salary, bonus, non-equity incentive plan compensation, grants of plan-based awards and all other compensation, as listed on the company's proxy. 

-- Jim Fuquay



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