THE ALLMANAC | JANUARY 2023
DFW LED STATE in MILLION-DOLLAR HOME SALES
DFW: North Texas led the state in the sales of homes of $1 million or more in 2022, a new report shows. Between November 2021 and October 2022, 13,998 homes of $1 million or more were sold throughout Texas, a report from Texas A&M University’s Texas Real Estate Research Center says. That was a 17% increase from the same period the previous year. But the DFW million-dollar home real estate market recorded 4,689 such sales, a 23% increase that topped the state average. Across the state, the high-end home real estate market topped $22 billion. Those high-end sales accounted for just under 4% of all homes sold in the state but represented more than 14% of the total dollar amount of the homes sold. Across Texas, Austin came in second with 3,564 high-end homes sold during the period, followed by Houston with 3,527.
DFW: North Texas continues to lead the country in commercial transactions—for the third consecutive
year. MSCI Inc., a data and research company that advises global investors, says in a new report that
$42.5 billion in commercial property transactions were recorded in North Texas in 2022. Apartment deals
represented more than half of those transactions. Even though transactions in both North Texas and across
the country were down last year compared to 2021, DFW easily topped other major metropolitan areas. Los
Angeles came in second with around $30.4 billion in property deals and third-place Atlanta recorded just
under $29 million. Houston was fourth at $24 billion in commercial sales and Austin rounded out the Top 10
with $14 billion. North Texas already is among the nation’s leaders in o?ce construction projects this year
with nearly 8 million square feet in development. And industry analysts forecast North Texas as one of the
strongest real estate markets in the country this year.
DFW: If you like the bright lights and the rhythm of the city, then you know why downtown Dallas tops
the list of city centers across the country. StorageCafe has named downtown Dallas as the No. 1 city for
living and it ranks high for dining and entertaining, too. Dallas led 30 other major metropolitan areas based
on metrics of cost of living, apartment options, entertainment, safety and other variables. At an average of
995 square feet, Dallas also o?ered nearly double the downtown apartment square footage of other cities.
Downtown Dallas apartments also had more luxury living options, plus more amenities such as parking and
?tness and business centers than those available in other cities. Austin came in second in the survey and
Houston ranked No. 9.
DFW: Another hotel is in the works in Uptown Dallas. Phoenix Development Partners of Chicago plans a
19-story hotel on Oak Grove Avenue near Hall and McKinney streets. The nearly $49 million project includes
a seven-story garage and will operate under a Marriott-a?liate banner when it opens in 2025. The upcoming
hotel project is one of several in the area north of downtown Dallas. Newport Beach’s T2 Hospitality has
plans for a 19-story high-rise hotel at Cedar Springs and Olive Street. Harwood International’s 22-story
Swexan Hotel is expected to open this year near The Crescent. The 14-story, 255-room Marriott Dallas
Uptown Hotel opened on Fairmount Street in 2021 and its developer, Alamo Manhattan Corp., now wants
to build a luxury apartment high-rise tower across the street. DFW led the U.S. last year with about 175 new
hotel projects in development.
DFW: It appears Nike has expanded its footprint to North Texas. Developer Logistics Property says
that its latest huge warehouse center at its Southport Logistics business park near Interstate 45 in Wilmer
has been fully leased. The athletic shoe and apparel giant appears to be the company that has taken the
1 million-square-foot lease. Last year, Dallas County approved $68,000 in annual tax incentives for the
creation of 500 jobs to Nike USA at an address listed for the warehouse and distribution building. Chicago-
based Logistics Property has developed a total of 3.55 million square feet of warehouse and distribution
space on the 250-acre Southport Logistics business park in Southern Dallas County and plans to build
another phase. North Texas remains the busiest warehouse and distribution market in the country with more
than 80 million square feet in development.
FLORIDA: His team may not be in the NFL playo?s, but Robert Kraft, the owner of the New England
Patriots, has just scored big, or for sure has paid big, on an oceanfront penthouse in South Florida. Kraft
paid $23.75 million for the Palm Beach penthouse, the highest for a condominium in that city. The property
had been listed for $26.5 million last fall by the estate of Erving Wolf. The 5,000-square-foot penthouse
has four bedrooms, ?oor-to-ceiling windows and a 1,300-square-foot terrace. The previous owners paid
$6 million for the property in 2000. Their daughter-in-law, May Lin, a designer of the Vietnam Veterans
Memorial in Washington, D.C., assisted with renovating the apartment over the years. Kraft is no stranger to
the real estate world. He has luxury homes in Boston and Palm Beach and most recently paid $43 million for
a property in Southampton, N.Y.
Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate
Over $127 Million SOLD 2021-2022
Follow McKENNY Dallas & Park Cities Real Estate on Facebook