TEXAS: The home mortgage market in Texas is showing signs of stabilizing. That's the word from the Texas Residential Mortgage Survey that saw an increase in residential mortgage applications and pre-qualifications in January, compared to December. There are also signs that mortgage activity will increase in the first half of the year to coincide with the start of the Spring home buying season. The mortgage survey is a monthly analysis between the Texas Mortgage Bankers Association and the Texas Real Estate Research Center at Texas A&M University. Mortgage applications dropped dramatically in the second part of last year as the Federal Reserve instituted regular rate hikes that more than doubled the mortgage rate, putting homes out of reach for many homebuyers. But as mortgage rates and home prices continue to stabilize, analysts believe more potential Texas homebuyers will soon return in greater numbers.
DFW: The McKenzie is getting a sister tower. Streetlights Residential opened the 22-story McKenzie off McKinney Avenue between Highland Park and North Central Expressway in 2018 with 183 units that average 1,600 square feet each. Now, Streetlights has plans for a 20-story, 56-unit apartment tower whose units will average about 2,700 square feet each. The new tower, called The Galatyn, will be built on a site on Monticello Avenue that is about a block from the McKenzie and currently is home to a restaurant and a few retail shops. Construction is scheduled to begin in the next few months and The Galatyn should be ready for move-in sometime in 2025. Streetlights Residential has another project off North Central Expressway closer to downtown-a 19-story, 35l-unit tower in The Central development at U.S. 75 and Haskell Avenue.
DFW: And JPI, the prolific apartment builder, is planning to add more than 4.000 new rental units in nearly a dozen new area developments this year. The Irving-based company had about 5% of the North Texas apartment construction development last year and has expanded with developments in the affordable and senior living markets. All told, the apartment builder will now have 20 apartment developments in North Texas and has thousands more apartment units under construction across the country. North Texas continues to rank atop the country's apartment construction market with upwards of 65,000 units in the development pipeline.
DFW: The former mid-rise that once housed and trained future flight attendants is on the market. Centurion American Development Group has put up the building off the Dallas North Tollway that was once owned and used as a training center
by Braniff International Airways. Built in 1968, the five-story, 60,000-square foot glass and concrete building is now for sale.
Centurion American has owned it since 2019 and had plans to develop it into a boutique hotel. Now those plans have changed. The building once was divided into classrooms on the lower floors and sleeping quarters on the upper floors. Braniff ceased
operations 40 years ago and some of its area buildings have since been repurposed into mixed-use campuses.
SOUTH: Prime Time is moving on and his Mississippi farm is now on the market, too. Deion Sanders, the NFL Hall of Famer
and Super Bowl champ with the Dallas Cowboys and San Francisco 49ers. has put up his 42-acre wooded estate in Canton. Mississippi, on the market for $1.5 million. That's right. $1.5 million. It includes a 5,300-square-foot five-bedroom. six-bath home complete with, of course, prime features throughout. Also on the party are a private 4-acre lake, plus a pool and a spa with a covered patio housing a full kitchen and entertainment area. Also on the property is an equine barn with stalls for four horses and two bedrooms for humans. Sanders has lived on the property since his time as the head football coach at Jackson State University but was hired last year as the head coach at the University of Colorado in Boulder with a $29.5 million, five-year contract.
Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate
Over $127 Million SOLD 2021-2022
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