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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.

Christine McKenny

Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate

Over $127 Million SOLD 2021-2022 
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Two More High-Rise Projects Slated to Start in Uptown Dallas

DFW: A private equity firm will start construction later this fall on a $68 million, 17-story office building in Uptown Dallas. Stonelake Capital Partners, which has offices in Texas and Georgia, will be the latest to get into the rapid office development north of Downtown Dallas. The building at 2626 McKinney will encompass 180,000 square feet. It will be near the Whole Foods Market. The high-rise will have an amenity lounge with coffee and cocktail bars, and a landscaped terrace offering spectacular views of the city. It will also have a communal kitchen, a conference center and a fitness center, a parking garage. The glass tower is the latest of numerous office construction high-rise projects in the pipeline in Uptown Dallas.

DFW: And not to be left out, an Austin hotel developer will soon start construction on a dual-branded Marriott high- rise hotel project in Uptown. Merritt Development Group plans to begin construction this spring on a combined 264-room, 25,000-square-foot hotel project that will include Marriott's upscale AC and Moxy brands. AC is a favorite among older travelers while Moxy tends to attract younger guests. The 19-floor, $100 million project will go in at 2910 N. Hall Street near McKinney Avenue. AC will have 121 rooms and Moxy will have 143 rooms. They will share amenities but each will have its own lobby. Construction is expected to take about two years.

DFW: The suburban area north of Dallas continued to see the most homebuilding activity in 2022. That's according to a new report from Residential Strategies, a Dallas-based housing analysis company. It says that builders started 3,266 new homes last year in the U.S. Highway 380 corridor, the most of any North Texas submarket. That area includes Aubrey and Oak Point and the area beat out Kaufman County, which topped the list for 2021. Kaufman County had 2,871 home starts in 2022. Other top homebuilding areas last year included North and East McKinney, Princeton, the U.S. 287 corridor in Fort Worth, Fate, Royce City, Southwest Fort Worth, Parker County and West Denton, Northlake and Argyle. In the fourth quarter of 2022, builders started nearly 8,000 new homes in North Texas, down nearly 40% below the fourth quarter of 2021. The survey found that the costliest
homes were in Prosper, with a median price tag close to $700,000.

DFW: The second phase of the Crown Centre development in Lewisville is expected to start later this spring. Bright Realty will begin construction in April on a four-story, 147,000-square-foot building at State Highway 121 and Carrollton Parkway. The $30 million project is expected to be completed by mid-2024. Phase I in the 120-acre development was a 109,000-square-foot building that was completed in 2020. Crown Centre could eventually include 2,000 multifamily homes, 3 million square feet of office space and several hundred hotel rooms. The master plan includes nearly three dozen buildings connected by natural
trails and wooden boardwalks with green spaces, lakes and a waterfall as backdrops.

FLORIDA: Big Papi wants a Big Payout. Former MLB slugger David Ortiz is parting with his wife and his Florida estate. Seven years ago, the ex-Boston Red Sox first baseman and designated hitter bought an acre of land in Pinecrest, a suburb in Miami-Dade County. He had a 10,000-square-foot mansion built on the property, but now Ortiz and his wife Tiffany are splitting and the house is going, too. The mansion includes five bedrooms, floor-to-ceiling windows, a gourmet kitchen, several living and areas, a home theater and a separate sports bar, a pool, spa, a gazebo with an outdoor kitchen and various covered terraces. He's asking $12.5 million.

Christine McKenny
Executive Vice President
Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate

Over $127 Million SOLD 2021-2022 
Follow McKENNY Dallas & Park Cities Real Estate on Facebook
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DFW Home Prices Remained Up in 2022 Despite Dips

U.S.: North Texas home prices remained higher at the end of 2022 compared to a year earlier and continue to stabilize. The
National Association of Realtors says in a new report that DFW home prices were up 7.1% at the end of the year, compared
to the fourth quarter of 2021. And, the association said, the increase was double that of the national average. The realtors’
association said median home prices in North Texas were down about 8% to $375,000 at the end of the year compared to their
high of $408,200 last summer. Home sales in DFW were down 30% at the close of the year due to rising mortgage interest
rates among other factors. Even with the drop from their peak, home prices were higher in 90% of the markets tracked by the
NAR but the group said that home prices fell in 20 metro areas at the end of the year. Austin was among that group, with its
prices declining more than 20% from their peak in June. Meanwhile, the North Texas Real Estate Information Systems and the
Texas Real Estate Research Center at Texas A&M University report that the median price of a single-family home in North Texas
was $380,000 last month. Industry analysts forecast North Texas home prices will decline from 5% to 8% in 2023.

DFW: More cranes will soon dot Uptown Dallas, which has become a popular site for office developments. After a three-
year pause, Dallas-based developer KDC plans to start the ?rst phase of the Parkside Uptown development in the second
quarter on a site at Woodall Rodgers Freeway near Klyde Warren Park. The $200 million initial phase will include a 30-story,
500,000-square-foot office tower with retail space on the ground ?oor and underground parking. It is scheduled to open in
three years. The second part of the development calls for a high-rise hotel. The Parkside project is near the future home of
Goldman Sachs’ planned development that will house thousands of workers in its 1 million square feet of space.

DFW: Meanwhile, the 60-story Comerica office tower in downtown Dallas could soon go the way of other neighboring office
buildings. Plans from the new owner Paci?c Elms Properties call for numerous ?oors of the tower to be converted into a hotel,
retail spaces and luxury apartments. Paci?c Elms Properties already is working on similar renovations at the nearby 40-story
Bryan Tower and 50-story Santander Tower. Office space accounts for more than 28 million square feet in downtown Dallas, but
it pales in comparison to other suburban cities that have attracted thousands of businesses to their areas. The downtown Dallas office conversions are in line with a nationwide trend of turning millions of square feet of vacant office buildings into mixed-use
spaces to include hotel, residential and retail. That conversion is expected to top 20 million square feet in 2023.

DFW: A Utah developer is getting deeper into the uber-busy industrial warehouse market in North Texas. Bridge Logistics
Properties plans to construct two warehouse buildings on Great Southwest Parkway in Grand Prairie. The project will cover
more than 280,000 square feet and will have a price tag of $20 million. Work on the business park is scheduled to begin
in a couple of months. Bridge Logistics is part of Bridge Investment Group that has been active in North Texas, working on
apartment projects in Dallas and Richardson and buying another warehouse in Grand Prairie. Its total acquisitions in DFW have
topped 1 million square feet. North Texas remains the busiest industrial market in the U.S. with upwards of 80 million square
feet of warehouse space under development.

DFW: Prosper, the fast-growing bedroom community in Collin County, will soon have many more overnight bedrooms.
Atlantic Hotels of Dallas will soon build the town’s ?rst hotel—a $26 million, 91,000-square-foot Residence Inn by Marriott on
the northside of U.S. Highway 380. The site is near the PGA of America complex in Frisco and other developments that include
single-family and multifamily communities with thousands of homes along with sites that include hotel and restaurants and
retail and offers spaces. Atlantic Hotels started in 1999 and now has 18 hotels in North Texas, which is the country most-active
hotel market with more than 20,000 hotel rooms in development.

LA LA LAND: LA Rams QB Matt Stafford has scored big—again. Not on the football ?eld, of course, but in the California
real estate market. The former Highland Park standout and Super Bowl LVI champ and his wife Kelly just doled out $10.5 million
for a 1.5-acre winery compound called Wish Vineyards. It has been listed for more than $13 million. The estate includes an eight-
bedroom, 10-bath mansion that spreads across more than 11,000 square feet. The property is northwest of Los Angeles in Hidden
Hills, which ironically offers spectacular city and mountain views. The custom-built red-brick traditional mansion includes, ?ve
?replaces, a gourmet kitchen, formal and informal living and dining areas, a pool, spa, a guesthouse and guest quarters above a
?ve-car garage. The couple bought two adjoining properties from rapper Drake last year.

Christine McKenny
Executive Vice President
Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate
Over $127 Million SOLD 2021-2022
Follow McKENNY Dallas & Park Cities Real Estate on Facebook
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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.

Christine McKenny
Allie Beth Allman & Associates
A Berkshire Hathaway Affiliate
Over $127 Million SOLD 2021-2022
Follow McKENNY Dallas & Park Cities Real Estate on Facebook