Cabana hotel full

A storied property near the Dallas Design District that fell from a swinging night spot and hotel for rock stars in the 1960s to housing for county prisoners and sex offenders in the 1980s and 1990s may be on the rise again.

According to this Dallas Morning News story first reported by Robert Wilonsky, the Dallas County Commissioners Court sold the old Cabana Motor Hotel / Decker Detention Center yesterday to Lincoln Property Company, the third largest residential property manager in the U.S. The property, located at 899 N. Stemmons Freeway, is 399,000 square feet sitting on 3.275 acres of prime real estate northwest of Downtown Dallas. Lincoln paid $8.7 million (half a million less than the county paid for the place in 1985).

While no one from Lincoln or the county will confirm plans for the property, rumor has it that Lincoln intends to create a residential tower and data center. (more…)

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Home prices in North Texas are up year-over-year, though sales volume is sluggish.

Word comes that for the month of August, Dallas-area home prices posted a fantastic little bump at 7.3 percent year-over-year. Case-Shiller’s Home Price Index report shows enough of an increase in prices to warrant continued optimism among sellers in our burg, where a shortage of inventory and slow-to-catch-up new home builders has made the market for homes in most price ranges very competitive.

That’s one of the highest increases nationwide, and over the national average, too, which is 5.5 percent. According to the report, the median price of a pre-owned, single-family home in North Texas in August is up 7 percent from the same period last year.

But according to a recent report from the Real Estate Center at Texas A&M University, total sales are down 2 percent over a year ago. Of course, as sales volume decreases, it’s only natural for the competition over those homes on the market to heat up.

I guess, though, we’re in a fortuitous spot considering that our price increase puts us at 12 percent higher than pre-recession levels, and with inventory as short as it is and job growth still on pace for expansion, there’s no bubble in sight.

What’s your outlook on home prices and inventory?

Inventory Chart TAR q1 2014

Slow growing inventory is choking sales growth and driving prices up in the Dallas real estate market, with only 2.4 months of inventory in the Dallas market — an increase of 0.2 months from last quarter — according to the latest quarterly report from the Texas Association of Realtors and the Real Estate Center at Texas A&M University.

As a result the median home price in Dallas is up 9.81 percent from the first quarter of 2014, an increase of 6.81 percent from the same time a year ago and the second consecutive quarter our city has seen an increase in home prices. Statewide, inventory grew for the first time in three years, up to 3.6 in the second quarter of 2014 from an all-time low of 3.4 months in the first quarter of this year. Still, inventory is tighter than a pair of skinny jeans after Thanksgiving and continues to pose problems for our market.

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