Friday, December 21, 2007

North Texas MLS Activity Report

Total number of sales is down 7% vs. 2006 but average sales price is up 5%. Average days on the market is 73 days-up 6% from 2006. The number of houses currently under contract is down 7% from 2006 and the number of active listings is up 7% from last year. 2007 will be a slightly down year but not nearly as dramatic as what you will read in the newspaper and other media sources. The national real estate market has been hit much harder than the North Texas market and December activity is way up compared with October and November.

Wednesday, December 12, 2007

North Arlington Develpment Update

The Planning and Zoning Commission is scheduled to vote today on a developer's request to re-zone 2000 acres in North Arlington.

Huffines Communities of Dallas intends to build a development around the Lakes at Bird's Fort that would feature more than 1.2 million mixed-use square feet and nearly 3,900 homes. The development would be north of northeast Green Oaks Boulevard and east of Collins Street, near the Arlington landfill and River Legacy Parks.The project, when complete, is expected to be worth $1.4 billion and bring millions of tax dollars to the city over the next 30 years.Other developers have tried to build on the flood-prone land over the past 25 years without success.City officials are working on creating a tax increment financing district to help pay for needed infrastructure such as streets and sewer lines.If approved by the commission, the project will be forwarded to the City Council for review.Project highlightsVillages: Residential areas would be divided into villages, each with its own architecture that would reflect regions of Texas. Instead of lining streets, some homes would be clustered around green spaces to create more of a community feel.Living: The average single-family home is expected to cost $300,000, but some would cost up to $1 million. The community would also feature mansion-homes -- condominiums grouped in buildings that look like mansions. Residents could also live above shops and offices lining Collins Street.Schools: At least two schools, which would be part of the Hurst-Euless-Bedford school district, are planned.Passenger rail: The area could one day be the site of a passenger train depot. The Trinity Railway Express runs along the site's northern edge.Amenities: The community would feature miles of bike trails and public green spaces. The developers plan to restore 1,100 acres of wetlands and lakes around the Trinity River. The name Viridian comes from a shade of green.