Do You Really Need Title Insurance?
When a home is purchased, title insurance is one of the closing cost items on the closing statement. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.
It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed.
Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.
Tuesday, July 24, 2007
Monday, July 09, 2007
First-time home buyers throughout Tarrant County can tap into a $15 million home mortgage program starting Thursday that helps cover down payments and closing costs.
The program is also available to people who have not bought a house in the last three years.
The home loans, however, must be generated between Thursday and Oct. 1, 2008, by eight mortgage lenders that can draw from the pool administered through the Tarrant County Housing Finance Corp., county officials said.
"This helps young families that don't have the savings to get into their first home," said Patricia Ward, the county's community development director. "It's important to maintain stable communities through homeownership."
The Single Family Mortgage Revenue Bond Program offers several advantages, including:
Low interest rates. The county mortgages are all for 30 years at a fixed interest rate of 6.38 percent, Ward said. That's below the market interest rate of about 6.75 percent, said Judith Smith, one of the participating lenders.
Financial help. Home buyers are given a closing cost and down payment assistance grant of 4.5 percent of the loan, said Brian Cramer, the county's assistant community development director. On a $100,000 loan, for example, the buyer would receive $4,500.
Low down payments. The required down payment is generally between 1 percent and 3 percent of the home's cost, Cramer said. The down payment for a regular market mortgage can range from nothing to 20 percent and sometimes more, Smith said.
To be eligible, a family of two can earn no more than $63,400; a family of three or more, $72,910. And the homes cannot be valued at more than $237,031, officials said.
Residents in Arlington and Grand Prairie are not eligible because those cities don't participate, Ward said. To assist qualified first-time home buyers in Arlington, the Arlington Housing Finance Corp. has been issuing bonds since 1997. Last year the corporation backed $8 million.
The Tarrant County program was last offered in 2005, Ward said. Since then, 111 families have participated. The program is typically offered once every two years, she said.
Grapevine real estate agent Barbara Nunn said she will present the program to her first-time home buyers.
"It will definitely make Grapevine more affordable," she said.
For more information, call 817-850-7940 or go to www.tarrantcounty.com.
Staff writers Patrick McGee and Susan Schrock contributed to this report.
Home loans
The mortgage companies participating in the program with the Tarrant County Housing Finance Corp.:
Countrywide Home Loans, www.countrywide.com
Home Loan Corp., www.homeloancorp.com
Judith O. Smith Mortgage, www.josmg.com
NTFN, www.ntfn.com
WR Starkey Mortgage, www.wrstarkey.com
DHI Mortgage Co., www.dhimortgage.com
Market Street Mortgage Corp.,
www.marketstreetmortgage.com
CTX Mortgage Co., www.ctxmort.com
Source: First Southwest Co.
The program is also available to people who have not bought a house in the last three years.
The home loans, however, must be generated between Thursday and Oct. 1, 2008, by eight mortgage lenders that can draw from the pool administered through the Tarrant County Housing Finance Corp., county officials said.
"This helps young families that don't have the savings to get into their first home," said Patricia Ward, the county's community development director. "It's important to maintain stable communities through homeownership."
The Single Family Mortgage Revenue Bond Program offers several advantages, including:
Low interest rates. The county mortgages are all for 30 years at a fixed interest rate of 6.38 percent, Ward said. That's below the market interest rate of about 6.75 percent, said Judith Smith, one of the participating lenders.
Financial help. Home buyers are given a closing cost and down payment assistance grant of 4.5 percent of the loan, said Brian Cramer, the county's assistant community development director. On a $100,000 loan, for example, the buyer would receive $4,500.
Low down payments. The required down payment is generally between 1 percent and 3 percent of the home's cost, Cramer said. The down payment for a regular market mortgage can range from nothing to 20 percent and sometimes more, Smith said.
To be eligible, a family of two can earn no more than $63,400; a family of three or more, $72,910. And the homes cannot be valued at more than $237,031, officials said.
Residents in Arlington and Grand Prairie are not eligible because those cities don't participate, Ward said. To assist qualified first-time home buyers in Arlington, the Arlington Housing Finance Corp. has been issuing bonds since 1997. Last year the corporation backed $8 million.
The Tarrant County program was last offered in 2005, Ward said. Since then, 111 families have participated. The program is typically offered once every two years, she said.
Grapevine real estate agent Barbara Nunn said she will present the program to her first-time home buyers.
"It will definitely make Grapevine more affordable," she said.
For more information, call 817-850-7940 or go to www.tarrantcounty.com.
Staff writers Patrick McGee and Susan Schrock contributed to this report.
Home loans
The mortgage companies participating in the program with the Tarrant County Housing Finance Corp.:
Countrywide Home Loans, www.countrywide.com
Home Loan Corp., www.homeloancorp.com
Judith O. Smith Mortgage, www.josmg.com
NTFN, www.ntfn.com
WR Starkey Mortgage, www.wrstarkey.com
DHI Mortgage Co., www.dhimortgage.com
Market Street Mortgage Corp.,
www.marketstreetmortgage.com
CTX Mortgage Co., www.ctxmort.com
Source: First Southwest Co.
Tuesday, July 03, 2007
Cowboy's Stadium Arches Begin To Rise-See the video
Here is the link to the Star-Telegram site that has the video.....
http://www.star-telegram.com/330/story/156360.html
http://www.star-telegram.com/330/story/156360.html
Monday, June 18, 2007
Kennedale to Develop New Town Center
KENNEDALE -- When you're inviting guests, you want to spruce up the place and then put forth your best hospitality.
That's what Kennedale city officials have been focusing on as they work to get the city on the radar screen of developers; they see a new TownCenter project as the ticket to get it there.
In early May, a few dozen commercial real estate brokers from throughout Tarrant County attended an informal gathering in the community room of Kennedale's new city library, in what can best be described as a come-out-and-get-to-know-us meeting.
The brokers enjoyed a catered Mexican food lunch from Angelo's, one of the few restaurants in Kennedale, a city of 6,150 nestled between Arlington and Fort Worth along Interstate 20. They heard brief remarks from several city officials, including Mayor Bryan Lankhorst and economic development director Mike Soab.
Within a couple of weeks, Lankhorst and Soab were among a contingent of Kennedale representatives who traveled to Las Vegas to hawk the city to retailers and developers at the retail industry's massive International Council of Shopping Centers trade show, where representatives from the country's largest cities flock in an attempt to attract businesses and developers.
Lankhorst said he has received several inquiries from interested developers from their Las Vegas appearance.
Getting Kennedale noticed is getting easier to do now that a multiyear project to rebuild and widen Kennedale Parkway, also referred to as U.S. Business 287, the city's main thoroughfare, from a rural two-lane road to a four-lane thoroughfare with a turning lane, is completed, the men said.
Moreover, city officials have caught on to the "new urbanism" phenomenon that is crossing the nation, making Kennedale even more attractive to developers who want to be able to mix zoning uses, such as houses and shops, on a single parcel.
Fixing the road "has taken away one of the objections standing in our way," Soab said. "Roads are very important to developers. The city wouldn't have had a chance in the world of doing any of this the old way."
Earlier this year, the city's Economic Development Corp. bought nearly 3 vacant acres off Kennedale Parkway that lie between its municipal buildings -- the library, senior center, police station and City Hall. Plans are to spend about $500,000, collected from a half-cent sales tax, to develop a plaza and park area to be called Kennedale TownCenter.
It will feature a walking trail, water feature, gazebo, clock tower and picnic tables, and will serve as the city's core. As soon as a project manager is hired, construction will begin, Soab said. It should be completed by this time next year.
"Town center is a misnomer a lot of times because developers call everything town centers," Soab said. "A town center to me is the new urbanism concept, which is really old urbanism where people live, work, play, eat, relax and share community in close proximity."
Southlake, Keller and Colleyville have town centers that include office, single-family units, stores and shops.
The Economic Development Corp. will add to its holdings in early July when it closes a deal to buy 4 acres adjacent to the TownCenter. It is home to a 50,000-square-foot strip center with a Dollar General and Surplus Warehouse. City officials, though, will be sending proposal requests to developers soliciting ideas on how to redevelop the area with residences, shops and restaurants.
Soab said he wants to attract businesses that provide goods and services that Kennedale residents have never had. For example, there are no professionals, such as doctors and dentists, in Kennedale, he said, and the city also lacks a grocery.
A 2005 retail study conducted by Buxton Co. of Fort Worth shows that there are $1.1 billion worth of retail transactions within a seven-minute drive of Kennedale City Hall.
"We're capturing almost nothing of that," Soab said.
Nita Wilson, president of Kennedale's Economic Development Corp., said that residents have told her they will shop in Kennedale if there are places to do so, and that the city needs to be proactive in attracting retailers.
"If you take pride in your town, you want to support businesses there," Wilson said. "We don't want to be left behind. We need to take advantage of the growth surrounding us."
Kennedale covers only about 6.5 miles, and its retail growth can only come on the south side of Kennedale Parkway, Soab said.
Half the city, or the land on the north side of Kennedale Parkway, is primarily residential. Soab said home builders have about 500 lots in the pipeline. Projections are that Kennedale could triple in population, he said.
But south of Kennedale Parkway is just the opposite. It is underdeveloped, with stagnant growth, yet offers the best opportunities for commercial development, Soab said.
"We're growing residentially," he said. "We're never going to be 100,000 people; we're going to be a small community. But what we're missing are the goods and service you normally find in a community."
That's what Kennedale city officials have been focusing on as they work to get the city on the radar screen of developers; they see a new TownCenter project as the ticket to get it there.
In early May, a few dozen commercial real estate brokers from throughout Tarrant County attended an informal gathering in the community room of Kennedale's new city library, in what can best be described as a come-out-and-get-to-know-us meeting.
The brokers enjoyed a catered Mexican food lunch from Angelo's, one of the few restaurants in Kennedale, a city of 6,150 nestled between Arlington and Fort Worth along Interstate 20. They heard brief remarks from several city officials, including Mayor Bryan Lankhorst and economic development director Mike Soab.
Within a couple of weeks, Lankhorst and Soab were among a contingent of Kennedale representatives who traveled to Las Vegas to hawk the city to retailers and developers at the retail industry's massive International Council of Shopping Centers trade show, where representatives from the country's largest cities flock in an attempt to attract businesses and developers.
Lankhorst said he has received several inquiries from interested developers from their Las Vegas appearance.
Getting Kennedale noticed is getting easier to do now that a multiyear project to rebuild and widen Kennedale Parkway, also referred to as U.S. Business 287, the city's main thoroughfare, from a rural two-lane road to a four-lane thoroughfare with a turning lane, is completed, the men said.
Moreover, city officials have caught on to the "new urbanism" phenomenon that is crossing the nation, making Kennedale even more attractive to developers who want to be able to mix zoning uses, such as houses and shops, on a single parcel.
Fixing the road "has taken away one of the objections standing in our way," Soab said. "Roads are very important to developers. The city wouldn't have had a chance in the world of doing any of this the old way."
Earlier this year, the city's Economic Development Corp. bought nearly 3 vacant acres off Kennedale Parkway that lie between its municipal buildings -- the library, senior center, police station and City Hall. Plans are to spend about $500,000, collected from a half-cent sales tax, to develop a plaza and park area to be called Kennedale TownCenter.
It will feature a walking trail, water feature, gazebo, clock tower and picnic tables, and will serve as the city's core. As soon as a project manager is hired, construction will begin, Soab said. It should be completed by this time next year.
"Town center is a misnomer a lot of times because developers call everything town centers," Soab said. "A town center to me is the new urbanism concept, which is really old urbanism where people live, work, play, eat, relax and share community in close proximity."
Southlake, Keller and Colleyville have town centers that include office, single-family units, stores and shops.
The Economic Development Corp. will add to its holdings in early July when it closes a deal to buy 4 acres adjacent to the TownCenter. It is home to a 50,000-square-foot strip center with a Dollar General and Surplus Warehouse. City officials, though, will be sending proposal requests to developers soliciting ideas on how to redevelop the area with residences, shops and restaurants.
Soab said he wants to attract businesses that provide goods and services that Kennedale residents have never had. For example, there are no professionals, such as doctors and dentists, in Kennedale, he said, and the city also lacks a grocery.
A 2005 retail study conducted by Buxton Co. of Fort Worth shows that there are $1.1 billion worth of retail transactions within a seven-minute drive of Kennedale City Hall.
"We're capturing almost nothing of that," Soab said.
Nita Wilson, president of Kennedale's Economic Development Corp., said that residents have told her they will shop in Kennedale if there are places to do so, and that the city needs to be proactive in attracting retailers.
"If you take pride in your town, you want to support businesses there," Wilson said. "We don't want to be left behind. We need to take advantage of the growth surrounding us."
Kennedale covers only about 6.5 miles, and its retail growth can only come on the south side of Kennedale Parkway, Soab said.
Half the city, or the land on the north side of Kennedale Parkway, is primarily residential. Soab said home builders have about 500 lots in the pipeline. Projections are that Kennedale could triple in population, he said.
But south of Kennedale Parkway is just the opposite. It is underdeveloped, with stagnant growth, yet offers the best opportunities for commercial development, Soab said.
"We're growing residentially," he said. "We're never going to be 100,000 people; we're going to be a small community. But what we're missing are the goods and service you normally find in a community."
Friday, June 01, 2007
April Real Estate Statistics Are in For Our Area..
You can access the sales info for North Texas at...
http://recenter.tamu.edu/mls/ntreis/apr07/table1YTD.html
http://recenter.tamu.edu/mls/ntreis/apr07/table1YTD.html
Tuesday, May 22, 2007
Arlington to get Superbowl Bid for 2011
Super Bowl XLV will be played in Arlington in 2011, the National Football League announced Tuesday. The NFL owns, produces, and controls the country's largest annual sporting event, and their vote on Tuesday is a win for the North Texas Region, said Arlington Mayor Robert Cluck.
Cluck leads the city in thanking the North Texas Super Bowl Bidding Committee for their hard work."This is an extremely exciting time for North Texas after six months of hard work," the Mayor said Tuesday. "This was a highly competitive bidding process. Winning Super Bowl XLV brings enormous economic impact and worldwide prestige to the North Texas Region."
The City of Arlington is proud to be the new home of the Dallas Cowboys, which will host Super Bowl game day festivities in 2011. The stadium will have a capacity of 100,000 fans when it opens in 2009.
Throughout the region, cities such as Dallas, Fort Worth, Grapevine and Irving will host a variety of other Super Bowl related events and activities, as determined by the NFL.
"With the arrival of the Super Bowl in 2011, everyone benefits," the Mayor said.
Earlier this month, Senate Bill 1424 cleared the last legislative hurdle. The bill eliminates a population bracket in the law that would have prevented Arlington from accessing the Other Events Trust Fund. The fund was created to provide cities and counties with money to attract special events such as the Super Bowl, Pan American Games, the Olympics, All-Star Games and other types of large special events. Senate Bill 1424 was authored by Kim Brimer (R-Fort Worth) and Chris Harris (R-Arlington).
Cluck leads the city in thanking the North Texas Super Bowl Bidding Committee for their hard work."This is an extremely exciting time for North Texas after six months of hard work," the Mayor said Tuesday. "This was a highly competitive bidding process. Winning Super Bowl XLV brings enormous economic impact and worldwide prestige to the North Texas Region."
The City of Arlington is proud to be the new home of the Dallas Cowboys, which will host Super Bowl game day festivities in 2011. The stadium will have a capacity of 100,000 fans when it opens in 2009.
Throughout the region, cities such as Dallas, Fort Worth, Grapevine and Irving will host a variety of other Super Bowl related events and activities, as determined by the NFL.
"With the arrival of the Super Bowl in 2011, everyone benefits," the Mayor said.
Earlier this month, Senate Bill 1424 cleared the last legislative hurdle. The bill eliminates a population bracket in the law that would have prevented Arlington from accessing the Other Events Trust Fund. The fund was created to provide cities and counties with money to attract special events such as the Super Bowl, Pan American Games, the Olympics, All-Star Games and other types of large special events. Senate Bill 1424 was authored by Kim Brimer (R-Fort Worth) and Chris Harris (R-Arlington).
Wednesday, May 02, 2007
Giant Signs are proposed for GloryPark development
ARLINGTON -- Giant signs atop the Rangers Ballpark in Arlington and colossal images projected on the sides of multistory parking garages and buildings could be included in the Glorypark development.
The City Council was briefed Tuesday on proposed signs for the $600 million town center adjacent to the ballpark.
Four signs suggested for the western edge of the project could cover 75 percent of the building facades. Two could be 48 feet by 64 feet, or 3,072 square feet. The average billboard in Arlington is about 600 square feet, according to Jim Parajon, director of Community Development and Planning.
Council members did not seem concerned by the sizes of the signs or that they would display advertising.
"Creativity should not be limited," Councilman Robert Rivera said. "This is a signature not only for Arlington but for the region."
What the developer wants: A variety of signs, including:
Three large static or video signs (ranging from 30 feet by 80 feet to 30 feet by 100 feet) fixed to the roof of the ballpark on the south side, facing Randol Mill Road.
Projected-image signs with no size limit.
15 kiosks that may be up to 600 square feet.
City concerns: Planners said they were apprehensive about some sign requests, including:
Off-premises advertising proposed for 20 of 24 signs in Rangers Alley, on the south side of the ballpark.
15 roof signs that could be up to 200 feet by 8 feet.
No limit to sign advertising along private streets within Glorypark.
What's next: The council will review the sign proposal and vote on the second reading of Glorypark's zoning application. If the zoning is approved, the council will consider the site plan for the project.
* * *
3 Signs the developer wants affixed to the south side of the ballpark
3,000 square feet: Area of the largest of those proposed signs
600 square feet: Area of an average billboard in Arlington.
The City Council was briefed Tuesday on proposed signs for the $600 million town center adjacent to the ballpark.
Four signs suggested for the western edge of the project could cover 75 percent of the building facades. Two could be 48 feet by 64 feet, or 3,072 square feet. The average billboard in Arlington is about 600 square feet, according to Jim Parajon, director of Community Development and Planning.
Council members did not seem concerned by the sizes of the signs or that they would display advertising.
"Creativity should not be limited," Councilman Robert Rivera said. "This is a signature not only for Arlington but for the region."
What the developer wants: A variety of signs, including:
Three large static or video signs (ranging from 30 feet by 80 feet to 30 feet by 100 feet) fixed to the roof of the ballpark on the south side, facing Randol Mill Road.
Projected-image signs with no size limit.
15 kiosks that may be up to 600 square feet.
City concerns: Planners said they were apprehensive about some sign requests, including:
Off-premises advertising proposed for 20 of 24 signs in Rangers Alley, on the south side of the ballpark.
15 roof signs that could be up to 200 feet by 8 feet.
No limit to sign advertising along private streets within Glorypark.
What's next: The council will review the sign proposal and vote on the second reading of Glorypark's zoning application. If the zoning is approved, the council will consider the site plan for the project.
* * *
3 Signs the developer wants affixed to the south side of the ballpark
3,000 square feet: Area of the largest of those proposed signs
600 square feet: Area of an average billboard in Arlington.
Monday, April 23, 2007
Townhomes to rise near Arlington stadiums
Brownstone-style development is a first for city
01:30 PM CDT on Saturday, April 21, 2007
By JEFF MOSIER / The Dallas Morning News jmosier@dallasnews.com
ARLINGTON – A glimpse of Arlington's future might be found near the intersection of two local legends: Road to Six Flags and Nolan Ryan Expressway.
On that strip of land, where only a sales trailer sits, a developer is planning 93 upscale, brownstone-style townhomes – perhaps the first development of its kind in Arlington. City leaders and real estate agents said this is a hopeful sign for an entertainment district that will soon be anchored by the $1 billion Dallas Cowboys stadium and the $600 million retail, office and residential Glorypark project.
"I see this project as a sign of things to come," said Patrick Wyatt, chairman of the Arlington Board of Realtors. "There's no question. That area will bring all kinds of interesting developments that we haven't seen in Arlington before, from townhomes to condominiums to unique retail."
The Chelsea Park Townhomes are the first major new development in the entertainment district since the Cowboys stadium and Glorypark were announced in 2004. In the previous decade, Arlington residents waited for the large-scale development, including a rumored San Antonio-style Riverwalk, which was projected to spring up around Rangers Ballpark in Arlington.
That never happened, but signs of life now abound.
Eric English, an Arlington commercial real estate broker, said he was skeptical about whether the land near the Cowboys stadium would generate much interest. As a longtime Arlington resident and businessman, he was disappointed that the lofty expectations of the past faltered.
"I've heard the talk of it before, but now it's really coming," he said.
Mr. English said the combination of the stadium, Glorypark and hundreds of millions of dollars in new highway bridges and road improvements is finally generating interest. He said that some buildings in the entertainment district are selling at more than double their prices from several years ago, and investors and developers have been searching for deals.
Al Coker, whose firm is developing Chelsea Park, said he didn't see this project as a risk even though there is nothing comparable in Arlington. He said that jumping into a market first can be financially rewarding.
"No one knew they wanted a minivan until Chrysler brought it out," he said.
Sporting views
By Friday, 27 people had put down earnest money to reserve townhomes at the Chelsea Park development, which are selling for $200,000 to $340,000. About 70 percent of the units are expected to have rooftop decks with views of the ballpark and the Cowboys stadium.
The urban-style townhomes, with granite counters and hardwood floors, look like a perfect fit for the booming neighborhoods near downtown Dallas and Fort Worth.
Barbara Salser, a 37-year Arlington resident who was critical of the Cowboys stadium deal, said she's still skeptical about the expected developments. She said that Arlington's demographics – which include many older and low-income residents – don't lend themselves to this kind of project.
"I'll believe it when I see it," she said. "I'm afraid it's just more rhetoric."
Ms. Salser said that without the draw of something like the Cultural District in Fort Worth or a "real downtown," nothing much is likely to happen near the Cowboys stadium.
Arlington City Council member Mel LeBlanc, whose district includes the stadiums, said this is a chance to move into a more upscale market that usually bypasses the city.
"I would look at this as an indication of investor confidence in Arlington," he said about the townhomes. "It's the tip of the iceberg."
Aaron Schroedel, who lives in Arlington's entertainment district, said he believes he'll eventually move because of the development. He and dozens of others live in a neighborhood – built in the 1960s with homes typically valued around $100,000 – that is tucked between the townhomes and the Cowboys stadium.
"The neighbors think that it's five years at the most," he said. "It's a good possibility that we'll be bought out."
Mr. Schroedel said the value of his home has already increased by one-third in the past few years, and rumors are floating around that the neighborhood is a prime spot for a hotel.
Cowboys essential
Mr. Coker said he wouldn't have considered Chelsea Park without the Cowboys stadium.
"In Texas, we love our brands, and we love our football," he said. "We didn't conceive this project really until after the Cowboys made their announcement."
Mr. English said he doesn't expect to see a lot more development in that area until Glorypark finally opens in 2009, about the time the Cowboys start playing in Arlington. He said that many existing property owners are hanging on to their land or buildings until prices increase significantly in the next few years. Other investors are buying property now and waiting to develop until the foot and vehicle traffic that should be generated by Glorypark arrives.
"There will be people doing some short-term stuff, but I think most will be tied to when Glorypark opens," Mr. English said.
He likened Arlington's entertainment district to the Victory development surrounding American Airlines Center in Dallas. There was little progress for years and then it blossomed nearly overnight into a development with fancy restaurants, a boutique hotel and expensive high-rise condominiums.
Mr. Coker said he sees the comparisons to Victory and expects a building boom soon. He said that his customers – part suburban and part urban pioneers – are just the first wave.
"It's not just one person who has a good idea," Mr. Coker said. "It's who acts on it first." // Image1 end -->
01:30 PM CDT on Saturday, April 21, 2007
By JEFF MOSIER / The Dallas Morning News jmosier@dallasnews.com
ARLINGTON – A glimpse of Arlington's future might be found near the intersection of two local legends: Road to Six Flags and Nolan Ryan Expressway.
On that strip of land, where only a sales trailer sits, a developer is planning 93 upscale, brownstone-style townhomes – perhaps the first development of its kind in Arlington. City leaders and real estate agents said this is a hopeful sign for an entertainment district that will soon be anchored by the $1 billion Dallas Cowboys stadium and the $600 million retail, office and residential Glorypark project.
"I see this project as a sign of things to come," said Patrick Wyatt, chairman of the Arlington Board of Realtors. "There's no question. That area will bring all kinds of interesting developments that we haven't seen in Arlington before, from townhomes to condominiums to unique retail."
The Chelsea Park Townhomes are the first major new development in the entertainment district since the Cowboys stadium and Glorypark were announced in 2004. In the previous decade, Arlington residents waited for the large-scale development, including a rumored San Antonio-style Riverwalk, which was projected to spring up around Rangers Ballpark in Arlington.
That never happened, but signs of life now abound.
Eric English, an Arlington commercial real estate broker, said he was skeptical about whether the land near the Cowboys stadium would generate much interest. As a longtime Arlington resident and businessman, he was disappointed that the lofty expectations of the past faltered.
"I've heard the talk of it before, but now it's really coming," he said.
Mr. English said the combination of the stadium, Glorypark and hundreds of millions of dollars in new highway bridges and road improvements is finally generating interest. He said that some buildings in the entertainment district are selling at more than double their prices from several years ago, and investors and developers have been searching for deals.
Al Coker, whose firm is developing Chelsea Park, said he didn't see this project as a risk even though there is nothing comparable in Arlington. He said that jumping into a market first can be financially rewarding.
"No one knew they wanted a minivan until Chrysler brought it out," he said.
Sporting views
By Friday, 27 people had put down earnest money to reserve townhomes at the Chelsea Park development, which are selling for $200,000 to $340,000. About 70 percent of the units are expected to have rooftop decks with views of the ballpark and the Cowboys stadium.
The urban-style townhomes, with granite counters and hardwood floors, look like a perfect fit for the booming neighborhoods near downtown Dallas and Fort Worth.
Barbara Salser, a 37-year Arlington resident who was critical of the Cowboys stadium deal, said she's still skeptical about the expected developments. She said that Arlington's demographics – which include many older and low-income residents – don't lend themselves to this kind of project.
"I'll believe it when I see it," she said. "I'm afraid it's just more rhetoric."
Ms. Salser said that without the draw of something like the Cultural District in Fort Worth or a "real downtown," nothing much is likely to happen near the Cowboys stadium.
Arlington City Council member Mel LeBlanc, whose district includes the stadiums, said this is a chance to move into a more upscale market that usually bypasses the city.
"I would look at this as an indication of investor confidence in Arlington," he said about the townhomes. "It's the tip of the iceberg."
Aaron Schroedel, who lives in Arlington's entertainment district, said he believes he'll eventually move because of the development. He and dozens of others live in a neighborhood – built in the 1960s with homes typically valued around $100,000 – that is tucked between the townhomes and the Cowboys stadium.
"The neighbors think that it's five years at the most," he said. "It's a good possibility that we'll be bought out."
Mr. Schroedel said the value of his home has already increased by one-third in the past few years, and rumors are floating around that the neighborhood is a prime spot for a hotel.
Cowboys essential
Mr. Coker said he wouldn't have considered Chelsea Park without the Cowboys stadium.
"In Texas, we love our brands, and we love our football," he said. "We didn't conceive this project really until after the Cowboys made their announcement."
Mr. English said he doesn't expect to see a lot more development in that area until Glorypark finally opens in 2009, about the time the Cowboys start playing in Arlington. He said that many existing property owners are hanging on to their land or buildings until prices increase significantly in the next few years. Other investors are buying property now and waiting to develop until the foot and vehicle traffic that should be generated by Glorypark arrives.
"There will be people doing some short-term stuff, but I think most will be tied to when Glorypark opens," Mr. English said.
He likened Arlington's entertainment district to the Victory development surrounding American Airlines Center in Dallas. There was little progress for years and then it blossomed nearly overnight into a development with fancy restaurants, a boutique hotel and expensive high-rise condominiums.
Mr. Coker said he sees the comparisons to Victory and expects a building boom soon. He said that his customers – part suburban and part urban pioneers – are just the first wave.
"It's not just one person who has a good idea," Mr. Coker said. "It's who acts on it first." // Image1 end -->
Thursday, April 19, 2007
New Boat Inspection Program Launches as Lake Arlington
New Boat Inspection Program Launches at Lake Arlington
Lake Arlington boaters can now have their vessels inspected free of charge. Beginning Saturday, April 21, the Dive, Search and Rescue Division of the Arlington Fire Department in partnership with the U.S. Coast Guard Auxiliary will be on hand to inspect boats from 8 a.m. to Noon at Richard Simpson Park Boat Ramp at Lake Arlington.
Lake Arlington boaters can now have their vessels inspected free of charge. Beginning Saturday, April 21, the Dive, Search and Rescue Division of the Arlington Fire Department in partnership with the U.S. Coast Guard Auxiliary will be on hand to inspect boats from 8 a.m. to Noon at Richard Simpson Park Boat Ramp at Lake Arlington.
Subscribe to:
Posts (Atom)