Wednesday, March 18, 2015

Jerry Jones' development company to start new $700M master-planned community

Frisco-based Blue Star Land Co. is getting ready to start construction on its 1,000-acre master-planned community that will bring 1,800 homes to Prosper.

Blue Star is an affiliated development companyof Dallas Cowboys owner Jerry Jones,
The community, named Star Trail, will cost more than $700 million to develop and include about 100 acres of commercial acreage for retail services for residents.

"We are putting the sewer in now and it should be complete by June," Joe Hickman, general manager for Blue Star Land, told the Dallas Business Journal."We want to start moving dirt in the third or fourth quarter for the first 300 lots."

The initial phase will begin on the northern end of the property at Prosper Lane with 300 lots for homes priced from $275,000 to the $700,000s on the west side of the planned extension of the Dallas North Tollway.

American Legend, Highland Homes, Darling Homes and Toll Brothers are among some of the builders already named to the project. The group of homebuilders previously worked on Blue Star Land's Star Creek community.

"We are finishing our last phase on Star Creek now and this is our next big project," Hickman said. "There's a shortage of lots in Prosper as Frisco continues to build out and there are not a lot of finished lots for builders. Prosper is the next step."

The community will have a 15-year build-out and will bring in rooftops to support the proposed commercial development, including Star Trail's 100 acres of commercial property fronting the Tollway.

Along with Star Trail, Blue Star Land is focused on the Gates of Prosper at the northeast corner of U.S. 380 and Preston Road, which is being marketed by Dallas-based Lincoln Property Co.

Lincoln also is working with Jones on the Dallas Cowboys-anchored development in Frisco.
The Gates of Prosper is scheduled to begin construction this summer and will be anchored by a Walmart store.

"The growth will continue northward as we get more rooftops to support the stores," he said.
To read full article, click here

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Wednesday, February 11, 2015

How did the Texas real estate market perform in 2014?

A spike in home sales and sales prices in the last quarter of 2014 helped make it the second-best year ever for Texas real estate, according to the 2014-Q4 Texas Quarterly Housing Report released today. 

Demand for Texas homes continued statewide through the final months of 2014, says Texas Association of REALTORS® Chairman Scott Kesner. "The fourth quarter of 2014 marked three-and-a-half years of continual home sales growth for the Lone Star State and the highest annual home sales volume since 2006 - a testament to the strong and enduring demand of Texas real estate."

Highlights from the report:
• 66,664 single-family homes were sold in Texas during the fourth quarter of 2014 - an 8.46% increase from the same time in 2013.
• Median sales price for Texas homes was $185,900 - a 7.76% increase from 2013-Q4.
• Average sales price increased 6.99% to $240,976.
• Statewide housing inventory hit an all-time low of 3.3 months. Markets with 6.5 months of inventory are considered to be balanced between supply and demand.

The report uses data from multiple listing services in markets throughout Texas. To see how your market performed in the fourth quarter of 2014, download the full report issued by the Texas Association of REALTORS®. 

Read the full article here.
Source: Texas Association of REALTORS®. 

It's a Sweet Time to get in the Market!