Chris's Blog

City Homes, by Centex to add Presidio Townhomes to West 7th Street in Fort Worth, Texas

Chris Faulkner (Coldwell Banker Residential Brokerage) — Fri, 11 Apr 2008 10:59:13 -0500

City Homes, a division of Centex Homes has opened sales on their townhome neighborhood, Presidio on Carroll Street accross the street from the Montgomery Plaza on West 7th Street in Fort Worth.

City Homes is the same company that brought Westview condos to downtown Fort Worth last year. Currently Westview has about half of their 40 units either sold, contracted or reserved.

City Homes new project, Presidio, will offer two and three story townhomes with attached garages. There are four floorplans to choose from ranging in size from 1,844 square feet to just over 2,000 square feet. Prices start around $300,000. You may remember reading about this development in an earlier blog of mine. Here.

I'm sure with prices below $300,000 and $160/SF these homes should be a successful and affordable alternative to their higher priced condo counterparts along west 7th street in Fort Worth.

River Plaza Building on University Drive in Fort Worth, Texas to Become "West Bend"

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 16:31:11 -0500

West Bend is a new mixed-use development in Fort Worth's University district on the Trinity River, consisting of 90,000 square feet of specialty retail and restaurants, 122,600 square feet of Class-A office space, a 140 room lifestyle hotel, and potential residential.

West Bend is directly across from the University Park Village, south of I-30 and sits smack dab on the Trinity river and Trinity trails. Right now the plans are for "life style" retail chains, fine restauraunts, yet another boutique hotel and possibly a retail component.

This is a wonderful location and looks to be a very pedestrian friendly design. Fort Worth's urban living is picking up steam every day and we are finally utilizing a wonderful resource, the Trinity River!

I have more details if you'd like to contact me directly.

Oleander Place Townhomes in Fort Worth, Texas Gathering Steam - Opens Sales Center

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 16:28:50 -0500

Below you'll find a great article about Oleander Place Townhomes written by Betty Dillard of the Fort Worth Business Press. Oleander Place's sales center is now open and we have some wonderful pre-completion pricing!
The buzz is building so please stop by the sales center at 1112 S Adams in Fort Worth's Near Southside soon to see our beautiful floorplans and finishes or give me a call.

Oleander Place Townhomes sales center hours:
Anytime by appointment or:
Thursday and Friday 4:00 to 6:00
Saturday and Sunday 10:00 to 2:00

Oleander Place development breaks ground

BY BETTY DILLARD March 10, 2008

Construction is under way on Oleander Place Townhomes, the newest kid on the trendy block in Fort Worth's blossoming urban renewal in the Near Southside.

Located in the heart of a growing urban village on the Oleander Walk and South Adams Street, the three-story development consisting of 17 luxury units is another sure sign that owner-occupied, higher-price-point multifamily housing is on the rise in the central city's Medical District.

The Oleander Place townhome project comes on the heels of several recent developments - including Magnolia Green Townhomes, Texana Townhomes and the Fairmount Lofts - that exemplify the type of higher-density properties Fort Worth South Inc., which heads up the Near Southside's revitalization efforts, is promoting.

According to the organization, an increase in medical professionals within the neighborhood is helping push demand for a live-work environment. Out of the 30,000 people employed in the Fort Worth South district, 18,000 are employed in the health care industry, making the area the second largest employment center in Tarrant County, according to the Fort Worth South Web site.

The marketplace is responding with a rapidly expanding selection of living options for the urban dweller, said Mike Brennan, project planner for Fort Worth South.

"Oleander Place continues the revitalization of Magnolia Village and the emerging Oleander Walk neighborhood," Brennan said. "It expands the selection of urban living options located within easy walking distance of Magnolia Avenue's restaurant row and the Near Southside's major hospitals."

The project will spur further commercial redevelopment in the district, as well, Brennan said.

"Attracting more residents will support new retail, will improve the neighborhood's stability, and will be the most effective way to continue the area's revitalization," said Brennan. "We think Oleander Place builds on the success of other townhouse projects in the immediate area."

The Oleander Place sales center recently opened at 1112 S. Adams St. According to Chris Faulkner, sales and marketing director, a presentation center is scheduled to open by March 15.

Faulkner is bullish on both Oleander Place and the Near Southside.

"The Near Southside has a true neighborhood feel to it," said Faulkner. "While I'm promoting this project, I also want to promote the Near Southside. A lot of people haven't been to the Near Southside to see what's going on. I want people to know what a great place it is to live," he said.

Faulkner lives in the historic neighborhood, and said he has seen an increase in the demand for a live-work environment, where residents live close to their place of employment and have quick, easy access to dining, shopping, entertainment and recreational opportunities.

"If you work nearby, you can walk or ride your bike to work. I can walk within minutes to several great restaurants, including Lili's Bistro, and to the new Starbucks on Rosedale," said Faulkner. "Oleander Place will add to that true urban living alternative this neighborhood already provides. It's a place to be. And it's a great time to invest," he added.

The first phase of the project will include four units. Architect is RC3D Visualization Design of Dallas, an award-winning firm headed by Roberto Castanheira, who is building similar properties in Uptown Dallas.

Developer of Oleander Place is Mint Interest Group LLC, also Dallas-based. Partners Jay Mathiesen and Phillip Ratkovic have built several townhome projects in Dallas before deciding to venture into the Fort Worth market. Oleander Place is their first development in Tarrant County.

"We actually stumbled across the location," said Ratkovic. "We liked the area as soon as we saw it. It has all the qualifications, features and characteristics of an urban lifestyle. You can walk everywhere. It's safe, friendly. It has character like the Village in New York. We have a lot of confidence in this project," he said.

Priced from $263,000, Oleander Place Townhomes offers open living areas with high ceilings and oversized windows, hardwood floors, chef's kitchens with granite countertops and gas cook tops, limestone or travertine marble tile entryways, baths with a jetted tubs, gas fireplaces and two-car, attached garages.

The best amenity, however, may be on the roof, according to Faulkner.

"Oleander Place is the first in the neighborhood to offer rooftop decks with available hot tubs and outdoor kitchens," Faulkner said. "You'll be able to relax in your hot tub and look at the beautiful downtown skyline."

The project sports another first: a 24-hour online construction camera that allows homebuyers a peek at the progress of their new townhome.

Ratkovic said he and Mathiesen will be looking to build similar projects in Fort Worth and may consider some commercial development.

"We're excited to be part of the early development and transition of the Near Southside into an urban lifestyle neighborhood," said Ratkovic. "We're excited to create a missing piece to help it become a true urban lifestyle."

HOA Dues in Fort Worth, Texas

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 16:13:15 -0500

HOA (Home Owners Association) dues are used for the general maintenance of the building's common areas and exteriors. In general, HOA is responsible for the care of the common/shared areas of the property, such as lawns and landscaping, recreational facilities, lobby, elevator, hallways, roof, etc. The association also saves money in reserve to help pay for any special assessments that may arise in the future(Painting or replacing exterior siding, replacing a roof, etc.) .An annual budget and regular Reserve studies evaluate these costs and help the condominium's Board of Directors to determine the amount that owners need to contribute in monthly dues.
Many building include other regular expenses in their HOA dues including, gas, cable TV, internet service, etc.
Often the HOA dues are based on the square footage of the condo unit, however some associations charge a flat fee per unit. Here is an example of what homeowners in downtown Fort Worth are paying towards dues:

Texas and Pacific Lofts: $0.38/square foot with expanded basic cable and high speed internet, pool, fitness center, office center, party room, 1 year of free train service...

The Omni Residences: $0.61/square foot (highest downtown) Swimming deck, Zen Garden, concierge, room service, laundry service, spa and VIP service at restaurants...

The Montgomery plaza: $0.27/square foot. Rooftop amenities deck with pool, spa, fire pits, cabanas, movie theatre, workout facility, concierge...

So7 Arthouse: $0.21/square foot. Pool
There are many more details involved with HOA dues and condo living. I would be delighted to answer you questions or gather additional information regarding HOA dues or any other information that would be of help. What do you think of this blog? Please respond.

So7 Rendering of New Retail and Condo Development on West 7th Street in Fort Worth, Texas

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 16:05:27 -0500

Hughes Development LP, the Dallas based developer of So7 on west 7th street near downtown Fort Worth, has released a rendering of the new seven story mixed use retail and residential condo building that is breaking ground this week.
Emily Ray Porter, a sales representative for Hughes says the building will have retail on the first two levels (approximately 70,000 square feet) and 72 residential condos on floors three through seven.
Retail tenants will include the likes of Primo's retaurant, Backwoods outdoor clothing store, Hola Tapas Bar, Performance Playground gym, and a few more that are yet to be named.
The rendering shows the view of the building from West Seventh Street.

"Trinity Uptown" could add 10,000 new homes north of dowtown Fort Worth

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 16:02:38 -0500

Trinity Uptown^TM is a bold new plan for waterfront development. It aims to revitalize an 800-acre area north of downtown Fort Worth with a combination of public improvements and private development. Its goal is to provide a vibrant, stimulating environment in which families can live, work, shop, play, and learn. The combination of public improvements and private development is key to understanding this project. Private development of the area will be possible once flood protection is in place and levees are removed to open up the land. The area will enable up to 10,000 new homes to be constructed in the area, providing a solution to the demand for high-density urban housing. Fort Worth is the fastest-growing large city in the United States. Its population is expected to increase by more than 50% in the next 20 years, and Trinity Uptown will provide a cost-efficient and viable alternative to annexation and urban sprawl.
Fort Worth Cats owner Carl Bell is planning 1.5 million square feet of space for office and retail. Bell's development is the first large office space to be added to the Trinity River Vision's 800 acre area. It will be located on 36 acres next to LaGrave Field. This is great information for those advocating the growth to the north of Fort Worth's central business district.

Back

Villa De Leon Releases New Renderings - Begins Construction

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 15:08:58 -0500

Villa De Leon, a Tom Struhs development, has released final renderings of the exterior and interior of its 23 unit luxury condo development on the Trinity Bluff Northeast of Downtown Fort Worth. The building offers a level of exclusivity that Fort Worth has not seen in condo developments thus far and amenities to match. Units start out at over $780,000 and go to just over $2,000,000. Pecan Place Condos is another development by Struhs that offers luxury condo living to a select 9 individuals. Re-sales are also available in the Pecan Place Condominiums. The advantage that buyers in Villa De Leon will enjoy is sharing their beautiful home with a limited number of residents sharing a similar demographic makeup. If you have visited http://www.trinityrivervision.org/ lately, you know the potential upside for this area is big as well.

Below are new renderings of the building. Construction has begun and Sales Director Donna Whatley believes the project should be completed within 16 months.

The pool deck overlooking the Trinity River and downtown Fort Worth The view from the pool deck towards downtown Fort Worth The "Villa De Leon Room" residents lounge What do you think of this blog? Please respond

Real Estate is a Commodity - Buy and Sell...Today!

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 15:06:21 -0500

Every day I am confronted by buyers and sellers who are conflicted about the decision to purchase or sell in what they have been told is a down market. Why not wait until things are better? Well my friends there are a few things you should know:

1.       Real Estate is a Commodity

Not a day goes by that gold is not bought or sold, the only thing that changes is its value. Real estate is very similar. What you bought your home for yesterday has nothing to do with what you will sell it for tomorrow. Only the "market" can determine what you will receive for your home. Consider this example.

One purchases a gold coin for $200 last December, holds it for a year and decides they have to sell it today. If the market for that gold coin has dropped to $175 can the Seller receive $225 for that same gold coin? Absolutely not! What if their agent has glossy brochures, three websites and the strongest national brand in the industry? Still absolutely not!

Just as the gold coin rises and declines in value so does ones home. The only major difference between that gold coin and real estate is a buyers or sellers emotional attachment to it. 2.       The Best Time to Enter Any Market is Now

Consider the stock market. Those who consistently build wealth from the market do so by purchasing investments at market value and holding them for the long term. The stock market has never had a loss over any 10 year period, ever. Therefore if you treat your property like an investment and buy it at market value while holding it for the long run you are guaranteed to make money, if the home remains the same. 3.       Sell and Buy Today

Many people are tempted to hold onto any investment when the market is bad and hope for better times. However, if you need to sell your home to move up to a larger home, why not sell now and if the market truly is declining you will turn around and buy your next property at the same, or better discount.

Chris Faulkner, Realtor

Coldwell Banker Residential Brokerage

http://www.highrises.com/ Fort Worth Affiliate

Additional Comments:

Buyers Waiting on the Sidelines Need to Get in the Game

· People willing to hold properties for a long time could be well served by starting to look at potential purchases now, because over the long term home appreciation usually pays off.

· Despite the recent declines in the market, national home prices are up 80.5% over the first quarter of 2001.

· One reason potential buyers may want to act quickly: Historically, when home prices fall, they don't fall for long.

· "If we go back to 1990, 1991 and 1992 and prices were falling, the reverse came very fast and very suddenly." There is some indication that the time period might be shorter than it was in the 1990s. For one, the job market is actually still fairly strong today and the jobless rate low, contrasting with the rising unemployment rate in the early 1990s.

-- David Blitzer, chairman of the S&P Index Committee, "Good Time to Look for a Second Home?" by Sheree R. Curry, TheStreet.com, November 30, 2007.

What do you think of this blog? Please respond.

Downtown Fort Worth Real Estate Market Softening?

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 15:04:15 -0500

Stating that the very market that you work day in and day out in is softening does not appear to be a smart business strategy for a Realtor. Then again I am a Rotarian and abide by their "4 Way Test"

1. Is it the truth?
2. Is it fair to all concerned?
3. Will it build good will and better friendships?
4. Will it be beneficial to all concerned?

So why volunteer this information. Well maybe the stats aren't as bad as they seem and maybe they present more of an opportunity than a challenge. Remember real estate is a commodity and if you can get in high or low, in the long run it still pays to play the game. Here are some statistics comparing September through November of 2006 to the same date range in 2007.

**Downtown Fort Worth Statistics**
	09/06-11/06	09/07-11/07
For Sale	196	344
Sold	25	19
Pended	31	18
Avg. DOM	46	86

One could draw conclusions on this data until they were blue in the face. However, I believe that what has happened is that before downtown Fort Worth was such a small market gaining great popularity. The law of supply vs. demand allowed prices to rise as inventories were not meeting demand. What happens when supplies catch up or exceed demand? People are able to purchase properties for less than they were previously or properties do not appreciate quite as fast as before.
Over time the market has responded with several new, and more affordable properties thus competing with the existing homes. So now while the statistics appear quite negative, what we are actually seeing is a response to new competition. I would be remiss to not mention that there has been a lot of shake-up, created mostly by media, that has led buyers to shy away from real estate a bit more recently than a year ago as well. The largest challenge I see from the increasing supply of real estate downtown and lagging demand is that those who would like to purchase are going to need an agent that can convey the right message about the market. Sellers need to know that inventories are rising. Therefore they may not be able to realize such high appreciation rates as in the past, but downtown real estate is still appreciating and sellers will make money. Stocks do the very same thing, however sellers of homes are a bit more attached to their purchase and less likely to listen to the market. Chris Faulkner's prediction for the downtown Fort Worth real estate market for 2008? I think it's a great time to get in on one of the most exciting and fastest urbanizing cities in the counry. In five years when you look back on your purchase decision you'll be thrilled that you got in the game. But I am just one Realtor working downtown... I welcome your thoughts. Chris Faulkner, Realtor http://www.highrises.com/ - Fort Worth Coldwell Banker Residential Brokerage 817-975-3300

Presidio Townhomes to Add Affordable Townhomes to the West Side of Fort Worth's Downtown

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 15:02:29 -0500

City Homes, a division of Centex Homes, has released more information on their townhome development Presidio just west of the Montgomery Plaza on west 7th Street in Fort Worth. They are planning to start pre-sales in early February. Pricing is said to start out in the "low $200,000's" according to one of their representatives. There will be two and three story units with sizes ranging from 1,850 to 2,000 square feet. You might remember this earlier blog when I broke the news: http://www.highrises.com/blog/fort-worth/city-homes-to-build-20-town-home-units-near-montgomery-plaza/

I'll keep you posted as things develop.

The Neil P. is For Sale...Does This Reflect on Downtown Fort Worth's Market?

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 15:00:23 -0500

Recent news that the developers of the Neil P. Anderson building on Burnett Park will be selling out the remaining 43 of 57 condos as a packaged commercial deal did not come as a shock. While the downtown real estate market remains in-tact, the Neil P had some challenges that were not addressed early enough in many people's opinion.

I share the opinion of Kevin Buchanan of http://www.fortworthology.com/ regarding the Neil P:
"Naturally, hints are dropped about in [Sandra Baker's Star Telegram] article about the downtown housing market slowing, which is completely untrue, if you ask me. Downtown housing isn't slowing. The failure of the Neil P. isn't a symptom of anything more than a failed development. High prices, high HOA dues, and awkward parking arrangements are what did the Neil P. in, if you ask me. It's a shame, because the renovation and condos were absolutely gorgeous.

The rest of downtown seems to be doing as well as ever, though. The Trinity Bluff stuff seems to be selling well. Pecan Place is expanding. The Versailles is expanding. Westview is apparently selling quite well. The more established places like Houston Place Lofts and the T&P Lofts are still full up. Even the megapricey Omni Hotel condos are selling, from what I've been told. Aparments, meanwhile, are still nearly completely full." -Kevin Buchanan, Fortworthology

I shared the exact same opinion with my fiance the night before Kevin wrote this blog. Seems as though doom and gloom sensationalism is for the media. I'll take a reliable and informative blog over mass media any day.

Boutique Version of Starwood's W Hotel, aLoft, is Coming to Museum Place

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 14:57:27 -0500

I know there has been a lot of talk that Starwood might bring their Aloft boutique hotel to Fort Worth. According to the Dallas Business Journal and developer Richard Garvey it is a done deal! Read on...

"The style of the aLoft hotel matches the design of our development and the landscape of the Cultural District," said Richard Garvey, Museum Place Development Group president and co-developer.

(Fort Worth) - Champ Hospitality in Carrollton will develop a 140-room aloft hotel as part of Fort Worth's upscale Museum Place development. The aloft hotel, a Starwood Hotels and Resorts property, will be built between Camp Bowie Boulevard and Seventh Street, with the main entrance on Arch Adams. Construction is scheduled to begin in the spring 2008, with opening set for fall 2009. Museum Place Development Group has also negotiated a lease contract with Eddie V's Edgewater Grille for the development. The new restaurant will occupy 10,000 square feet at the corner of Seventh Street and Bailey Avenue. Museum Place Development Group broke ground on Museum Place by demolishing a former Texaco building at Seventh and Camp Bowie. The $200 million development, located at the convergence of Seventh Street, Camp Bowie Boulevard, Bailey Avenue and University Drive, will span 11 acres. It will include 200,000 square feet of specialty retail and dining; 500,000 square feet of residential development, or more than 500 units; and 130,000 square feet of Class A office space.
[Dallas Business Journal]

Visit aLoft's website: http://www.starwoodhotels.com/alofthotels/index.html?IM=gtld_alofthotels_com&PS=GWS_aa_Starwood_Aloft_Google_aloft_hotels_121007

New Downtown Fort Worth Condo MLS Statistics are Deceptive

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 14:53:57 -0500

Each month thousands of Realtors in the D/FW metroplex flock to their computers to pull the latest MLS statistics for their effective service area. Many rely heavily on the North Texas Real Estate Information System Multiple Listing Service (NTREIS MLS) to determine how they will position homes for sale in the market and how they will council their buyers when it is time to write an offer.

The extreme fluctuations in the projected months of inventory graph

shown above depict the unreliability of MLS information.

Historically, this has been the source for credible information and the source of their/our *cough* power. Currently the public cannot view specific homes sales statistics without asking for the assistance of a REALTOR in the form of a "market analysis." Why do I state that the Fort Worth MLS is deceptive? Because it is deceptive if you are considering the downtown Fort Worth market. Downtown Fort Worth condos and lofts are in their infancy, and although there are over 25 developments selling, pre-selling and re-selling, there are only a handful of developments influencing MLS statistics.
For instance: At the time I wrote this there were approximately 100 condos/townhomes listed for sale in NTREIS MLS in downtown Fort Worth. · The Tower has 35 units re-selling and listed in MLS or 35% of the market in MLS downtown (Does that ever influence the perception of the downtown market!) · The historic Texas and Pacific Lofts have 22 listings "active" in MLS or 22% of the downtown MLS market Therefore any market statistics gathered from MLS are heavily impacted by these two properties (57% of the market.) Not entirely a good indication of the health of the market as a whole.
So how do we obtain information outside of MLS? We get on the phone and hit the streets to find out what is selling. Which is just what I do continually. Here are some of my more substantial, recent findings:

Montgomery Plaza on West Seventh Street has sold 156 units of their 246 or a little over 63%.
Villa De Leon on the Trinity Bluff has sold 4 units of 24 or 16%.
So7's Arthouse Condos on West Seventh Street has sold 8 units and has reservations on 11 (35% spoken for.)
The Residences at 1301 Throckmorton - The Omni have 24 units spoken for out of 89 or 27%

How does MLS have only 100 units listed when there are hundreds more under development and currently for sale? A few reasons. First many developers, if they are smart, do not list everything in MLS. If you have 2 homes to choose from rather than 20 is it easier for you to commit to buy one of the two? Sure. Second, many developers hire sales teams of unlicensed agents who are selling on-site and are not required to record their sales data in MLS. The moral to this story is probably much what you would expect from a REALTOR specializing in downtown. If you are going to buy downtown in the near future, do your homework, and hire a REALTOR who knows the market, knows what questions to ask and how to negotiate with a developer and their staff. In case you are wondering, YES the seller does still generally pay the buyers agent's fees. So you have nothing to lose from hiring an agent and a great deal to gain. I would love for you to hire me.

Oleander Place Townhomes Gathering Steam - Opens Sales Center

Chris Faulkner (Coldwell Banker Residential Brokerage) — Wed, 12 Mar 2008 14:47:53 -0500