Baby boomers' growing desire to retire to small towns is turning the Texas Hill Country into one of the nation's hot spots for the silver-haired set.
The natural beauty and relative affordability of the area west of Austin and San Antonio have put towns such as Fredericksburg, Kerrville and Marble Falls on national lists of popular retirement places.
"The secret's out," said Frederick Day, a demographer at Texas State University-San Marcos. "If you're approaching retirement, head for the hills."
ERICH SCHLEGEL/DMN Jim and Pam Spruiell went from a duplex in Dallas to 30 acres and a 3,700-suare-foot limestone house just west of Fredericksburg when they eased into retirement. View largerMore photosPhoto store
With the oldest boomers now eligible for Social Security, many are moving to smaller communities on the outskirts of metropolitan areas.
"The Hill Country fills the bill, with its lakes, rivers and rolling hills, for city-weary retirees, but also its proximity to Austin and San Antonio for those who want to hop in the car for an evening or weekend on the town," Dr. Day said.
Perennial favorites Florida and Arizona have become too crowded for many retirees' liking and are losing out to places like the Hill Country, said Gene Warren, head of the Thomas, Warren and Associates consulting firm in Phoenix.
"The Hill Country has joined the upper tier of retirement destinations, and its success shows every sign of building on itself in the next decade," said Mr. Warren, who advises communities across the country on how to attract retirees.
A longtime retirement haven for Texans, the quaint towns west of Austin and San Antonio now also draw older residents from beyond the Lone Star State.
Kerrville real estate agent Ricki Eichler says more than half of her clients come from out of state, including California, Florida and New York. "There's something for everyone here - from upscale active-adult developments to very affordable mobile home communities," she said.
Though the weakened national economy has lately forced a few Hill Country-bound retirees to delay their moves until they can sell their current homes, Austin real estate analyst Mark Sprague remains bullish about the region.
"The relatively low cost of living, relaxed environment and pleasant weather are big pluses among homebuyers from other parts of the country," he said. "People from the East Coast ask, 'What do you mean you don't have hurricanes every year?' "
Affordability a key
Prices have escalated in pockets of the Hill Country - some lakefront property at Horseshoe Bay went for $1 million last year.
But much of the area is still seen as a bargain, especially among retirees from pricey housing markets.
Del Webb, the nation's largest builder of active-adult communities, is developing its second project in the region, Hill Country Retreat, on the west side of San Antonio. And it's expanding its first project, Sun City Texas in Georgetown.
ERICH SCHLEGEL/DMN Jim Fox, a former Dallas principal, retired to Frederickburg, a top Hill Country haven. View largerMore photosPhoto store
Hill Country Retreat will have 2,000 homes when complete. Sun City Texas has 5,100 homes and will get 2,400 more.
Gillespie County's economic development director, Greg Snelgrove, said many retirees moving to Fredericksburg build custom homes. Others buy older bungalows and remodel them.
"Many retirees take the equity from their previous homes and pay cash here," he said. The median price for an existing home in the town named after Prince Frederick of Prussia was $236,000 last year.
Former Dallas residents Jim and Pam Spruiell bought 30 acres just west of Fredericksburg and built a 3,700-square-foot limestone house where they can sit on their patio and enjoy the deer, rabbits and turkeys that happen by.
"It's a far cry from the duplex we had back in Dallas," Mrs. Spruiell said.
The 60-something couple had been frequent weekend visitors to the area when they worked full time in Dallas, so settling in Fredericksburg seemed the natural thing to do when they decided to ease into retirement several years ago.
"Everything's laid back here," she said. "We let our two cows cut our grass."
A boon to towns
Officials say retiree migration is an economic blessing for Hill Country towns, as the new arrivals spend an average of $36,000 on goods and services and pay $3,000 in local taxes each year.
Retiree couples moving into a community each create about three jobs, Mr. Warren said. Besides employing builders and Realtors, they use service providers such as financial planners, doctors, lawyers and veterinarians.
"For retirees, pets are simply kids in fur coats. Older people spend almost as much money on their pets as they do on their grandchildren," he said.
Fredericksburg's banks see green when new retirees walk through the door, Mr. Snelgrove said. Gillespie County ranks 103rd among Texas' 254 counties in terms of population but scores 59th in bank deposits.
Fredericksburg also has six Edward Jones brokerage offices, far more than anyone would expect in a community of 10,000 residents, he said.
Kerrville's former mayor, Joe Herring Jr., says his town doesn't promote itself as a retirement haven because it doesn't need to.
"I suppose we might do some marketing if things ever slowed down," he said. "Mostly, we just try to be ready for our new retirees when they arrive."
Kerrville, with a population of 22,000, boasts a symphony orchestra, two live theater companies and a number of fine restaurants. The town recently celebrated the opening of the 125-bed Peterson Regional Medical Center.
Many of the recent retirees become engaged in their new communities. Some take part-time jobs, while others volunteer at churches, hospitals, museums and schools.
Jim Fox, a former Dallas principal, retired to Fredericksburg only to realize he had more time on his hands than he wanted. As he put it, "I married my wife for better or worse but not for lunch every day."
He manages a photo gallery two days a week, does photography work, volunteers at church and sings in a choir. "When you get involved, you're treated like you've been here forever," he said.
In Marble Falls, Chamber of Commerce director Christian Fletcher said the governing boards of local nonprofit groups are filled with former corporate executives.
One area retiree who was a co-founder of America Online established a Boys & Girls Club and helped create an endowment for scholarships, Mr. Fletcher said.
Mr. Warren said retirees have sometimes been wrongly portrayed as economic burdens on communities. "If you look at the jobs they create, the taxes they pay and the experience they bring, a town can't get too many of them," he said.
---------------------------------------------------------------------------------------------- As always, I welcome readers to visit my websites at http://www.linkedin/in/tstens and http://activerain.com/tstens for information about purchasing homesites in Texas. Contact me via email, taylor.stensrud@bluegreencorp.com, or call me at 214.621.2250 for more information.
Disclaimer: The opinions expressed and content provided by the ActiveRain Networkand it's members as well as those providing comments are theirs alone, and do not reflect the opinions of Taylor Stensrud or Bluegreen Corporation.
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.
How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.
Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50% and, adjusted for population growth, are back to the trough levels of 1982.
Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what's going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.
The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.
Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.
Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.
The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.
In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.
The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in "months of supply" terms. That's the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high - but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.
Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.
Inventories will drop even faster to 400,000 - or seven months of supply - by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.
Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.
Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one's income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today's house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.
This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.
When the rate of house-price declines halves, there will be a wholesale shift in markets' perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.
More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.
A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy.
We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.
Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.
---------------------------------------------------------------------------------------------------------------------- As always, I welcome readers to visit my websites at http://www.linkedin/in/tstens and http://activerain.com/tstens for information about purchasing acreage homesites in Texas. Contact me via email, taylor.stensrud@bluegreencorp.com, or call me at 214.621.2250 for more information.
Disclaimer: The opinions expressed and content provided by the ActiveRain Networkand it's members as well as those providing comments are theirs alone, and do not reflect the opinions of Taylor Stensrud or Bluegreen Corporation.
---------------------------------------------------------------------------------------------------------------------------- As always, I welcome readers to visit my websites at http://www.linkedin/in/tstens and http://activerain.com/tstens for information about purchasing homesites in Texas. Contact me via email, taylor.stensrud@bluegreencorp.com, or call me at 214.621.2250 for more information.
Disclaimer: The opinions expressed and content provided by the ActiveRain Networkand it's members as well as those providing comments are theirs alone, and do not reflect the opinions of Taylor Stensrud or Bluegreen Corporation.
Nationally, home prices are falling, unemployment is on the rise and the economy is expected to grow slowly--or even contract--in the first half of the year.
But some cities are doing just fine.
Take Oklahoma City, Okla. With falling unemployment, one of the country's strongest housing markets, and solid growth in agriculture, energy and manufacturing, it looks best positioned among the nation's largest metropolitan areas to ride out the current crisis.
San Antonio is right behind. It also features solid employment figures and affordable home prices that continue to rise. Its industries are growing; it can't hurt that the new AT&T (nyse: T - news - people ) was formed when San Antonio-based SBC Communications swallowed the old AT&T Corp. and BellSouth.
Behind The Numbers To find them, Forbes.com examined the country's 50 largest metros and looked at several key measures.
We examined unemployment data supplied by the U.S. Bureau of Labor Statistics for the year ending in February 2008 to see which areas are most adding or subtracting jobs. Next, we looked at the BLS data on job growth in non-farm payrolls, through February 2008, for construction, education and health services, financial activities, information, leisure and hospitality, manufacturing, natural resources and mining, professional and business services, trade, transportation and utilities, and the BLS's catch-all category, "other services."
We also took into account median home price data from the National Association of Realtors--from the fourth quarter of 2006 to the fourth quarter of 2007--to see which areas posted the largest annual gains. Our data don't account for the impact of declining sales in the first several months of this year.
Finally, our rankings were adjusted using data from a November 2007 report, "U.S. Metro Economies: The Mortgage Crisis," by the U.S. Conference of Mayors. It lists each city's estimated gross metropolitan product growth by projecting how rising foreclosures and falling home prices would affect overall levels of productivity in local economies.
Sunny Southern Skies Texas cities fared best under these measures. San Antonio, Austin, Houston and Dallas-Fort Worth have benefited from historically lower home prices, which have been affordable to a large segment of the population. The availability of land--and, in some cases, little zoning--helped keep prices in these cities low. Instead of competing for homes, Texans could move to a new subdivision a little farther out.
What's more, all four boast falling unemployment rates, with Austin dropping from 3.8% to 3.6% and San Antonio from 4.3% to 4%
Cities that are expected to see growth in non-farm payrolls include Raleigh, which is expected to see 7.4% growth in professional and business services and 6% growth in education and health. In Salt Lake City, where the median home price rose 2.5% and unemployment, at 3.1%, is below the 5.1% national average, growth in education and health services is expected to be 5.5%.
How are you planning on weathering the impending recession? Weigh in.Add your thoughts in the Reader Comments section below.
Some cities have seen increasing home prices but otherwise continue to struggle. Buffalo and Rochester, N.Y., have seen home price growth (from a low base) but still contend with high unemployment--around 6%--and slow-growing or shrinking industries.
And in the San Jose area, the median home sale price is over $830,000. That's 11% higher than it was in the fourth quarter of 2006, helping to land the area at No. 4 on our list. Problem is, that growth has since cooled, and it remains to be seen whether pricey homes coupled with a 5.3% unemployment rate will cause trouble for homeowners this year.
To be sure, even in the most resilient cities, the mortgage crisis has caused suffering. People everywhere got into bad mortgages. Similarly, even in the most battered cities, the majority of people are employed and making their mortgage payments. The extent of recession or resilience is very much in the eye of the beholder, and this list represents only one of many ways to take a snapshot of economies that are standing tall.
In his statements to Congress' Joint Economic Committee earlier this month, Federal Reserve Chairman Ben Bernanke predicted the economy would possibly move into recession in the first half of 2008 but begin to rebound in the second half.
If you're tired of waiting, these might be the best places to go.
_________________
#10. Dallas-Fort Worth, Texas
Median home price: +.5%
Unemployment: 4.3% (from 4.5%)
Key growth: Education and health, +5.6%
With unemployment on the decline and home prices holding steady, the Dallas-Fort Worth area seems to be avoiding the worst of the downturn. The region is home to a diverse set of companies, including Exxon Mobil, American Airlines parent company AMR, Southwest Airlines, home builder Centex, Dean Foods, Texas Instruments and Tenet Healthcare.
---------------------------------------------------------------------------------------------------------------------------- As always, I welcome readers to visit my websites at http://www.linkedin/in/tstens and http://activerain.com/tstens for information about purchasing homesites in Texas. Contact me via email, taylor.stensrud@bluegreencorp.com, or call me at 214.621.2250 for more information.
Disclaimer: The opinions expressed and content provided by the ActiveRain Networkand it's members as well as those providing comments are theirs alone, and do not reflect the opinions of Taylor Stensrud or Bluegreen Corporation.
CHICAGO (MarketWatch) -- Is now a good time to buy real estate? The size of your paycheck likely will play a big part in how you answer that question. While many average Americans are skittish about the housing market, some of the country's richest citizens see the current conditions as perfect for buying, according to the Annual Survey of Affluence and Wealth in America, released on Tuesday by the American Express Publishing Corp. and Harrison Group, a market research and consulting firm. Seventy-seven percent of the wealthiest people surveyed think real estate presents a "real opportunity" right now. In the survey, "wealthy" meant having discretionary household income of more than $500,000 a year. And these high-income earners are putting their money where their mouths are: 40% said they are in the market to acquire real estate this year. The survey was originally conducted late last year with 1,800 people representing the wealthiest 10% of American households. But the more recent figures are from a follow-up survey with a smaller sample of the original participants, conducted last week to ensure the study reflects rapidly changing market dynamics. Other survey participants are "upper middle class," with incomes between $100,000 and $149,000; "affluent," with incomes between $150,000 and $249,000; and "super affluent," with incomes between $250,000 and $499,000. The wealthy aren't alone in their belief that the real-estate market represents a buying opportunity: 67% of the upper-middle-class participants also agreed with that statement, as did 72% of the affluent and the super-affluent. "There are bargains out there ... severe price pressure across the board," said Jim Taylor, vice-chairman of Harrison Group. That said, at the very top of the market, there is an abundance of buyers and that is holding prices steady at that level, he added. Still, the wealthiest were the most committed to buying soon. Only 17% of upper-middle-class participants said they were in the market to buy real estate this year, while 24% of the affluent and 26% of the super-affluent said the same. Home sweet second -- and third -- home Forty-one percent of those in the wealthy category said owning a second home was "almost a requirement" for people of their economic means, according to the survey. Thirty-three percent of the wealthiest who said they intended to buy this year are now in the market for a second home, and 25% said they are in the market for a finished third home, according to the survey. "They're treating it as a portfolio play, rather than a recreation play," Taylor said. "They've moved off the notion that it's just pleasure real estate," he said, adding that the wealthy use second homes to help balance their overall investment portfolio. Recession now, but rebound coming Seventy-nine percent of the survey's respondents said the country is in a recession now, but 88% said they are confident that property values will eventually rebound. Still, 18% of respondents said the equity in their home is worth less than what they owe. Many respondents expressed significant anxiety over the recession, Taylor said. That was especially true of the upper-middle-class and affluent groups, he said. But not everyone is worried about their own financial stability. Taylor said he expects the number of millionaires to increase by another 6% this year. Passion for home improvement A separate survey of senior-level executives found that high earners often are passionate about improving their homes -- even more passionate than they are about spending time on the golf course. Thirty-nine percent of 552 high-level executives said they were passionate about home improvement, compared with 32% who said the same about playing golf, according to a recent survey by Doremus, a business communications agency. "Home is seen by most as a respite from the world, a place where people feel they can be themselves." said Hope Picker, director of research for Doremus, in a news release. "And high-powered senior-level executives are no exception. "Golf is a game, but it's another form of competition and, in many cases, it's also a surrogate conference room where business is conducted and deals made. But home, even for many high-level professionals, is a safe haven. In addition, home-improvement projects tend to be both tangible and finite, in contrast to much of their work." The company recommended that marketers interested in reaching these high-net-worth individuals should target them through publications, broadcasts and online sites that feature decorating and improvement ideas for the home and garden.
Amy Hoak is a MarketWatch reporter based in Chicago.
Majestic trees, spring-fed waters and rolling hills encompass the beautiful master-planned community of Lake Ridge.
This unique development boasts the highest elevation in North Texas, providing spectacular views of both major skylines, a 7,500-acre lake and miles of rolling hills.
Nestled in southwest Dallas County, Lake Ridge appeals to everyone with its abundant landscapes. Buyers can choose what they want in their own backyard from sparkling ponds and creeks to towering trees and even a golf course – each complete with magnificent views.
Located just minutes from Dallas and Fort Worth, the community’s central location is what attracts people to Lake Ridge.
“It’s far enough out to be away from the city, but close enough to have the amenities of the Metroplex,” property owner Ray Barlow said. “We wanted to be close to the theaters, malls and everyday life things, but Lake Ridge offers you a place to get away from that big city.” Property owners at Lake Ridge also have a variety of amenities right outside their doors.
The community features a number of parks with walking trails, fishing ponds, picnic tables and playgrounds.
Lake Ridge also is home to Valley Ridge Park, which contains 154 acres of sports fields, hiking and biking trails, playgrounds and a fishing pond for families to enjoy. The park also has an amphitheater with live entertainment during the summer.
“We wanted a place for our kids to run and not have a neighbor right next to us,” property owner Randy Yorke said. “They can go out an play. It’s very important that our kids have an opportunity to play recreational sports and to get outside.” For those who enjoy the water, Lake Ridge lies on Joe Pool Lake, the perfect escape for skiing, boating, sailing and fishing.
And for those avid golfers, neighboring Tangle Ridge Golf Club offers a competitive 18-hole course, which was rated among the top 10 golf courses in the state.
Chip and Jamie Wilson didn't want the same old Dallas homesite. They wanted views, trees, hills, nature and a quieter environment. So they purchased a 1.67-acre homesite in The Summit at Lake Ridge.
After performing an Internet search for communities with lakes and hilly topography, the Arlington couple discovered Lake Ridge. They toured and with no plans to do so, they purchased their homesite.
"We like the fact that it was hilly and near Joe Pool Lake. We were looking for a place that wasn't the typical flat Dallas property with houses on top of each other," Mr. Wilson says. "We were looking for something prettier."
Lake Ridge is located amid rolling hills that resemble the Texas Hill Country. Views from The Summit include the Fort Worth skyline, Joe Pool Lake and Tangle Ridge Golf Club.
"(Our homesite) has a lot of trees and a view of a valley. We loved the community, and the property was going quick," Mr. Wilson says.
There are many amenities for Lake Ridge property owners. One is the 7,500-acre Joe Pool Lake, which is ideal for fishing, boating, skiing, swimming and all other aquatic activities.
The nearby 18-hole Tangle Ridge Golf Club was ranked in the top 10 golf courses in the state by Golf Digest.
Valley Ridge Park includes an amphitheater, a small pond, sporting fields, picnic and barbecue areas and biking and walking trails.
The Wilsons also researched the Midlothian Independent School District, which serves the community.
Lake Ridge is minutes from major retail stores in Cedar Hill and a close commute to Fort Worth and Dallas.
"We were making a decision to get out of the city, but not so far out because we work in the city," Mr. Wilson says.
Also, the Wilsons can build their custom home whenever they want, using their own custom builder, a characteristic of a Bluegreen community.
Grand Prairie has the land, can expand by KATHY A. GOOLSBY / The Dallas Morning News
Location, recreational opportunities, drive city's population boom
Cassie Shoultz relocated from Tyler to Grand Prairie two years ago because of the suburb's location and ambience.
"I took a job in Irving, but I didn't want to live in the same city where I work," said Ms. Shoultz, 26. "I looked in Grand Prairie because it was close, and it's more of a small-town atmosphere."
Upscale developments like Lake Ridge are attracting buyers with an outdoor waterfront lifestyle unique to the Grand Prarie area.
Ms. Shoultz's move, and that of thousands like her, has given way to a population surge: Grand Prairie added 9,460 residents between July 2005 and July 2006, making it the nation's sixth-fastest-growing city with more than 100,000 residents, according to the U.S. Census Bureau.
Those who did move to Grand Prairie in 2005 and 2006 came for various reasons. Some were attracted by the city's central location and easy access to Dallas and Fort Worth, while others cited affordable housing and beautiful parks.
Nearby amenities also make Grand Prairie an ideal location, said Debora Trimpe, vice president of sales and training for Grand Homes, which has built more than 750 homes in Grand Prairie since 1997.
"In Frisco and Collin County, you have longer drive times, and here there is so much to do in the surrounding area," Ms. Trimpe said. "There's the ballpark in Arlington, Mansfield has a new sports facility, Grand Prairie has two premier golf courses and there's Joe Pool Lake. It's close to all of these wonderful things that really aren't offered anywhere else in the metroplex."
That was a big draw for Rulon and Jill Pitcher, who moved from Denton last month to a quiet neighborhood near Interstate 20 and State Highway 360 in Grand Prairie.
"Yesterday, we went to Cedar Hill State Park, and we're near Joe Pool Lake, where we can take the dog for a walk, and we like the shopping," Mr. Pitcher said. "Everything is really convenient, and the more we stay here, the more we like it."
The influx of residents also created a need for more businesses, which in turn attracted more residents, said RaDonna Hessel, president of the Grand Prairie Chamber of Commerce. City officials have created a positive business atmosphere, she said.
"They've worked hard to improve Grand Prairie's image, and the city has become very complementary to developers and builders," Ms. Hessel said.
Cost is another major contributor to the city's growth, said Joel Goldsteen, a professor of city and regional planning at the University of Texas at Arlington. Land in Grand Prairie historically has been cheaper than similar property in places like Fort Worth or even next door in Arlington, he said.
"Along the I-30 corridor through Grand Prairie and south Irving, there has been lower-cost land ripe for development," Dr. Goldsteen said. "But also, Grand Prairie did some good city planning about a decade ago with the area around Joe Pool Lake. They regulated the area for high-class housing, and if you plan for wealthy people, they may start new businesses."
But the main reason Grand Prairie is growing may simply be because it can.
With almost 30 percent of its 81 square miles still undeveloped, Grand Prairie is one of the few cities with growing room, officials said.
Grand Prairie has more land to be developed than almost any other city in the area, said Patrick Wyatt, a real estate agent with Century 21 Judge Fite Co.
"Arlington, for example, has very little room to expand its new home site construction, so they're talking about condos and building up," Mr. Wyatt said. "But Grand Prairie still has Lake Ridge and that whole corridor on the south end that has sprung up in the last two or three years."
Grand Prairie issued 2,535 single-family building permits in 2005, averaging a new home about every 3 ½ hours.
Most were built south of I-20, particularly on the lake's peninsula, but also close to Highway 360, where new shopping centers are in the works.
The city finished widening Camp Wisdom Road last year and installed water lines and other infrastructure before houses were built.
That was no accident, said Kevin Lasher, Grand Prairie's chief city planner. An increase in zoning requests in 2001 and 2002 warned officials that a housing boom was imminent, he said.
"It was the zoning that caused us to respond, and we did so quickly so that we had all the mechanisms in place prior to issuing the building permits," Mr. Lasher said.
He anticipates another boom when State Highway 161 service roads are completed in about 18 months. Mr. Lasher said the city already is preparing for a large influx of commercial, office and residential development along that north-south corridor.
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ERICH SCHLEGEL/DMN Jim and Pam Spruiell went from a duplex in Dallas to 30 acres and a 3,700-suare-foot limestone house just west of Fredericksburg when they eased into retirement. 
ERICH SCHLEGEL/DMN Jim Fox, a former Dallas principal, retired to Frederickburg, a top Hill Country haven. 
Nestled in southwest Dallas County, Lake Ridge appeals to everyone with its abundant landscapes. Buyers can choose what they want in their own backyard from sparkling ponds and creeks to towering trees and even a golf course – each complete with magnificent views.
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