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RICHARDSON EDITION
VOLUME 5, ISSUE 11 AUG. 3 AUG. 30, 2023
HOME EDITION 2023
Whole Foods Market to make renovations HOME EDITION 2023
7
Real estate data
11
Local cobbler continues family tradition
17
Increasing interest rates and demand has created more competition in the market, experts say. (Kevin Cummings/Community Impact)
Rising prices, decreasing availability a ecting activity across Richardson real estate market
Richardson co ee roaster eyes expansion
18
Pull the newest teaser from CC Libraries
BY KEVIN CUMMINGS
Overall, around 320 people move to North Texas daily, translating to about 120,000 new residents in the region each year, said Julie Lynch, director of the Herbert D. Weitzman Institute for Real Estate at The University of Texas at Dallas and associate professor of practice. “In real estate, its location, loca- tion, location, and the Dallas market
is very strong economically,” Lynch said. “Richardson is built out for all intents and purposes. If you want to be in that locale, there isn’t any more supply coming on, while demand continues to be strong, so that keeps home prices continuing to grow.” Richardson Director of Com- munications Greg Sowell said the CONTINUED ON 16
As new residents continue to move to the region, home prices in Rich- ardson have been on the rise over the last four years while the number of homes on the market has decreased in that same time. O cials said that will make it more di cult to buy and sell a home in Richardson, in turn driving how the city will grow in the future.
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RICHARDSON EDITION • AUGUST 2023
Do it all this summer. Except for the ER. Most summer-related ER visits are preventable with a little precaution, but we’ll always be here when you need us. Remember to use sun protection and insect repellent, stay hydrated, wear life jackets , and leave the fireworks to the professionals . Helping keep our friends and neighbors safe. That’s community and why so many people Trust Methodist .
Texas law prohibits hospitals from practicing medicine. The physicians on the Methodist Health System medical staff are independent practitioners who are not employees or agents of Methodist Richardson Medical Center, Methodist Health System, or any of its affiliated hospitals. Methodist Health System complies with applicable federal civil rights laws and does not discriminate on the basis of race, color, national origin, age, disability, or sex.
For more summer safety tips, scan the QR code
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COMMUNITYIMPACT.COM
THIS ISSUE
MARKET TEAM GENERAL MANAGER Tracy Ruckel EDITOR Kevin Cummings GRAPHIC DESIGNER José Jiménez METRO LEADERSHIP PUBLISHER Leanne Libby MANAGING EDITOR William C. Wadsack MANAGING COPY EDITOR Beth Marshall SENIOR ART PRODUCTION MANAGER Breanna Flores CONTACT US 7460 Warren Parkway, Ste. 160 Frisco, TX 75034 • 512 989 6808 CI CAREERS communityimpact.com/careers PRESS RELEASES ricnews@communityimpact.com ADVERTISING ricads@communityimpact.com Learn more at communityimpact.com/advertising EMAIL NEWSLETTERS communityimpact.com/newsletter SUPPORT US Join your neighbors by giving to the CI Patron program. Funds support our journalistic mission to provide trusted, local news in your community. Learn more at communityimpact.com/cipatron ABOUT US Owners John and Jennifer Garrett launched Community Impact in 2005, and the company is still locally owned today. We have expanded to include hundreds of team members and have created our own software platform and printing facility. CI delivers 35+ localized editions across Texas to more than 2.5 million residential mailboxes.
HIGHLIGHTS FROM THIS MONTH
FROM TRACY: Welcome to the Home Edition. Inside we’ve compiled an overview of the real estate market in Richardson (see Page 11) that also includes tips for those looking to install solar panels on their homes (see Page 14). In addition, readers will also nd more about a longtime Richardson area business owner who has made boots for a number of local celebrities (see Page 17) and another who has been roasting co ee in the city for nearly 20 years (see Page 18). Tracy Ruckel, GENERAL MANAGER
FROM KEVIN: Over the past ve years, home prices have increased by nearly 40% in Richardson’s ZIP codes. In this edition, we take a look at the causes and what that means for current and future residents (see Page 16). Also in this edition, readers can learn more about Richardson ISD’s new budget (see Page 10) and nd out why Dallas Area Rapid Transit’s Silver Line project is getting $5.3 million in additional funding (see Page 9). Kevin Cummings, EDITOR
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TAX HELP, PROTECTION AND A PARTNER YOU CAN TRUST We Watch the IRS So You Don’t Have To
PUBLIC NOTICE THE BELOW LISTED PROPERTY HAS BEEN IMPOUNDED IN THE CITY OF RICHARDSON BY THE POLICE DEPARTMENT:
CURRENCY THE ABOVE-DESCRIBED PROPERTY IS PRESENTLY IN THE CUSTODY OF THE RICHARDSON POLICE DEPARTMENT LOCATED AT 200 NORTH GREENVILLE AVENUE, RICHARDSON, TEXAS. THE OWNERS HAVE A RIGHT TO RECLAIM THE PROPERTY WITHIN 90 DAYS AFTER THE DATE OF THIS NOTICE UPON PRESENTING PROPER IDENTIFICATION WITH A PHOTOGRAPH AND PROOF OF OWNERSHIP. FAILURE OF THE OWNER(S) TO EXERCISE THEIR RIGHT TO RECLAIM THE PROPERTY IS DEEMED A WAIVER BY THE OWNER OF ALL RIGHTS, TITLE, AND INTEREST IN THE PROPERTY AND THEIR CONSENT TO DISPOSE OF THE ABANDONED PROPERTY ACCORDING TO LAW.
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RICHARDSON EDITION • AUGUST 2023
IMPACTS
Businesses that have recently opened or are coming soon, relocating or expanding
2
PLANO PKWY.
PGBT TOLL
11
RENNER RD.
N. GLENVILLE DR.
BRECKINRIDGE BLVD.
RICHARDSON
TELECOM PKWY.
9
CAMPBELL RD.
The Burger Shop
DUSTIN BUTLER COMMUNITY IMPACT
7
12
1
COLLINS BLVD.
7
75
ARAPAHO RD.
3
4
10
2 6
BELT LINE RD.
78
SPRING VALLEY RD.
Barnes & Noble
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DUSTIN BUTLER COMMUNITY IMPACT
5
BUCKINGHAM RD.
COMING SOON 7 Barnes & Noble is opening a new Richardson store in the Pavillion East Shopping Center, located at 1361 W. Campbell Road. A company represen- tative could not con rm a timeline, but documents led with the Texas Department of Licensing and Regula- tion estimate a late October opening. The new store will be located between HomeGoods and Richardson Bike Shop. www.barnesandnoble.com 8 Dollar General is opening a new store in Richardson. A spokesperson said the company is in the “due diligence” phase for the new store, located at 325 W. Spring Valley Road, adding that renovations are expected to begin soon. An opening date for the new location was not provided. www.dollargeneral.com 9 Richardson’s Galatyn Park area is set to get a new hotel. Construction is set to begin on a new ve-story Residence Inn by Marriott at 2251 Glenville Drive on Sept. 1, according to o cials with Gray Design Group, the
MAP NOT TO SCALE
N TM; © 2023 COMMUNITY IMPACT CO. ALL RIGHTS RESERVED.
NOW OPEN 1 Cryos International Sperm and Egg Bank opened its newest donation center at 1651 N. Collins Blvd., Ste. 100, Richard- son, on July 24. The facility provides fer- tility assistance to those who need help becoming parents. “We are excited to be opening our fourth sperm and egg bank location in the U.S.,” CEO Jakob Axel Nielson said in an email. 469-480-4002. www.cryosinternational.com 2 The Burger Shop , located at 101 S. Coit Road, Ste. 1, opened in its second North Texas location July 10. A com- pany spokesperson said a ribbon-cut- ting ceremony is scheduled for early August. The restaurant, which also has a location in Forney, o ers a variety of American cuisine, such as burgers, sandwiches and wings. 214-377-7648. www.theburgershopforney.com
3 Quick Driving School opened in its second North Texas location in Richard- son on July 1, a company spokesperson said. Located at 525 W. Arapaho Road, Ste. 3, the school o ers services to help new or nervous drivers gain con dence in their driving skills, according to Quick Driving School’s website. 469-463-0726. www.quickdriving.us 4 Pakistani and Indian restaurant Ghareeb Nawaz opened in Richardson on June 25. Located at 400 N. Coit Road, Ste. 1908, the new location marks the company’s rst opening in Texas and rst opening outside of the Chicago area, according to its website. Open seven days a week, Ghareeb Nawaz o ers a variety of dishes, featuring halal and vegetarian options. 214-238-0683. www.ghareebnawazonline.com 5 After closing last year, Another Time & Place Grille reopened in southern Richardson on June 22,
owner Mehmet Shon Celik said. The Turkish and Mediterranean restaurant, located at 925 Abrams Road, serves up regional specialties, such as chicken ke- babs and stu ed grape leaves. Another Time & Place closed in December to undergo renovations, including the con- struction of a more than 1,300-square- foot patio allows for outdoor dining and hookah smoking. 469-917-7714. www.anothertimeandplace.com 6 Whole Body Chiropractic opened its fourth North Texas o ce in Richardson June 20. Located at 101 S. Coit Road, Ste. 30, Whole Body Chiropractic o ers care to patients with chronic illnesses, in addi- tion to specializing in personal injury pa- tients who have su ered trauma such as car accidents. Chiropractor Andrew Etuk leads the Richardson practice. Whole Body Chiropractic also has locations in Plano, Addison and Allen. 214-647-1072. www.wholebodyrichardson.com
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Austin Circuit Design moved into the Richardson Innovation Quarter.
COURTESY AUSTIN CIRCUIT DESIGN
design rm on the expected $20 million project. The Residence Inn will feature 122 rooms in addition to an exterior pool, according to a ling with the Texas Department of Licensing and Regulation. Construction on the project is expected to wrap up by the end of December 2024. www.residence-inn.marriott.com RENOVATIONS 10 Cinnaholic reopened on June 26 after remodeling. Owners Kris and Rachel Baugh said the store, located at 100 S. Central Expressway, Ste. 15, closed for renovations June 19. The bakery specializes in gourmet cinnamon rolls, cookies and brownies with ingre- dients that are vegan, dairy-free and cholesterol-free, according to the com- pany’s Facebook page. 972-502-9263. www.cinnaholic.com 11 The Whole Foods Market in Rich- ardson, located at 1411 E. Renner Road, will soon undergo a remodel to install self-checkout stations. A company spokesperson con rmed the remodel but could not provide a timeline. However, documents led with the Texas Depart- ment of Licensing and Regulation indicate the remodel is scheduled to begin Oct. 26 and nish Nov. 2. 214-273-0902. www.wholefoodsmarket.com/ stores/cityline FEATURED IMPACT RELOCATION Austin Circuit Design announced it has relocated its headquarters to the Richardson Innovation Quarter, also called the IQ. Austin Circuit Design is a full-service design rm specializing in mechanical, industrial, hardware and software design. The company has relocated its sta of 17 from Garland to their new location at 1850 N. Greenville Ave., Ste. 150. “Our new home in The IQ helps us continue to drive strong company growth, focus on innovation and ultimately deliver rst-class customer success and satisfaction,” said
Mark Cottam, Austin Circuit Design chief operating o cer, in a news release. “Our employees and our company stand to gain tremendously from having our new corporate headquarters in Richardson’s hub of tech-focused innovation.” 469-573-4008. www.austincircuitdesign.com
E. CAMPBELL RD.
N. GREENVILLE AVE.
75
E. COLLINS BLVD.
N
11
Whole Foods Market
DUSTIN BUTLER COMMUNITY IMPACT
NEW OWNERSHIP 12 Baylor Scott & White Health is partnering with NextCare Urgent Care to jointly own all 41 NextCare sites in Texas, including the Richardson location at 1810 N. Plano Road, according to a July 6 news release. NextCare Urgent Care will integrate its Texas o erings into Baylor Scott & White Health’s existing care network, making the health care system one of the state’s largest providers of urgent care, according to the release. 844-279-3627 (Baylor Scott & White Health). www.bswhealth.com. 888-381-4858 (NextCare Urgent Care). www.nextcare.com
jaspersrichardson.com | (214)-716-2610 |
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RICHARDSON EDITION • AUGUST 2023
TO DO LIST
August events
COMPILED BY DUSTIN BUTLER
AUGUST 04 WATCH A FREE MOVIE WITH THE KIDS The Richardson Public Library will screen “The Lego Batman Movie” for families as part of the Family Film Fridays series. All ages are welcome, but parents must accompany children. 3-5 p.m. Free. First Floor Program Room, 900 Civic Center Drive, Richardson. 972-744-4350. bit.ly/44Ce5sl 08 LEARN SOME TRAVEL TIPS The Richardson Public Library will host a lunchtime lecture with education instructor Richard Cudlipp with Collin College’s Scholars in Active Learning program. Attendees will hear travel stories and advice from Cudlipp and are welcome to bring their own lunch. 11:30 a.m.-12:45 p.m. Free. Basement Program Room, 900 Civic Center Drive, Richardson. 972-744-4350. bit.ly/46AnAdf 10 JOIN A BOOK CLUB The Richardson Public Library will host the Droids and Druids Book Club, which is for adults and teens who want to read and discuss science ction and fantasy novels. Registration is required. 7:30-8:30 p.m. Free. Second oor conference room, 900 Civic Center
for printing and print on the library’s 3D printer. Registration is required, and adults must have a valid library card to participate. 10:30 a.m.-noon. Free. Basement Program Room, 900 Civic Center Drive, Richardson. 972-744-4359. bit.ly/44iW2Yf 26 ROCK OUT TO U2 SONGS Joshua Tree, a Boston-based U2 tribute band, will perform at the recently opened Old 75 Beer Garden in Richardson. The band covers all eras of U2’s musical catalog. Along with music, Old 75 Beer Garden o ers beer, drinks and food in a 16,000-square- foot outdoor dining and entertainment plaza. 8-11 p.m. Free (admission). 740 S. Central Expressway. 866-653-7524. www.old75beergarden.com 31 GO TO A SPECIAL ART EXHIBIT The University of Texas at Dallas SP/N Gallery will host a special exhibit called Outside Your Front Door with Master Sgt. Jeremy Lock, photojournalist and retired U.S. Air Force military combat photographer. During the event, Lock will discuss his work and the impact photographing the experiences of others has had on his life. 7-8 p.m. Free. 3020 Steward Drive, Richardson. 972-883-2111. https://calendar.utdallas.edu/event/lock
Drive, Richardson. 972-744-4350. bit.ly/44eFYGP 18 THROUGH 27 CATCH A SHOW WITH THE FAMILY The Repertory Company Theatre’s summer musical season will come to an end with “The Drowsy Chaperone,” a musical within a comedy that pays tribute to the Jazz-Age shows of the 1920s. Fri.-Sat. 7:30 p.m., Sun. 2 p.m. $35 (adult tickets), $18 (youth tickets). 770 N. Coit Road, Richardson. 972-690-5029. www.rcttheatre.com/shows.html 21 SEE A FAMILY COMEDY SHOW The Charles W. Eisemann Center will host Enter D Lafta, a multicultural comedy family show featuring music and laughter. Musical performances include Priscy Glow and Lyric Bae. The show will also feature special guest comedian Ali Baba. 6 p.m. $25-$100. 2351 Performance Drive, Richardson. 972-744-4650. www.eisemanncenter.com/event/ i/9458/d/enter-d-lafta 26 LEARN TO 3D PRINT The Richardson Public Library will host a beginner class on 3D printing, where participants will learn to navigate Tinkercad, a free app used for 3D design. Attendees will learn to manipulate basic geometric shapes, export a 3D model
Sixtiesmania’s Eisemann Center performances feature the sound and style of the 60s.
KAREN CHANEY COMMUNITY IMPACT
FEATURED EVENT EXPERIENCE THE MUSIC OF THE ‘60S Tribute band Sixtiesmania will perform “A Journey Through the Sixties” at the Charles W. Eisemann Center Aug. 19. The show celebrates the top hits of the decade. Audiences will experience classic songs from The Beach Boys to The Beatles. 7:30 p.m. $55-$75. 2351 Performance Drive, Richardson 972-744-4650 www.eisemanncenter.com/event/ i/9317/d/sixtiesmania
Find more or submit Richardson events at communityimpact.com/event-calendar. Event organizers can submit local events online to be considered for the print edition. Submitting details for consideration does not guarantee publication.
Jeng Chi Restaurant & Bakery
400 N. Greenville Ave. #11 Richardson, TX 75081 972/669-9094 www.jengchirestaurant.com
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TRANSPORTATION UPDATES Silver Line project gets $5.3M funding boost
COMPILED BY COLBY FARR & KEVIN CUMMINGS
ONGOING PROJECTS
CAMPBELL RD.
N. GLENVILLE DR.
75
E. ARAPAHO RD.
N
The Regional Transportation Coun- cil approved $5.3 million for enhance- ments to the Silver Line Regional Rail Project during its July 13 meeting. The amount was approved as part of the mediation plan between Dallas Area Rapid Transit and the city of Dallas. The action caps a monthslong dispute between DART and Dallas regarding how much the city will receive in excess sales tax revenue. The overview: Sta from the North Central Texas Council of Governments requested $5.3 million in federal funds as a nal component of the mediation plan between DART and Dallas. The funds will be used to make enhance- ments along the Silver Line project in Dallas, according to a meeting agenda.
ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JULY 14. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT RICNEWS COMMUNITYIMPACT.COM. Funding source: 2021 bond pack- age, 2015 bond package, certi cates of obligation bonds, tax increment nancing zone Glenville Drive lane reduction Construction is underway on a lane reduction project along Glenville Drive that will bring the number of lanes on the roadway from four lanes to two between Campbell Road and Arapaho Road. Starting July 11, northbound lanes of Glenville Drive were closed. Other work includes pavement recon- struction along with improvements to public utilities, tra c signals, lighting, sidewalks and bike lanes. Timeline: 2023-fall 2024 Cost: $23.44 million
The Silver Line Regional Rail will be 26 miles long once nished and serve Plano, Richardson, Dallas, Addison, Carrollton, Coppell and Grapevine. (Community Impact sta )
governments, said sta had been tracking these enhancements that could be paid for by the transportation council. The list of enhancements includes costs for the installation of a tra c signal, a pump house in Hillcrest, the extension of a noise wall and more. The approval of the funds honors sta commitments as a “ nal home- work assignment” in the mediation plan, Morris said. “I’m very proud at the tone in those last three months of conversa- tions between DART and the city,” he said. “It has been extremely positive in getting caught up.”
As part of the same action, council also approved a policy statement on future communication regarding the Silver Line project and the Cotton Belt Bicycle-Pedestrian project. The council is requesting all local gov- ernments; transportation providers; and their associated elected o cials, board members and sta work in a coordinated and cooperative fashion to advance the project. “Should future questions or issues arise, the [Regional Transportation Council] strongly encourages all parties to work collaboratively in a professional manner to expeditiously resolve,” the agenda states.
Michael Morris, transporta- tion director for the council of
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RICHARDSON EDITION • AUGUST 2023
CITY & SCHOOLS
News from Richardson, Richardson ISD, Plano ISD & North Texas Municipal Water District
Richardson City Council meets Aug. 7, 14, 21 and 28 at 6 p.m. Due to a re at City Hall, council meetings have been temporarily relocated to the Richardson Police Department at 600 N. Greenville Ave. www.cor.net Richardson ISD board of trustees meets Aug. 10 and 24 at 6 p.m. at the RISD Administration Building, 400 S. Greenville Ave, Richardson. The meetings are streamed live online at www.risd.org. MEETINGS WE COVER million, including the $252.9 million recapture payment. The board also held a public hearing to discuss the district’s proposed tax rate, which is set to decrease for the fth consecutive year. The proposed rate of $1.21685 per $100 valuation is a decrease from the FY 2022-23 rate of $1.25975 per $100 valuation. The tax rate is set for adoption in August. HIGHLIGHTS RICHARDSON O cials with the city began replacing playground equipment at Breckinridge Park on July 10 and expect to continue through Oct. 31, according to documents led with the state. The renovations are expected to cost $886,939, and new features include a concrete walkway surrounding the park, a water fountain and additional seating. The new equipment includes swing sets, a rope-pull play structure and a We-Go Round. Funding for the park renovations were included in the 2021 bond program, which was approved by nearly 75% of Richardson voters and supplied $3 million to renovate nine neighborhood parks, including the new playground at Breckinridge park. PLANO ISD District o cials adopted the budget for scal year 2023-23, which includes a projected $24 million shortfall. District o cials expect to operate on a shortfall of $24 million, largely due to a rising recapture payment. Revenues are expected to be $754.1 million, while expenses are set at $777.2
Richardson ISD adopts $407M budget for FY 2023 24
BY CECILIA LENZEN
does include increases for teacher compensation and incentives. New teachers will be paid a starting salary of $60,000, and teachers that ll critical district needs will be paid stipends of up to $6,000, depending on their role.
Get involved: The RISD board of trustees also voted to create a com- munity budget steering committee, which will assist district o cials in prioritizing resources and guiding decisions for FY 2024-25 budget planning.
RISD to expand locked cellphone program RICHARDSON ISD The board of trustees voted in June to adopt a $407.7 million budget for scal year 2023-24, which includes a shortfall of nearly $15 million. That is the fourth consecutive shortfall budget adopted by RISD, according to the district’s website. The details: The new budget includes a $14.8 million shortfall that will be funded through the one-time use of the district’s fund balance, which is used when property tax collections and state funding are not enough to cover operating costs. Despite the shortfall, the budget
BUDGET BY THE NUMBERS Richardson ISD's budget for scal year 2023-24 will include a one-time use of the district’s fund balance to cover the shortfall.
$407.7M budget
$60K starting salary for teachers
$14.8M shortfall
$6K stipend for critically needed teachers
SOURCE: RICHARDSON ISD COMMUNITY IMPACT
Wholesale rate increase proposed by water district
BY CECILIA LENZEN
RICHARDSON ISD O cials announced plans to expand a pilot program restricting cellphone use at more schools in the district. A pilot program tested at Forest Meadow Junior High School during the 2022-23 school year prohibited cellphone use on campus. Students were required to put their phones in magnetic locked bags made by the company Yondr throughout the day. What’s happening: For the 2023-24 school year, the program will be expanded to Lake Highlands High, Lake Highlands Junior High, Apollo Junior High and Liberty Junior High schools.
BY CONNOR PITTMAN
NORTH TEXAS MUNICIPAL WATER DISTRICT Proposed rate hikes from the North Texas Municipal Water District could see member cities’ wholesale rates for treated water increase by 11% to $3.77 per 1,000 gallons. The overview: The water district will nalize its rates Oct. 1. Richardson City Council was also briefed on a proposed 7% increase to wastewater rates to $2.75 per 1,000 gallons for the regional system and an 8% increase to $1.89 per 1,000 gallons for wastewater
Richardson is a NTMWD member city. (Community Impact sta )
rates for services from the Upper East Fork Interceptor. City o cials said they didn’t know how the proposed changes would a ect residents’ water bills. The backstory: Richardson has seen its annual minimum alloca- tion decrease by about 500 million gallons from scal year 2020-21 to this scal year, leading to $1.47 million in savings.
Kitchens Bathrooms Room Additions Roofing Windows Siding
972.669.7807 bryjo.com
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COMMUNITYIMPACT.COM
2023
HOME EDITION
REAL ESTATE DATA
COMPILED BY KEVIN CUMMINGS
2022-23 Richardson real estate market at a glance Home prices—along with total sales and the amount of time homes have stayed on the market—have been in ux for the past two calendar years in Richardson, with homes sales prices and days on the market increasing as the number of homes sold has decreased.
PGBT TOLL
75080 75081 75082
75
ARAPAHO RD.
N
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT
Number of homes sold
Average home sales price
June 2021-May 2022
June 2022-May 2023
June 2021-May 2022
June 2022-May 2023
$400,750
75080
+7.36%
$430,250
$374,900
75081
+8.03%
$405,000
$505,000
75082
+9.5%
$553,000
75080
75081
75082
Average days on market
National mortgage rate data After staying relatively at the rst two years of the pandemic, mortgage rates have sharply risen since early 2022, peaking Nov. 10 of last year before seeing some decline the last six months. 30-year xed-rate mortgage 15-year xed-rate mortgage
June 2021-May 2022
June 2022-May 2023
30
8%
25
6.48%
20
6%
15
3.72%
3.22%
4%
5.73%
10
2.65%
3.16%
5
2%
2.43%
2.16%
0 January 2020
0
75080
75081
75082
January 2021
January 2022
January 2023
11
RICHARDSON EDITION • AUGUST 2023
INSIDE INFORMATION
2023 HOME EDITION
HOME
REAL ESTATE REVIEW
EXAMPLE REPORT
Inspectors must ll out a multiple-page report when reviewing a home in line with state regulations. However, the process isn’t used to con rm building code compliance and any additional information provided beyond basic state-mandates checks depends on the inspector.
INITIATING AN INSPECTION
INSPECTIONS
Inspections take place during the option period—a negotiable time frame during which a buyer can inspect a home, amend a contract for relevant repairs or cancel a deal—and are often sought before one-year warranties expire.
Inspectors are required to look over dozens of parts of a home and highlight any de ciencies. Two examples are listed below.
COMPILED BY BEN THOMPSON
FIREPLACES AND CHIMNEYS
ON THE REPORT:
I: inspected NI: not inspected
NP: not present D: de cient
One key piece of the process to buy a home is having it inspected. Community Impact spoke with the Texas Real Estate Commission and Joey O’Brien, the owner of Austin- based Inspect It, to lay out the details of the inspection process. The inspection involves a professional canvassing of a new or existing home to ensure it’s up to various building and safety standards. WHAT'S A HOME INSPECTION? Texas does not mandate that home inspections take place, but lenders may require an inspection before a purchase to secure nancing. ARE HOME INSPECTIONS REQUIRED? Professional real estate inspectors are state certi ed, trained and quali ed to inspect homes for both buyers and sellers during a real estate transaction. WHO ARE HOME INSPECTORS?
I
NI
NP D
Final negotiations and closing, or ending option
Agent helps their client searching for a new home
After nding a home, client submits an oer and signs a purchase contract
During the option period, the buyer or seller may schedule an inspection*
ROOF AND ATTIC
A. Foundations TYPE OF FOUNDATION S : COMMENTS: B. Grading and drainage COMMENTS:
*UTILITIES TURNED ON PRIOR TO THE INSPECTION
WINDOWS
FINDING AN INSPECTOR
FLOORS AND CEILINGS
WALLS
The TREC lists all licensed inspectors, including details on education and disciplinary history, at www.trec.texas.gov.
DOORS
STAIRWAYS
Real estate agents can con rm licenses and provide a list of preferred inspectors. Friends and family can also provide recommendations based on past experience.
WHAT DO TEXAS REAL ESTATE PROFESSIONALS DO?
FOUNDATION
DID YOU KNOW?
Not all inspectors are experienced in all aspects of a home. For homes with features like septic or irrigation systems, pools or detached buildings, or if seeking an expert opinion on an issue such as pests, look for an inspector with a background in those areas.
HAVING ISSUES?
Inspections also cover various pieces of the following systems:
Sales agents: handle property transactions for clients on behalf of a broker
Brokers: manage all activities of a real estate o ce, overseeing agents
Appraisers: estimate property values
Inspectors: inspect real estate
Consumers may le complaints with the TREC within four years of an incident. Complaints must be written, and the commission has a stock form available to use at www.trec.texas.gov .
Heating, ventilation and air conditioning
Plumbing and drainage
Appliances
Optional systems
Electrical
Porches, balconies, decks and carports
SOURCES: INSPECT IT AUSTIN, TEXAS REAL ESTATE COMMISSION COMMUNITY IMPACT
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Local businesses o er home improvement tips
HOME IMPROVEMENT AND MAINTENANCE
roof and clean. So, make sure that that’s included, otherwise you’re just going to be stuck having to do that yourself. WHAT WOULD YOU SAY TO PEOPLE WHOSE MAIN CONCERN WITH GETTING SOLAR PANELS INSTALLED IS THE AESTHETICS OF IT? What we always try to do is put the panels on the back of the side of the house. As far as the aesthetics go, sometimes unfortunately we do run into that problem. Do you want to look at black-on-black panel or do you want to keep a $400 or $500 electric bill when you could have a $250 bill? It’s a conversation that we have. ANYTHING ELSE PEOPLE SHOULD KNOW? A lot of companies will not install microinverters. You want to install a microinverter for every single panel because if one panel goes down and you have 20 panels, the others will still work. But the microinverters have a cost associated with them; they’re somewhat expensive. If you don’t have a microinverter and one panel goes down, they all go down like Christmas lights; your entire system will go down all the way on if you don’t go with a company that will install a microinverter for every single panel. Make sure you’re doing business with somebody that’s been around for a while that’s accredited and that has the backing of somebody that is going to be able to support you, because we run into people all the time that have gone solar and they can’t get people on the phone to get anything served. They’re just left stuck. That’s obviously going to leave a bad taste in your mouth about the entire industry.
owner. So, they get the same price and the same rate that the current owner got. HOW SHOULD PEOPLE LOOK TO AVOID BAD ACTORS IN THE INDUSTRY? HOW CAN YOU IDENTIFY AND STEER AWAY FROM THOSE COMPANIES? There’s three bad things about our business. No. 1, a lot of sales people will tell customers that if you go solar when the electricity goes o , your system still works. That’s not true. You have to have electricity for solar to work. No. 2, they will intentionally show you a smaller system size than you need to make the price look better. In that particular case, you end up with an electric bill and a solar bill, and then you’re really unhappy. No. 3 is the way that federal tax credit works. Some people will tell you the federal government is going to write you a check for 30% of your system costs, and that’s not true either. You have to have taxes where you owe money, and you can use that instead of having to pay the government money. I recommend that you get at least more than one quote; then you compare the quotes in terms of the number of panels that they’re putting on your house versus the number of kilowatt hours you use. Then, always compare and make sure that the number of panels in the system service is the same as the other quote. And make sure that you get a production guarantee that says that if [the panels] don’t produce what they’re supposed to produce, they’ll x it for free. Most companies will not do that. WHAT ARE THE MAINTENANCE REQUIREMENTS OR ANY RECURRING WORK THAT NEEDS TO GO INTO MAINTAINING A SYSTEM? Find a company that will either charge you a little [for maintenance] or do it for free because basically what will happen is occasionally you’ll have to get up on your
COMPILED BY KEVIN CUMMINGS
ASK A SOLAR PANEL EXPERT
With the sustained heat of the summer setting near record-breaking temperatures across North Texas, many are looking at getting relief from the heat and from high electricity bills. Serving as the president and CEO of Inspire Solar, a solar energy company with o ces in Richardson, Jason Merritt has seen the demand and technology in the industry change over time. His company seeks to help clients “make informed decisions about their energy future,” according to its website. Here are his tips for homeowners looking to make the switch to solar energy. Answers may have been edited for length and clarity.
and the next person has a two-story house. They can have the same amount of usage, but you can’t put enough panels on there to o set their usage because the panels are not getting enough sun throughout the entire day. WHAT DO YOU SEE AS THE BENEFITS OF SWITCHING TO SOLAR? For example, we used more power in the month of June. We set records in Texas. And we’ve not been told that we have to turn our power o because of [people switching to solar]. So, the bene ts of going solar is that No. 1, the federal government gives you a 30% tax credit. The second is obviously the environmental impact. And the third thing is that with companies like us, there’s no upfront cost. Everything is paid for up front, and then you just pay a ... much lower solar bill than their electric bill, then they do away with their electric bill. All you’re doing is nancing it for up to 25 years, so you will have the same solar array, it will never go higher. So while these costs continue to rise, your solar price will stay the same until you pay it o , and at that point you don’t have a solar bill or an electric bill. WHAT IF I WANT TO SELL MY HOME AFTER GETTING SOLAR PANELS INSTALLED? The new buyer has two choices: They can hold the cost of the solar into the amount nanced, or there is a one-page transfer document at the time of closing the account that transfers it to the new
WHAT SHOULD SOMEONE BE THINKING ABOUT BEFORE THEY EVEN MAKE THAT FIRST STEP IN THE PROCESS OF GETTING SOLAR PANELS? It depends on the knowledge that you have about solar. So, really understanding what solar is and how it works. You want to make sure that you’re dealing with people that are accredited with the Better Business Bureau, in terms of when somebody gets to your house. The most important thing is understanding your usage and your o set. What that means more speci cally is in order for solar to function the way that it’s supposed to, you need to have as high of an o set as 100% or greater. The reason that you do that is because what you’re attempting to do is eliminate your electric bill. The overall purpose of solar is to produce enough solar that you are not only satisfying the needs of your home, but that you’re also able to sell some of it back to the grid. When you sell power back to the grid, [the government] gives you credits. WHAT ARE THE REQUIREMENTS THAT SOMEONE NEEDS ON A HOME? Every time it’s accustomed to each person, so one of the biggest reasons that people can’t get to 100% o set is because their usage is too much and they don’t have the roof space to put enough [panels]. So as an example, you have a one-story house, and you have adequate room; you’re using 15,000 kilowatt hours a year. But then you go around the corner,
Jason Merritt President and CEO of Inspire Solar Inspire Solar 101 W. Renner Road, Ste. 200, Richardson 214-735-5931 www.inspiresolar.com
W. RENNER RD.
75
N
EMPHASIZING ENERGY EFFICIENCY
While the U.S. Department of Energy recommends a professional assessment of a home’s energy e ciency, it is also possible for homeowners to perform one on their own. Here is a list of areas to check when assessing a home’s energy usage.
AIR LEAKS Air leaks can save up to 20% on energy per year if addressed. In
INSULATION Depending on building ages, insulation may not be up to standard. Checking attics, walls near outlets and basements can ensure heat losses are kept to a minimum. Wall insulation may require a thermographic evaluation. APPLIANCES Energy use for appliances can be estimated using the energy guide label on the appliance itself or by using an electricity usage monitor. Unplugging appliances in between uses can keep them from drawing unused electricity.
LIGHTING When replacing bulbs, residents can consider LEDs as well as energy-saving incandescent bulbs. Electric utilities may o er rebates for purchasing energy-e cient lamps. HEATING AND COOLING The U.S. Department of Energy recommends upgrading systems older than 15 years. Checking ductwork for dirt streaks can reveal air leaks, which can be sealed.
addition to leaking windows and doors, check for leaks on baseboards or where di erent building materials meet. Leaks can be sealed or plugged with caulk or weather stripping.
SOURCE: U.S. DEPARTMENT OF ENERGY COMMUNITY IMPACT
14
COMMUNITYIMPACT.COM
INSIDE INFORMATION
COMPILED BY ERIC WEILBACHER
2023 HOME EDITION
RATE CHANGES The Federal Reserve can combat in ation by increasing interest rates or stimulate the economy by lowering them. Over the past 20 years, the rate has uctuated between 0% and 5.25%.
Peak interest rates
6%
2003 After the 2001 recession, interest rates begin to climb up as the economy recovers.
As market values have decreased over the last year, interest rate increases from the Federal Reserve System Federal Open Markets Committee have continued. Interest rate increases occurred after almost every meeting of the group for the past 14 months. HOW IS YOUR INTEREST RATE DETERMINED? When applying for a mortgage or other type of loan, the federal funds rate serves as the baseline for determining an interest rate. FEDERAL FUNDS RATE Current rate target: 5%-5.25%* What is it? This is the interest rate banks use to lend money to each other overnight. Banks are legally required to keep a certain percentage of their customers’ money on reserve, prompting banks to aim for keeping enough money on reserve without going under their limit. Why change the rate? This is used by the Federal Reserve to both control the supply of money available and keep in ation in check. As the rate goes up, it becomes more expensive to borrow money or take out a loan. *AS OF JUNE 14
5%
2022 The Federal Reserve begins ratcheting up rates in response to record in ation.
4%
2020 In response to the economic fallout of the coronavirus pandemic, rates are again slashed to e ectively zero.
3%
2008 In response to the 2008 Great Recession, interest rates are slashed.
2%
1%
0%
SOURCES: FEDERAL RESERVE, CONSUMER FINANCIAL PROTECTION BUREAU, FREDDIE MAC COMMUNITY IMPACT
512-232-5000 EdServices@austin.utexas.edu highschool.utexas.edu
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RICHARDSON EDITION • AUGUST 2023
CONTINUED FROM 1
PGBT TOLL
MARKET SNAPSHOT Since 2019, the number of homes on the market has decreased in each of Richardson’s ZIP codes. At the same time, the median sales price of homes has increased as more people move to the North Texas area.
75
75080 75081 75082
ARAPAHO RD.
N
HOMES ON THE MARKET
MEDIAN SALES PRICE
5-year percentage change
5-year percentage change
800 700 600 500 400 300 200 100
$800K $700K $600K $500K $400K $300K $200K $100K
+49.46%
11.90%
+35.94% +40.11%
16.10%
9.27%
75080
75081
75082
75082
75080
75081
0
0
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT
GROWING DEMAND
city’s population is expected to grow to 138,460 by 2045, an increase of nearly 16% from 2020 that is partly driven by the nearly 100 corporate relocations to North Texas that have taken place over the last several years. Shana Acquisto, president of the Collin County Associ- ation of Realtors, attributes the growth to transportation connectivity, job availability and access to amenities. At the same time, the median home price has risen by more than 39% to $440,000 since 2019, while the number of homes on the market has declined by about 13% in that same time. “There’s going to continue to be stronger demand than there is supply for the near future,” Lynch said. A seller’s market Acquisto said she is beginning to see the real estate market stabilize, noting the change may take a while. However, she added the existing market is shap- ing the calculations people put into buying and selling homes. According to Lynch, around 45% of mortgages have an interest rate of 3% or less. The average in the Dallas area as of mid-July was around 7.22% for a 30-year xed mortgage, according to Realtor.com. “For an individual who owns a home that’s at an interest rate of around 3%, it’s going to be a challenge for them to ... buy another home at today’s rate,” Lynch said. When it comes to selling, higher interest rates have many reconsider- ing or looking to remodel rather than move, in part leading to the decline in available homes.
“Unless [someone] needs to sell ... they’re giving a second thought to whether they really want to because they’re going to give up that low inter- est rate,” Acquisto said. For homebuyers, Lynch said every percent increase in mortgage inter- est rates lowers a person’s purchas- ing power by 10%. According to data from the Collin County Association of Realtors, homes in Richardson were receiving 100% of the asking price on average in June. Due to these factors, Acquisto said many rst-time buyers struggle to enter the market, espe- cially when the supply of homes on the market declines. “Between the home [value] appre- ciation and continued strong demand, it’s driving up the home prices very quickly,” Lynch said. “At the same time, incomes for Texans are not going up that quickly.” Joe Boggs, branch manager with mortgage-lending company Supreme Lending, said this is an issue through- out the region. “Without wages increasing or house a ordability returning, it may take a while for [the housing market] to stabi- lize,” he said. Acquisto said this means buyers may need to reconsider where they’re look- ing and their needs. However, Lynch notes that while buyers’ purchasing power may have declined, it could make cities such as Richardson more attractive than Dallas or northern Col- lin and Denton counties. “If you look into size of the home relative to the pricing, you can ... get a better deal in Richardson,” Lynch said.
According to experts, market demand can be determined by the number of closed home sales in a given period. Since the start of 2023 that number has reached 86% of the total homes sold in Richardson in all of 2020.
2020 2021 2022 2023*
0 300 600 900 1200 1500 1,202 1,400 1,289 1,036
Closed home sales
DECLINING TAXES
Property taxes collected by the city of Richardson have decreased by about 11% since 2019. City Manager Don Magner said the lowered tax rate helps keep the “community competitive and able to continue to attract people and business.”
$0.70
$0.63 $0.63
$0.56
$0.60
$0.62
$0.50
0
*AS OF JULY 25 SOURCES: COLLIN COUNTY APPRAISAL DISTRICT, DALLAS COUNTY APPRAISAL DISTRICT COMMUNITY IMPACT
Building for growth As buyers look at di erent areas, Lynch said there are a many things that can help a city remain attractive as it grows to avoid losing new resi- dents to other cities, in turn losing out on tax dollars that can be used on services. Among those are providing trans- portation, access to quality health care and amenities in close proximity to neighborhoods, along with having high-performing schools and a low crime rate, she said. “People want access to shopping, the convenience of grocery stores, services, doctors and nail salons, things like that,” Acquisto said. “They want to be able to have it close by and have access.”
As Richardson—which is currently 97% built out—continues to grow, Lynch said rising prices and lack of available land to build on could con- tinue to push new residents to look to buy in areas farther north of Dallas County, noting future home develop- ment in the city will likely need to be denser and smaller in size. “I don’t see things slowing down at all,” Acquisto said. “Once [interest] rates start to come back down, which they will, we’re going to continue on with a boom.” Tim Glaze contributed to this report.
For more information, visit communityimpact.com .
16
COMMUNITYIMPACT.COM
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