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RICHARDSON EDITION 2022
ONLINE AT
REAL ESTATE EDITION
VOLUME 4, ISSUE 11 JULY 25 AUG. 24, 2022
REAL ESTATE EDITION 2022
SNAPSHOT
11
IMPACTS
BUSINESS FEATURE
16 DINING FEATURE
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17
Interest rate increase may slow home market
BY JACKSON KING
Median sales prices for homes in Richardson have increased by 61.5% in the last ve years, but that growth could be nearing its end, according to local real estate experts. Hunter Webb, real estate agent at Keller Williams Central 75 in Richardson, said low interest rates and a strong seller’s market in the past few years have led to homes being bought and sold at a faster rate, lead- ing to dramatic price increases. He said some homes are being sold after being on the market for less than a month, rather than the typical two to three months. CONTINUED ON 14
Median sales price of a Richardson home: June 2017: $305,833 June 2022: $493,833 HOME PRICESSOARING Home prices in Richardson have increased over 60% in the past ve years. +61.5%
JACKSON KING COMMUNITY IMPACT NEWSPAPER
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER
Mental health services expanding Collin County o cials are making progress on a number of initiatives meant to expand mental health and medical services. intervene before a mental health crisis occurs as well as to help o - cers responding to mental health calls, department o cials stated. In addition, Collin County’s jail facility is also being expanded in part to better serve mental health patients. The project is one of three county projects funded by the American Res- cue Plan Act, federal funds meant for BY BROOKLYNN COOPER
The following bar chart shows the number of calls the Collin County Sheri ’s O ce received that were classi ed as mental health subjects. A GROWING RESPONSE 400
300
Key
200
Other Collin County emergency departments Collin County Sheri ’s O ce
In Richardson, the police depart- ment has a Crisis Intervention Team that began operating in 2020. The team uses local medical resources through a partnership with Meth- odist Richardson Medical Center to
100
0
NOTE: ALL LAW ENFORCEMENT AGENCIES IN COLLIN COUNTY MAY NOT BE REPRESENTED AS THESE ARE NUMBERS SOLELY REPORTED TO THE SHERIFF’S DEPARTMENT.
2019 2020 2021
CONTINUED ON 18
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
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RICHARDSON EDITION • JULY 2022
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
THIS ISSUE
ABOUT US
Owners John and Jennifer Garrett launched the rst edition of Community Impact Newspaper in 2005 with three full-time employees covering Round Rock and P ugerville, Texas. Now in 2022, CI is still locally owned. We have expanded to include hundreds of employees, our own software platform and printing facility, and over 30 hyperlocal editions across the state with circulation to more than 2.4 million residential mailboxes.
HIGHLIGHTS FROM THIS MONTH
FROM BARB: We may have already passed Independence Day, but there are still many fun things to do in Richardson this summer. Check out our to-do list of upcoming events (see Page 8) for events you will not want to miss! You can share additional events via our online calendar at communityimpact.com/event-calendar/add-an-event.
Community Impact Newspaper teams include general managers, editors, reporters, graphic designers, sales account executives and sales support, all immersed and invested in the communities they serve. Our mission is to build communities of informed citizens and thriving businesses through the collaboration of a passionate team. Our core values are Faith, Passion, Quality, Innovation and Integrity.
Barb Delk, GENERAL MANAGER
FROM ERICK: Welcome to our Real Estate Edition, where you can learn more about the housing market in Richardson and how increasing interest rates have a ected it (see Pages 16-17). We also have a home improvement guide and more real estate news beginning on Page 13. Erick Pirayesh, EDITOR
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RICHARDSON EDITION • JULY 2022
IMPACTS
Businesses that have recently opened or are coming soon, relocating or expanding
COMPILED BY JACKSON KING
PLANO PKWY.
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PGBT TOLL
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JACKSON KING/COMMUNITY IMPACT NEWSPAPER
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moving from its previous store located at 717 Lingco Drive, Ste. 210, back in March. Bigdash offers Mediterranean ice cream and pastries, such as kinafa. 972-979-4098. www.bigdash.com ANNIVERSARIES 7 Salad and Go at 850 E. Campbell Road in Richardson celebrated its one- year anniversary in June. The drive-thru eatery offers made-to-order salads, wraps, soups and drinks. The restau- rant also offers breakfast items, such as organic cold brew and five different breakfast burritos. Salad and Go has another location near Richardson at 14909 N. Coit Road, Dallas. www.saladandgo.com/dallas NEW OWNERSHIP 8 Optometry business Focus on Eyes is under new ownership as of this summer. The previous owner, Dr. Karen Pressburger, recently retired and sold the optometrist office to Dr. Vasantha Kaukuntla, according to Kaukuntla. Focus on Eyes is located at 101 S. Coit Road, Ste. 343, Richardson. The business offers services to adults and children as young a age 1. A grand reopening was held July 11 after minor renovations at the business. 972-644-2020. www.focus-on-eyes.business.site RENOVATIONS 9 Officials with Richardson’s Soccer Spectrum announced plans to expand the
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Krishna Juice
N TM; © 2022 COMMUNITY IMPACT NEWSPAPER CO. ALL RIGHTS RESERVED.
COURTESY KRISHNA JUICE
COMING SOON 1 The Brass Tap announced it plans to hold a soft opening soon at its new Richardson location at 1251 State St. in the space formerly occupied by Coal Vines at the CityLine development. The Brass Tap offers over 150 craft beers from around the world and serves a diverse menu featuring grilled cheese sandwiches and a weekend brunch selection. The bar will also host various events, including live music, karaoke, trivia and music bingo. 813-226-2333. www.brasstapbeerbar.com 2 Jai Meals is coming soon to Rich- ardson at the corner of Coit and Camp- bell roads. Ownership said the vegan restaurant plans to open this summer at 1930 N. Coit Road, Ste. 140. The company is relocating from a previous location in The Shops at Willow Bend food court in Plano. No official grand opening date has
been announced. Jai Meals offers a vari- ety of plant-based foods, including pasta and other dishes. 972-905-4595. www.jaimeals.com 3 Arwa Coffee will be added to the Greenville Business Center in Richard- son later this year. The coffee shop will be located at 888 S. Greenville Ave., Ste. 223, and construction is projected to cost $120,000, according to a Texas Department of Licensing and Regulation filing. No grand opening date has been announced. The cafe will serve a variety of coffee drinks and will include a bread display cafe and coffee bar. 4 Krishna Juice is coming to Richard- son off East Belt Line Road. The juice bar will be located at 1300 E. Belt Line Road, Ste. 300, next to the Mochinut and the Flaming Buffet. No grand open- ing date has been announced. Krishna Juice will provide juices, smoothies and
ice cream. Traditional Indian dishes will also be included on the menu, including vada pav and pini pini. 214-744-5190. www.krishnajuice.com 5 Ward Restaurant and Cafe is planning to open Aug. 1 in Richardson off Greenville Avenue. The cafe will be located at 888 S. Greenville Ave., Ste. 222. The restaurant will be moving into a space previously occupied by Forno Pizzeria and Grill. The cafe will serve a variety of Mediterranean-based food, including hummus and mashawi. A web- site and phone number is not currently available. RELOCATIONS 6 Bigdash Ice Cream and Pastries opened June 25 into a bigger location in Richardson at 888 S. Greenville Ave., Ste. 140. The company announced it was
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
Texas Capital Bank operates at 2350 Lakeside Blvd., Ste. 105, in Richardson. (Jackson King/Community Impact Newspaper) JACKSON KING/COMMUNITY IMPACT NEWSPAPER
FEATURED IMPACT COMING SOON Texas Capital Bank announced it will relocate to a new campus in Richardson in late 2023. Texas Capital Bank’s parent company, Texas Capital Bancshares Inc., signed a 15-year lease with Blue Cross and Blue Shield of Texas to move to the existing campus at 1001 E. Lookout Drive, Richardson. “As we aim to be the employer of choice for people interested in growing their careers in nancial services and technology, this workspace allows us to provide top-of-the-line accommodations for our hardworking and talented teams,” Chief Administrative O cer John Cummings said in a statement. “We are very much looking forward to establishing this as our North Dallas Campus and truly appreciate the partnership of Blue Cross and Blue Shield of Texas.” Texas Capital Bank is a full-service nancial services rm that was founded in 1998. According to a press release, the new o ces will give Texas Capital Bank the space and ability to run its outdoor space later this year. The soccer field facility is located at 1251 Digital Drive in Richardson. Facilities to be added in the expansion include a new exterior canopy, an expanded patio space and improve- ments on the outdoor soccer field. The in- terior bar is also expected to be remodeled as part of the renovations, according to company management. Executive Director Sharon Stringfellow said construction is expected to begin soon and will last 3-4 months. According to a Texas Department of Licensing and Regulation filing, the con- struction is expected to cost $1.3 million. Soccer Spectrum is open from 5 p.m.-1 a.m. Seven days a week. 972-644-8845. www.soccerspectrum.com IN THE NEWS 10 Fossil Group’s Richardson head- quarters were sold July 8 to a local real estate investment group, according to a company statement. JP Realty Part- ners stated it acquired the five-story, 536,000-square-foot property from
technology and operations teams. The 1 million-square-foot Blue Cross and Blue Shield campus opened in 2010. The site encompasses two buildings, a multistory parking garage, a 15-room conference center and a 300-seat auditorium. Texas Capital Bank has begun design and planning work for the campus, which is expected to open by the fourth quarter of 2023. “Our new real estate footprint in Richardson will allow for an improved employee and client experience,” Catherine Zalatoris, Texas Capital Bank executive vice president, said in a statement. 972-656-6700 (Lakeside Drive location). www.texascapitalbank.com
Call (972) 665-8313 or visit HomeInstead.com/278
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previous business owner Swig Co. The headquarters are located at 901 S. Cen- tral Expressway and has been occupied by Fossil Group since March of 2011. The property includes 29 acres at the southeast corner of Spring Valley Road and Central Expressway, with 9.4 acres available to develop, according to mar- keting materials. 972-234-2525. www.fossilgroup.com CLOSINGS 11 The Communion Modern Diner permanently closed June 23, according to a sign posted on the diner’s door. The closure was caused by an “unprecedented price increase” from the diner’s vendors, the sign stated. The diner was located at 514 Lockwood Drive and was part of the Communion Neighborhood Cooperative, which also includes the Communion coffee shop and a coworking office space. www.communioncooperative.com/ coffee-eats
(214)-619-3555
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RICHARDSON EDITION • JULY 2022
TO DO LIST
August events
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SHOP OUTDOORS AND LISTEN TO MUSIC CITYLINE
The Boho Market returns to CityLine with its monthly outdoor market. The event will include around 45 local vendors and live music taking place throughout the day and into the night. According to the event announcement, the market will include local, vintage, handcrafted and fair-trade products. This is an outdoor event. All day. Free. CityLine Plaza, 1150 State St., Richardson. 972-739-5080. www.citylinedfw.com
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11 AND 16
COMPILED BY ERICK PIRAYESH AUGUST 02 AND 09, 16, 23 COMPETE IN TRIVIA
GET READY FOR SCHOOL Plano ISD students return to school Aug. 11, and Richardson ISD starts Aug. 16. RISD’s school year will end May 26, and PISD’s school year will end May 27. Class start times range from 7:30-9:20 a.m. Exact times can be found on each district’s website. 469-752-8100 (PISD), 469-593-0000 (RISD). www.pisd.edu, www.risd.org 19 THROUGH 21 AND 26 THROUGH 28 CATCH A MUSICAL PLAY The Repertory Company Theatre presents its version of “Godspell: The Musical.” The play tells the story of a group of disciples who help Jesus bring his teachings to life through games, stories and song, according to the play description. 7:30 p.m. (Fri.-Sat.). 2 p.m. (Sun.). $18-$32. Repertory Company Theatre, 770 N. Coit Road, Richardson. 972-690-5029. www.rcttheatre.com 21 ENJOY A MUSICAL PERFORMANCE The High Art Foundation performs “Henosis-An Explosion of Classical Voices” at the Eisemann Center in Richardson. The show will include various performances from “vocal masters’’ with musical styles from classical, spiritual, operatic and art song genres, according to the event description. Proceeds from the show will bene t The High Art Foundation, an organization that provides high school students and young artists with scholarships and mentorships, the event release stated. Tickets can be purchased online. 7 p.m. $20. 2351 Performance Drive, Richardson. 972-744-4650. www.eisemanncenter.com/ events-tickets
Trivia Tuesday at Guitars and Growlers takes place each week in Richardson. Using one smart device, teams work to answer a variety of trivia questions. Guitars and Growlers is a craft beer taphouse and restaurant that also sells handmade guitars. 7-9 p.m. Free. Guitars and Growlers, 581 W. Campbell Road, Ste. 101, Richardson. 469-904-5165. www.guitarsandgrowlers.com/ richardson-location 03 AND 17 GO FOR A SOCIAL RUN The 5’n Wine Social Run takes place at CityLine Park and the Spring Creek Nature Area in Richardson. Prospective runners will meet at the CityLine Whole Foods Market before embarking on the 5K run, which is slightly over 3 miles. After completing the run, a celebratory social hour will take place at the Whole Foods bar, according to the event release. Those looking to join are encouraged to register online. The event takes place on the rst and third Wednesday of each month. 6:30-8:30 p.m. Free. 1411 E. Renner Road, Richardson. 214-273-0902. www.citylinesocialrun.splashthat.com 06 SEE A SHOW AT THE TAVERN Rocky Athas and special guest Eric Hisaw Band play at the Six Springs Tavern in Richardson. The event listing states Rocky Athas is a blues-rock guitarist with a “punishing style” while Eric Hisaw Band is a throwback-style rock band. This is an age 21-and-up event. 7 p.m. $12. 147 N. Plano Road, Richardson. 469-917-3040. www.sixspringslive.com
FDI-1867K-A © 2022 EDWARD D. JONES & CO., L.P. ALL RIGHTS RESERVED.
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.
8
COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
TRANSPORTATION UPDATES Eminent domain power upheld for Texas Central
ONGOING PROJECTS
BY JISHNU NAIR
The Texas Supreme Court issued a 5-3 ruling June 24 that upheld Texas Central’s right to use eminent domain for its planned high-speed railroad between Houston and Dallas. Justice Debra Lehrmann delivered the court’s majority opinion with input from Chief Justice Nathan Hecht, Justice Brett Busby, Justice Je Boyd and Justice Evan Young. Justice Rebeca Huddle delivered the dissenting opinion with input from Justice Jimmy Blacklock and Justice John Devine. Justice Jane Bland did not participate. Katharine Barnes, listed on LinkedIn as Texas Central’s counsel and director of right-of-way, said in an email to Community Impact Newspaper that the company was “appreciative” of the decision. “We are appreciative to the Texas Supreme Court for their time and consideration of this important issue as we continue work on this
N
ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JULY 18. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT RICNEWS COMMUNITYIMPACT.COM. Funding sources: 2015 bonds, 2021 bonds, Dallas County Major Capital Improvement Program funds McKinney Street construction in CORE District Parts of McKinney Street will see temporary road closures as construc- tion and rehabilitation takes place in Richardson’s Core District. The work will mostly take place just north and south of Main Street. It is one of many projects intended to revitalize the dis- trict, o cials said. The project includes repaving the street and replacing utili- ties while also providing new landscap- ing and trees. Timeline: July-August Cost: $1.3 million
“IT’S ABOUT IF TEXAS CENTRAL HAD THE AUTHORITY TO PURCHASE A STRIP OF LAND.” PETER LECODY, TEXAS RAIL ADVOCATES PRESIDENT
The groundbreaking for Texas Central’s high-speed railway from Houston to Dallas remains delayed. (Rendering courtesy Texas Central)
high-speed passenger train rail,” Barnes said in a statement. The project would use a system modeled after Japanese Shinkansen bullet trains to transport passengers between the two cities. Peter LeCody, the president of the Dallas-based nonpro t Texas Rail Advocates— which led an amicus brief in support of Texas Central—said the decision opened doors to new rail companies
wanting to lay tracks in Texas but that there was still some uncertainty. “It wasn’t about if high-speed rail is good or bad; it’s [about] if Texas Central had the authority to purchase a strip of land for the rail,” LeCody said. “[However], with the pandemic in place for two years and six months of diddling from the Supreme Court, where does this leave Texas Central?”
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To take a free heart risk assessment visit MethodistHealthSystem.org/HeartHRA or call 877-637-4297 for a physician referral.
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 Health System or Methodist Richardson Medical Center. 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.
9
RICHARDSON EDITION • JULY 2022
CITY & SCHOOL
News from Richardson & Richardson ISD
COMPILED BY JACKSON KING
Richardson City Council meets Aug. 1, 8, 15 and 22 at 6 p.m. at City Hall, 411 W. Arapaho Road, Richardson. www.cor.net. The meetings are open to the public and streamed live online. Richardson ISD board of trustees meets Aug. 11 and 25 at 6 p.m. at the RISD Administration Building, 400 S. Greenville Ave., Richardson. www.risd.org MEETINGS WE COVER However, expenditures of $736.7 million, including a state recapture payment of $226.9 million, are expected to lead to the $38.9 million decrease in the district’s existing balance of operating funds. RICHARDSON After holding its rst festival in two years during the spring, the city of Richardson announced Michelle McDowell Smith as the featured artist for the fall 2022 Cottonwood Art Festival. Smith’s work is known for combining collage and acrylic paint. PLANO ISD Trustees adopted a budget de cit of $38.9 million for the 2022-23 school year during the board’s June 21 meeting. General fund revenue is projected to increase to $698.2 million. HIGHLIGHTS RICHARDSON Ally Haynes- Hamblen will be taking over Sept. 19 as executive director for the Charles W. Eisemann Center, according to a July 21 city press release. She replaces retiring director Bruce MacPherson, who has served as the center’s managing director since 2000. RICHARDSON The city announced July 6 that it had hired 25 lifeguards, which allows the Heights Family Aquatic Center to open on weekends for the remainder of the summer. The water park is targeted to be open Friday-Sunday from July 15-Aug. 14, or as long as sta ng levels can be maintained.
Richardson ISD selects lone nalist for new superintendent
City planning nearly $500K in park projects RICHARDSON The city reviewed recent and upcoming parks and recre- ation projects at the June 20 City Council meeting. The review was part of the city’s e ort to update the Parks and Recreation Open Master Plan. A rewrite of the plan is conducted every 10 years with an update RICHARDSON ISD The board of trustees named interim Superinten- dent Tabitha Branum the lone nalist to become the district’s full-time superintendent during its July 18 meeting. Richardson ISD has been in need of a permanent superintendent since December when the board of trustees accepted the resignation of former Superintendent Jeannie Stone. The board named Branum as the interim superintendent after accepting Stone’s resignation. During the meeting, the board voted unanimously in support of Branum, citing her past experience with the district. She joined RISD eight years ago as assistant superintendent every ve years. The last update was adopted by council members in 2017. During scal year 2021-22, the city worked on ve parks projects totaling $576,500. City o cials expect ve projects to be done during FY 2022-23, which are expected to total $480,000. The projects were funded in part by the maintenance fund.
before becoming the district’s deputy superintendent. “Tabitha Branum demonstrated that her unique leadership capabil- ities and track record of success in RISD were exactly what the commu- nity was looking for,” board President Regina Harris said. “Ms. Branum can relate to RISD, has shown leadership in building community consensus, is transformative and has a strong academic conviction.” With her appointment, Branum will become RISD’s 10th superintendent since 1946. According to district o cials, Branum has been a Texas educator for 25 years with service as a classroom teacher, assistant principal, technology leader, principal
and curriculum leader. “I am honored and humbled to continue my service to RISD as superintendent,” Branum said in
Tabitha Branum
City set to expand water distribution e orts this year RICHARDSON The city is expanding its water distribution system with a 5 million-gallon storage tank in the area near Point North Park. An agreement to construct the tank was approved July 11. O cials said construction should begin later this summer and be fully complete by fall 2024. Construction of a new water transmission line is expected in fall 2023. The city plans to relocate some park facilities to give room for the new tank. a statement. “I’m grateful for the trust that our board has placed in me, and I accept this responsibility with great excitement for the future of Richardson ISD, our students, our sta and our community.” Branum cannot be o cially hired by the district for 21 days, according to Texas state law. The board plans to approve Branum’s hire at its Aug. 9 meeting.
PARKS WORK BREAKDOWN
• Replacing the in eld material and backstop at Mark Twain Park’s baseball eld: $71,000 • Replacing the east backstop at the Heights Park softball eld: $45,000 • Constructing a new bridge at the Cottonwood Park south pond crossing: $250,000 • Replacing the restroom building at Creek Hollow Park: $200,000 • Replacing the ooring at the Hu ines Tennis Center: $10,500 Richardson worked on parks projects throughout the city during scal year 2021-22.
2021 22 TOTAL COST: $576,500
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
2022
REAL ESTATE EDITION
REAL ESTATE DATA 2021-22 Richardson
Data on the real estate market in Richardson
COMPILED BY WILLIAM C. WADSACK
real estate market at a glance While homes are spending fewer days on the market in the Richardson area, the options potential buyers have to choose from are slimmer than the year prior as fewer homes are being sold in the area’s ZIP codes. Home prices also increased in all of the ZIP codes in the area.
75080 75081 75082
PGBT TOLL
75
N
SOURCES: COLLIN COUNTY ASSOCIATION OF REALTORS, FREDDIE MAC COMMUNITY IMPACT NEWSPAPER
Average days on market
Average home sales price
June 2020-May 2021
June 2021-May 2022
June 2020-May 2021
June 2021-May 2022
37
75080
33
$342,750
+16.92%
$400,750
26
75081
19
$315,000
17
+19.02%
14
$374,900
75082
$410,00
75080 -48.48%
75081 -26.92%
75082 -62.16%
+23.17%
$505,000
Number of homes sold
National mortgage rate data Mortgage rates steadily declined early in the pandemic with the 30-year xed-rate mortgage dropping to as low as 2.65% in January 2021. Rates have since increased, spiking to their highest point since 2009 as of early May.
June 2020-May 2021
June 2021-May 2022
672
604
30-year xed-rate mortgage
15-year xed-rate mortgage
5.27%
5%
446 437
4.51%
3.72%
4.52%
4%
282
2.65% 3.22%
253
3%
3.99%
3.16%
2% 0 January 2019
-10.28%
-10.12%
75081 -2.02%
2.16%
2.43%
75080
75082
January 2020
January 2021
January 2022
11
RICHARDSON EDITION • JULY 2022
PEOPLE Gage Mueller Solar energy specialist, ADT Solar BY LAURA ROBB
Gage Mueller, a solar energy specialist at ADT Solar, has experience in the solar industry as both a customer and a service provider. After installing solar panels on his own house in 2017, Mueller’s interest in solar grew until he decided to pursue a career in the industry in 2020 with SunPro—now known as ADT Solar, a residential and commercial solar panel company. In 2020, ADT Solar installed panels which produced more than 43,600 kilowatts of solar energy in Texas, according to Solar Power World. Answers have been edited for length and clarity.
Gage Mueller said solar panels can increase a home’s value without increasing property taxes. (George Wiebe/Community Impact Newspaper)
STATE stats
WHAT QUESTIONS SHOULD PEOPLE ASK WHEN CONSIDERING SOLAR? Homeowners should ask: ‘Do I qualify for the tax credit?’ They should call their [certi ed public accountant], because the solar sales guy will say, ‘The government will give you 26%.’ But it’s not true—you have to qualify. The other question that I tell people to get answered is: How will this a ect your homeowner’s insurance? ... Anything attached to the dwelling is covered by homeowner’s insurance. Your premium may go up—but you need to know that ahead of time to
make an informed decision. Once solar is up, there’s nothing you can do. DOES SOLAR AFFECT APPRAIS ALS AND PROPERTY TAXES? Most of the time, solar increases the value of your house—which is good, but you don’t pay a higher property tax. If your house appraises for $200,000 today and you put $20,000 worth of solar on it, then it appraised for $220,000. Your tax liability is still $200,000—because $20,000 is solar renewable energy and quali es for an exemption. You gain the value in the appraisal, but not in property taxes.
According to the Solar Energy Industries Association, the national trade association for the solar industry, Texas was ranked number one in the nation for solar panel use in the rst quarter of 2022. SEIA data predicts Texas will lead the nation in growth in the solar industry over the next ve years.
10,088 jobs in the
of the state’s electricity is solar
3.75%
solar industry
506 solar companies 202 installers and developers
85 manufacturers
219
other
SOURCE: SOLAR ENERGY INDUSTRIES ASSOCIATION COMMUNITY IMPACT NEWSPAPER
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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
BUYING TREND Growing number of DFW homes sold in 2021 went to institutions
2022 REAL ESTATE EDITION
INCREASE IN INSTITUTIONAL BUYERS
The percentage of homes bought by institutions in 2021 was higher in North Texas counties compared with the state and national gures. Institutions are de ned as companies, corporations or limited liability companies.
39% 34% Collin County Denton County
BY SARA RODIA
because they o ered cash, purchased the property ‘as is,’ or o ered a guaranteed purchase,” according to the report. More institutional buyers may also change a community. “If the investor makes high-quality repairs and updates to the properties, then it could be an improvement to a neighborhood,” said Taylor Walcik, president of the MetroTex Associa- tion of Realtors based in Grapevine. “If the investor makes lower-quality modi cations to a property, it could de nitely go the other way and make the neighborhood not as appealing as it should be.” Umit Gurun, who holds the posi- tion as the Ashbel Smith professor of accounting at The University of Texas at Dallas, researched the trend of institutional homebuyers in DFW. He said there were two main shifts in the marketplace with these institutional investors. “One of them is that they become a big landlord,” Gurun said. “So they become the biggest landlord in the area, which gives them pricing power, which means they can increase the rent at higher levels, so that is kind of a monopoly on pricing.” The other shift he observed is institutional owners’ ability to repair houses at cheaper prices. “If you go to an area where a majority of the houses are owned by a landlord, you end up paying higher prices, but at the same time these institutional investors help the neigh- borhood through some amenities,”
U.S. 13.2% Texas 28%
Tarrant County
Dallas County
A growing number of homes in North Texas are being purchased by institutions rather than individuals. A report released in May by the National Association of Realtors shows Collin, Dallas, Denton and Tar- rant counties had among the highest percentage of institutional buyers of anywhere in the nation when it came to residential home sales last year. The association de ned institu- tional buyers as companies, corpora- tions or limited liability companies. Tarrant County was the third highest in the nation with 52% of all home sales last year going to compa- nies, according to the report. Dallas County came in seventh with 43%, Denton County was 11th with 39%, and Collin County tied for 20th place with 34%, the report showed. Nationwide, institutional buyers made up 13% of the residential sales market in 2021, the report stated. Among states, Texas had the high- est percentage of institutional buyers with 28%, the report stated. That is a 4.6% increase from the institutional buyer share in 2020, according to the report. The association’s report found the increase in institutional buyers reduced available housing stock, creating a more competitive real estate market for individual buyers and increasing the number of rentals. That, in turn, led to a higher tenant turnover rate, according to the report. “The major reason homeowners sold to institutional buyers was
52% 43%
SOURCE: NATIONAL ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER
TYPES OF INSTITUTIONAL BUYERS The National Association of Realtors surveyed real estate agents in residential and commercial transactions about how single-family properties purchased by institutional buyers are returned to the market. Results are based on 3,644 responses from across the country.
45%
They resell or ip.
42%
They list as a rental. They have shared ownership/ shared equity. They rent to own. Properties are owned by a bank or short-sale buyers. Other
3%
6%
NUMBERS DO NOT ADD UP TO 100% DUE TO ROUNDING.
4%
SOURCE: NATIONAL ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER
1%
Gurun said. With institutional buyers, home prices are likely to increase, said Marissa Benat, president of the Collin County Association of Realtors. “Where buyers will win is that overpriced homes are going to stand out much more if a home doesn’t sell due to price or condition,” Benat said. “Price can overcome a lot of conditions, but consumers should question why a particular home has longer days on market than compara- ble sales.” Institutional buyers have also been
changing the way they approach purchases. Shelby Kimball, manager at Kimball Real Estate in Fort Worth, said he is seeing institutional buyers in Tarrant County take di erent approaches compared to previous years. “We used to see more institutional buyers come in with lower o ers, but now, to me what’s really changed is that the o ers from institutional buyers are [at] asking price or above and all in cash still. …,” Kimball said. “It’s hard for other individual buyers to compete with that.”
2011 N Collins Blvd Suite 711 Richardson, TX 75080 www.bfgtaxhelp.com (469) TAX-HELP
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13
RICHARDSON EDITION • JULY 2022
CONTINUED FROM 1
MORTGAGE INTEREST RATES & RECESSIONS
20%
18% to 13%
17.5%
16% to 11.75%
15%
Interest rates historically tend to go up at the beginning of the recession and are then
12.5%
lowered to stimulate the economy. The result is a repeated increase in interest rates followed by a decrease. Here is a history of mortgage interest rates with the change in rates noted during each recession.
11% to 8.75%
10%
7.5%
6% to 4.875%
7.375% to 6.75%
5%
Mortgage rate
2.5%
3.75% to 2.75%
Shaded areas indicate periods of recession
0%
SOURCE: FREDDIE MAC COMMUNITY IMPACT NEWSPAPER
MAPPING OUT THE COST
June 15 announcement that another increase is up for further debate. Even before the interest rate increase, Webb said he had seen home buyers starting to be priced out of areas, such as Richardson, that are near Dallas. He said that has forced people to move farther north in the metroplex. Most of the sales price growth in Richardson has come from people moving in from outside of the metro- plex, including from California and New York, according to Webb. “Everybody’s kind of playing a game of musical chairs and trying to nd where they can still a ord to own a nice house and have a good life to raise their families,” Webb said. A seller’s market A lack of new construction and housing projects have led to increased competition for existing homes, according to Webb. “The pandemic brought construc- tion to a halt, which made several cit- ies unable to build homes to meet the demand for new houses,” he said. Webb said the halting of construc- tion ended up bene ting real estate agents tremendously as it generated more pro t from selling pre-existing homes rather than newly built ones. “A lot of these agents realized that they could sell $600,000-$800,000 houses and have better pro t margins than building $200,000-$400,000 homes,” Webb said. “As a result, the product they were putting out there wasn’t necessarily for the rst-time home buyers.” Webb said buyers are now able to make a choice on where they live
Percent increase of sales price of home from 2017-2022
These gures show how much the median sales price of homes in each ZIP code across Richardson has increased in the last ve years, according to data from the Collin County Realtors Association.
+51.3%
75082
PGBT TOLL
+65.7%
Changes in median sales price:
The 75081 zip code saw the greatest increase in median sales price over the past ve years but is still the most a ordable area on average to buy a home in Richardson, according to the data.
75080
JUNE 2017
JUNE 2022
+72.5%
75
$271,500
75080
$450,000
75081
$255,000
75081
$440,000
N
$391,00
75082
$591,500
SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER
But Webb said recently he has noticed the return to a more bal- anced market, where people are still able to sell homes while giving buy- ers more options. He expects further progress as sales continue to slow and prices begin leveling. “As this market evens out, hope- fully you’ll be paying closer to mar- ket value for the house,” Webb said. “Even though those interest rates may be rising, you’re going to be able to purchase homes at a more reason- able price.” Lower home prices could help buyers as the average salary growth in Richardson has not kept up with housing costs, according to the latest data from the U.S. Census Bureau. From 2015-2020, the average house- hold income in Richardson increased by 17.8%. In ation and a recent economic downturn is another factor that could further reduce housing costs,
according to Manasseh Durkin, chair of the Richardson Chamber of Com- merce board of directors. With in ation rising and sala- ries remaining steady, he said Fed- eral Reserve o cials have begun to increase interest rates. Real estate experts believe higher rates could limit the ability of potential homeowners to secure mortgages, which would make it more di cult to sell homes. “It is good for our houses to be valued high as an asset,” said Clin- ton Ball, president of the Highland Terrace Neighborhood Association. “However, the way the state and city value and calculate our taxes is increasing at an alarming rate, making it harder on many families.” While this trend has increased home values for many residents, Ball said it has also created new nancial challenges for some homeowners in the area. He described Highland Terrace as one of Richardson’s most desirable areas and said three houses
have been sold in the neighborhood in the last 90 days. City o cials have said high home prices can be bene - cial to the community. “When property values are strong, that’s an indication that the commu- nity is desirable and that the housing stock is well taken care of,” Richard- son City Manager Don Magner said. Market downturn After the federal economy posted two straight quarters of negative growth, in ation across the country rose to 6.3% in May, according to a U.S. Department of Commerce Report. In response, the Federal Reserve Board raised its e ective rates by 0.75%—the largest rate increase in nearly three decades, o cials announced June 15. According to federal reserve o - cials, the rate increase will limit indi- viduals’ borrowing power, which will impact their ability to le for mort- gage loans. Federal Reserve Chair Jerome H. Powell said during the
14
COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM
2022 REAL ESTATE EDITION
INCOMES IN RICHARDSON While Richardson’s median household income has steadily increased in recent years, data shows it is not increasing at the same rate as median home prices. According to the latest data from the U.S. Census Bureau, these gures show how the estimated median household income compares to the median home sales price in Richardson from 2015-2020.
because of the shift toward working from home, which has given them more incentive to sell their houses. “The days of having to choose where you lived based solely on your job are over,” Webb said. Finding a home Richardson is 96% developed, with the remaining undeveloped land not being planned for housing projects, according to Magner. Still, portions of the city have been the focus of redevelopment projects, which have incorporated mixed-use developments with housing, retail and o ce elements. Projects being designed or under construction include the Belt+Main development, which will add 350 multifamily units and 7,000 square feet of resident ame- nities in addition to 15,000 square feet of restaurant and retail space. Magner said these types of projects incorporate Richardson’s focus on “workforce housing.” This alterna- tive to a ordable housing projects is designed to be both cost e ective and convenient for workers. The Belt+Main project and Dallas Area Rapid Transit’s
Arapaho Station will combine retail shopping, dining and modern housing units, according to city o cials. “We are working with developers to create multifamily units that are smaller,” Magner said. “These units are cost e ective for certain segments of the workforce.” However, some residents have said multiuse developments can present issues for those living in traditional single-family neighborhoods. Ball said residents in the Highland Terrace neighborhood, which is located next to the Belt+Main development, are expecting to have noise and speeding issues once the complex is built. “Highland Terrace has a big prob- lem dealing with the increase in traf- c volume,” Ball said. “We are very concerned about even more prob- lems once the new apartment com- plex is complete.” Potential market e ects The increase in interest rates is also expected to have a dramatic impact on the amount of homes being sold. Durkin said he has seen a large number of homes ooding the market in a rush
2015 median home sales price in Richardson: $237,500 2020 median home sales price in Richardson: $325,000 Increase from 2015 to 2020: 36.8%
2015 median household income in Richardson: $72,427 2020 median household income in Richardson: $85,350 Increase from 2015 to 2020: 17.8 %
SOURCES: COLLIN COUNTY ASSOCIATION OF REALTORS, U.S. CENSUS BUREAU COMMUNITY IMPACT NEWSPAPER
to get ahead of the interest rate spike. Once interest rates rise, Durkin said homeowners should expect to lower asking prices to accommodate increased mortgage payments. “Interest rates rising is going to sup- press that house price and drive the market down,” Durkin said. “There’s either going to be less demand or you’re going to go nd something that’s cheaper to meet the new monthly mortgage payment.” Durkin said increased interest rates
are often the rst step in a market recession, which could impact the entire economy. “Everyone should be concerned about it,” Durkin said. “I think we should put our minds together to determine what we can do to o er services and support the community as a whole.”
For more information, visit communityimpact.com .
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RICHARDSON EDITION • JULY 2022
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