Lewisville - Flower Mound - Highland Village | July 2022

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LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION 2022 VOLUME XX, ISSUE XX XXXXXXXXXX, 2022

ONLINE AT

REAL ESTATE EDITION

VOLUME 5, ISSUE 9 JULY 13AUG. 16, 2022

LOCAL ACTIVE LISTINGS

FOR SALE

Active listings have continued to increase in Lewisville, Flower Mound and Highland Village since 2021. The market is seeing more listings as interest rates increase.

24.7% 22.2% 60%

IMPACTS

Lewisville

Flower Mound

Highland Village

SOURCE: GREATER LEWISVILLE ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER

TODO LIST

REAL ESTATE EDITION 2022

SAMANTHA DOUTYCOMMUNITY IMPACT NEWSPAPER

Area sees higher interest rates, home prices up With home prices continuing to rise along with interest rates, changes are taking place in the Lewisville, Flower Mound and Highland Village housing markets. buyers—still face challenges. “[The market] just recently changed,” said Jason Haugen, a Highland Village-based Realtor and Haugen Properties owner. “It’s not a buyer’s market, it’s still a seller’s market. But it’s not as good of a seller’s market as it was, and it is CONTINUED ON 14 BY SAMANTHA DOUTY Although more homes are now coming on the market than in previous years, homebuyers—particularly rst-time

SNAPSHOT

13 10

HOME IMPROVEMENT

Mall courts local owners as tenants

BUSINESS FEATURE

BY SAMANTHA DOUTY

rates. She opened The Hair Box in July 2021. Now, a year later, she opened a second business, I Feel Pretty Kids Spa and Entertainment, in the same mall. Her latest business opened in April. “It really gives you an opportunity,” CONTINUED ON 18

LaChandria Holt knew she wanted to open her own business, but it was a matter of nding the right place for her. As Holt worked to open her wig store, the Hair Box, she learned about Music City Mall and its aordable leasing

People walk around Music City Mall as live music is played on June 28.

DINING FEATURE

SAMANTHA DOUTYCOMMUNITY IMPACT NEWSPAPER

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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 Pugerville, 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 CATHY: The current real estate market continues to keep us all on our toes. Whether you make your home in Lewisville, Flower Mound or Highland Village, our front-page story takes a look at the number of homes available and unique circumstances seen in each city. I encourage you to check out our annual real estate guide starting on Page 10. Cathy Williams, GENERAL MANAGER

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.

FROM SAMANTHA: Growing up I spent nearly every weekend roaming the mall with my friends. In Lewisville, the Music City Mall looks to change what it means to be a mall by putting an emphasis on helping local businesses open and thrive. Read the story on how the mall has changed and plans for its future on Page 18. Samantha Douty, EDITOR

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LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

IMPACTS

Businesses that have recently opened or are coming soon, relocating or expanding

HIGHLAND VILLAGE

BRIARHILL BLVD.

LEWISVILLE LAKE

MAIN ST.

SRT TOLL

LLELA NATURE PRESERVE

35E

JUSTINRD.

WINDHAVEN PKWY.

11 4

407

7 8 6

D I X O N L N .

COTTONWOOD CREEK

544

DEERCREEK

PARKER SQUARE RD.

121

Athletico Physical Therapy

CHERRY CREEK WALLER CREEK

COURTESY ATHLETICO PHYSICAL THERAPY

JUSTINRD.

SRT TOLL

LEWISVILLE

35E

121

FLOWER MOUND

SRT TOLL

GRAPEVINE LAKE

Bahama Bucks

MAP NOT TO SCALE

COURTESY BAHAMA BUCKS

NOW OPEN 1 Awesome Times opened June 13 at 2630 Main St., Ste. 107, Highland Village. The restaurant is family-friendly and serves wings, sandwiches, teri- yaki bowls and salads. In addition, it will have a year-round menu with seasonal oerings. 214-755-0258. www.awesometimestx.com 2 Valerie’s Taco Shop opened a new location June 27 at 4150 Justin Road, Ste. 120, Flower Mound. The Mexican restaurant will sell a variety of meat and vegetable tacos, including carne asada, grilled shrimp and carnitas. It will also oer burritos, quesadillas and breakfast options. www.valeriescorporate.com

3 Castle Hills Auto Services & Repairs opened May 24 at 2000 FM 544, Lewisville. The full-service auto shop oers services for AC repair, brakes, car batteries, electrical issues, engine lights, general maintenance, oil chang- es, state inspections, tire rotations, and wheel alignment and balancing. Castle Hills Auto Services & Repairs previously had a Frisco location. 972-300-0035. www.castlehillsautoservice.com 4 Athletico Physical Therapy opened June 13 at 4770 SH 121, Ste. 130, Lewis- ville. It is located in the Lewisville Towne Crossing shopping center. The location oers a variety of physical and occupa- tional therapy as well as rehabilitation and workers’ compensation services to help patients recover from injuries.

469-664-0026. www.athletico.com/ locations/the-colony 5 North Texas GI Associates opened June 1 at The Shops at Highland Village. The business is located at 1100 Cot- tonwood Creek, Ste. 120, in Highland Village. North Texas GI Associates is a gastroenterology practice. It originat- ed in Denton over a decade ago. Both locations are by appointment only. 940-566-4720. www.ntgia.com COMING SOON 6 Little India is set to open in Lew- isville. The restaurant will open at The Realm at Castle Hills, but an ocial opening date is not yet available, accord-

ing to a Realm news release. The Realm is located at 4400 SH 121. Little India will be a ne-dining Indian restaurant as well as a grocery market. All meat at the restaurant will be halal, and to-go orders will be available, according to The Realm at Castle Hills website. 7 A second Bahama Bucks is set to open in Lewisville. This branch will be lo- cated at The Realm at Castle Hills, but an ocial opening date is not yet available, according to a Realm news release. The Realm is located at 4400 SH 121. Bahama Bucks will serve shaved ice, smoothies and lemonades, according to the release. www.bahamabucks.com 8 Luster Grill will open at The Realm at Castle Hills in Lewisville. Luster Grill is a

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COURTESY CRUMBL COOKIES

FEATURED IMPACT COMING SOON Crumbl Cookies is scheduled to open in Lewisville, but an ocial opening date is not yet available. The bakery will be located at 4770 SH 121, Ste. 155, according to a Texas Department of Licensing and Regulation project detail document. Crumbl Cookies has a location open in Flower Mound. The company oers a rotating menu of cookies. www.crumblcookies.com new restaurant serving teriyaki-inspired dishes and sushi, according to a Realm news release. Luster Grill is part of the 11 new units at The Realm that will occupy nearly 35,000 square feet and open be- tween the spring and summer. The Realm at Castle Hills is located at 4400 SH 121, Lewisville. 9 Hotworx is set to open in July at The Realm at Castle Hills. Hotworx is a tness studio that oers members unlimited, 24-hour access to virtually instruct- ed, infrared sauna workouts. Some of these workouts include hot yoga, hot Pilates, hot cycle and more. Hotworx is located at 4622 Windhaven Parkway, Ste. 300, Lewisville. 469-991-0072. www.hotworx.net/studio/ lewisville-castlehills 10 Chandler’s Kitchen is expected to open in July in Flower Mound. It will be located at 890 Parker Square Road, according to its Facebook page. The restaurant does not have a menu yet, but it has posted photos of its steak and schnitzel to be oered on Facebook. www.facebook.com/ chandlerskitchenandbar 11 Mountain Mike’s Pizza is opening a location at 4740 SH 121, Ste. 900, Lewisville, according to a Texas De- partment of Licensing and Regulation project document. Mountain Mike’s Pizza

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LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

TODO LIST

July & August events

COMPILED BY DESTINE GIBSON

JULY 17 GO HIKING

is hosting a movie night at its indoor pool. Adult supervision is not required for kids age 10 and older. The center plans to screen “The Greatest Showman” beginning at 7 p.m. The movie may change without notice. 6:30 p.m. Free (members), $4-$8 (nonmembers). Community Activity Center, 1200 Gerault Road, Flower Mound. 972-874-7275. https://tinyurl.com/2frsrfv4 AUGUST 12 THROUGH 13 READ COMICS The Dallas Comic Show returns to Music City Mall. The two-day convention features comic book guests, media guests, costumed characters, gaming and anime content. The event also includes a vendor hall where visitors can shop for collector’s items. 4 p.m. (Aug. 12), 6 p.m. (Aug. 13). Free (admission). Music City Mall, 2401 S. Stemmons Freeway, Lewisville. 972-315-0015. Stardom Entertainment is bringing its “Elvis Gospel and Beyond 2022” production to Lewisville Grand Theater. The show features songs, stories and the history of Elvis Presley. It also features southern gospel group The Blackwood Quartet performing some of Presley’s personal favorites. The show also showcases Kraig Parker, an Elvis Tribute Artist from Dallas. 7:30 p.m. Tickets start at $25. Lewisville Grand Theater, 100 N. Charles St., Lewisville. 972-219-8446. www.showtix4u.com www.dallascomicshow.com 20 LISTEN TO MUSIC

The Lewisville Lake Environmental Learning Area hosts a guided nature walk every third Sunday. The upcoming session will be an indoor class featuring a “Damsels and Dragons” presentation by Michael Fox, a local naturalist, photographer and dragony expert. Registration is required. 9-10:30 a.m. Free. Thrive, 1950 S. Valley Parkway, Lewisville. 972-219-3550. https://tinyurl.com/3u6wutwx 19 ENJOY TRIVIA The Brass Tap is hosting a trivia night. Teams of no more than six are invited to put their knowledge of Disney and Pixar lms like “Toy Story” and “Turning Red” to the test. The top three teams will win a prize. Seating is rst come, rst serve. 7-9 p.m. Free (admission). The Shops at Highland Village, 4151 Waller Creek, Ste. 130, Highland Village. 972-317-3227. https://tinyurl.com/2aa27bcz 29 CELEBRATE SUMMER Kids ages 13-18 are invited to celebrate the end of summer at the Lewisville Public Library. The event will include ice cream, board games, door prizes and more. Registration is required and opens July 15 at 9 a.m. Permission slips are also required and can be picked up at the library or printed online. 6:30-9 p.m. Free. Lewisville Public Library, 1197 W. Main St., Lewisville. 972-219-3570. www.library.cityoewisville.com 30 WATCH A MOVIE Flower Mound’s Community Activity Center

JULY 16

DUCKY DERBY SUN VALLEY AQUATIC CENTER

The Lewisville Parks and Recreation Department is hosting its Ducky Derby. Participants can decorate their ducks and race them around the lazy river. There will also be a best “duck-orator” contest among age groups, followed by a free swim after the event. 10 a.m.-12:30 p.m. $6 (for a duck and admission), $3 (admission only). Sun Valley Aquatic Center, 801 S. Valley Parkway, Lewisville. 972-219-3550. https://tinyurl.com/yckukwc3

Find more or submit Lewisville, Flower Mound and Highland Village 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.

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TRANSPORTATION UPDATES

Hold off watering in wet or windy weather. Let’s not gamble with our future. If it’s recently rained, rain is in the forecast, or it’s windy out, please take a pass on watering. North Texas is getting hotter, drier, and more crowded every year, so the more we do to save water today, the better everyone’s tomorrows will be. Let’s all do our part to conserve water this summer — and always. There are many easy, inexpensive ways to reduce water use, maintain beautiful landscapes, and save money on water bills, too. Visit www.WaterLessYall.com for free resources, water-saving tips and more.

RIDES IN DEMAND

Designated service zone

GoZone saw an increase in ridership since its launch in September, and growth is expected to continue.

PARKER RD.

LEWISVILLE

35E

MAIN ST.

121

CORPORATE DR.

SRT TOLL

Sept.

Nov.

Jan.

March May

2021

2022

SOURCE: DENTON COUNTY TRANSPORTATION AUTHORITY COMMUNITY IMPACT NEWSPAPER

GoZone sees increased ridership The Denton County Transportation Authority board reviewed GoZone ridership and potential fare rates during its June 23 meeting. During the July 23 meeting, the board discussed potential changes in fares for the Connect Bus and GoZone. One option included incentives BY SAMANTHA DOUTY

The GoZone service has seen an increase in ridership by 15% from April-May, said Javier Trilla, DCTA assistant vice president of innovation and information technology. For June, it is anticipated that 64,000 riders will use the GoZone service, Trilla said. The service provides on-demand rides that are available in designated service zones. GoZone has 34% of total operating hours dedicated to Lewisville and Highland Village with about 19 vehicles available for peak services. About 25% of all rides per month are from Lewisville and Highland Village, though those numbers have tracked higher recently, Trilla said. The DCTA board will look at an expansion to the Lewisville and Highland Village area in July.

Flower Mound Town Council approves two street name changes A Bridgewater Avenue will be changed to McConathy Way. The name change was initially recommended by sta. It has no nancial impact on the town. B The section of roadway known as Boat Ramp on the eastern end of Lake Ridge Road will be renamed Lake Ridge Drive. The street name was originally Lake Ridge Drive, and it is unclear when the name changed to Boat Ramp, according to the June 6 agenda packet. for people to use the Connect Bus if they bought bulk day passes, while GoZone maintained a xed rate. Another option included bulk discounts for GoZone and Connect rates. Lewisville Mayor TJ Gilmore, who also serves on the DCTA board, said he does not want to see GoZone rates increase for Lewisville and Highland Village residents because they do not have other transit options. The Connect Bus was discontinued in the area in December but contin- ues to operate in Denton. GoZone costs $0.75 per ride. “I don’t want to penalize the Highland Village and Lewisville zone because there is only one option,” Gilmore said. The board will continue discussing fare rates during its July 28 meeting.

ONGOING PROJECTS

LAKE CITY AVE.

OLD GERAULT RD.

BRIDGEWATER AVE. GERAULT RD.

SPRING HILL RD.

LAKE RIDGE RD.

BOAT RAMP

ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JUNE 27. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT LFHNEWSCOMMUNITYIMPACT.COM.

LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

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The Realm at Castle Hills will continue to expand through 2025. COURTESY THE REALM AT CASTLE HILLS

The Realm at Castle Hills to continue growth through 2025

BY SARA RODIA

completed, and The Realm manage- ment is in the process of renting these spaces to tenants. Some of these recently opened and coming soon dining and retail spaces include Salubrious Juice & More, Castle Hills Animal Hospital, Cool Heads, Salon Bellus, Wild Fork, Worth the Pour and Hotworx, according to the The Realm website. Phase 3 is now underway at The Realm. Phase 3 is not yet built, but it will “most likely include around 300 multifamily units over retail,” Patterson said. There is no budget for Phase 3. Ocials hope to also add phases 4 and 5 in the future, according to Pat- terson. However, there are no existing plans, budget estimates or timelines for these phases. “We are hoping to create a jewel for Lewisville, a jewel for Castle Hills,” Patterson said. “I think ownership has always envisioned—once all those homes of Castle Hills were in place—creating a really nice commer- cial destination, and we believe that’s what we’re doing here at The Realm.”

Flower Mound talks tennis center LEWISVILLE The Realm at Castle Hills has been consistently growing over the past few years, and plans for the area extend through approxi- mately 2025, according to ocials. The Realm consists of a mix of apart- ments, oces, restaurants and retail shops, which began to open in 2019. In late 2019, The Realm rst opened an oce building and 15,000 square feet of restaurant space. However, due to the COVID-19 pandemic starting in early 2020, The Realm was not quick to lease many of these spaces, said Lucas Patterson, executive vice president for Bright Realty. “We’ve really seen an uptick in activity since the pandemic has started to recede,” Patterson said. “Over the last six to nine months, we have seen an increase in leasing activity.” The open and coming soon ame- nities at The Realm are results of the Phase 1 and Phase 2 projects. The budget for these two phases was about $150 million, Patterson said. The construction of new build- ings for phases 1 and 2 has been

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If the item is placed on the May ballot and approved by voters, funds

for the project would be general obligation bonds and funded by 4B sales tax collections. “I think we all agree it needs to go to voter approval,” Mayor Derek France said. The council has until February to put it on the May ballot. “This is a situation where we have time to be thoughtful,” Town Manager James Childers said. COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

Lewisville, TX

BY SAMANTHA DOUTY

We are right around the corner and understand the local job market.

FLOWER MOUND The town council discussed the potential for a May bond election for a tennis center during its June 20 meeting. The center is projected to cost at least $13 million and would be located at Trotter Park.

(972) 855-8009 • ebrHRexperts.com

Lewisville City Council meets at 7 p.m. on July 18 and Aug. 1 at 151 W. Church St. www.cityoewisville.com Lewisville ISD board of trustees meets at 7 p.m. on Aug. 8 at 1565 W. Main St. www.lisd.net Flower Mound Town Council meets at 6 p.m. on July 18 and Aug. 8 at 2121 Cross Timbers Road. www.ower-mound.com Highland Village City Council meets at 7:30 p.m. on July 26 and Aug. 9 at 1000 Highland Village Road. www.highlandvillage.org MEETINGS WE COVER CITY HIGHLIGHTS HIGHLAND VILLAGE The city council and the city’s planning and zoning commission held a special joint meeting to discuss the possible development at The Shops at Highland Village on June 30. The plan is to shift focus from traditional retail to more restaurants in the shopping center. The Shops ocials proposed an apartment complex that will have modern amenities and anticipates that residents will make an annual salary of at least $80,000.

Area cities rank among the safest

Lewisville council approves re station lease agreement

SAFE CITIES

Highland Village and Flower Mound were ranked among the safest cities in two recent SafeWise reports. Flower Mound ranked among the safest cities to raise a family in the U.S., while Highland Village ranked among the safest in the state.

BY DESTINE GIBSON

BY SAMANTHA DOUTY

DENTON COUNTY Highland Vil- lage and Flower Mound were ranked among the safest cities in which to live, according to two 2022 reports. SafeWise named Highland Village the seventh-safest city in Texas. The report determines safest cities by analyzing 2020 FBI crime statistics and population data. Based on SafeWise’s ndings, Highland Village reported fewer than two violent crimes per 1,000 people and 15.1 or fewer property crimes per 1,000 people. Of the 50 cities included, Highland Village was one of seven DFW suburbs to make the top 10. In a separate report by SafeWise, Flower Mound was ranked the fourth-safest city to raise a family in the U.S. It has a population of 80,907. The ndings were based on nationwide FBI crime report statistics and population data.

LEWISVILLE The Lewisville City Council approved a lease agree- ment with First Baptist Church Lewisville for the operation of a temporary re station on June 20. The church is located at 1251 Valley Ridge Blvd. The temporary re station is needed because Fire Station No. 1 will be torn down and rebuilt as part of the Joint Public Safety Building. It is a 24-month lease ending on May 31, 2024, with a six-month extension, if needed. Funding comes from the Joint Public Safety Building construction budget.

Safest cities in Texas 1. Trophy Club

6. Elgin 7. Highland Village 8. Fate 9. Southlake 10. Sachse

2. Fulshear 3. Fairview 4. Colleyville 5. Memorial Villages

Safest cities to raise a family in the U.S. 1. Johns Creek, Georgia 2. Newton, Massachusetts 3. Carmel, Indiana 4. Flower Mound, Texas 5. Fishers, Indiana

6. Cary, North Carolina 7. Mission Viejo, California 8. Lakewood Township, New Jersey 9. Frisco, Texas 10. San Ramon, California

SOURCE: SAFEWISECOMMUNITY IMPACT NEWSPAPER

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LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

2022

REAL ESTATE EDITION

REAL ESTATE DATA

Data on the real estate market

COMPILED BY SAMANTHA DOUTY

2021-22 Lewisville, Flower Mound and Highland Village Real estate market at a glance

75022 75028 75056 75057 75067 75077

LEWISVILLE LAKE

HIGHLAND VILLAGE

35E

121 TOLL

The national mortgage rate saw an increase over the year. The number of homes sold in Lewisville, Flower Mound and Highland Village overall saw a slight decrease.

121

LEWISVILLE

FLOWER MOUND

SOURCES: COLLIN COUNTY ASSOCIATION OF REALTORS, FREDDIE MAC COMMUNITY IMPACT NEWSPAPER

GRAPEVINE LAKE

Number of homes sold

Average days on market

June 2020-May 2021

June 2021-May 2022

June 2020-May 2021

June 2021-May 2022

75022

75057

413

-11.38%

-25%

366

75028

75067

900

625

-16.11%

+1.92%

755

637

75056

75077

317

301 306

-15.14%

-1.63%

269

75022

75028

75056

75057

75067

75077

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.

5.27%

30-year xed-rate mortgage

15-year xed-rate mortgage

4.51%

3.72%

3.22%

2.65%

4.52%

3.99%

3.16%

2.43%

2.16%

0 January 2019

January 2020

January 2021

January 2022

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

PEOPLE Gage Mueller Solar energy specialist, ADT Solar

2022 REAL ESTATE EDITION

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. BY LAURA ROBB

HOW DO SOLAR PANELS AFFECT THE VALUE OF A HOUSE, IF THEY DO?

the value in the appraisal, but not in the property taxes. WHAT CREDITS AND REBATES ARE AVAILABLE? It’s a federal tax credit. There is a dierence between the words ‘credit’ and ‘rebate.’ It’s a credit, so you do have to qualify for it. Currently, it’s 26% of the cost of the solar or of the contract. That can mean installation costs, panels, inverters, bolts, railing, all of it. That credit is good through the end of this year. Next year, it drops to 22%. In 2023, on the residential side, it will actually go away entirely. WHAT VARIABLES CAN AFFECT THE EFFECTIVENESS OF SOLAR PANELS? It can depend on a lot of things. How does your house sit? Do you have a good, southern-facing roof? It doesn’t have to face south, but it helps. Are there obstructions where it’s causing shading? The sun has to be able to hit those panels in order for it to do its job. Is the roof less than 5 years old? Does it have roof penetrations? Those elements can complicate installations. When I talk to homeowners that are building their houses, I tell them to talk with the builder about putting any roof penetrations—vents, roof jacks, or anything that’s penetrating the roof— up towards the ridge of the roof or on the north side of the roof. You don’t want any pitches or gables. People like fancy roof lines, but they aren’t very conducive for solar. WHAT DOES THE INSTALLA TION PROCESS LOOK LIKE? The easy answer is: It’s a day. The solar process, however, is completely dierent. Installation is simple—but the solar process, in general, is not overnight. Buying solar is a bit like building a house. You will negotiate,

It depends on the market that you’re in. There are plenty of studies that say solar typically increases the value of the home by about 4%. I’ve actually been through the process of putting solar on my own house as well as sell- ing it. In my experience, solar actually helped me sell my house. So I made all of my money back on the solar investment and actually made money on top of it because I was also getting electricity [through the panels]. WHAT QUESTIONS SHOULD PEOPLE ASK WHEN CONSIDERING SOLAR? Homeowners should ask: ‘Do I qual- ify for the tax credit?’ They should call their [certied public accountant], because the solar sales guy is going to say, ‘The government will give you 26%.’ But it’s not true—you have to qualify for it. The other question that I tell people to get answered is: How will this aect your homeowner’s insurance? Because the panels are attached to your dwelling. So per the law, anything attached to the dwelling is covered by your homeowners insurance, but your premium may go up, and you need to know that ahead of time to make an informed decision, because once it is on your roof, there’s nothing you can do. DOES SOLAR AFFECT APPRAIS ALS AND PROPERTY TAXES? Most of the time, solar is increasing 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 your house is appraised for $220,000. Your tax liability is still $200,000—because $20,000 is solar renewable energy and qualies for an exemption. You gain

Gage Mueller said solar panels can increase a home’s value without increasing property taxes. (George Wiebe/Community Impact Newspaper)

“PEOPLE LIKE FANCY ROOF LINES, BUT THEY AREN’T VERY CONDUCIVE FOR SOLAR. “ GAGE MUELLER, SOLAR ENERGY SPECIALIST AT ADT SOLAR

STATE stats

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

invested by the solar industry statewide as of Q1 of 2022

more megawatts projected to be produced from solar in the next ve years

$16.6B

18,401

SOURCE: SOLAR ENERGY INDUSTRIES ASSOCIATIONCOMMUNITY IMPACT NEWSPAPER

WHAT KIND OF MAINTENANCE DO SOLAR PANELS REQUIRE? None. Any good solar company is going to tell you that God is going to take care of maintenance for you. There are no moving parts really in solar. Sometimes the panels do need to be cleaned—but when it rains, that will take care of it for you. I do not recommend anybody getting on their roof to clean their solar panels. I did it once—my wife yelled at me, and I saw very little increase in pro- duction. There’s little maintenance because it is all electronic.

you will sign paperwork, and then there’s this lull where the home- owner doesn’t see what’s going on in the background. The design is being done. Then, we’re working with util- ities and we’re working with the city for all the approvals that are required. Once all those approvals are acquired and approved, then we’re buying permits. Then, at that point, we get to reach out to the homeowner and tell them we can schedule their install. It is about 30-45 days from the day the paperwork is signed to when solar actually goes on your house.

LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

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 dened as companies, corporations or limited liability companies.

39% 34% Collin County Denton County

BY SARA RODIA

because they oered cash, purchased the property ‘as is,’ or oered 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 modications to a property, it could denitely 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 dened 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 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

NUMBERS DO NOT ADD UP TO 100% DUE TO ROUNDING.

SOURCE: NATIONAL ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER

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 dierent approaches compared to previous years. “We used to see more institutional buyers come in with lower oers, but now, to me what’s really changed is that the oers 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.”

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

GUIDE

Local businesses oer home improvement tips

2022 REAL ESTATE EDITION

HOME IMPROVEMENT AND MAINTENANCE

ASK A HOME BUILDER

ASK A REMODELER Lauren deFreitas is the owner of Genius Home Renovations LLC based in Flower Mound. She opened her residential renovation company in 2019 and is also an investor and Realtor. WHAT AREAS OF THE HOUSE ARE PEOPLE FOCUSING ON THE MOST FOR REMODELING OR REDESIGNING? I get a lot of calls for additions. People want to add on a master suite or a mother-in-law suite or build out their attic. I get a lot of calls for just expanding home size. People discovered their houses have to function better or dierently lately since the pandemic. I get a lot of calls for bathroom remodeling, and then just kind of general maintenance and ooring and painting. WHAT ARE SOME OF THE CHANGES YOU HAVE SEEN IN THE LAST YEAR? A lot of people have those formal dining rooms at the front of their house. So I do get a lot of calls for people wanting to kind of enclose those and put French doors something like that, to where it can be like a study or oce, kids’ homework rooms. I’ve seen people wanting to create more private functioning spaces. And, as well as, just updating the exterior painting, painting brick and adding some fun stu to where they can kind of customize what their home feels like and looks like so it’s not all cookie cutter in the neighborhood. ARE THERE ANY TRENDS THAT YOU’VE SEEN IN THE PAST YEAR? Your average house is around 38 years old, so a lot of people are ready for updates. A lot of people were forced to do some updates after that freeze [in February 2021] because they had a lot of pipe bursts and stu like that, which led to big renovations [in] kitchens [and] bathrooms. We do get a lot of requests for bathroom updates. A lot of people are getting rid of the garden tub—the big soaking tub in the master—and everybody wants big walk-in showers and spa bathrooms. So that would denitely be a trend, getting rid of bathtubs and just using the space how they use it now, not how it was used 40 years ago when [the] average house was built.

Reginald Rembert is a Flower Mound-based contractor who owns Rembert Custom Builders with his wife, Ida. He has been in the real estate business for more than 20 years. DO YOU HAVE ANY TIPS FOR NEW HOMEOWNERS? Just make sure that you get a reputable builder. Do your research. Make sure your builders are legitimate, nancially sound and honest builders. If you’re looking for a custom home, make sure you work with someone that allows you to build custom — build exactly what you want and not what someone else wants you to build. We allow the customer to pretty much dictate the build process. HOW HAS THE COVID19 PANDEMIC AFFECTED THE SUPPLY CHAIN? It’s still an issue. Costs are still going up and home prices are still going up. But the interesting thing is it’s not slowing down the buyer. Buyers are not really aected by what’s going on, at this price point. We do have some supply chain issues and we have been aected by COVID and the supply chain issues. HOW HAS INFLATION IMPACTED YOUR BUSINESS? We don’t think ination is aecting us too much. Of course it aects everybody at the gas pump, at the grocery store. Our prices are going up. There’s supply chain and delays and shortages of material and so forth. But I don’t know that that’s a direct ination-related item or just the economy as a whole. ARE YOU MONITORING ANY TRENDS THAT MIGHT SURPRISE PEOPLE? Actually, no. There’s still demand. The demand may not be as great as it was 12 months ago, but there’s still an excess of what we can accommodate or can support so the demand is still there. But on our side, we’re not building many aordable homes anyway. So I guess most of our clients are lying above the ination and aordability curve.

COMPILED BY DESTINE GIBSON

ASK A REAL ESTATE AGENT

Jason Haugen is a Realtor who owns Haugen Properties with his wife, Shirley. The couple opened their Highland Village-based brokerage in 2014, and they have more than 30 years of experience combined in the real estate business. WHAT ARE SOME OF THE TRENDS YOU ARE SEEING IN HOUSING PRICES? It’s been a rollercoaster ride, really. Nobody thought it could get hotter. But it just kept getting hotter. 2009-10 were the worst years in real estate. I’ve always said these last few years have been like [2009] and [2010] in reverse. Nobody [was] buying in 2010, I mean, it was terrible. Five months ago, three months ago, you couldn’t keep a listing on the market. Now, it’s kind of leveling o a bit. Now, prices are gonna come down, things are less aordable because the interest rates went up. HOW HAS INFLATION AFFECTED HOUSING PRICES? The housing prices were going up regardless of ination. And ination is going to basically make things less aordable because you’re paying more at the pump, more for food, more for everything. The supply chain has been terrible. It’s like we’re living in another dimension. But you gotta realize it always changes. We got to be able to roll with it. WHAT ARE THE DIFFERENCES IN TRENDS BETWEEN CITIES? Everything’s a microcosm of any city. The whole state has been just on re. With the higher interest rates, everything’s kind of tamped down. There’s a lot of fear; there’s a lot of stu—people get fearful, and people are going to just sit and wait for a while see what’s happening.

Reginald Rembert Owner, Rembert Enterprises Inc. 4316 Laura Lane, Flower Mound 214-213-5982 www.rembertbuilders.com

Lauren deFreitas Owner, Genius Home Renovations LLC 4001 S. Broadway Ave., Flower Mound, | 214-641-0309 www.geniushomerenovations.com, www.realestateagentdfw.com

Jason Haugen Co-owner, Haugen Properties 2300 Highland Village Road, Ste. 120, Highland Village 469-583-7571 www.facebook.com/ HaugenRealEstate

LEWISVILLE FLOWER MOUND HIGHLAND VILLAGE EDITION • JULY 2022

CONTINUED FROM 1

MEDIAN HOME PRICES ON THE RISE

better for buyers.” Home prices in Lewisville, Flower Mound and Highland Village have seen a steady increase in median home prices since 2018 with a steep increase in 2020-21, according to data from the Collin County Association of Realtors. The market continues to change this year with more homes available and a signicant interest rate hike. More homes are also coming on the market than in the past few years. Lewisville, Flower Mound and High- land Village saw drops in active list- ings in 2021 when interest rates were low. However, since then, Lewisville saw a 24.7% increase, Flower Mound saw a 22.2% increase and Highland Village saw a 60% increase in the number of homes listed for sale from last year, according to data from the Greater Lewisville Association of REALTORS. Inventory is going up, and home- buyers are not wanting to pay hefty prices with the increase in interest rates compared to last year, Haugen said.

SRT TOLL

35E

Lewisville, Flower Mound and Highland Village have continued to see an overall median home price increase year over year since 2018. The 75077 zip code saw a decrease.

121

75022

75028

75056

75057

75067

75077

$750K

Percent change 2018-2022

+46.78% +23.27% +34.25% 4.59% +34.61% +23.20%

$550K

$350K

$150K

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORSCOMMUNITY IMPACT NEWSPAPER June 2018-May 2019 June 2019-May 2020

June 2020-May 2021

June 2021-May 2022

Interest rates In the past six months, interest rates have nearly doubled. In January, 30-year mortgage interest rates were at 3.22%, which was up slightly from the lower rates of 2021 at 2.65%. Those rates are now up to 5.27%, as of July 5, according to Freddie Mac, the Federal

Home Loan Mortgage Corporation. “It’s a big deal for anybody,” said Lisa-Marie Thompson, a Flower Mound-based loan ocer. “I’ve been in the business for 32 years. I’ve never seen a full 1% change in a year. So 2% in six months is a little overwhelming.”

The change in interest rate does not just aect buying a home, but it increases the buyer’s house payment with just the interest rate increases, Thompson said. Haugen said he is not sure how long it will take for people to adjust to the higher interest rates, especially

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