Grapevine - Colleyville - Southlake | July 2022

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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION

2022

ONLINE AT

REAL ESTATE EDITION

VOLUME 12, ISSUE 5 JULY 5AUG. 7, 2022

Area real estate sees high demand, increase in new homes for sale

BY BAILEY LEWIS

Realtor Kim Assaad recently bid $70,000 over the list price on a home for her clients in Colleyville. Assaad, a broker associate and team leader for The Assaad Group at Com- pass in Southlake, said her clients were outbid by a buyer who oered $85,000 over the list price. Like many others, Assaad and her clients nd themselves struggling in the housing market. Data from the Texas Realtor Data Relevance Project shows homes across the Dallas, Fort Worth and Arlington metro area had a median price of $376,500 in the rst quarter of this year. That was a more than 21% increase from the same time last year. These trends can also be found in Grapevine, Colleyville and South- lake, according to data from the Collin County Association of Realtors. When comparing the median price of homes sold between April 2021-April 2022, Grapevine’s price went up nearly 8%, Colleyville’s went up almost 38% and Southlake’s went up more than 31%. CONTINUED ON 20

“PEOPLE ARE WANTING TO TAKE ADVANTAGE OF THIS MARKET AND CASH OUT.” KIM ASSAAD, BROKER ASSOCIATE AND TEAM LEADER FOR THE ASSAAD GROUP AT COMPASS IN SOUTHLAKE

Kim Assaad, a broker associate and team leader for The Assaad Group at Compass in Southlake, listed this home in early June at 5609 Montclair Drive in Colleyville. The home, listed at $2.3 million, includes a custom pool and spa. (Bailey Lewis/Community Impact Newspaper)

NEW HOME LISTINGS

Grapevine

Colleyville

Southlake

100

While many states around the country have seen a shortage in homes for sale, the Grapevine, Colleyville and Southlake area has shown relatively stable numbers since 2020. The cities have seen an uptick in listings in recent months as they do most years during the summer. More sellers are also entering the market to capitalize on the increased prices.

SOURCE: COLLIN COUNTY ASSOCIATION OF REALTORS COMMUNITY IMPACT NEWSPAPER

2020

2021

2022

REAL ESTATE EDITION 2022

WEIR'S FURNITURE SNAPSHOT DATA

19 13

WICHO'S HOUSE RESTAURANT

IMPACTS

TODO LIST

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Looking for a new home to celebrate with a sparkle , bang , and splash ?

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COLLEYVILLE, TX 5609 Montclair Drive 5 BD • 6 BA • 5,092 SF • $2,300,000

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All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. All measurements and square footages are approximate, but not guaranteed and should be independently verified. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass is a licensed real estate broker. Equal Housing Opportunity.

GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION • JULY 2022

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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 a circulation to more than 2.4 million residential mailboxes.

HIGHLIGHTS FROM THIS MONTH

FROM ANA: It’s safe to say this has been one hot year for real estate! Learn more about the 52% of Tarrant County homes sold last year that went to investors (Page 15) and the record-breaking May for the median price of homes sold in Grapevine and Southlake (Pages 20-21). Our real estate coverage starts on Page 13. Ana Erwin, 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 VALERIE: This edition features stories from our summer interns at Community Impact Newspaper . Reporter Grant Johnson writes about Weir’s Furniture (Page 19) and Wicho’s House Restaurant (Page 24) while reporter Sara Rodia writes about new businesses (Pages 6-7), a real estate trend (Page 15) and home improvement tips (Page 17). Valerie Wigglesworth, SENIOR EDITOR

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CORRECTION: Volume 12, Issue 4 In a Q&A with the new Texas Medical Association President Dr. Gary W. Floyd, a box accompanying the story should have said that the association has more than 56,000 members.

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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION • JULY 2022

IMPACTS

COMPILED BY HANNAH JOHNSON, SARA RODIA & VALERIE WIGGLESWORTH

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

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360

COLLEYVILLE

COURTESY FOXHOLE THERAPIES

HALL JOHNSON RD.

since eighth grade,” Aguilara said. 817-912-1533. www.vaultdtx.com COMING SOON

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6 Crepe Delicious is coming soon to Grapevine Mills, 3000 Grapevine Mills Parkway, according to a directory on the mall’s website. Crepe Delicious, which originated in Canada, offers sweet and savory crepes as well as panini sandwich- es, salads, gelato and other frozen treats. An opening date was not available. www.crepedelicious.com 7 Abercrombie & Fitch Outlet will open in a new location in Grapevine Mills, 3000 Grapevine Mills Parkway. The store will carry men’s and women’s clothing, including tops, bottoms and swimwear, as well as cologne and other fragranc- es. An opening date was not available. www.abercrombie.com/shop/us 8 Hoffbrau Steak & Grill House is projected to open Oct. 17 in Grapevine at 700 W. Hwy. 114. The building was formerly the home of Brick House Tavern + Tap. Hoffbrau offers steaks, burgers,

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NOW OPEN 1 The Toasted Yolk Cafe opened June 6 at 2820 E. Southlake Blvd., Southlake. The cafe serves unique breakfast and lunch options, including granola apple French toast and brisket scrambles. 817-912-1444. www.thetoastedyolk.com 2 Marco’s Pizza opened in mid-May at 2150 W. Northwest Hwy., Ste. 117, Grapevine. Marco’s Pizza is a counter-ser- vice chain restaurant that offers specialty or custom pizzas for takeout or delivery. 817-767-3100. www.marcos.com

3 The Olive Blossom Boutique opened this spring at 340 S. Main St. in downtown Grapevine. The boutique features classic and contemporary women’s clothing, including dresses, jeans, jewelry and more. Inventory in the store is always changing, ac- cording to its website. 817-722-6075. https://oliveblossomboutique.com 4 Foxhole Therapies opened May 16 at 220 Park Blvd., Ste. 112, in Grapevine. Foxhole Therapies is a locally owned mental health clinic that offers applied behavioral analy-

sis therapy for children ages 3-18 on the autism spectrum. 817-796-6860. www.foxholetherapies.com 5 High-end sneaker and apparel reseller The Vault opened a storefront July 1 at 1264 Main St. in Southlake Town Square. Originally an online store, The Vault now has a brick-and-mortar store that offers sneakers, including exclusive Nike Air Force 1 and Air Jordan 1, as well as T-shirts. The Vault owner Matthew Aguilara said collecting and selling sneakers and apparel has always been a passion. “This has been a dream of mine

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Carnation Auto Spa will offer a drive-thru car wash with vacuum and detail services.

COURTESY CARNATION AUTO SPA

FEATURED IMPACT COMING SOON Carnation Auto Spa is coming to 955 Davis Blvd. in Southlake in late July. Located where Krystal Clean Car Wash currently operates, Carnation Auto Spa will oer a drive-thru car wash with self- serve or full-service vacuum and detail services. Carnation Auto Spa received approval from Southlake City Council for a zoning change and site plan June 21 to make improvements at the location. CEO Andrew Shepard said Carnation Auto Spa will have 19 locations in the DFW area by the end of July. chicken-fried steaks and more. Fami- ly-owned- and-operated since 1978, Hoffbrau has locations across Texas. www.hoffbrausteakandgrill.com 9 Son of a Butcher is coming to 480 W. Hwy. 114, Grapevine, according to a filing with the Texas Department of Licensing and Regulation. Son of a Butcher serves burger sliders, shakes and fries. No open- ing date is set. Construction is expected to be completed by Sept. 30, according to the TDLR. www.sobsliders.com 10 Modern Fit Menswear will open in July at 1141 E. Southlake Blvd., Ste. 510, in Southlake. Its online store opened in April, according to a Facebook post. The store sells casual luxury men’s apparel, shoes and accessories, according to its website. https://modernfitmenswear.com 11 Sweetgreen is set to open at 1111 E. Southlake Blvd., Southlake, according to the Texas Department of Licensing and Regulation. Sweetgreen is an American fast-casual restaurant chain that serves salads and warm bowls. There is no open- ing date, but construction is expected to be completed by Oct. 13, according to the TDLR. www.sweetgreen.com RELOCATIONS 12 The Hills Church Southlake at 2501 W. Southlake Blvd. is moving to a new location in Keller at 2525 Florence Road on Aug. 21, when it will officially open its doors, according to the church’s website. The Hills Church Southlake campus first opened in January 2011 but received

“We’re all DFW-raised, so it’s important to us that we grow this business in DFW,” Shepard said. https://carnationautospa.com

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an opportunity in 2020 to move to the new Keller location, the website states. 817-281-0773. www.thehills.org/slk NEW OWNERSHIP 13 Kilwins is under new ownership at 338 S. Main St., Grapevine. The previ- ous owners were J. and Pam Beezley. The business was sold to Mark, Jennifer and Elizabeth Bartlett. Kilwins serves various confectioneries, such as candy, ice cream and fudge. 817-527-7676. www.kilwins.com/grapevine RENOVATIONS 14 Walmart Neighborhood Market at 4904 Colleyville Blvd., Colleyville, hosted a grand reopening event June 17 to celebrate renovations. The remod- eling included improvements meant to save customers time and money. 817-770-8334. www.walmart.com/ store/5614-colleyville-tx

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GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION • JULY 2022

TODO LIST

July & August events

COMPILED BY BETH MARSHALL & VALERIE WIGGLESWORTH

JULY 21

READING MAGIC SHOW COLLEYVILLE LIBRARY

John O’Bryant’s “Reading Magic Show” is making a stop at the Colleyville Library. O’Bryant, a comic magician, encourages students to read as his shows incorporate illusions, music, storytelling, props and giveaways. Registration is not required. 6:30-7:30 p.m. Free. 110 Main St., Colleyville. 817-503-1150. https://bit.ly/3NC4Ks9

COURTESY WWW.JOHNSGOTMAGIC.COM

13 THROUGH DEC. 28 RIDE A BIKE, GET A BREW Bicyclists meet every Wednesday evening to explore some of Grapevine’s trails on this social road ride hosted by Hop & Sting Brewing Company. After the ride, attendees will head back to the brewery for a beer. A portion of draft beer sales goes toward local cycling groups Grapevine Chain Gang Group Ride and Mad Duck Racing. 6 p.m. Free (admission). Hop & Sting Brewing Company, 906 Jean St., Grapevine. https://bit.ly/3NRfLpE 23 SEE A NEIL DIAMOND TRIBUTE CONCERT Rob Garrett, who won the Male Musical Tribute Artist of the Year award in Las Vegas in 2008, performs a Neil Diamond tribute show at the Palace Arts Center. Known as the “King of Diamonds,” Garrett has performed internationally. 3 p.m., 7:30 p.m. $ 3 8. 300 Main St., Grapevine. https://bit.ly/3NFsc87 30 WATCH A DALLAS LEGION GAME Professional ultimate frisbee teams the Dallas Legion and the Tampa Bay Cannons will face o at Colleyville Middle School in the nal home game of the Dallas Legion’s regular season. The Dallas legion is part of the American Ultimate Disc League, competing in the South Division. 7-9 p.m. $15 (general admission), $10 (ages 10-17), free (age 12 and younger).

JULY 05 ENJOY THE SOUNDS OF AFRICA The Southlake Library hosts an event featuring music and dances from dierent parts of Africa. The event also emphasizes how music is used as a form of communication. Attendees will get to make a handmade instrument. 2-3 p.m. Free. 1400 Main St., Southlake. 817-748-8242. https://bit.ly/3MADc5o 09 DANCE TO SOME MUSIC The ve-piece, Fort Worth- based band Chasing Texas will perform Texas country, classic country, blues, classic rock and dance music at the Grapevine Public Library. 2-3 p.m. Free. 1201 Municipal Way, Grapevine. 817-410-3400. https://bit.ly/3H9cKhR 09 THROUGH AUG. 20 VISIT QUANAH PARKER EXHIBIT AT TOWN HALL A Quanah Parker photo exhibit “One Man, Two Worlds” will be on display in the Southlake Town Hall lobby. Hosted by the Southlake Historical Society, the exhibit includes photos of Cynthia Ann Parker and her Comanche son Quanah. A reception will be from 4-6 p.m. July 24 at Town Hall and feature Quanah’s great-great- grandson Lance Tahmahkera, who will share stories. Exhibit hours are Mon.-Thu. 10 a.m.-8 p.m., Fri.-Sat. 10 a.m.-6 p.m. and closed Sun. Free (reception and exhibit). Southlake Town Hall, 1400 Main St., Southlake. www.southlakehistory.org

JULY 29

MASTERWORKS CONCERT SERIES RUSTIN & FAMILY PARK

COURTESY EMPTY POCKETS

LIVE MUSIC RUSTIN & FAMILY PARK The nal event of the Southlake MasterWorks Concert Series features country music band Empty Pockets and is hosted by the Southlake Library. Presented by the city of Southlake and the Arts Council Northeast, this event invites music lovers of all ages to attend the show. Lawn chairs and coolers are welcomed, and bug spray is recommended. 7 p.m. Free (admission). AUGUST 04 PAINT ON WINE GLASSES a monthly Wine Glass Painting Class event. August’s design is “Cutie Pie Cacti.” During the two-hour class, attendees paint two wine glasses with guidance from an instructor from Le Painted Grape. Wine and food is available for purchase. 6:30 p.m. $25 per person. 415 S. Main St., Grapevine. 817-527-6091. https://bit.ly/3QTh8pM 05 TAKE IN FARM LIFE Experience what farm life was like in the late 19th century at Nash Farm, Landon Winery-Grapevine hosts

1400 Southlake Blvd., Southlake 817-748-8652 www.visitsouthlaketexas.com/410/ MasterWorks

114

E. SOUTHLAKE BLVD.

and make “Meme’s Pickles” using the last of summer’s harvest. 10 a.m.- noon. $5 (age 3 and up). 626 Ball St., Grapevine. 817-410-3558.

https://bit.ly/3NyBBhA 05 THROUGH 07

PERUSE BEADS, JEWELRY

The AKS Bead & Jewelry Show features ne jewelry, fashion jewelry, beads, beading supplies, gold, silver, gemstones, pearls and more. 10 a.m.-6 p.m. (Aug. 5-6), 10 a.m.-4 p.m. (Aug. 7). $5 (admission). Grapevine Convention Center, 1209 S. Main St., Grapevine. 504-265-8830. https://bit.ly/3MA6xwM

1100 Bogart Drive, Colleyville. https://theaudl.com/legion/

Find more or submit Grapevine, Colleyville and Southlake 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.

North Pole Express ® train tickets go on sale Tuesday, July 26 at 10 a.m. Learn more at GVRR.com

COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

TRANSPORTATION UPDATES Colleyville OKs grant funds for Hwy. 26 beautification

County issues $225M in bonds BY VALERIE WIGGLESWORTH Funds will soon be available for a multitude of transportation projects in Tarrant County. County commissioners unan- imously approved the issuance of $225 million in bonds to fund transportation projects at their May 24 meeting. This debt is the first to be issued as part of the $400 million bond package approved by voters in November. The bond package is aimed at addressing the population growth and the stress on the county’s infra- structure, according to officials. The debt is scheduled to be repaid over 25 years, according to documents. The county’s property tax rate will not change, according to County Administrator G.K. Maenius. Individual projects will go to commissioners for final approval.

UPCOMING PROJECTS

GRAPEVINE

E. WORTH ST.

BY BAILEY LEWIS

The anticipated bid opening date is expected in July. The beautification work includes landscaping improvements, such as planting trees, shrubs and ground cover, per the agreement. In addition, a bubbler irrigation system will be installed along the shoulder of Hwy. 26 northbound between Cheek Sparger Road and Brown Trail. TxDOT officials anticipate the project will be completed this fall.

Colleyville City Council approved a grant funding agreement with the Texas Department of Transporta- tion for the city’s beautification of Hwy. 26 from Cheek Sparger Road to Brown Trail. At its June 7 meeting, City Council approved the advanced funding agreement as TxDOT officials approved the city’s request for $172,000 in funding reimburse- ment for eligible expenses related to the beautification of Hwy. 26 from Cheek Sparger Road to Brown Trail, the agenda item’s memo states. The city will be responsible for covering cost overruns. Local funds will come from the city’s capital improvements program fund. According to the memo, the exact project details and plans are in the process of being finalized and reviewed by TxDOT officials.

East Worth Street improvements Tarrant County commissioners award- ed a contract on May 24 for paving improvements to the 600-700 blocks of East Worth Street in Grapevine. The project was initially approved by the city of Grapevine in March 2021 to re- build East Worth between Austin and Ruth streets. The project includes new asphalt and a new base. The project also includes curb and gutter work, a new sidewalk, a new 8-inch water line

and two fire hydrants. Timeline: late June-fall Cost: $1.03 million

W . M I L L V A L L E Y

Funding sources: city of Grapevine, Community Development Block Grant

COLLEYVILLE 26

ALL INFORMATION ON THIS PAGE WAS UPDATED AS OF JUNE 15. NEWS OR QUESTIONS ABOUT THESE OR OTHER LOCAL TRANSPORTATION PROJECTS? EMAIL US AT GCSNEWS@COMMUNITYIMPACT.COM.

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GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION • JULY 2022

CITY & COUNTY

News from Grapevine, Colleyville, Southlake & Tarrant County

A new $3.4M pickleball complex planned at Bicentennial Park

City renames re station after former mayor

BY HANNAH JOHNSON

destination to attract tournaments, according to council discussion. Bicentennial Park, one of the city’s largest parks, is located north of Southlake Boulevard and west of White Chapel Boulevard. Pickleball is a combination of tennis, badminton and ping-pong. Southlake Community Services Director Chris Tribble said pickleball was ranked as a priority for a new park amenity in a survey gathered in the Parks, Recreation & Open Space Master Plan.

SOUTHLAKE A $3.4 million pickleball complex is coming to Bicentennial Park. City Council unanimously approved a site plan for the pickle- ball courts at its June 21 meeting. The development will include eight lighted courts, two shade structures, one lighted championship court with bleacher seating, fencing around the courts, landscaping and other amenities. Council also approved a contract for $160,000 with Parkhill Inc. to design and engineer the park’s addition. “We’re calling this the Taj Mahal pickleball complex,” Mayor John Human said. “It looks amazing, and we have gotten a ton of demand for pickleball services in the community.” The complex will be available not only for residents but also as a

BY HANNAH JOHNSON

Former Mayor Richard Newton BAILEY LEWISCOMMUNITY IMPACT NEWSPAPER

COLLEYVILLE The Central Fire Station will be renamed to honor former Mayor Richard Newton. City Council voted June 21 to change the name of the station at 5209 Colleyville Blvd. to the Richard

Newton Fire Station. Newton was rst elected as mayor in 1992. He was elected again in 2016 and served two terms.

County oers grants to help small businesses

BY VALERIE WIGGLESWORTH

GRANT DETAILS

TARRANT COUNTY The county is planning to use $25 million in fed- eral funds to help small businesses adversely aected by the pandemic. The commissioners court voted unanimously at its June 14 meeting to approve the Small Business Work- force Recovery Grant Program.

BICENTENNIAL DR.

• Businesses may receive up to $27,500 each. • Applications open July 11 at noon. • Details are posted online at www.tarrantcounty.com/recovery

SOUTHLAKE

SOURCE: TARRANT COUNTY COMMUNITY IMPACT NEWSPAPER

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Colleyville City Council Meets at 7:30 p.m. July 5, 19 100 Main St., Colleyville www.colleyville.com Grapevine City Council Meets at 7:30 p.m. July 5, 19 200 S. Main St., Grapevine www.grapevinetexas.gov Southlake City Council Meets at 5:30 p.m. Aug. 2, 16 MEETINGS WE COVER 1400 Main St., Southlake www.cityofsouthlake.com Tarrant County Commissioners Court Meets at 10 a.m. July 5, 12, 26 100 E. Weatherford St., Fort Worth www.tarrantcounty.com Carroll ISD Meets at 5 p.m. July 11, 25 2400 N. Carroll Ave., Southlake www.southlakecarroll.edu Grapevine-Colleyville ISD Meets at 7 p.m. July 25 3051 Ira E. Woods Ave., Grapevine www.gcisd.net CITY HIGHLIGHTS COLLEYVILLE The city has distributed $35 patriotic gift cards to each household. The gift cards, part of the city’s eorts to help local businesses, are valid until July 31.

City rearms library to be part of Carillon Parc

PROPOSED LIBRARY The library would be part of the Carillon Parc mixed-use development.

BY VALERIE WIGGLESWORTH

City Council members also favored including a multipurpose performing arts center along with the new library. The existing library is located on the rst oor of Town Hall. The direction from council kicks o the next stage of work as the task force hones its proposal on what amenities to include in a new library and how to pay for it.

SOUTHLAKE City Council unan- imously favors building its new public library within the planned 42-acre Carillon Parc mixed-use development. The council’s direction came at a June 7 meeting after the Library Task Force recommended two possible locations for the library.

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Grapevine Brownstones to bring luxury townhomes to Dallas Road

10 four-story units with rooftop terraces at 218 E. Dallas Road. They are priced between $1.1 million and $1.2 million, according to Giord. Phase 2 has yet to be approved by the city, but it will consist of 20 units in the same square footage and price range, according to Giord. Both phases are expected to be done in 2023.

BY SARA RODIA

GRAPEVINE A luxury townhome project called the Grapevine Brown- stones is set to break ground in July. The land has been purchased, and crews are set to begin construction in the coming weeks, according to Greg Giord, the managing general partner for NuCiti Capital Partners LLC. Phase 1 will feature

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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION • JULY 2022

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COMMUNITY IMPACT NEWSPAPER • COMMUNITYIMPACT.COM

2022

REAL ESTATE EDITION

REAL ESTATE DATA

Data on the real estate market

COMPILED BY VALERIE WIGGLESWORTH

2021-22 Grapevine, Colleyville & Southlake real estate market at a glance There were fewer homes for sale in Grapevine, Colleyville and Southlake during the 12-month period that ended May 31, 2022, compared with the 12-month period that ended May 31, 2021. The homes that did sell spent about half as many days on the market and generally sold for a higher price. SOURCES: MARKET DATA PROVIDED BY THE COLLIN COUNTY ASSOCIATION OF REALTORS, ALL DATA FROM NORTH TEXAS REAL ESTATE INFORMATION SYSTEMS, NTREIS TRENDS ©2022 SHOWINGTIME

GRAPEVINE COLLEYVILLE SOUTHLAKE

114

Average days on market

121

360

June 2020-May 2021

June 2021-May 2022

Average home sales price

June 2020-May 2021

June 2021-May 2022

$330,000 $271,000 +21.77%

$475,000 $413,750 +14.8%

$826,000 $670,000 +23.28%

$1,175,000 $875,000 +34.29%

Number of homes sold

Grapevine

Colleyville

Southlake

Tarrant County

June 2020-May 2021

June 2021-May 2022

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.

30-year xed-rate mortgage

15-year xed-rate mortgage

5.27%

4.51%

3.72%

4.52%

2.65% 3.22%

3.99%

3.16%

2% 0 January 2019

2.16%

2.43%

January 2020

January 2021

January 2022

Grapevine

Colleyville

Southlake

Tarrant County

SOURCE: FREDDIE MACCOMMUNITY 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 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,

WITH GEICO 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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Some discounts, coverages, payment plans, and features are not available in all states, in all GEICO companies, or in all situations. GEICO is a registered service mark of Government Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. subsidiary. GEICO Gecko® image © 1999-2021. © 2021 GEICO #0M94814 Some discounts, coverages, payment plans, and features are not available in all states, in all GEICO companies, or in all situations. GEICO is a registered service m Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. subsidiary. GEICO Gecko® image © 1999-2021. © 2021 GEICO #0M94814 Some discounts, coverages, payment plans, and features are not available in all states, in all GEICO companies, or in all situations. GEICO is a re Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. subsidiary. GEICO Gecko® image © 1999-2021. © 2021 GE Some discounts, coverages, payment plans, and features are not available in all states, in all GEICO companies, or in all situa Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. subsidiary. GEICO Gecko® image © 199 Some discounts, coverages, payment plans, and features are not available in all states, in all GEICO comp Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. subsidiary. GEICO Ge Some discounts, coverages, payment plans, and features are not available in all states Employees Insurance Company, Washington, DC 20076; a Berkshire Hathaway Inc. su Some discounts, coverages, payment plans, and features are not av Employees Insurance Company, Washington, DC 20076; a Berkshir Some discounts, coverages, payment plans, an Employees Insurance Company, Washington, D

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GRAPEVINE COLLEYVILLE SOUTHLAKE EDITION • JULY 2022

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