Four real estate trends to know in Grapevine, Colleyville and Southlake

Luxury multistory housing becoming an option in Southlake


For many years the only housing option available for people looking to live in Southlake was single-family homes. However, in Southlake Town Square, there are now brownstones available for purchase as well as condominiums that are being constructed. The brownstones were built in two phases with the first phase coming online in 2006 and the second in 2014.




Four real estate trends to know in Grapevine, Colleyville, Southlake Proposed plans for The Village at Carillon Parc include residential lofts.[/caption]

The brownstones and condos offer spacious floor plans, top-of-the-line appliances and garages. The starting price for a condominium is $735,000, and prices start at $1.385 million for a brownstone. Although the brownstones and condominiums were met with some skepticism initially by residents concerned with higher-density development, they are almost completely sold out, according to sales representatives.


A new development, The Village at Carillon Parc, is set to follow the trend of luxury multilevel housing in Southlake. The development, which sits on 42 acres between North White Chapel Boulevard and Carroll Avenue on SH 114, is proposed to have three-story residential lofts above retail and restaurants.


The development is expected to come before City Council and the planning and zoning commission this year.


In a presentation, development manager John Terrell said the cost per square foot for a loft is expected to range from $400-$450. Developers say there would be 50-60 lofts available for purchase.







Rentals not a cheap option


In the Dallas-Fort Worth area the median monthly rent cost for a home is $1,695, which is higher than the Texas median of $1,500, according to Zillow.


However, the median cost of home rentals in Grapevine, Colleyville and Southlake surpassed both DFW’s and the state’s median rental prices this year with the median monthly lease amount at $3,911 in Southlake, $2,439 in Colleyville and $2,116 in Grapevine.


Four real estate trends to know in Grapevine, Colleyville, Southlake


For those looking to rent an apartment in Grapevine, as Colleyville and Southlake have no apartments, the average rental price continues to increase as well.


In the Dallas area, the fair market rent for a two-bedroom apartment is $1,031, according to the National Low Income Housing Coalition. In order to afford this level of rent and utilities—without paying more than 30 percent of income on housing—a household must earn $3,437 monthly or $41,240 annually.


Assuming a 40-hour work week, 52 weeks per year, this level of income translates into a wage of $19.83 per hour.


However, in Grapevine, apartment rental rates are much higher than the fair market rent with most two-bedroom apartments starting at $1,500 or higher.


For example, in early July, the cost of the smallest two-bedroom apartment  at Camden Riverwalk was $1,719.







Housing inventory for homes under $300,000 dwindling


Realtor Jen Blackwood with Blackwood Real Estate Advisors said the chance of buyers finding a home that is $300,000 and less in Grapevine, Colleyville and Southlake is decreasing every year.


“Most of these are properties sold for lot value only or homes that need extensive renovating,” she said. “With fewer lots left in the area to build new construction on, there is a higher demand for land, particularly large lots, but they are hard to come by.”


Four real estate trends to know in Grapevine, Colleyville, Southlake


Since 2013 there has been an 84 percent decrease in single-family properties available in Southlake for under $300,000 and less, and in Colleyville a 75 percent decrease.


“If you see a single-family home for sale in one of these areas for under 300,000, don’t wait to jump on it; more than likely it’s a great deal,” she said.


Although Grapevine has more homes on the market for $300,000 and less than Colleyville and Southlake, it, too, has seen a decrease in the amount of homes in that price range. In 2015, Grapevine had 278 homes in that price range compared to 85 homes so far this year, representing a 69 percent decrease.







Bidding wars in Grapevine causing homes to sell for more than listed price


If buyers are looking for a home that costs $300,000 or less in Grapevine, they should expect to pay more than the asking price, said Realtor Theresa Mason with MIG Real Estate in Grapevine.


Mason said most of the homes in that price range typically have multiple offers, and buyers who have cash offers usually trump all other offers.


Four real estate trends to know in Grapevine, Colleyville, Southlake


“Because this market is so competitive, buyers are trying to find ways to make their offer most appealing to a seller,” she said. “Cash is king, as they say. But for buyers with financing, we’re seeing people offering to pay cash over appraised value and offering to pay [the] seller’s closing costs just to try to compete with some cash offers. Many buyers will submit letters and family photos with their offer as well.”


In June the median sold price was 1.7 percent higher than the median listing price in Grapevine. Last year, the median buyer paid 2 percent more than the listed price, according to statistics from the Multiple Listing Service.

SHARE THIS STORY


MOST RECENT

Ken Schnitzer of Park Place Dealerships has decided to sell 14 of his dealerships, including two in Grapevine. (Courtesy Park Place Dealerships)
Park Place Dealerships owner sells 14 dealerships, including 2 in Grapevine

Ken Schnitzer, the founder and chairman of Park Place Dealerships, has decided to sell all but two of his dealerships.

Big Daddy's Ship Store has closed for renovation work. (Courtesy Big Daddy's Ship Store)
Grapevine Lake restaurant closes for renovations

Big Daddy's Ship Store restaurant closed in December and will remain closed for renovation work, owner Matthew Armand said.

(Graphic by Michelle Degard/Community Impact Newspaper)
Not just a millennial problem: From 2005 to 2015, older Americans saw largest increase in student loan debt

The increasing cost of college has led Americans to carry more student debt than before.

As the number of senior adults nationwide and in the Grapevine, Colleyville and Southlake area continues to grow, so does demand for residential options. (Courtesy Dancing River Assisted Living and Memory Care)
2019 Senior Living Guide: 15 senior living facilities in Grapevine, Colleyville and Southlake

As the number of senior adults nationwide and in the Grapevine, Colleyville and Southlake area continues to grow, so does demand for residential options.

Carroll ISD Bond Builders and the board of trustees invited the community to a slab signing party for the district's new music center Dec. 11. (Miranda Jaimes/Community Impact Newspaper)
GALLERY: Carroll ISD invites community to sign slab of new music center

The Carroll ISD community has left its mark on a piece of school history.

doctor in white coat writing on notepad
Integrative medicine practice Kotsanis Institute celebrates 35 years

Dr. Constantine Kotsanis and his wife, Beverly, celebrated the Kotsanis Institute's 35th anniversary Nov. 15.

A new office building is planned for the southwest corner of West SH 114 and North White Chapel Boulevard in Southlake. (Rendering courtesy city of Southlake)
New office building to neighbor Chapel Crossing in Southlake

The Southlake City Council gave nods to a zoning change and concept plan for a separate, three-story office building of approximately 22,000 square feet to be constructed neighboring the Chapel Crossing office building.

Crooked Lane in Southlake will be resurfaced. (Courtesy Fotolia)
Southlake City Council agrees to Crooked Lane resurfacing

Road improvements are coming to Crooked Lane in Southlake.

The Oct. 20 tornado affected 949 structures in Richardson. (Liesbeth Powers/Community Impact Newspaper)
ASK THE EDITOR: What is the difference between a tornado watch and a tornado warning?

Multiple tornadoes ripped through the Dallas-Fort Worth area on the evening of Oct. 20.

Local officials say seniors are one of the groups most targeted for financial fraud. (courtesy Adobe Stock)
2019 Senior Living Guide: Tarrant County task force fights scams targeting seniors

When Lori Varnell launched the Tarrant County Elder Financial Fraud Unit in 2017, she started with about 40 cases, she said. Two years later, she said she now has almost 200 cases.

Collegiate Academy students show off their school spirit. (Courtesy Grapevine-Colleyville ISD)
Grapevine-Colleyville ISD’s Collegiate Academy gives more students access to higher education

A building located on the Northeast Campus of Tarrant County College houses a select group of Grapevine-Colleyville ISD high school students who are earning not only their high school diplomas but also their associate degrees.

Back to top