NAR settlement set to hit real estate agents this week, Aug 17th

Plus: World's largest 3D printed neighbourhood in Texas

August 13, 2024

šŸ‘‹ Good morning and happy Tuesday to you reader!

Today's newsletter is 692 words ā€” a 3-minute read.

1. Pepper Square redevelopment gets OK from City Plan Commission

Plans to redevelop Far North Dallasā€™ Pepper Square shopping center into a mixed-use project with nearly 1,000 apartments won a key approval from the City Plan Commission, making way for final approval by the city council.

Henry S. Miller wants to build 750 units in the Far North Dallas complex, but the city would allow for another 234 if the company adds mixed-income or retirement-only apartments.

Residents who opposed the project spoke about traffic concerns, density, and the value of homes facing negative effects. However, the body pushed forward, arguing that the shopping center was an ideal place to put much-needed housing.

2. These cities have more housing stock than before COVID-19

Homebuyers have had fewer houses to choose from than they did before the pandemicā€”even though active listings were up by more than 36% in July. But some places are opposing the trend.

A dozen metros among the top 50 largest areas saw higher housing stock levels compared with typical 2017 to 2019 levels in July, according to the monthly housing report from RealtorĀ®. These are those 12 metros:

  1. Austin, TX: +35.5%

  2. San Antonio, TX: +34.3%

  3. Denver, CO: +26.7%

  4. Tampa, FL: +18.8%

  5. New Orleans, LA: +13.9%

  6. Dallas, TX: +12.7%

  1. Nashville, TN: +12.6%

  2. Orlando, FL: +12.5%

  3. San Francisco, CA: +10.0%

  4. Jacksonville, FL: +7.5%

  5. Seattle, WA: +7.4%

  6. Memphis, TN: +4.1%

A MESSAGE FROM DAVE YOUR MORTGAGE GUY

Is your client thinking of buying a condo or selling theirs?

Don't miss my latest YouTube video where I break down everything you need to know about condo mortgages! From condo questionnaires to the dreaded condo denial, and FHA loan specifics, I cover it all.

3. Catch up quick

šŸ“š NAR settlement set to hit real estate agents this week, Aug 17th. (CNN)

šŸ“ˆ Howard Hanna looks to dismiss homebuyer commission lawsuit. (HousingWire)

šŸ” A Round Rock homeowner is at odds with the city over his front yard. (KXAN)

šŸ’ø Dallas's $5B proposed budget comes with a property tax rate cut. (WFAA)

šŸ• Fun read: Roxy was ā€˜desperate for helpā€™ in the Texas rain ā€” now, the pup has her happy ending. (HoustonHumaneSociety)

4. World's largest 3D-printed neighborhood nears completion in Texas

The worldā€™s largest 3D-printed neighborhood is nearing completion in Wolf Ranch, a development in Georgetown by ICON with 95 out of 100 homes finished.

These 1,500 to 2,100-square-foot homes, priced between $450,000 and $600,000, are built using advanced 3D printing technology with a concrete-based material called Lavacrete.

The project aims to offer a faster, potentially cheaper, and more sustainable construction method.

5. Austin named No. 1 US destination to start a business

Austin has been named the No. 1 place to establish your own business in 2024 by USA Today. The ranking analyzed metrics across 46 of the most popular U.S. cities to determine its final list.

Austin ranked in the top 10 for five out of eight factors which included:

  • Net business births

  • Net job creation rate

  • Business entry rate per 100 businesses

  • Business exit rate per 100 businesses

  • Employment in startups as % of total employment

  • Household with self-employment income (%)

  • Unemployment (%)

  • GDP growth (%)

Dallas and Houston were also named in the top 10 ranking at No. 4 and No. 9, respectively.

6. Court grants preliminary approval to HomeServicesā€™ commission lawsuit settlement

HomeServices of America is one step closer to moving on from the home seller commission lawsuits. On Thursday, Judge Stephen R. Bough granted preliminary approval to the brokerage firmā€™s settlement agreement.

HomeServices of America announced in late April that it had reached a settlement agreement with the Sitzer/Burnett plaintiffs, agreeing to pay $250 million as part of the deal.

The final approval hearing for the settlement is set for Nov 26, 2024.

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