New 1,500-home community coming to Terrell

👋 Good morning and welcome back.

Today's newsletter is 621 words — a 2.5-minute read.

1. Realty Capital expands Dallas development

Realty Capital Management LLC, the master developer of the 160-acre Lakeside development in Flower Mound, is planning a 21-acre mixed-use expansion called Lakeside East.

Located at the intersection of International Parkway and Lakeside Parkway, the project will feature new restaurants, shops, 350 luxury rental residences, a four-story office building, a "high-caliber brand" hotel, and open spaces including an arts plaza and trails. Realty Capital is seeking zoning changes and a master plan amendment to proceed with the development. LINK

2. Austin moves forward with YIMBY approvals

The YIMBY movement in Austin is gaining momentum as the Austin City Council approves major changes to the city's land development code. These changes, part of the HOME initiative, aim to promote urban density by allowing denser housing and taller commercial buildings throughout the city.

Key changes include reducing the minimum lot size for new homes from 5,750 to 1,800 square feet and adjusting lot width requirements. New rules also enable 40-foot-tall buildings to be built 25-50 feet from single-family homes and 60-foot-tall buildings 50-75 feet away.

3. Catch up quick

🤝 Meet My A.I. Friends. (NYT)

💭 Keller Williams retreats on profit-sharing cuts for defecting agents. (Real Estate News)

🏡 Charming Houston midcentury Memorial mansion hits the market for $3.1 million. (Culture Map)

😑 Presidents of North Texas realtors groups say settlement proposals are likely not a bridge to cheaper homes. (CBS)

🏘️ San Antonio Food Bank launches construction of affordable housing in New Braunfels. (MySA)

4. DFW Land Real Estate secures 71-acre land deal in Prosper

A group led by DFW Land Real Estate has acquired a 71-acre development site in the rapidly growing Dallas-Fort Worth area, adjacent to the 110 acres they purchased last summer.

The latest purchase was assembled from multiple owners, and the price was not disclosed.

The land is situated between Dallas North Tollway and Mahard Parkway, just north of Highway 380, approximately 34 miles north of downtown Dallas. The firm acquired the adjacent acreage in August 2023 from Dallas-based Standridge Companies and Columnar Holdings, who had owned it since 2019, in a transaction brokered by Rex Real Estate. LINK

5. New 1,500-home community coming to Terrell

A 1,500-home community called Northspur is being developed on 700 acres in Terrell, about 30 minutes east of Dallas.

The first phase includes 230 lots, with Dallas-area builders M/I Homes and Impression Homes constructing the initial houses. Sales begin in June, with homes expected to be completed by fall.

Prices for the homes will range from $300,000 to $500,000, with options featuring 1.5 to 3 bathrooms and 2 to 4 bedrooms. LINK

6. Texas and Florida are now buyers’ markets

Texas and Florida are the best states for buyers to get a home at the moment, with seven of the country's top 10 cities to do so, according to a new report from Zillow. Houston, Austin, and San Antonio made the list.

The states' attractiveness becomes higher when considering that most of the country's 50 largest metro areas currently favor those who are selling. This is because there still is a "desperate lack of homes on the market for buyers to choose from compared to the pre-pandemic" period despite price cuts and inventory ahead, the company explained. LINK

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