( By Sandra Baker Fort Worth Star-Telegram, Texas) – New home builders in Dallas-Fort Worth ended 2011 on a good note, reporting increases in both starts and closings in the fourth quarter, says Metrostudy, which provides market information to the housing industry.
In the quarter, builders started 3,621 houses, above the 3,315 starts recorded in the same quarter a year ago. Metrostudy found home builders started construction on 14,158 houses in 2011, down from 15,257 starts in 2010.
“It appears the starts activity bottomed out in the second quarter of 2011 and should continue to grow through 2012,” said David Brown, director of Metrostudy’s Dallas-Fort Worth office.
Closings totaled 4,012 in the fourth quarter, more than the 3,978 in the fourth quarter of 2010. Closings in 2011 totaled 14,611, down from 16,823 closings in 2010, according to Metrostudy figures.
“Closings were up in the Metroplex for the first time since the second quarter of 2010, when sales were stimulated by the federal home-buyer tax credit,” Brown said.
The inventory of new homes also shrank in 2011, dropping to 8,302 at the end of the year from 8,755 from the year before.
Brown said the new home market will continue “to face headwinds” in 2012, as mortgage underwriting remains rigorous and consumer confidence weak.
“Normally we would expect to see more home sales given the record low interest rates and job growth in the area over the last year,” Brown said.
“Home buyers have remained cautious because of volatility in the stock market and nervousness surrounding the effects of the European sovereign debt problems.”
Denton County sale
SkyWalker Property Partners in Arlington has bought a vacant six-building industrial complex in Denton County from Valliance Bank. The buildings are on 5 acres on Industrial Road in Justin, just north of the Texas Motor Speedway, and total 43,259 square feet. The complex was developed between 1984 and 2007.
“We’re buying a lot of potential,” said Shane Benner, SkyWalker’s real estate analyst. “Some of the buildings are in pretty good shape, so we feel we can find tenants relatively quickly.”
The property was used as a concrete batch plant and was vacated a couple years ago before going into foreclosure.
Renee Efimoff with SCM Real Estate Services represented SkyWalker Property. Michelle Hudson with Hudson Peters Commercial represented the bank.
IFS Coatings facility
Speed Fab-Crete, a Fort Worth-based construction company, is building a 21,200-square-foot factory and warehouse for Gainesville-based IFS Coatings, a supplier of coatings and adhesives.
The $1.2 million project broke ground in December and is scheduled to be completed in May.
IFS is a subsidiary of CFS Group. Callahan and Freeman Architects in Fort Worth is the project architect.
Transactions
4925 New York Ave., Arlington
Southwire Co. has leased 242,370 square feet in the Arlington Commerce Center. Allen Gump and Noel Hutcheson with Colliers International represented the tenant. John Leinbaugh with Industrial Developments International represented the landlord.
Texas 121 and Harwood Road, Bedford
St. Michael’s shopping center has been bought by Tug Hill, a Fort Worth investment firm that includes real estate. The 31,837-square-foot center was built in 1983 and has a mix of service and restaurant tenants. It was 86 percent leased at the time of the sale. Matt Mildren represented Tug Hill Real Estate Partners.
2909 Horton Road, Forest Hill
An Oklahoma investment group, National Loan Investors, has sold this former church property to the Higher Praise Family Church. Gene Livens with Service Realty negotiated the sale.
Vickery Boulevard and Bryant Irvin Road, Fort Worth
FCMC Real Estate has bought a 16,850-square-foot building. Family Centered Medical Group will relocate its clinic to 5,800 square feet of the building in February. Jayson Williams with Innovative Developers, Inc., represented the buyer.
5001 Wichita St., Fort Worth
Life Fellowship International has sold its 7,400-square-foot community facilities to Perfecting Faith Community Church. Jim Austin and Tim Williams with the Austin Co. negotiated the deal.
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