With Home starts in North Texas up by 50 percent so far this year, builders and developers are jumping to buy land and lots.
Serveral Purchases have been announced this week.
Toll Brothers already has 10 home communities in the Dallas-Fort Worth area.
Its latest acquistion is in the Reserve at Colleyville, a community developed by a real estate firm founded by baseball star Rafael Palmeiro.n 15 years.
“This reflects how interested we are in securing luxury sites in the Metroplex area to boost the future growth of the company,” Toll’s Rob Paul, president of the Dallas division, said in a statement On Tuesday, New York-based Wheelock Street Capital announced it was teaming up with McGuyer Homebuilders Inc. of Houston to buy and develop land and lots in eight Texas home communities.
The $15 million equity investment in the partnership includes purchase of property in a Collin County residential project called the Trails of Melissa.
“The formation of this venture will allow us to take advantage of some of the great opportunities we are seeing in our markets right now,” builder Frank McGuyer said in the announcement of his new partnership with Wheelock. “We expect this to be the first of many key acquisitions.”
Local housing analysts think we'll see more of these deals.
“The trend really began over a year ago,” said Ted Wilson of Dallas-based Residential Strategies Inc.
Since 2006, more than two dozen major builders have left the North Texas market, Wilson said.
“As a result, there has been a scramble by the remaining builders to pick up the best-quality lots that were suddenly available,” he said. “Although the market isn't firing on all cylinders, there is a general understanding that there won't be much new development for a while, so builders need to pick and choose from these lots to define their market positioning.”
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One again, your article is very nice
It is great to see that there is an increase in the housing development at the present time, even more when is the local market (i.e., North Texas) the one that is on the up swing. Sad for the companies that, because of one reason or another, had to leave the area; on the other hand, the future looks a lot more brighter for the others which decided to stay… and now they will reap the benefits of hanging on until the economy finally turned around. It probably will be rough at the beginning trying to keep chaos from rule their lives; no worries, once their strategies come into place, it will be a much smoother ride for sure. Congratulations!