Grandscape: Shopping, drinking and playing will be different in new $1.5 billion retail center

Tuesday, January 14, 2020

by Christie Cannon

Construction continues for a fountain courtyard that will feature a light show with surround sound at the Grandscape in The Colony.(Vernon Bryant / Staff Photographer)

Being last is sometimes a sweet spot.

That’s what Jeff Lind, president of Grandscape, a $1.5 billion development along State Highway 121 in The Colony, is hoping.

Other multibillion-dollar developments — one after another, shiny and bright from Legacy West in Plano to The Star in Frisco — entice residents to come out and meet friends and family in new entertainment and shopping environments.

At the same time, the malls in the neighborhood — Stonebriar Centre in Frisco and the Shops at Willow Bend in Plano — have spent hundreds of millions of dollars to add a wing of restaurants, multiple kid venues, a luxury gym and a high-rise hotel.

Now there’s one more new destination for eating, drinking, playing and shopping coming to the growing neighborhoods fanning east and west of the Dallas North Tollway.

“We’re trying to be very different," said Lind, who is leading Grandscape, a project next to Nebraska Furniture Mart that’s part of Warren Buffett’s expansive Berkshire Hathaway. "We wanted to create a space that’s different from other lifestyle centers in the area and to give people reasons to keep coming back.”

Grandscape, which will start to open in March and April, is not like any development in the Dallas area. Almost all the restaurants and stores, big and small, are new to the market.

“I really think this is going to be the first destination up north that will get people from down in Dallas to visit,” said Dan Bradley, who owns T-shirt and gift shop Bullzerk. He’s an exception at Grandscape as a familiar retailer, with six stores in Dallas-Fort Worth.

The D-FW retail real estate market is still considered overbuilt, but there’s been less new construction in recent years, and occupancy rates have been rising.

Grandscape is being built for “future growth in the region,” Lind said.

Instead of turning leasing over to another company, Lind and marketing director Katie Wedekind, both Nebraska Furniture Mart veterans, became the leasing agents. Lind alone clocked 288,000 air miles last year traveling the world to discover new tenants and ways to make Grandscape unique.

Here’s what they came up with.

Multiple levels, 433 acres

Grandscape, which has been in the works since Nebraska Furniture Mart opened in 2015, will operate on multiple levels with lush landscaping, water venues, digital features and lots of places to sit in a pedestrian-friendly layout.

The entire property is 433 acres. NFM, which the furniture store is now calling itself, has attracted restaurants and hotels on its west side. That area takes up about 100 acres.

Scheels is a sporting goods and entertainment venue at Grandscape.(Vernon Bryant / Staff Photographer)

The Grandscape shopping center, just east of NFM, is on 125 more acres, including a 7-acre man-made lake with restaurants bordering it.

It’s anchored by three additional big-box tenants that are not as big as NFM but almost:

Andretti’s Indoor Karting & Games is 110,300 square feet and has three indoor tracks, bowling lanes, an arcade, restaurants and bars on two levels.
Scheels, at 331,000 square feet, is a supersized sporting goods store with a 65-foot Ferris wheel inside with 16 cars on it.
The 85,000-square-foot Galaxy Theatres 15-screen venue that will open this spring is like only one other that Sony has built, in Las Vegas.

While the giant NFM furniture store, at 560,000 square feet, is hard to miss, Grandscape has been designed to disguise its big boxes and “foster more interesting walks across the shopping center,” Lind said.

To prevent boring long stretches across the front of Andretti’s, Scheels and the Galaxy theater, smaller spaces were built on either side of their entrances for shops and restaurants.

“No one wants to walk across the front of a 300-foot building,” Lind said.

The Homestead area of Grandscape features small buildings with local tenants. (Vernon Bryant / Staff Photographer)

‘Something for everybody’

The development has six courtyards.

One of them, the Homestead, is a new idea for shopping centers. It’s a rustic collection of small buildings nestled, not lined up, next to an outdoor wine bar with a large fireplace. The dozen businesses occupy spaces as small as 250 square feet.

On paper, the development “looks kind of crazy,” Bullzerk’s Bradley said, “but when you see it, you understand that people can come and really be here all day."

“There’s something for everybody, and it’s not luxury,” which he said Dallas has plenty of. His Bullzerk store will have a $250,000 bus inside that customers can climb into for social media shots and videos.

Construction continues at Grandscape in The Colony. Nebraska Furniture Mart can be seen in the distance. (Vernon Bryant / Staff Photographer)

Other small-business Homestead tenants include Odin Leather Goods, Tyler Kingston Mercantile, Julie’s Sweets and Gnome Cones.

The Lawn section also will be finished this spring. It’s in front of a $4.5 million, 55-foot stage with dressing rooms and three LED digital boards that can be part of an audio/digital experience.

Some parts of the project will still be under construction when it begins to open.

The Grotto will have a courtyard, restaurants and entertainment venues, a water feature and a living wall. (Vernon Bryant / Staff Photographer)

The Grotto section, Lind said, will open later this year. It’s inspired by Covent Garden in London and has a tunnel that leads to a lake with restaurants.

When it’s finished, Grandscape will have a couple of dozen restaurants, including Windmills, a restaurant from India with a library-inspired interior design, and Davio’s Northern Italian Steakhouse.

Jeff Lind of Grandscape in The Colony on Wednesday, January 8, 2020. (Vernon Bryant/The Dallas Morning News)(Vernon Bryant / Staff Photographer)

Katie Wedekind of Grandscape in The Colony on Wednesday, January 8, 2020. (Vernon Bryant/The Dallas Morning News)(Vernon Bryant / Staff Photographer)

A 12-story apartment building is under construction and will open next year with 345 luxury units with lots of amenities, including dog parks and meeting rooms.

What Lind calls a fashion section is coming later, with retail shops that will connect NFM with Grandscape.

When it’s finished, the walk from NFM to sporting goods superstore Scheels will be almost the length of six football fields, and the space is designed for stops along the way.

Lind and Wedekind said they kept three ideas always in focus: the environment, technology and a nontraditional merchandise mix.

“We’re not developers," Lind said. “We’re retailers."

Here are the firms that are working on the Grandscape project:

Master plan and design architect: Mark Tweed, HTH Architects (Los Angeles)

Architect of Record: Merriman Anderson Architects (Dallas)

Civil Engineer: Olsson Associates

Construction: VCC, which has moved its Dallas office to Grandscape

Landscape Design: Ochsner Hare & Hare, The Olsson Studio

Technology features designed and built by The Barnycz Group of Baltimore

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Buying a Home Early Can Significantly Increase Future Wealth

Monday, January 13, 2020

by Christie Cannon

Buying a Home Early Can Significantly Increase Future Wealth

According to an Urban Institute study, homeowners who purchase a house before age 35 are better prepared for retirement at age 60.

The good news is, our younger generations are strong believers in homeownership.

According to a Freddie Mac survey,

“The dream of homeownership is alive and well within “Generation Z,” the demographic cohort following Millennials.

Our survey…finds that Gen Z views homeownership as an important goal. They estimate that they will attain this goal by the time they turn 30 years old, three years younger than the current median homebuying age (33).”

If these aspiring homeowners purchase at an early age, the Urban Institute study shows the impact it can have.

Based on this data, those who purchased their first homes when they were younger than 25 had an average of $10,000 left on their mortgage at age 60. The 50% of buyers who purchased in their mid-20s and early-30s had close to $50,000 left, but traditionally purchased more expensive homes.Although the vast majority of Gen Zers want to own a home and are somewhat confident in their future, “In terms of financial awareness, 65% of Gen Z respondents report that they are not confident in their knowledge of the mortgage process.”

Bottom Line

As the numbers show, you’re not alone. If you want to buy this year but you’re not sure where to start the process, let’s get together to help you understand the best steps to take from here.

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There’s a Long Line of Buyers Waiting for Your House

Friday, January 10, 2020

by Christie Cannon

There’s a Long Line of Buyers Waiting for Your House

If you’re following what’s happening in the housing market right now, you know that many people believe the winter months aren’t a good time to sell a home. As realtor.com Senior Economist George Ratiu recently noted,

“Sellers tend to be more reluctant to list during the colder time of year when the market typically makes a seasonal slowdown.”

However, a recent report by ShowingTime reveals how this year is different. Buyer activity is way up compared to the same time last year. The report explains,

“The nation’s 12.6% growth in home showings compared to 2018 was the most significant jump in buyer traffic during the current four-month streak of year-over-year increases. The West Region saw the greatest growth in activity, with a 23.1% jump – the region’s greatest in the history of the Showing Index.”

The increase has spread across all four regions of the country, as the graph below shows:

Bottom Line

Waiting for the “spring buyers’ market” may be a mistake this year. It seems the purchasers are already out and looking to buy.

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The 2020 Real Estate Projections That May Surprise You

Thursday, January 2, 2020

by Christie Cannon

The 2020 Real Estate Projections That May Surprise You

This will be an interesting year for residential real estate. With a presidential election taking place this fall and talk of a possible recession occurring before the end of the year, predicting what will happen in the 2020 U.S. housing market can be challenging. As a result, taking a look at the combined projections from the most trusted entities in the industry when it comes to mortgage rates, home sales, and home prices is incredibly valuable – and they may surprise you.

Mortgage Rates

Projections from the experts at the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), Fannie Mae, and Freddie Mac all forecast mortgage rates remaining stable throughout 2020:Since rates have remained under 5% for the last decade, we may not fully realize the opportunity we have right now.

Here are the average mortgage interest rates over the last several decades:

1970s: 8.86%
1980s: 12.70%
1990s: 8.12%
2000s: 6.29%

Home Sales

Three of the four expert groups noted above also predict an increase in home sales in 2020, and the fourth sees the transaction number remaining stable:With mortgage rates remaining near all-time lows, demand should not be a challenge. The lack of available inventory, however, may moderate the increase in sales.

Home Prices

Below are the projections from six different expert entities that look closely at home values: CoreLogic, Fannie Mae, Ivy Zelman’s “Z Report”, the National Association of Realtors (NAR), Freddie Mac, and the Mortgage Bankers Association (MBA).Each group has home values continuing to improve through 2020, with four of them seeing price appreciation increasing at a greater pace than it did in 2019.

Is a Recession Possible?

In early 2019, a large percentage of economists began predicting a recession may occur in 2020. In addition, a recent survey of potential home purchasers showed that over 50% agreed it would occur this year. The economy, however, remained strong in the fourth quarter, and that has caused many to rethink the possibility.

For example, Goldman Sachs, in their 2020 U.S. Outlook, explained:

“Markets sounded the recession alarm this year, and the average forecaster now sees a 33% chance of recession over the next year. In contrast, our new recession model suggests just a 20% probability. Despite the record age of the expansion, the usual late-cycle problems—inflationary overheating and financial imbalances—do not look threatening.”

Bottom Line

Mortgage rates are projected to remain under 4%, causing sales to increase in 2020. With growing demand and a limited supply of inventory, prices will continue to appreciate, while the threat of an impending recession seems to be softening. It looks like 2020 may be a solid year for the real estate market.

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Year-Over-Year Rental Prices on the Rise

Monday, December 30, 2019

by Christie Cannon

Year-Over-Year Rental Prices on the Rise

Looking ahead, 2020 is projected to be a strong year for homeownership. According to the Freddie Mac Forecast,

“We expect rates to remain low, falling to a yearly average of 3.8% in 2020.”

If you’re currently renting, 2020 may be a great time to think about making a jump into homeownership while mortgage rates are low.

As noted in the National Rent Report,

“the national rent index increased by 1.4 percent year-over-year.”

With average rents on the rise, this year-over-year increase may not sound like much, but it can add up – fast. The math on how much extra it will cost you over time surely doesn’t lie.

Here’s an example: On a $1,500 rental payment, an increase of 1.4% adds an additional $21 dollars per month to your payment. When multiplied by the twelve months in a year, it’s a $252 overall annual increase. The price continues to multiply when you rent year after year, as rental prices rise.

History shows how average rental prices have been increasing each year, and there doesn’t seem to be much end in sight. Here’s a look at how rents have grown since 2012 alone:Why not lock down your monthly housing expense, and at the same time build additional net worth for you and your family? If you’re thinking about buying a home, consider the financial benefits of what homeownership can do for you, especially while the market conditions are strong and current mortgage rates are low.

Bottom Line

With average rents continuing to rise, now may be a great time to stabilize your monthly payment by becoming a homeowner and locking into a low mortgage rate. Let’s get together to discuss how taking advantage of the current market conditions might work for you.

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5,300 Reasons to Be Happy You’re a Homeowner

Friday, December 20, 2019

by Christie Cannon

5,300 Reasons to Be Happy You’re a Homeowner

Studies have shown that, in many cases, the largest asset a family owns is the house they live in. Over the last twelve months, that asset has gained substantial value.

CoreLogic just released their 2019 3rd Quarter Homeowner Equity Insights Report. The report revealed that:

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

The equity in a property is determined by comparing the current value of the property against the outstanding mortgage debt. As prices rise, the equity in a home increases.

The report went on to explain that the average homeowner gain in equity over the last twelve months was $5,300.

Here’s a map showing the average equity gain by state:Since the housing crash in 2008, many homeowners have felt trapped in their current houses, as they didn’t have enough equity to sell. The gains in equity over the past few years may have freed some homeowners who have a desire to move.

Bottom Line

If you’re curious about your home’s equity, let’s get together to do a market analysis on the current value of your house. You may be pleasantly surprised.

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Fannie Mae, Freddie Mac Loan Limit Increases

Tuesday, November 26, 2019

by Christie Cannon

Fannie Mae, Freddie Mac loan limit increases to more than $510,000

Conforming loan limit has now increased by nearly $100,000 since 2016

The Federal Housing Finance Agency announced Tuesday that it is raising the conforming loan limits for Fannie Mae and Freddie Mac to more than $510,000.

In most of the U.S., the 2020 maximum conforming loan limit will be raised to $510,400, up from 2019’s level to $484,350.

This marks the fourth straight year that the FHFA has increased the conforming loan limits after not increasing them for an entire decade from 2006 to 2016.

In 2016, the FHFA increased the Fannie and Freddie conforming loan limit for the first time in 10 years, and since then, the loan limit has gone up by $93,400.

Back in 2016, the FHFA increased the conforming loan limits from $417,000 to $424,100. Then, the next year, the FHFA raised the loan limits from $424,100 to $453,100 for 2018. And in 2018, the FHFA increased the loan limit from $453,100 to $484,350 for 2019.

And now, loan limits will top $510,000.

The conforming loan limits for Fannie and Freddie are determined by the Housing and Economic Recovery Act of 2008, which established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels.

Data from FHFA shows that home prices increased by 5.38% on average between the third quarter of 2018 and the third quarter of 2019. Therefore, the baseline maximum conforming loan limit in 2020 will increase by the same percentage.

For areas in which 115% of the local median home value exceeds the baseline conforming loan limit, the maximum loan limit will be higher than the baseline loan limit. HERA establishes the maximum loan limit in those areas as a multiple of the area median home value, while setting a “ceiling” on that limit of 150% of the baseline loan limit.

Median home values generally increased in high-cost areas in 2019, driving up the maximum loan limits in many areas. The new ceiling loan limit for one-unit properties in most high-cost areas will be $765,600 — or 150% of $510,400.

Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam, and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $765,600 for one-unit properties.

As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2020 in all but 43 counties or county equivalents in the U.S.

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Thanksgiving Day Pie

Monday, November 25, 2019

by Christie Cannon

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Buyers Are Looking Now. Are You Ready to List Your Home?

Thursday, November 21, 2019

by Christie Cannon

Buyers Are Looking Now. Are You Ready to List Your Home?

Inventory on the market today is low, especially among existing homes in the entry and middle-level tiers of the market. It is hovering well below the 6-month supply typically found in a more normal market, as shown in the graph below:With inventory being one of the biggest housing market challenges today, finding a starter home right now isn’t easy. According to the Q3 Housing Trends Report from the National Association of Homebuilders (NAHB), 68% of those searching for a home think their search will get harder or stay about the same over the next 12 months.

The same study reveals,

“In Qtr3’19, buyers actively engaged in the process of buying a home are more likely to have spent at least 3 months searching (58%) than a year earlier (55%).”

This is certainly no surprise, given the current inventory status. So, what’s the good news? The NAHB continues to say,

“If still unable to find a home in the next few months, the next step for most long-time searchers is to continue looking for the ‘right’ home in the same preferred location (52%). The next step for 35% is to expand their search area and for 16% is to accept a smaller/older home. Only 15% will give up looking.”

What does this mean for homeowners?

If you’re thinking of selling your home, buyer demand is high – and those looking in your neighborhood aren’t planning on giving up anytime soon. The majority of potential buyers who are still searching for their dream home are eager, willing, and ready to buy, so maybe it’s time to list your house and make your move.

Bottom Line

With buyer demand as high as it is today, and inventory in the entry and middle-tier markets remaining low, it’s never been a better time to move up. Let’s get together to determine if now is your time to sell.

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The Cost of Renting vs. Buying a Home

Friday, November 15, 2019

by Christie Cannon

The Cost of Renting vs. Buying a Home

The Cost of Renting vs. Buying a Home [INFOGRAPHIC] | MyKCM

Some Highlights:

Historically, the choice between renting and buying a home has been a tough decision.
Looking at the percentage of income needed to rent a median-priced home today (27.7%) vs. the percentage needed to buy a median-priced home (17.5%), the choice is clear.
Every market is different. Before you renew your lease, find out if you can put your housing costs to work by buying a home this year.

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Real Estate Information Archive

Blog

Multiple levels, 433 acres

‘Something for everybody’

Buying a Home Early Can Significantly Increase Future Wealth

Bottom Line

There’s a Long Line of Buyers Waiting for Your House

Bottom Line

The 2020 Real Estate Projections That May Surprise You

Mortgage Rates

Home Sales

Home Prices

Is a Recession Possible?

Bottom Line

Year-Over-Year Rental Prices on the Rise

Bottom Line

5,300 Reasons to Be Happy You’re a Homeowner

The report went on to explain that the average homeowner gain in equity over the last twelve months was $5,300.

Bottom Line

Buyers Are Looking Now. Are You Ready to List Your Home?

What does this mean for homeowners?

Bottom Line

The Cost of Renting vs. Buying a Home

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