The two new articles addressed again the increasing housing prices, and increasing demand. Of course, the Toyota news is forefront in these discussions. People, this recent news is big news. It is coming right on the heels of positive residential real estate news we have been discussing on this blog for the past two months. Dallas area residential prices are already 5% above pre-resession prices, increasing 24 months in a row and exceeding annualized 10% each month over the past three months. There is additional news about the previous "hot" areas of Las Vegas, Southern California, and Florida increasing prices exceeding 22%, but you must remember, their markets fell off by 50% or more during the recession. I'll take Dallas anytime.
I have a young friend that recently complained to me, " I'm a college graduate and after I deduct my housing expenses, my house is making more money than I am."
Rowlett "officialdom" is dogfast steady in proceeding down a path that is going to bring attached housing, form based codes, and office/warehouse development to Rowlett, specifically north Rowlett. Every piece of evidence I have found has suggested this is an incorrect path, given current market conditions. Officialdom seems to be saying, "Okay, we'll wait." Is that what you want? Why wait for 10-20-30 years for something that will not be worth as much as upscale mid-density housing?.......let alone loss of 10-20-30 years of earning capacity while waiting on the presumed commercial development. What makes you think it will ever come? If you're such an expert, send me the numbers. I'll report them.
I have to chuckle when a city hall "swell" drags out the soapbox, gets on it, and announces to Rowlett citizens we have just one chance to get this right. Therefore, we must stay the course. I agree that we must "get it right," but the navigational hazard is on the soapbox.