ALLEN — There are some encouraging signs that the North Texas real estate market — hit hard by the recession — is beginning to improve.
Housing starts are up in several Collin County cities, especially Allen. Developers believe the worst is over.
Mesha Coleman says this is the time to buy a new house. She's looking in Allen.
“We were excited about looking into the market, with the lower interest rates, as well as housing incentives that are available," she said. "We're looking forward to the opportunity.
Developers and builders are getting optimistic, too.
Hillwood Residential broke ground on 40 new homes Wednesday. The houses will be built in the Lexington Village section of Allen's Twin Creeks master planned community.
“I think it's a great sign that things are improving. We need new lots on the market," said Hillwood Chairman Ross Perot Jr.
The local real estate market has come to a standstill in many North Texas cities, but that hasn't been the case in Allen.
In the last year, 540 new houses have been built in the city. Allen is already at 75 percent of projected housing starts for 2010.
“You’ve got to realize in Allen, if we take all the land we have left, we've probably only got 3,500 lots total left in the city, if we developed everything today," said Allen Mayor Steve Terrell.
Allen realtor James DeLaGarza said the recession forced builders to back off, resulting in a dramatic dropoff in the number of hew homes being built. But he believes the market is slowly rebounding.
“People are saying, 'Where's the inventory? I want to buy a new home.' And rather than wait three, four five months, these builders — which before were able to meet the demand because they had them sitting there — are doing it at a more controlled pace,” DeLaGarza said.
Perot says the worst is over. Everyone from Realtors and builders to home buyers and sellers hope he's right.
E-mail sstoler@wfaa.com
