The 3,400-Acre Residential Community is Planned for Wise County
A huge residential development planned northwest of Fort Worth will have room for 10,000 homes. Dallas-based PMB Capital Investments has bought more than 3,400 acres of land for the project near the intersections of State Highway 114 and U.S. 287 in Wise County. Parts of the property are in the towns of Rhome and Newark. The property is known as the Rolling V Ranch. The sprawling development is expected to cost more than $3.5 billion to build by the time it's completed, making it one of the largest residential communities in North Texas. The property is west of the huge AllianceTexas development north of Fort Worth and Texas Motor Speedway. "PMB Capital partner Peter Pincoffs said in a statement. "This is a long-term bet on the demand for reasonably priced single-family homes in D-FW. "We are working hand in hand with city staff in Rhome and Newark on entitlements and infrastructure to serve the project and look forward to starting construction on our first phase in 2020." Home prices in the new development are expected to range from more than $200,000 to above $500,000. The developers plan to set aside 800 acres for open space and build a trail system around existing lakes, creeks and natural springs. The area north of Fort Worth has been one of North Texas fastest growing residential markets in recent years.
The number of homes listed for sale with North Texas real estate agents has risen by about 15% this year. But they aren't in the price range most buyers want. "The inventory is increasing at the upper end — $750,000 and above," Dr. James Gaines, chief economist with the Real Estate Center at Texas A&M University said. "If you have a well-located $300,000 house, you can sell it tomorrow. We are seeing evidence of price fatigue in the market." D-FW home prices are up only about 3% so far in 2019 — nothing like the double-digit percentage home price gains of a couple of years ago. "The recent spike in mortgage rates did expose how price sensitive the market is," said Paige Shipp, regional director with housing analyst MetroStudy Inc. "Things are not quite as rosy as they seem in terms of what people can afford." Many home sellers haven't gotten the message, she said. "They want to list their house for more than their neighbors sold for and sell it overnight." D-FW has an undersupply of homes priced below $250.000.