The communities of Grapevine, Colleyville and Flower Mound are among the suburbs that are convenient and desirable places to live and work near the Dallas/Fort Worth International Airport. Situated northeast of Fort Worth and northwest of Dallas, these communities have the best of all worlds - fine schools, easy access to major employers as well as the cultural centers of Dallas and Fort Worth, access to beautiful Lake Grapevine, and many new or newer homes.

But the major draw for all three communities is their convenience to one of the world's largest airports and the jobs it helps produce. The Dallas/Fort Worth International Airport is third largest airport in the world and the second largest in land mass, with a $2.6 billion reinvestment plan in motion for further expansion. It is a major economic engine for the Dallas/Fort Worth Metroplex, generating $11.2 billion for the North Texas economy. The airport supplies more than 211,000 area jobs and was a significant factor in over 400 corporate relocations to the area.

Despite such advantages, the communities have edged toward what Realtors anticipate is a temporary buyer's market.

Grapevine offers a beautiful area bounded by Lake Grapevine, with an historic downtown and an excellent school district shared with the city of Colleyville.

"This area provides homes built from 1970 to fairly new," says Realtor Patsy Whittington. "Not a lot of new construction. There are currently 193 homes on the market with the majority being $150,000 to $500,000. The prices below $300,000 are normally under $100/square foot with those above $300,000 usually around $110/square foot, depending on amenities and subdivisions. This is a great area for buyers who want a great school district but prefer to buy with medium sized lots, fast access to the airport and a reasonable access to both Dallas and Fort Worth."

"Colleyville," says Whittington, "is a market that has larger lots, an excellent school district and homes from 1970's to new construction. Homes in the $300's to $500's are commonplace with lots of opportunity for buyers in the $500,000 to $8,000,000. There are currently 300 homes on the market with average time on the market increasing with price. In the last 6 months, 191 homes are either pending or sold. Below $500,000 is usually in the neighborhood of $100/square foot. Five hundred thousand and above increases depending on the amenities. Sellers should price the home according to the market. Get ahead of the market, don't chase the market. Buyers should make reasonable offers based on the market at the time, considering their own circumstances as well as the seller's indication as to negotiability. Buyers, who are successful in a dual presentation of offers, have preapproval, not prequalification, letters in hand."

"Coppell is a great suburban community in Northwest Dallas," say Realtors Diana and Eric Holmes, "with excellent schools and community services."

Explain the Holmes, "The market is slowly recovering from the effects of 9/11 and the recession. The average days on the market for a home has steadily increased since the mid-summer last year. However, homes that need little to no updating are still moving relatively quickly, if they're priced competitively.

"Is this a buyer's market? No. Will this become a buyer's market? It's not likely. Dallas, in general, is still relatively inexpensive compared to other major markets across the nation. There has been a steady increase in employment across the Metroplex despite the nationwide trend. What does this mean to the consumer? Throw your hat in the ring and buy before rates go up and the buying season has begun."

While the borders of the airport spill across several communities including Grapevine and Coppell, there are many more that benefit from having the airport nearby, especially in housing values. Flower Mound, west of Grapevine is bordered on the southwest by Lake Grapevine.

"Although the outstanding Flower Mound/Lewisville school district helps to maintain property values," says Realtor Alysse Jeffers, "existing home sales have declined 2 percent versus this time last year. The average marketing time of a home in this area is 65 days - 2 percent lower than last year. Existing home purchases have not kept up with a 9 percent increase in inventory. As always, there is tremendous demand for newer homes or homes in pristine condition, priced below $250,000. "The average price per square foot is $83.

Advises Jeffers, "We are entering the 'real estate season' for home sales. With interest rates still extremely low, and with the threat of a continuing upward trend in rates, we anticipate that buyers will be back in the market quite soon."

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Published: June 21, 2002

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