Home Fail

Fort Worth's failed home sales are among the worst in the nation

Good luck selling your house.

iStock

Nationwide, home deals are falling through at a higher rate than they were a year ago, according to Trulia. The areas that have seen the most frequent amount of movement from pending status back to for sale happen to be areas that are popular among first-time buyers. Fort Worth is one such area, ranking fourth in Trulia’s research of where overall home sales were most likely to fail in 2016, and second where most entry-level home sales failed.

In metropolitan areas across the country, first-time homebuyers currently make up 35 percent of total home sales. However, many of those same areas see a high percentage of sale failures, usually because many first-time homebuyers do not bring equity or credit history from a previous home, thus their finances are more highly scrutinized.

A failed sale is not always due to an applicant’s poor credentials, but a deal falling through may be linked to the age or state of the home. In areas like Fort Worth, where there are many historical homes, a higher rate of failed sales occurs — due to not only the popularity of newer homes, but also the issues that can cause the failure of routine home purchase inspections. In fact, newer homes typically see the least amount of sale failures among the different categories of homebuyer, including starter, trade-up, and premium.

The good news is plenty of homes available on the market will survive the financial and inspection scrutiny needed for a successful home sale. If you are considering buying a Fort Worth home in 2017, be sure that all of your finances are intact and know your limits and the local market.

trulia reports

Golf News

Tiger Woods has plans for mega-golf community at Kelly Ranch in Aledo

Bluejack National

Tiger Woods' Bluejack National in Montgomery

Fort Worth is teed up to get a new golf-centric community from the sport's biggest name: Golf celebrity Tiger Woods is planning to bring a luxury golf course concept called Bluejack Ranch to Kelly Ranch, the gated community under development in Aledo.

Woods' ambitious plan includes an 18-hole golf course as part of a 914-acre community and entertainment park, featuring a working dude ranch with horses, longhorns, and miniature donkeys.

Kelly Ranch is the master-planned community currently being developed by Ryan Voorhees of Kelly Ranch Estates LLC. They previously forged a deal with Escalante Golf, a Fort Worth-based golf club operator to open a course, but that partnership was severed in January.

Woods divulged the plan for Bluejack Ranch in a letter posted on the facility's website, stating that he and his partners would create a development similar to Bluejack National, which they opened outside Houston in 2016. Located in Montgomery, it was brought to life by developers Andy and Kristin Mitchell of Lantern Asset Management, Woods, and former PGA Tour player and Fort Worth resident J.J. Henry.

In addition to an 18-hole course, plans for Aledo include a 10-hole lighted short course, wellness spa, fitness center, tennis, pickleball, swimming pools, gourmet dining, and a social hub called The Fort.

It would also include a gated community of homes, cabins, and villas ranging in size from 3,200 to 3,500 square feet; plus smaller spa retreats and clubhouse casitas ranging from 1,140 to 2,100 square feet. These will surely be pricey: In 2021, a home at Bluejack National in Houston started at $1 million. In 2020, resort memberships cost $105,000 to join with annual dues of $15,000.

They are also planning an entertainment studio, courtesy of Andy’s Lantern Entertainment company, with room for podcasting, film, and TV productions.

Bluejack Ranch will be its own separate gated community adjacent to Kelly Ranch, says Kelly Ranch director of sales Draze Lawliss. Kelly Ranch will consist of three communities — Rio Vista, Sierra Vista, and La Dorada — which cumulatively will add approximately 2,000 single family residences set across 1,500 acres, with anticipated prices ranging from $500,000 to $2 million+.

"Yesterday’s exciting announcement about Bluejack Ranch, featuring a golf course designed by Tiger Woods, has put Aledo and West Fort Worth on the map for incredible growth opportunities," Lawliss says. "This development is set to ignite substantial economic growth in the area, as Aledo’s future expands beyond just residential communities to include thriving commercial, entertainment, and retail sectors."

"West Fort Worth is primed to benefit as well, with new restaurants, grocery stores, and businesses expected to spring up, adding new life to South Aledo along Highway 377," he says.

Woods has been developing a variety of golf concepts, ranging from miniature golf facilities like PopStroke in The Colony, to a practice course in Jupiter, Florida.

“It’s extremely motivating for me to contribute to the golfing legacy of Fort Worth, and I’m excited to see what we’ll build together,” said Woods in the letter.