Despite growing homebuilder fears about the outlook for North Texas, investors are still long on Sherman’s housing market.
North of Plano and even McKinney, Sherman is one of the exurbs experiencing what the Dallas Morning News calls a “land rush.” An unnamed investment group just purchased 500 acres at the northwest corner of Preston Road and Washington Street in Sherman, just a few miles northwest of the planned Globitech and Texas Instruments chip plants.
Rex Glendenning and Robert Wyman of Rex Real Estate handled negotiations.
“This tract is extremely well positioned to take advantage of the housing units needed for the chip plants’ workforce,” said Glendenning. “I believe these new chip plants will give Sherman the platform needed to capture the new growth that we have been working towards for years.”
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Development
Texas
Sherman, Texas: ‘boom’ town or ‘doom’ town?
Residential
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“We are seeing more and more developers and investors gravitating to this area looking for new development opportunities,” he told DMN.
Despite being more than 60 miles outside Dallas proper, this potential tech manufacturing hub has residential developers and investors aiming to double its population.
There are already 34 planned development projects in this North Dallas suburb. At full buildout, these developments would bring more than 8,000 single-family lots and 10,000 multi-family units to a town that currently only has 15,000 houses.
Sherman was the only Texas submarket to make Moody’s Analytics’ list of “overvalued” housing markets earlier this summer, and Moody’s chief economist Mark Zandi specifically named Sherman as one of the most “juiced-up” regional housing markets in an interview with Fortune Magazine.
— Maddy Sperling