The continued pursuit of commercial and residential development projects despite foreclosure filings is enough encouragement for Fort Worth foreclosure investing.
Analysts said that continued construction and expansion work in Fort Worth shows the continued confidence of big-time investors in the economic recovery and growth of Fort Worth.
The number of notices for foreclosure sales and pre-foreclosures in Fort Worth climbed up again in March, as shown in the increase of residential foreclosure for the April public auction.
In the North Texas region, which includes Tarrant County where Fort Worth is located, the number of homeowners who received foreclosure filings reached 6,168, the first time total filings surpassed the 6,000 level since July 2009 when filings reached 6,072.
Foreclosure postings in North Texas, which also includes the counties of Dallas, Collin and Denton, have been surging for the past several months. Records show that filings exceeded the 5,000 level for the 11th time in the past year.
Researchers expect that the flow of homes into Fort Worth foreclosure listings will continue at a substantial rate, as the total postings for April marked a spike of 18 percent from the 5,213 postings for the April public auction in 2009.
Despite the continued surge in foreclosure activity, development projects are being pursued, giving courage to people planning to get into Fort Worth foreclosure investing.
Among current projects are the expansion of the LoLa mixed-use development in the Cultural District; the addition of an events center at the University of Texas-Arlington; and the opening of a Kroger Signature Store.
Developers Clay Mazur, Mowlesh Ramarapu and Michael Barnes are expanding the LoLa complex with an upscale bar and grill, after their first venture, called Capital Bar, gained an instant following.
The multi-purpose events center at UT, called Special Events Center, will be constructed at a cost of $78 million. It will include 7,600 seats for concerts and over 6,600 seats for court-based sports events. A hospitality suite, an academic center, a study room, an arts media center and offices for athletes will also be constructed.
The Kroger store with a fuel center will anchor the new strip mall called Shops at Timberland Crossing in the northern part of Fort Worth.
New commercial and office leases, acquisition of industrial buildings, renewal of retail leases and construction of college facilities all point to the confidence of businesspeople and city leaders in the growth of the city. They also affirm the investment plans of people engaged in Fort Worth foreclosure investing.
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