{{titleBar.title}}

{{titleBar.tagline}}

 

 

Deep freeze reveals insurance exposure in RGV, Gulf CoastDeep freeze reveals insurance exposure in RGV, Gulf Coasthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256232021-03-05T06:00:00Z2021-03-05T17:00:00Z

COLLEGE STATION – Texas is known for many things, but snowstorms and cold winters are not among them. Warmer climates are the norm, so Texas wasn’t equipped for February’s extreme temperature drop. The biggest casualty was the Texas power grid, which essentially froze over, resulting in ongoing and widespread outages. Many Texas homeowners were similarly overwhelmed when the massive cold front led to frozen pipes and other property damage.

"Since the storm, the number of insurance claims have skyrocketed, signaling that this may be among the largest natural disasters ever to hit the Lone Star State," said Texas Real Estate Research Center Senior Data Analyst Joshua Roberson. "However, many Texans without homeowner’s insurance may be stuck footing the bill, revealing some true risk exposure. Many of those Texans live either in the Rio Grande Valley or along the coast."

According to the U.S. Census Bureau, over 25 percent of single-family homeowner households in McAllen, Brownsville, or Laredo reported not having homeowner’s insurance. Reasons for not having insurance were not provided, but those familiar with the region know the Valley has some of the lowest health insurance coverage rates not only in the state but nationally. While insurance coverage for both types are relatively lower than in other areas, the underlying dynamics are different. Adjacent data from the Census Bureau may reveal why.

Homeowners insurance

Lower incomes are a common thread among metros with possibly higher uninsured home rates. Average household incomes in the three previously mentioned border metros are among the lowest in the state, ranging from $60,000 to $70,000 per year. However, El Paso, another border town, has similar homeowner household income rates, but it has an uninsured rate closer to the state average of 13.1 percent. 

Proximity to the coast is another possible reason for lower coverage rates because of higher premiums combined with lower incomes. Both Corpus Christi and Beaumont had close to 20 percent uninsured. 

Finally, home financing has a strong association with insurance coverage as most mortgages require insurance during the term of the note. The Valley has some of the highest percentages of homeowners who own their dwellings free and clear. That can be a double-edged sword if insurance is dropped after the house is paid off. 

"Whatever the cause, the end result may mean a longer recovery period for residents in these areas," said Roberson.

Texas logoThe Texas Real Estate Research Center has a wealth of economic information online for free.

​Source: Texas Real Estate Research Center​
Texas Real Estate Research Center
Texas
Housing
Read more at {Source}
Beaumont apartments under new ownershipBeaumont apartments under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256172021-03-05T06:00:00Z2021-03-05T16:00:00Z

​​​​BEAUMONT – ​Houston-based the Estes Cos. has acquired the 100-unit Verandas at Beaum​ont Apartments.

The property has one- to four-bedroom units. 

Amenities include a playground, dog park, and outdoor grilling areas. 

Texas logoThe Texas Real Estate Research Center​​​​ has more multifamily news online for free:

​Source: REBusiness Online

REBUSINESS
Beaumont-Port Arthur
Multifamily
Read more at {Source}
Two DFW retail centers sold for $37.2MTwo DFW retail centers sold for $37.2Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256182021-03-05T06:00:00Z2021-03-05T16:00:00Z

​​​​DALLAS-FORT WORTH – Disney Investment Group has brokered the sale of two ​shopping centers in North Texas for $37.2 million.

Hickory Creek Plaza, a 28,134-sf ret​ail center on Teasley Ln. in Denton, was purchased by a private REIT from Regency Centers. It is shadow-anchored by a Kroger Signature store. 

Two bank outparcels ground leased to Chase Bank and Wells Fargo were included in the sale. 

Towne North is a 124,289-sf center anchored by E​l Rancho Supermercado at the southwest corner of Beltline and Northgate Roads in Irving. It was purchased by an out-of-state private equity firm from Nayeb Group.

Texas logoThe Texas Real Estate Research Center has more on DFW's retail market:

Source: Disney Investment Group
Disney Investment Group
Dallas-Fort Worth-Arlington
Retail
Read more at {Source}
300-unit workforce housing project slated for Princeton300-unit workforce housing project slated for Princetonhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256192021-03-05T06:00:00Z2021-03-05T16:00:00Z

​​PRINCETON – NRP Group and Texoma Housing Partners are planning a 300-unit workforce housing project in the Princeton Crossroads master-planned community off US 380.

Units will range from 610 to 1,320 sf. Half the apartments will be rented to residents earning less than 80 percent of the area median income.

Construction financing was provided by Amegy Bank of Texas.

The apartments will open in spring 2022.

Texas logoThe Texas Real Estate Research Center​​​​ has more multifamily news online for free:

​Source: Dallas Morning News

Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
Read more at {Source}
Koontz breaks ground on Class A apartment communityKoontz breaks ground on Class A apartment communityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256202021-03-05T06:00:00Z2021-03-05T16:00:00Z

​​SAN ANTONIO – Koontz Corp. has broken ground on The Moderno, a Class A apartment community at 451 FM 306. 

The first phase will bring a ten-​building complex totaling 280 one- and two-bedroom units. 

Amenities will include a pool, clubhouse, fitness center, and outdoor grilling area. 

Phase I will be complete in March 2022. 

texaslogo.pngThe Texas Real Estate Research Center has more news like this online for free:
Koontz Corp.
San Antonio-New Braunfels
Multifamily
Read more at {Source}
North Austin Complex phase one completeNorth Austin Complex phase one completehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256212021-03-05T06:00:00Z2021-03-05T16:00:00Z

​​​​AUSTIN – Vaughn Construction has completed the first phase of the North Austin Complex, a $135 million office project for the Texas Facilities Commission. 

Phase one, at the intersection of W. Guadalupe and 46th Streets, includes a nine-story, 406,000-sf office building, central utility plant, and seven-story parking garage. 

Phase two will have a 302,000-sf office building and 2,000 parking spaces. 

Texas logoThe Texas Real Estate Research Center has more office news for Austin-Round Rock:

REBUSINESS
Austin-Round Rock
Office
Read more at {Source}
BCS home sales, prices rose in 2020BCS home sales, prices rose in 2020https://www.recenter.tamu.edu/news/newstalk-texas/?Item=256222021-03-05T06:00:00Z2021-03-05T16:00:00Z

​COLLEGE STATION – Local home sales and prices rose in 2020, according to a Texas Realtors report.  

Single-family home sales incre​ased 21.2 percent to 4,115 sales in 2020. The median price increased 5.2 percent to $233,989. 

Statewide, Texas home sales volume and home prices broke records for the sixth straight year, while inventory hit an all-time low in 2020. 

Texas logoIf you're looking for more news like this, head to the Center's website.

​Source: Texas Realtors
Texas REALTORS
College Station-Bryan
Housing
Read more at {Source}
Winter storm pushes up Texas unemployment claimsWinter storm pushes up Texas unemployment claimshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256162021-03-05T06:00:00Z2021-03-05T15:00:00Z

​​​​COLLEGE STATION – ​As anticipated, Texas' initial unemployment claims increased to 55,600 the week ending Feb. 27 due to the winter storm. The previous week's numbers were revised upward. 

"Expectations are for the number of initial claims to return to the downward trend observed before​ the winter storm impacted the states’ economy," said Texas Real Estate Resear​​​ch Center Research Economist Dr. Luis Torres. ​

The total unemployment claims filed in Texas since March 21, 2021, is 4.5 million, according to data from the U.S. Department of Labor (DOL).​

​Continuing unemployment claims decreased for the second consecutive week to 319,100 the week ending Feb. 20, possibly indicating laid-off workers are able to find job opportunities. ​

The number of workers receiving benefits through the pandemic unemployment assistance program, which is open to gig workers and others who don’t typically receive benefits, increased the week ending Feb. 27.

​Last week, U.S. initial claims increased to 745,400, bringing the 50-week total to 80.4 million. ​

More people in Austin, Dallas-Fort Worth, and San Antonio filed new unemployment claims the week ending Feb. 20. In contrast, fewer people filed new claims in Houston. 

"The decline in Houston unemployment claims is somewhat surprising," said Torres. "This could change next week due to the effects of the winter storm as workers may have struggled filing claims and the ​government struggled processing them."

More people in El Paso and McAllen filed new unemployment claims the week ending on Feb. 20. Fewer people filed new claims in Brownsville and Laredo.

Using data from the DOL and the Employment and Training Administration, the Center has estimate​d unemployment claims for Texas' major and border metros since March 21, 2020:

  • Houston-The Woodlands-Sugar Land, 1.03 million claims;

  • Dallas-Fort Worth-Arlington, 989,500 claims;

  • San Antonio-New Braunfels, 302,300 claims;

  • Austin-Round Rock, 255,800 claims;

  • McAllen-Edinburg-Mission, 125,300 claims;

  • El Paso, 107,500 claims;

  • Brownsville-Harlingen, 55,100 claims; and

  • Laredo, 31,300​ claims.​

The manufacturing sector registered the highest number of initial claims the week ending Feb. 20. That sector was followed by healthcare and social assistance, administrative​/support/waste management/remediation services, construction, retail trade, and accommodation and food services.

Texas logoThe Texas Real Estate Research Center has a wealth of economic information online for free.
​Source: Texas Real Estate Research ​Center​​​​
Texas Real Estate Research Center
Texas
Employment
Read more at {Source}
Downtown Dallas’ iconic Magnolia Hotel soldDowntown Dallas’ iconic Magnolia Hotel soldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256122021-03-04T06:00:00Z2021-03-04T16:00:00Z

​​DALLAS – NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel at 1401 Commerce St. in downtown.

The historic 29-story building w​as built in 1922 as the headquarters for Magnolia Petroleum. It was redeveloped into a boutique hotel in 1999. 

Denver-based Stout Street Hospitality was the seller. ​

Texas logoGet more Dallas hotel news​ on the Texas Real Estate Research Center's website.

REBUSINESS
Dallas-Fort Worth-Arlington
Hotel
Read more at {Source}
180 Multifamily buys 240-unit Echelon at Monterrey Village 180 Multifamily buys 240-unit Echelon at Monterrey Village https://www.recenter.tamu.edu/news/newstalk-texas/?Item=256132021-03-04T06:00:00Z2021-03-04T16:00:00Z

​​SAN ANTONIO – 180 Multifamily Properties has purchased Echelon at Monterrey Village, a 240-unit apartment community at 1639 Cable Ranch Rd. 

Built in 2018, the commun​ity has one- to three- bedroom units. Rents range from $980 to $2,185 per month. 

Amenities include a pool, fitness center, coffee bar, volleyball court, resident lounge, business center, and green space. 

texaslogo.pngThe Texas Real Estate Research Center has more news like this online for free:
REBUSINESS
San Antonio-New Braunfels
Multifamily
Read more at {Source}
Dwell Dominion starting on 56-home luxury communityDwell Dominion starting on 56-home luxury communityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256142021-03-04T06:00:00Z2021-03-04T16:00:00Z

​SAN ANTONIO – Dwell Dominion is breaking ground on Dominion Heights, a 56-home community.

Designed by Gustavo Arredando, the homes will range from 2,500 to 3,200 sf. 

Amenities will include a tennis center, aquatic center, golf course, and dining areas. 

The company will break ground on the community, which​ is within the Dominion neighborhood, next month. 

texaslogo.pngThe Texas Real Estate Research Center has more information on housing:​
REBUSINESS
San Antonio-New Braunfels
Housing
Read more at {Source}
200-site RV park trades hands200-site RV park trades handshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256152021-03-04T06:00:00Z2021-03-04T16:00:00Z

​​​GALVESTON – Kampgrounds of America Inc. has purchased the Galveston Island RV Resort. 

The 200-site property is on 28.3 acres. 

Marcus & Millichap brokered the deal. 

Texas logoGet more Houston-area news on the Texas Real Estate Research Center's website:

​Source: REBusiness Online​​

REBUSINESS
Houston-The Woodlands-Sugar Land
Retail
Read more at {Source}
Winter storm disaster aid available in 18 additional countiesWinter storm disaster aid available in 18 additional countieshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256102021-03-04T06:00:00Z2021-03-04T15:00:00Z

​​​AUSTIN – The Texas Workforce Commission (TWC) is accepting applications for Disaster Unemployment Assistance (DUA) in 18 additional counties as a resu​lt of the February winter storm. 

Atascosa, Bandera, Brooks, D​​​uva​​​l, Eastland, Ector, Goliad, Howard, Jim Hogg, Karnes, Kleberg, Leon, Llano, Newton, Robertson, Trinity, Webb, and Willacy Counties join 108 counties announced last week. 

Workers who lost their jobs and self-employed individuals who have been unable to work due to damage sustained from the storm may be eligible. 

To be eligible, an individual must:

  • have applied for and used all regular unemployment benefits, including Pandemic Emergency Unemployment Compensation and Extended Benefits, from any state, or must not qualify for unemployment benefits;

  • have worked or been self-employed or was scheduled to begin work or self-employment in the disaster area;

  • no longer work or perform services because of physical damage or destruction to the place of employment as a direct result of the disaster;

  • establish that the work or self-employment they can no longer perform was their primary source of income;

  • not be able to perform work or self-employment because of an injury as a direct result of the disaster;

  • have become the breadwinner or major support of a household because of the death of the head of household; or

  • have been unable to reach their job or self-employment location because they must travel through the affected area and are prevented from doing so by the disaster.

Applications for DUA in these 18 counties must be submitted by April 1, 2021. Applications in the other 108 counties are due by March 26, 2021. 

Individuals may apply through Unemployment Benefit Services or by calling a TWC Tele-Center between 7 a.m. and 7 p.m. seven days a week at 800-939-6631.

Individuals should specify that their applications are related to the damage caused by severe storms.

Applicants must mail in or fax all required documentation within 21 days from the date of the application. 

Texas logoThe Texas Real Estate Research Center has a wealth of economic information online for free.
​​​Source: Texas Workforce Commission
Texas Workforce Commission
Texas
Employment
Read more at {Source}
Another apartment complex planned for Trinity GrovesAnother apartment complex planned for Trinity Groveshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256112021-03-04T06:00:00Z2021-03-04T15:00:00Z

​​​​DALLAS – Columbus Realty is planning a 368-unit rental project at 500 Singleton Blvd. in the Trinity Groves development.

Designed by JHP Architecture, the $44 million development will include 13 live-work units.

Construction starts this summer and will take more than a year to complete.

Texas logoThe Texas Real Estate Research Center​​​​ has more multifamily news online for free:

​Source: Dallas Morning News

Dallas Morning News
Dallas-Fort Worth-Arlington
Multifamily
Read more at {Source}
East Dallas apartments change handsEast Dallas apartments change handshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256042021-03-03T06:00:00Z2021-03-03T21:00:00Z

​​DALLAS – Arcturus Investments has sold Residences at White Rock, a 137-unit apartment community off N. Buckner Blvd. 

Built in 1970, the property has one- and two-bedroom units as well as a pool and onsite laundry facilities. 

Greystone represented the seller and procured the buyer.

Texas logoThe Texas Real Estate Research Center​​​​ has more multifamily news online for free:

​Source: REBusiness Online

REBUSINESS
Dallas-Fort Worth-Arlington
Multifamily
Read more at {Source}
71-space upscale RV community slated for Georgetown71-space upscale RV community slated for Georgetownhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256052021-03-03T06:00:00Z2021-03-03T21:00:00Z

​GEORGETOWN – Work will start this month on Reagan Ridge RV Park, a private, gated RV community at 26690 Ronald W. Reagan Blvd.

The 71-space community will include a dog park, community center, high-speed Internet, onsite self-storage, and walking paths.  

Construction will be complete in spring 2022.

Texas logoThe Texas Real Estate Research Center has more local commercial real estate news like this online:

Community Impact Newspaper
Austin-Round Rock
Retail
Read more at {Source}
Stanmore Partners, TIG developing 336-multifamily projectStanmore Partners, TIG developing 336-multifamily projecthttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256062021-03-03T06:00:00Z2021-03-03T21:00:00Z

​​​ROUND ROCK – A partnership between Stanmore Partners and Transwestern Investment Group is developing Stanmore Warner Ranch, a 336-unit multifamily community at 2630 S. A.W. Grimes Blvd.

The property will consist of seven garden-style buildings. 

Amenities will include a pool, fitness center, business center, dog park, and resident lounge. 

The first units will be complete in second quarter 2022.

texaslogo.pngThe Texas Real Estate Research Center has more news like this online for free:
REBUSINESS
Austin-Round Rock
Multifamily
Read more at {Source}
Austin office market vacancy increases in January Austin office market vacancy increases in January https://www.recenter.tamu.edu/news/newstalk-texas/?Item=256072021-03-03T06:00:00Z2021-03-03T21:00:00Z

​AUSTIN – Overall vacancy in the local office market increased in January, according to a report from NAI Partners.

Vacancy increased from 9.4 percent in J​anuary 2020 to 13.8 percent last month. 

Net absorption decreased from negative 99,000 sf to negative 768,000 sf.  

There is 7.8 million sf currently under construction, with 52.6 percent available. 

Texas logoThe Texas Real Estate Research Center has more office news for Austin-Round Rock:

​Source: Connect Media
Connect Media
Austin-Round Rock
Office
Read more at {Source}
232-unit Urban Crest Apartments under new ownership232-unit Urban Crest Apartments under new ownershiphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256082021-03-03T06:00:00Z2021-03-03T21:00:00Z

​​SAN ANTONIO – An affiliate of Morningside Group has acquired Urban Crest Apartments, a 232-unit apartment community at 3819 Harry Wurzbach Rd. 

Built in 2005, the property has studio and one-, two-, and three-bedroom units. 

Amenities include a pool, fitness center, pet park, social lounge, conference center, game room, and outdoor grilling areas. 

Newmark represented the seller, CFH Investment Partners. 

The community was 88 percent occupied at the time of sale. 

texaslogo.pngThe Texas Real Estate Research Center has more news like this online for free:
REBUSINESS
San Antonio-New Braunfels
Multifamily
Read more at {Source}
Five-property Omni Hotels & Resorts portfolio soldFive-property Omni Hotels & Resorts portfolio soldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=256092021-03-03T06:00:00Z2021-03-03T21:00:00Z

​​​DALLAS – TRT Holdings has sold five Omni Hotels & Resorts totaling 1,729 rooms. 

Four of the five properties are in Texas. They are:

  • ​​Omni Dallas Hotel at Park West, 1590 Lyndon B. Johnson Fwy. in Dallas;

  • Omni Austin Hotel at Southpark, 4140 Governors Row in Austin;

  • Omni San Antonio Hotel at the Colonnade, 9821 Colonnade Blvd. in San Antonio; and

  • Omni Houston Hotel at Westside, 13210 Katy Fwy. in Houston.

The fifth hotel is in Jacksonville, Fla.

The buyer will renovate and rebrand the hotels. 

Hodges Ward Elliott arranged the sale. 

Texas logoGet more Texas hotel news​ on the Real Estate Center's website.

​​​Source: REBusiness Online
REBUSINESS
Texas
Hotel
Read more at {Source}

 Search NewsTalk Texas