| RECON for September 25, 2020 | RECON for September 25, 2020 | | | 2020-09-25T05:00:00Z | 2020-09-25T05:00:00Z |
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| What's happening in today's RECON? Texas personal income grew last quarter, McKinney getting 3,400-home residential community (pictured above), new Texas unemployment claims dip to lowest level since pandemic, and more. Keep scrolling for the details. (Rendering from Oxland Advisors.) |
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COLLEGE STATION (Real Estate Center) – Weekly initial unemployment clams in Texas fell below 50,000 for the first time since the pandemic hit the economy.
During the week ending Sept. 19, Texas' initial unemployment claims decreased for the second straight week to 48,500 claims.
That brings the total since March 21 to 3.5 million, according to data from the U.S. Department of Labor (DOL).
The number of Texans who continue to claim unemployment insurance decreased the week of Sept. 12 to 941,200.
"The fall in both unemployment numbers indicates improvements in labor conditions, but much work must still be done," said Real Estate Center Research Economist Dr. Luis Torres.
Fewer people in Texas' major and border metros filed new unemployment claims during the week ending Sept. 12, matching the downward trend seen in the statewide numbers.
Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas' major and border metros since March 21:
- Houston-The Woodlands-Sugar Land, 806,700 claims;
- Dallas-Fort Worth-Arlington, 766,100 claims;
- San Antonio-New Braunfels, 244,000 claims;
- Austin-Round Rock, 207,900 claims;
- McAllen-Edinburg-Mission, 94,300 claims;
- El Paso, 80,000 claims;
- Brownsville-Harlingen, 41,600 claims; and
- Laredo, 24,700 claims.
Retail trade, administrative/support/waste management/remediation services, construction, accommodation and food services, and healthcare and social assistance represented the sectors with the most unemployment claims.
Last week, new national unemployment claims increased to 870,300, bringing the 27-week total to nearly 62 million.
"This indicates that the labor market recovery is losing steam in other states," Torres said.
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WASHINGTON (Bureau of Economic Analysis) – Texas personal income increased 34.1 percent at an annual rate in second quarter 2020, an acceleration from the 2.4 percent increase in the first quarter, according to the U.S. Bureau of Economic Analysis.
Increases in personal current transfer receipts more than offset decreases in earnings and property income.
The increases in transfer receipts include new government relief payments provided by the Coronavirus Aid, Relief, and Economic Security Act.
Personal income grew in all U.S. states and the District of Columbia. Nationally, personal income grew 34.2 percent in 2Q2020, faster than the 4.1 percent increase the previous quarter.
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| Housing affordability has been a growing problem in the Austin area for more than a decade. However, a federal tax credit program is being used to reverse that trend. Center Research Economist Dr. Harold Hunt joins us on the latest Red Zone podcast to share his insights. Take a listen. |
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AUSTIN (Texas Workforce Commission) – With Texas’ unemployment rate falling to 6.8 percent, Texas will no longer have access to additional unemployment insurance benefits that would have kicked in after benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are exhausted.
Provisions under the CARES Act will continue until Dec. 26, 2020.
The High Unemployment Period (HUP) is an extension for states with unemployment rates over 8 percent for over three months as determined by the U.S. Department of Labor. Texas became eligible for HUP benefits in June, but lost eligibility as the unemployment rate fell below that threshold in August.
For people currently receiving unemployment benefits, nothing changes.
The Texas Workforce Commission (TWC) says this effects almost no Texans. Because extended benefits had not been exhausted, Texans were typically not receiving HUP. In special circumstances, some persons’ extended benefits may have been exhausted early, in which case HUP would apply.
For traditional benefits recipients (up to 52 weeks), the following benefits timelines still apply:
- Regular unemployment – Up to 26 weeks.
- Pandemic Emergency Unemployment Compensation – Up to 13 additional weeks.
- Extended benefits – Up to 13 additional weeks.
Workers not eligible for traditional benefits (self employed, gig workers, etc.) can still receive up to 39 weeks of Pandemic Unemployment Assistance.
For more information on eligibility requirements, available benefits and questions about the unemployment process, visit the TWC's COVID-19 FAQ page.
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McKINNEY (Dallas Morning News) – New York-based JEN Partners and Dallas-based Oxland Advisors are building almost 3,400 homes in their Painted Tree development.
Phase one will include several hundred homes. Prices for the smallest townhouses will start at just under $300,000.
Between three and five homebuilders are expected to build in the project.
The community will include 200 acres of greenbelt and parkland with 25 miles of trails and a 20-acre lake. There will also be a community swimming pool, play area, food truck area, and outpost amenity.
Construction will start in 2021, once zoning is approved. The first residents will move in by the end of 2022.
JEN purchased the 1,100 acres on US 380 near Lake Forest Dr. earlier this month.
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 The pace of Texas' economic recovery decelerated in July. Although joblessness ticked down and hiring continued, job growth was concentrated in the service-providing sector. A surge of COVID-19 cases dampened retail sales and kept oil prices flat as demand expectations stayed subdued. Nonetheless, crude oil and manufacturing commodity exports rebounded, even though trade activity persisted well below year-end values. Construction payrolls declined, but the residential sector remained strong as housing sales reached record-breaking levels. The Real Estate Center's Texas weekly leading economic activity index indicated the state was still in recovery mode in August, albeit at a slower rate. Progress is heavily reliant on the reasonable containment of the pandemic. Read more in the Center's latest Outlook for the Texas Economy report.
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PORTLAND (REBusiness Online) – Northshore Place Apartments, a 224-unit multifamily community at 177 Northshore Blvd., has been sold.
Built in 2019, the property has one- and two-bedroom units. Rents range from $1,241 to $1,473 per month.
Amenities include a clubhouse, pool, and outdoor fire pits.
Institutional Property Advisors represented the seller and procured the buyer.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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DALLAS (Dallas Morning News) – PGIM Real Estate has partnered with Perlmutter Investment Co. to purchase a 30-building, 5.4 million-sf industrial portfolio for $700 million.
The portfolio includes three North Texas properties totaling almost one million sf. They are:
I-20 Logistics Center in Grand Prairie,
a building at 4721 Mountain Creek Pkwy. in Dallas, and
an industrial asset at 120 Intermodal Pkwy. in Haslet.
The sale also includes assets in Los Angeles, Chicago, Seattle, and Louisville, Ky. The properties are almost fully leased.
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 Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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TEMPLE (Temple Daily Telegram) – H-E-B is expanding its distribution center at 4750 Wendland Rd.
The expansion will add 250,000 sf, bringing the property to over one million sf.
Construction will begin by the end of the year and wrap up in 2021.
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MAGNOLIA (Realty News Report) – Magnolia JV has acquired 872 acres in Montgomery County for a single-family residential development.
The tract is along the west side of FM 149, north of FM 1488.
The seller was represented by Land Advisors Org.
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AUSTIN (REBusiness Online) – Greystar has purchased Regency Park Apartments, a 528-unit apartment community at 401 Little Texas Ln.
Built in 2002, the property has one- to three-bedroom units.
Amenities include a fitness center, business center, dog park, volleyball court, clubhouse, and two pools.
Newmark Knight Frank arranged the sale.
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SAN ANTONIO (Connect Media) – A partnership between Industrial Group Southwest and 18 Squared GP is developing two industrial warehouse projects.
Ball Street 3 at 9710 Ball St. will have suites ranging from 3,300 to 6,000 sf.
The 150,000-sf South Park 2 will be at 7030 Old Pearsall Rd.
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| https://www.recenter.tamu.edu/news/recon/?Item=412 |
| RECON for September 22, 2020 | RECON for September 22, 2020 | | | 2020-09-22T05:00:00Z | 2020-09-22T05:00:00Z |
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| According to the Census Bureau's mid-August survey, over half of Texas renters felt eviction was at least somewhat likely in the face of the COVID-19 pandemic. Homeowners, however, don't share those same fears. Keep scrolling for the details on this story and more. (Photo from Center files.) |
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COLLEGE STATION (Real Estate Center) – Texas’ housing market slowed in August after a surge of pent-up demand inflated sales numbers the previous month.
"Sales activity is no longer catching up from the economic shutdown that hindered the showing of homes and closings at the beginning of the spring buying season," said Real Estate Center Chief Economist Dr. James Gaines.
"Existing homes sold through Texas Multiple Listing Services peaked in July as the economic consequences of the ongoing pandemic continued to develop."
Existing-home sales fell 14.6 percent from July but remained 3.4 percent higher than in August 2019.
"Low mortgage rates supported the year-over-year increase, but the effect of that stimulus may dwindle if persistent unemployment shrinks the number of qualified homebuyers," Gaines said.
According to the National Association of Realtors, existing-home sales at the national level increased for the third consecutive month on a seasonally adjusted basis and maintained double-digit year-over-year growth. They attribute the gains to robust demand but note rising supply-side constraints.
Center Research Economist Dr. Luis Torres highlighted the supply-demand imbalances that will challenge the housing market over the next year.
"While sales surged during the summer, the number of new listings hitting the market has not matched that recovery, worsening the state's housing shortages, particularly for homes priced less than $300,000," said Torres. "This mismatch has pulled the months of inventory to record lows of fewer than 2.5 months."
Diverging trends across price ranges have led to large increases in the median sale price for existing homes, which increased by more than 10 percent year over year for the second consecutive month, according to Center research.
"The initial economic shock from COVID-19 was concentrated in the service sector and other industries that rely on a younger workforce,” said Torres. "These households are more likely in the market for lower-priced homes, and we’ve seen that market suffer disproportionately. The relative strength in upper price ranges is inflating the median sale price. The Center’s Texas Repeat Sales Index, however, accounts for this bias and revealed more moderate growth at 5 percent."
Read more Center insights about the coronavirus pandemic.
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 Texas' economy lost 616,600 nonagricultural jobs from August 2019 to August 2020, an annual decline of 4.8 percent. The state's annual job loss rate last month fell from July 2020, indicating a continued recovery from the COVID-19 pandemic recession. Texas' seasonally adjusted unemployment rate was 6.8 percent, higher than the 3.5 percent in August 2019. Read the latest Monthly Review of the Texas Economy report for more.
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COLLEGE STATION (Real Estate Center) – The Census Bureau has released phase two of its Household Pulse Survey (HPS) after a month-long hiatus. This round includes new questions regarding respondent sentiments on the likelihood of either eviction or foreclosure.
Throughout the summer, the HPS revealed a stark difference in optimism between homeowners and renters. Texas homeowners typically felt more likely to be able to make their next housing payment than renters.
According to the mid-August survey, close to 60 percent of renters indicated they felt eviction was either “very likely” (30 percent) or “somewhat likely” (29 percent), highlighting the negative shock the Texas housing market has felt during the pandemic. Effects may be regional, but the degree to that effect is uncertain.
While most Texas renters felt eviction was on the horizon, renters in Houston weren’t as pessimistic as renters in other metros. Dallas renters were the least pessimistic.
The survey found annual income levels are the most common underlying drivers of evictions and foreclosures. The largest income cohort for renters is below $25,000, whereas homeowners tend to make $50,000 or more. This income difference likely explains the general lack of foreclosure fears for homeowners across the state.
Note that the latest survey reflects sentiments during mid-August, before the Centers for Disease Control and Prevention issued an evictions moratorium. The order started on Sept. 4, 2020, and is in effect through Dec. 31, 2020.
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 Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
NewsTalk Texas is updated each weekday, throughout the day.
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HOUSTON (Realty News Report) – Houston Botanic Garden has opened on the site of the former Glenbrook Golf Course.
The 162-acre property is near the intersection of Loop 610 and the Gulf Fwy. at 8210 Park Place Blvd.
Half of the garden is on an island surrounded by the Sims Bayou.
The garden has a global collection garden, culinary garden, Susan Garver Family Discovery Garden, and woodland glade.
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WACO (REBusiness Online) – Borei Olam Management has acquired Cottonwood Creek Apartments, a 260-unit multifamily community at 4900 Bagby Ave.
The property has studio and one- to three-bedroom units. Monthly rents range from $994 to $1,880.
Amenities include a pool, outdoor grilling area, and pet playground.
Rosewood Realty represented the seller, Continental Properties, and procured the buyer.
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DALLAS (REBusiness Online) – Hillwood Urban and USAA Real Estate have started on Victory Commons One, a 365,000-sf office building in Uptown.
Designed by BOKA Powell, the building will be on 8.5 acres at 2601 Victoria Ave.
Amenities will include a rooftop terrace, ground-floor tenant lounge, and coffee bar.
Completion is slated for November 2021.
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 The Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.
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TIOGA (Dallas Business Journal) – SVM Estates has purchased 67.7 acres on the west side of SH 377 north of Shawnee Dr. in southeast Grayson County.
The land is currently grazing pasture.
Younger Partners represented the seller, Gene McCutchin.
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HOUSTON (REBusiness Online) – Big Space Storage, a 279-unit self-storage facility, has been sold.
Built in 2016, the 137,760-sf property is at 11847 Spears-Gears Rd.
Marcus & Millichap brokered the deal.
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| https://www.recenter.tamu.edu/news/recon/?Item=411 |
| RECON for September 18, 2020 | RECON for September 18, 2020 | | | 2020-09-18T05:00:00Z | 2020-09-18T05:00:00Z |
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| Looking for the biggest headlines in Texas real estate? We've got you covered. In today's issue of RECON, we report on homebuilder confidence, Texas employment, and real estate sales and projects from around the state. (Photo from Center files.) |
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COLLEGE STATION (Real Estate Center) – Initial unemployment insurance claims in Texas decreased to over 51,600 the week ending Sept. 12 after increasing the previous two weeks.
This brings the total number of initial claims to 3.48 million, according to data from the U.S. Department of Labor (DOL).
Last week's jobless claim count is the lowest weekly number since the pandemic hit the economy.
Continuing unemployment claims also decreased, falling to 988,500 the week ending Sept. 5.
"Even though absolute numbers for both weekly initial and continuing claims remain high, the fall in both unemployment numbers allude to some improvements in labor conditions," said Real Estate Center Research Economist Dr. Luis Torres.
More people in Texas' major metropolitan statistical areas (MSAs) filed for initial unemployment during the week ending Sept. 5, but the border metros saw fewer new claims.
"Initial claims were expected to increase due to the increase in the statewide numbers during the week of Sept. 5, but only increased in the four major MSAs, not in the border ones." Torres said. "The Texas Triangle MSAs represented around 56.3 percent of the state's increase in claims during that week."
However, Torres expects a decrease in new claims for both major and border MSAs the week ending Sept. 12 to match the state's decrease.
Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to Sept. 5 over 794,300 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land. The metro continues to lead the state in total number of claims.
In the past 25 weeks, an estimated 754,900 claims were filed in Dallas-Fort Worth-Arlington, 240,700 in San Antonio-New Braunfels, and 205,300 in Austin-Round Rock.
Along the border, an estimated 92,900 claims were filed in McAllen, 79,000 in El Paso, 41,000 in Brownsville, and 24,500 in Laredo.
The total number of jobless claims in all metros remains around three times greater than the historical average before the pandemic hit the economy.
Retail trade, administrative/support/waste management/remediation services, healthcare/social assistance, and accommodation and food services had the biggest unemployment claims through the week ending Sept. 5.
Almost 61 million Americans have filed initial unemployment claims in the past 26 weeks. New claims decreased last week to 859,600.
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 The doctrine of equitable subrogation allows a subsequent lienholder, by fully and “involuntarily” discharging a debtor’s obligation, to take the lien-priority status of a prior lienholder. The Texas Supreme Court clarified Texas law, holding that a lender is still entitled to equitable subrogation even when it fails to correct a curable constitutional defect in the loan documents. Read "Equitable Subrogation Clarified" for the details.
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WASHINGTON (National Association of Home Builders) – Builder confidence for newly built single-family homes increased five points to hit an all-time high of 83 in September, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).
This is a strong signal that housing is leading the post-COVID-19 economic recovery.
The previous highest reading in the 35-year history of the series was 78. It was set in December 1998 and matched last month.
"Historic traffic numbers have builders seeing positive market conditions, but many in the industry are worried about rising costs and delays for building materials, especially lumber," said NAHB Chairman Chuck Fowke. "More domestic lumber production or tariff relief is needed to avoid a slowdown in the market in the coming months."
All the HMI indexes posted their highest readings ever in September. The index gauging current sales conditions rose four points to 88, the component measuring sales expectations in the next six months increased six points to 84, and the measure charting traffic of prospective buyers posted a nine-point gain to 73.
The HMI in the South—the region that includes Texas—rose eight points to 79.
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AUSTIN (Texas Workforce Commission) – The Texas economy added 106,800 nonfarm jobs in August, pushing the unemployment rate down to 6.8 percent , reports the Texas Workforce Commission.
This is the fourth consecutive monthly decrease and the lowest rate since Texas' economy was initially impacted by the COVID-19 pandemic in March.
"In a span of four months, the Texas economy has recovered 615,000 of the 1.4 million jobs lost between March and April," said Real Estate Center Research Economist Dr. Luis Torres. "There is still a long road ahead to recuperate around 800,000 jobs."
The national unemployment rate is 8.5 percent, also down from July.
Amarillo had the lowest nonseasonally adjusted unemployment rate in the state at 4.2 percent. Odessa had the highest at 11.1 percent.
All employment sectors had seasonally adjusted job losses since August 2019 except for the financial activities industry, which saw a slight increase of 0.4 percent. Mining and logging had the largest job loss with employment falling 24.6 percent.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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DALLAS (REBusiness Online) – California-based CT Realty has purchased 18.4 acres in the South Stemmons submarket for the development of a $40 million industrial project.
Called Stadium Logistics Center, the 329,402-sf project is along US 183 just west of I-35. It will have 36-ft clear heights and a front-park/rear-load configuration.
Avison represented the seller, NCH Corp., in the land deal. JLL represented CT Realty and will market the project for lease.
Pross Design Group is the architect and Talley Riggins Construction Group is the general contractor. California Bank & Trust provided construction financing.
Work starts this month. The project will deliver in September 2021.
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Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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SAN ANTONIO (San Antonio Business Journal) – Trammell Crow Co. is developing a $19.75 million, 141,360-sf warehouse building at 4886 N. Loop 1604.
The developer is also building an Amazon delivery facility on the South Side.
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DALLAS (Dallas Morning News) – GroundFloor Development is working on Kessler West, a four-phase residential community on W. Davis St. at N. Oak Cliff Blvd.
The project will have two- and three-story townhouses and a 28-unit luxury mid-rise residential building.
The townhomes will range from 2,960 to 3,103 sf. Prices will start at $880,000.
The first phase will include 20 townhomes, which will deliver early next year.
Construction on the mid-rise building starts in 2022. Units will range from 1,825 to 2,850 sf.
Al Coker & Associates will handle marketing and sales.
Financing is being provided by Bank OZK, Civitas Capital's Grow South Fund, and Liont LLC.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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HOUSTON (Connect Media) – McCord Developing is adding a 101,000-sf medical office building within Redemption Square.
The Class A project will be at 100 N. Redemption Square Rd. It is now available for preleasing.
Redemption Square is a mixed-use lifestyle district within McCord's 4,000-acre Generation Park master-planned community.
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ALLEN (REBusiness Online) – McCarthy Building Cos. has completed the Collin College Technical Campus, a 340,000-sf civic project.
The four-building complex will serve more than 7,000 students. It includes 192,000 sf of technical and trade classrooms with open lab spaces and 42,000 sf of shared classroom space for the Allen Independent School District.
It also includes campus support areas and mechanical, electrical, plumbing, welding, auto, and carpentry shops.
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| https://www.recenter.tamu.edu/news/recon/?Item=410 |
| RECON for September 15, 2020 | RECON for September 15, 2020 | | | 2020-09-15T05:00:00Z | 2020-09-15T05:00:00Z |
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| According to the Real Estate Center's latest Texas Housing Insight, statewide housing sales rose 17.1 percent in July to a record-breaking 36,165 sales. Supply-side activity bounced back with large increases in building permits and housing starts, although months of inventory decreased to an all-time low of 2.6 months. Looking forward, the housing market will be characterized by low inventories accompanied by positive price growth amid stable demand. Read the report for the full story. (Photo from Center files.) |
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McKINNEY (Dallas Morning News) – New York-based JEN Partners has acquired more than 1,100 undeveloped acres north of US 380 near Lake Forest Dr.
Seller Brinkmann Ranches had originally planned to develop 3,000 homes on the land, which is one of the largest undeveloped tracts in the area.
JEN has already sold a 126-acre portion to local builder Green Brick Partners.
The deal is one of the biggest suburban land sales in North Texas this year.
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 The Texas Weekly Leading Index decreased for the second straight week in the week ended Sept. 5, 2020. The leading index's overall trend indicates the state's economy recovery continues to lose steam at the start of September. The decrease was mainly due to an increase in the number of people filing for unemployment insurance and a decrease in the number of new business applications. Two weeks of increases in new unemployment claims, along with the absolute numbers that remain around three times greater than the historical average before the pandemic hit, suggests the labor market's recovery has lost momentum. Prospects for the state economy's reopening and recovery improve as the number of new COVID-19 cases continues trending downward. Read COVID-19 Impact Projections on Texas' Economy for more.
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LIVE OAK (San Antonio Business Journal) – Methodist Healthcare is expanding its Northeast hospital at 12412 Judson Rd.
The $86 million project will expand operating rooms and cardiac catheter laboratory facilities and add a multilevel parking garage.
In addition, Methodist is planning a 60,000-sf medical office building on the campus. The $19 million project will be separate from the hospital expansion.
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 The Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published.
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DALLAS (Connect Media) – Berkshire Property Holdings has acquired a two-property, 568-unit apartment portfolio from a local investor for $56.8 million.
The properties include The Parks at Walnut and Ninety Nine 44 at 10000 and 9944 Walnut St.
Florida-based Berkshire will undertake a multimillion-dollar renovation program.
The buyer leveraged the acquisition with ten-year agency financing from Freddie Mac, which was arranged by CBRE.
Berkadia represented both parties in the transaction.
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Hungry for more Texas real estate news? Then feast your eyes on NewsTalk Texas, our online news database. Here are a few of the stories you'll find there this week:
NewsTalk Texas is updated each weekday, throughout the day.
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SAN ANTONIO (San Antonio Business Journal) – Laney Development Group LLC is developing Durango Apartments, a 13-story multifamily tower at 421 S. Presa St.
The $25 million property will feature 70 apartments, two townhouses, three live-work units, ground-floor retail, and two floors of parking.
The building’s fourth floor will have a fitness center, pool, and green space.
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DECATUR (REBusiness Online) – Denver-based Argus Self-Storage Advisors has brokered the sale of 2264 Self Storage, a 101,000-sf facility at FM 2264.
The property was 76 percent occupied at the time of sale. It consists of 30,000 sf of self-storage space and 71,000 sf of boat and RV storage space.
A six-door warehouse building with a storage yard is attached to the offices.
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The Real Estate Center's Texas Home Price Index measures price appreciation changes for residential single-family homes. It provides data for eight different Texas metros across three different price ranges.
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LIVE OAK (Connect Media) – 29th Street Capital has acquired Live Oak Apartments, a 308-unit apartment complex at 13012 Oak Terrace Dr.
The Class C property has studio and one- and two-bedroom units. Rents range from $720 to $969 per month.
Amenities include a laundry facility, resident lounge, pools, and dog parks.
The new owner will fully renovate 163 units and lightly renovate the rest.
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GRAPEVINE (REBusiness Online) – Billingsley Co. has opened Wallis & Baker, a 432-unit multifamily community at 3155 Stars and Stripes Way.
The property has one-, two-, and three-bedroom units. Amenities include a pool, fitness center, clubroom with a bar, wine room with billiards table, sand volleyball court, dog park, private dining room, and library.
Billingsley is also developing 27,400 sf of adjacent office and retail space.
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| https://www.recenter.tamu.edu/news/recon/?Item=409 |
| RECON for September 11, 2020 | RECON for September 11, 2020 | | | 2020-09-11T05:00:00Z | 2020-09-11T15:00:00Z |
Real Estate Center Online News
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| What's happening in today's RECON? Texas home prices continue to climb despite the pandemic, forest-thinning funds available in East Texas, Texas named second most diverse state, and Lone Star unemployment claims increase for second straight week. Keep scrolling for more. (Photo from Center files.) |
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COLLEGE STATION (Real Estate Center) – The latest Texas Home Price Index (HPI) shows home prices increased 4.18 percent year over year in July. Real Estate Center Senior Data Analyst Joshua Roberson called this "a welcome sign among a bevy of pessimistic economic indicators."
"Home prices in general so far have trended counter to the negative pressures brought on by COVID," he said. "After years of gradual decline from lofty price-growth heights, prices somehow managed to reverse that trend in 2020."
Roberson said the reasons for this are not complex.
"At least two factors are at play," he said. "First, bottomed-out mortgage rates have sustained interest in housing. Second, an even greater bottoming out of housing supply has produced a fiercely competitive market for those eligible to play."
Roberson said the demand pool looks a lot different this year than last year, with greater concentrations of consumers with overall higher credit profiles and stable income and asset resources. The housing supply pool looks different as well. Homes in the $100,000s account for fewer of homes available to buy, while more homes in the $300,000s are taking their place.
"Perhaps what’s more remarkable is that the HPI is increasing despite this shift," he said. "Typically, homes in the lower-priced tiers contribute most to local price growth when the market is tight. Currently, though, it’s the mid- and higher-priced homes."
July marked the end to numerous federal protections, including the CARES Act, that impact homeowners and renters. The status of these protections is, for the most part, still up in the air. Roberson said whether the home price-growth trend continues will depend largely on those protections, the economy, and, perhaps most importantly, virus mitigation progress.
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COLLEGE STATION (Real Estate Center) – During the week ending Sept. 5, Texas' initial unemployment claims increased for the second straight week to 67,600 claims.
That brings the total since March 21 to 3.4 million, according to data from the U.S. Department of Labor (DOL).
The number of Texans who continue to claim unemployment insurance increased the week of Aug. 29 to 1.06 million as the number of people that continue to be unemployed remain high.
"The recovery in the labor market has lost momentum as both initial and continuing claims remain high, and as some job layoffs are becoming permanent," said Real Estate Center Research Economist Dr. Luis Torres.
More people in Texas' major and border metros filed new unemployment claims during the week ending Aug. 29, matching the upward trend seen in the statewide numbers.
Using data from the DOL and the Employment and Training Administration, the Center has estimated unemployment claims for Texas' major and border metros from March 21 to August 29:
- Houston-The Woodlands-Sugarland, 778,100 claims;
- Dallas-Fort Worth-Arlington, 740,000 claims;
- San Antonio-New Braunfels, 235,800 claims;
- Austin-Round Rock, 201,700 claims;
- McAllen-Edinburg-Mission, 91,300 claims;
- El Paso, 77,700 claims;
- Brownsville-Harlingen, 40,300 claims; and
- Laredo, 24,100 claims.
Retail trade, administrative/support/waste management/remediation services, accommodation and food services, and healthcare and social assistance represented the sectors with the most unemployment claims.
Nearly 60.2 million Americans have filed unemployment claims in the past 25 weeks. New claims remained nearly unchanged at 884,200 in the week ending Sept. 5.
U.S. job openings increased in July to 6.6 million, improving the ratio of job seekers per job to around two to one.
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| Center Chief Economist Dr. Jim Gaines is the keynote speaker at REDnews' 2020 Texas Multifamily Virtual Event on Oct. 15, 2020. This online-only event offers two hours of Texas Real Estate Commission continuing education (CE) credit. Registration is complementary without the CE credit, and $59 with CE credit. |
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COLLEGE STATION (Texas A&M Forest Service) – The Texas A&M Forest Service is accepting applications for the 2020 Southern Pine Beetle (SPB) Prevention Cost-Share Program.
Through this program, eligible forest landowners can receive up to $50 per acre, with a 100-acre maximum, to assist in first-thinning operations of overly dense, pulpwood-sized pine stands.
The forested property must meet the set criteria and be located within one of the 21 priority counties which include: Angelina, Cass, Cherokee, Hardin, Harrison, Houston, Jasper, Liberty, Marion, Nacogdoches, Newton, Panola, Polk, Rusk, Sabine, San Augustine, San Jacinto, Shelby, Trinity, Tyler, and Walker.
Applications are due by Nov. 1, 2020, and can be submitted through local Texas A&M Forest Service offices for the eligible counties. Additionally, all approved thinning projects must be completed within 12 months of the approval date.
For program criteria, requirements, and an application, interested landowners can go online or contact their local Texas A&M Forest Service office.
The funds are provided by the USDA Forest Service-Region 8 and Forest Health Protection.
Since the inception of the SPB Prevention Program, over 100,000 acres have been treated throughout East Texas.
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AUSTIN (Texas Workforce Commission) – The Federal Emergency Management Agency's (FEMA) Lost Wages Assistance (LWA) program, which provided an additional $300 a week to qualified unemployment claimants, ended Sept. 5, 2020.
Because the funds provided by FEMA were limited, the Texas Workforce Commission (TWC) could not extend payments beyond that date.
TWC will continue to pay eligible claimants for the approved six weeks—from Aug. 1, 2020, to Sept. 5, 2020—as long as funds remain available. Claimants will continue to receive normal weekly benefit amounts for any benefit weeks for which they are eligible.
The LWA program was a temporary provision established after the expiration of the $600 Federal Pandemic Assistance Program, a part of the CARES Act. Other provisions of the federal act do not expire until Dec. 26, 2020.
For more information on eligibility requirements, available benefits, and questions about the unemployment process, visit TWC’s COVID-19 FAQ page.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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WASHINGTON (WalletHub) – According to a WalletHub study, Texas is the second most diverse state, behind only California.
The Lone Star state ranks fourth in cultural diversity and sixth in religious diversity. It is 13th in both socioeconomic and economic diversity, 14th in household diversity, and 21st in political diversity.
Texas is first in industry diversity and third in linguistic diversity.
Hawaii, New Jersey, and New York rounded out the top five.
To determine the rankings, WalletHub compared all 50 states across six key dimensions.
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HOUSTON (Connect Media) – Hunt Southwest Real Estate Development has started construction on Cedar Port Trade Center.
The one million-sf project is reportedly the area's largest speculative building yet. It is within the TGS Cedar Port Industrial Park.
Delivery is set for March 2021.
Powers Brown Architecture is the architect, and E.E. Reed Construction is the general contractor. CBRE is handling leasing.
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Texas Realtors' MarketViewer tool helps members and their clients quickly understand the market statistics in their area. This powerful tool is a member benefit available exclusively to Texas Realtors and local Realtor associations in Texas. Data are compiled and analyzed through a research agreement between Texas Realtors, the Real Estate Center, and all MLSs across the state.
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PFLUGERVILLE (Connect Media) – Work has started on Recurrent Energy's 144-megawatt, 950-acre solar project.
The Pflugerville Solar Project will power the equivalent of 25,000 homes.
Austin-based RigUp is hiring up to 350 skilled workers for the project.
To support construction, Recurrent recently received debt and tax equity financing totaling more than $234 million. U.S. Bank provided tax equinity, and a bank club led by CIT provided debt financing.
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NEW BRAUNFELS (San Antonio Business Journal) – Coventry Homes is building its second and third residential communities in the city.
Overlook at Creekside sits on 88 acres near I-35. It will have eight floor plans starting in the $260,000s. Amenities will include a pool, park, and recreation center.
Legend Point at 3934 Legend Park will have ten floor plans starting from the $240,000s. Amenities include a pool, playground with picnic pavilion, and walking and biking trails.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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HOUSTON (JLL) – Nitya Capital has purchased Chasewood Technology Park from The GenCap Group.
The four-building, 463,969-sf office campus is on 10.44 acres at 20333, 20405, 20445, and 20329 SH 249.
The multi-story buildings are 92.9 percent leased overall.
JLL represented the seller and procured the buyer. JLL also secured a $46 million loan through Morgan Stanley.
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DALLAS (Dallas Morning News) – Atlanta-based Core 5 Industrial Partners is building a 994,000-sf shipping hub on Logistics Dr. near Lancaster.
The $45 million project is being built for Illinois-based Kehe Distributers LLC.
It will be within the Core 5 Logistics Center at Bonnie View.
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| https://www.recenter.tamu.edu/news/recon/?Item=408 |
