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RECON for August 9, 2022RECON for August 9, 20222022-08-09T05:00:00Z2022-08-09T05:00:00Z

RECON Texas Real Estate Research Center
Family pulling massive percentage symbol in front of house
Overall, Texas housing is still relatively affordable. However, higher mortgage interest rates are making it more difficult for Texas households to purchase a home. A new report from the Texas Real Estate Research Center says more. Find the details in today's RECON. (Graphic from Center files.)
August 9, 2022

Higher mortgage interest rates hurting Texas housing affordability

COLLEGE STATION (Texas Real Estate Research Center)  – Texas housing overall is still affordable. However, higher mortgage interest rates are contributing to declining housing affordability statewide, according to a new report from the Texas Real Estate Research Center (TRERC).

"A popular metric developed by TRERC and deployed by industry groups depicts a decline in housing affordability across the state in the second quarter," said Dr. Clare Losey, TRERC assistant research economist.

"The Texas Housing Affordability Index (THAI), which measures the relationship between the median family income and the required income to purchase the median-priced home in a particular locale, faced widespread declines last quarter, largely precipitated by the significant uptick in mortgage interest rates."

A higher THAI indicates relatively greater affordability. A ratio of 1.00 means the median family income (MFI) is exactly sufficient to purchase the median-priced home. A THAI above 1.00 means the MFI exceeds the required income to purchase a median-priced home. Conversely, a THAI below 1.00 indicates the MFI is not sufficient to purchase the median-priced home. The THAI provides a tool for planners, practitioners, and other folks in the real estate industry to compare affordability over time and across regions.

In the Austin-Round Rock-Georgetown Metropolitan Statistical Area, for example, the latest THAI declined to 0.96 from 1.32 in the first quarter.

"This indicates a family earning the median income made 4 percent less than would have been necessary to qualify for a loan for the median-priced home," said Losey. "The THAI fell to less than one for Collin, Kerr, and Travis Counties."

Meanwhile, the THAI exceeded 1.00 for the state (1.22), indicating Texas remains affordable for a family earning the median income, she said.

Wichita Falls and Odessa led the state in affordability, a factor of the smaller gap between home prices and median family income in the two MSAs.

Read more in the latest Texas Housing Affordability Outlook report. Here’s the link to supporting data.​

Texas Housing Affordability Index

Texas’ housing manufacturers ‘hit the brakes’ in response to higher interest rates, economic outlook

COLLEGE STATION (Texas Real Estate Research Center) – After two years of incessant activity, Texas’ housing manufacturers pulled back on production as the industry adjusted to higher interest rates and a mixed economic outlook.

Results from the latest Texas Real Estate Research Center at Texas A&M University (TRERC) indicate the production index dipped into negative territory in July and will likely fall further in coming months.

The Texas Manufactured Housing Survey’s (TMHS) sales index reached a record low on top of eight consecutive monthly decreases, and the number of cancelations elevated amid rapid changes in the mortgage market.

"Manufacturers had to hit the brakes after two years of playing catch-up with retail and community demand," said Rob Ripperda, vice president of operations for the Texas Manufactured Housing Association. "When backlogs were running around eight months, retailers were scrambling to keep homes on their lots and avoid stockouts."

Backlogs have fallen substantially over the past year, with particularly stark readings in the TMHS index since May.

"Manufacturers kept pushing their productivity higher, while economic conditions started lowering the number of potential buyers showing up on retail lots. Inventories filled up, and retailers are now canceling existing orders that don’t have buyers already lined up," said Ripperda.

Dampened demand is expected to persist during the second half of 2022, and the industry responded with the first TMHS employee-index contraction since onset of the COVID-19 pandemic.

"Payroll adjustments are in line with trends we are seeing in the broader labor market," said TRERC Senior Research Associate Wesley Miller. "Despite an uptick in initial unemployment insurance claims at the national level, there is still a significant shortage of skilled labor, pushing nominal wages higher. Housing manufacturers expect the shortage to persist and are preparing to raise wages even higher."

While labor costs are increasing, prices paid for raw materials fell for the second straight month.

"Commodity prices are finally taking a breather, and the cost of lumber reached a new low for 2022 this week," said TRERC Research Economist Dr. Harold Hunt. "Although still problematic, supply chains have been stabilizing over the past 12 months and could ease prices further. The timing couldn’t be better as the U.S. economy continues to slow."

In addition to economic-growth concerns, the manufactured housing industry is grappling with impending regulatory changes from the Department of Energy. Despite the various headwinds, the TMHS capital-expenditures index held well above zero, indicating longer-run optimism behind the cloud of uncertainty.
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The English-Spanish Real Estate Glossary defines, translates, and explains 787 real estate terms. Just click on the translated term and hear it spoken in Spanish. It's a must-have for anyone with Spanish-speaking real estate clients. 

High availability challenges Houston office market

​​​HOUSTON (NAI Partners) – Overall local office vacancy was at 25.4 percent in July 2022, up 80 basis points from July 2021, reports NAI Partners. 

Availability was at 29.8 percent, up 70 basis points from last year. The difference between this figure and the vacancy rate reflects expected future move-outs. 

So far this year, the local office market has recorded 7.7 million sf of leasing activity, including both new leases and renewals. This is down slightly from this time last year.  

Year-to-date net absorption is at a positive 541,000 sf, up from a negative 1.9 million sf.

Currently, 2.3 million sf of office space is under construction, down 33 percent from last year. 

NAI states rising interest rates, elevated inflation, and persisting effects of the pandemic continue to challenge the local office market. 
NewsTalk Texas logoHungry 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. 

Northpoint plans 2.2M-sf Foster Commerce Center

​SAN ANTONIO (REBusiness Online) – Kansas City, Mo.-​based Northpoint Development is developing a 2.2 million-​sf industrial park east of downtown.

The Foster Commerce Center will be a six-building development built in phases. Phase one includes two buildings totaling 650,000 sf.

The project will create over 1,000 permanent jobs and 950 construction jobs.

Construction begins this summer. Stream Realty Partners will handle leasing.
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Austin Habitat for Humanity to begin 150-home affordable housing project

​AUSTIN (Austin American-Statesman) – Habitat for Humanity has received a $4 million loan from the Austin Community Fund to construct 150 affordable single-family homes.

The homes are designated for residents making from 60 percent to 120 percent of the area median income.

Donors include St. David’s Foundation, Tito’s Handmade Vodka, Bill Wood Foundation, Shield​ Ayers Foundation, and the Aragona family.

Construction begins later this year.
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3.3M-sf Mesquite mixed-use project moving forward

​​MESQUITE (Connect CRE) – The city council has approved a 235-acre retail and business development off I-20 at Lawson and Lasater Roads.

The site will include 180,000 sf of retail space and 3.2 million sf of industrial, business, and logistics space.​

42 Real Estate and SLJ Company are developing the project.

Construction begins in early 2024.
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Skyline Park on the way to south Austin

​​​​A​USTIN (The PR Boutique) – Brookfield Residential Properties has broken ground on a 25-acre park within the Easton Park master-planned community.

Skyline Park will include a splash pad, open lawn, public art, and two playgrounds.

Construction will be complete in late 2023.
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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley. 

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RECON for August 2, 2022RECON for August 2, 20222022-08-02T05:00:00Z2022-08-02T05:00:00Z
RECON Texas Real Estate Research Center
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In the second quarter, Texas' median and first-quartile sales prices increased 16.4 and 13.6 percent year over year, respectively. Meanwhile, following years of generally sluggish growth, family income increased considerably, growing 13.6 percent from 2021 to 2022. However, as long as the rise in home prices continues to outpace the increase in income, purchase affordability, or the ability of a household to buy a home, will continue to diminish. Read more in our latest Texas Housing Affordability Outlook(Photo from Center files.)
August 2, 2022

Partnership acquires 10497 Town and Country Way

​​​​​HOUSTON (Houston Business Journal) – Lee & Associates and 35 South Capital have purchased 10497 Town and Country Way, a nine-story, 150,000-sf building.

Lee & Associates plans to move into a full floor of about 17,000 sf next year. 35 South Capital will occupy 3,000 sf in the building later this year.

The building is already about 85 percent leased and will be almost fully occupied once the partnership moves in.

The seller, Equus Capital Partners, was represented by JLL. JLL's debt advisory team helped secure the acquisition loan from Independent Bank on behalf of the buyers. 
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Stonelake Capital purchases 90 acres for 1.3M-sf logistics park

​​​​EL PASO (Connect CRE) – Stonelake Capital Partners has acquired 90 acres at the corner of Montana Ave. and Joe Battle Blvd. for the development of a 1.3 million-sf business ​park.

The 375 Logistics Park will comprise four to six buildings and has been appraised at $30.8 million.

River Oak Properties was the seller. Construction begins in the first quarter of next year and wraps at the end of 2023.​​
Texas Quarterly Commercial ReportEconomic activity within the Lone Star State improved during the first quarter. Texas nonfarm employment added 166,300 jobs during that time, although joblessness was still higher than the national average. Total nonfarm employment in Texas has now continued well past the pre-COVID peak of just under 13 million jobs to just over 13.2 million jobs. Read our latest Texas Quarterly Commercial Report for an analysis on the Austin, DFW, Houston, and San Antonio commercial markets.

The Luminary swaps hands

​​​​​DALLAS (REBusiness Online) – Harwood International has acquired The Luminary, a 169,000-sf office building.

Built in 2019 by Crescent Real Estate, the project is within the Victory Park mixed-use development at 401 N. Houston St.

Corgan, which designed the building, is the main tenant alongside Lerma.

The Luminary was 67 percent leased at the time of sale.
NewsTalk Texas logoHungry 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. 

Stratus planning 316-unit community near UT Austin

​​AUSTIN (REBusiness Online) – Stratus Properties is developing The Saint George, a 316-unit multifamily community near the University of Texas.

Plans call for a pool, fitness center, ​rooftop deck, and communal workspaces.

About 10 percent of units will be allocated as affordable housing.​

Comerica Bank provided a four-year, $56.8 million construction loan.

Construction begins soon and wraps in mid-2024.
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Brookeast acquires 238-unit complex in Houston

HOUSTON (Colliers International) – Brookeast Capital LLC has acquired Vineyard Trace Apartments.

The 238-unit garden-style community sits on 8.45 acres at 15414 Kuykendahl Rd. It has one- to three-bedroom units.

Amenities include a clubhouse, sports court, security gate access, playground, laundry facility, barbecue grills, and two pools. 

The seller, Windmill Investments, was represented by Colliers International. 
Communication Matters video seriesThe Texas Real Estate Research 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.

Two Houston manufactured housing communities sold

​​HOUSTON (REBusiness Online) – Capstone has arranged the sale of two manufactured housing communities totaling 322 sites.

Anderson Oaks is a 177-site community. Chase Village has 145 sites.

The properties had a combined occupancy of 97.5 percent at the time of sale.

Capstone represented the seller and procured the buyer. 

AHV to launch BTR complex in Leander

​​LEANDER (Connect CRE) – AHV Communities is planning a 224-unit build-to-rent community.

The complex will have three- and four-bedroom homes ranging from 1,500 to 1,900 sf.

​Amenities will include a pool, fitness center, dog park, and game courts.

Construction begins in first quarter 2023.​
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Copyright © 2022, All rights reserved.
Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley.

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RECON for July 29, 2022RECON for July 29, 20222022-07-29T05:00:00Z2022-07-29T05:00:00Z

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SHARK WEEK is every week at the Texas State Aquarium in Corpus Christi. If you disagree, this sandbar shark is waiting to discuss it. (Photo by TRERC Photographer JP Beato III). 
July 29, 2022

Texas Employment Report: State job growth rate surpasses U.S. by 38 basis points

October 2021 Summary banner 

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  • Texas added 82,500 jobs in June, an almost 0.62 percent increase over May. Over the same period, Texas job growth exceeded the national growth rate by 38 basis points. While the national job growth rate finally turned around several months of contraction, the Texas job growth rate continues to expand at a faster rate.
  • The state's unemployment rate improved to 4.1 percent. While that's still higher than the national unemployment rate, Texas' labor force has been much more robust throughout the pandemic. The national unemployment rate stalled for the fourth consecutive month at 3.6 percent as concerns of economic uncertainty continued to grow because of mounting inflation and the pain likely to follow to alleviate it.
  • The state's labor force expanded by almost 40,000, which is a step back from May's gains of 56,000 but more in line with February and March. National labor force levels shrank by 353,000.
  • The most recent job-opening data from May signaled job creation in June may be slowing soon. The May count of job openings was 974,000, which was 28,000 fewer openings than the month before. Despite a slowdown in momentum, the mismatches between employment and job-opening growth still contributes to the current rapid wage rate growth.
  • New job hires in May stalled while the number of people who quit decreased because of growing economic uncertainty. The latter is likely a consequence of the former as hiring firms become more selective despite the rise in job openings.
  • The state's goods-producing sector added 8,200 jobs in June, about half as much as the month before. Manufacturing added the most jobs (7,000) with mining and logging not far behind (almost 5,000). Meanwhile, construction employment was down by 3,000 jobs after leading the pack in May.
  • The state's service-providing sector added almost 74,000 jobs, the best month since November 2021. This month, the spotlight belonged to the healthcare industry. Its whopping 23,400 jobs brought the total employment level back to pre-pandemic levels. Leisure and hospitality remains strong with 12,700 jobs added in June.
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Good + West bringing four BTR communities to Texas, starting with Denton

DENTON (REBUSINESS) – Good + West is developing four build-for-rent properties in Texas. 

The first project is a 195-unit community called Perch Denton, located north of DFW. This community will be complete in 2023.

Others will be in Fort Worth and Manor.

The properties will be built under the firm's Perch banner over the next four years.

Development costs are $400 million for the four properties.

Renting out a home can be a lucrative investment, but residential property management is often complicated. Pete Neubig of the National Association of Residential Property Managers shares his secrets for success in leasing on the latest Real Estate Red Zone podcast. Take a listen.

92-year-old SA Aurora getting upgrades

SAN ANTONIO (Connect CRE) – Fairstead has acquired the historic Aurora Apartments at 509 Howard St. The 92-year-old building will undergo $15 million worth of renovations.

Built in 1930, the 11-story Aurora has 105 apartments for low-income senior residents.

Fairstead will modernize interior homes and replace electric panels, main switchgear, sprinkler system, roofing, and two elevators.

The Aurora is on the National Register of Historic Places.

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Woods Capital adding 228 apartment units to Santander Tower

DALLAS (Connect CRE) – Woods Capital is converting ten floors of the Santander Tower, previously Thanksgiving Tower, from office space into 228 multifamily units.

The remaining 40 floors of the 40-year-old tower will still have office space, dining options, and a boutique hotel on the top two floors.

Adolfson and Peterson are handling the conversion, which begins this summer.

How does Texas’ employment rate compare with the national one? Our monthly Texas Employment Report tells you. In addition, it includes rankings of Texas metropolitan statistical areas and various industries. Read the latest edition here and subscribe to our email list to get notified when a new issue is released.

Westchase Forest swaps hands

HOUSTON (REBUSINESS) – Nimes Real Estate has sold Westchase Forest, a 400-unit apartment community at 11355 Richmond Ave.

The apartment community offers one-, two-, and three-bedroom apartments ranging from 570 to 1,242 sf.

Amenities include a clubhouse, internet café, business center, media room, picnic area, fitness center, and two pools.

Berkadia represented the seller. 

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Work begins on Alta Rolling Oaks

SAN ANTONIO (PRNewswire) – Wood Partners has broken ground on Alta Rolling Oaks, a 366-unit luxury apartment community along North Loop 1604.

The complex will have one-, two-, and three- bedroom options.

Amenities include a resort-style pool, walking trail, outdoor kitchen, dog park, fitness center, community clubhouse, conference and entertainment spaces, and a business center.

Alta Rolling Oaks opens in May 2023 with pre-leasing beginning next year.

200 Park Place under new ownership

HOUSTON (JLL) – Hines Global Income Trust has acquired 200 Park Place, a Class AA trophy office tower totaling 206,943 sf, for $145 million.

200 Park Place features a building concierge, tenant lounge, conference center, 6,000-sf outdoor landscaped terrace, 24/7 security, and a restaurant.

The 15-story building is at 4200 Westheimer Rd.

JLL represented the seller, Stonelake Capital Partners LLC, and procured the buyer. 

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Material herein is published according to the fair-use doctrine of U.S. copyright laws related to non-profit, educational institutions. Items attributed to sources other than the Texas Real Estate Research Center at Texas A&M University should not be reprinted without permission of the original source. To send news items for consideration, e-mail Hayley Rieder Wiley. The Texas Real Estate Research Center is part of the Division of Academic and Strategic Collaborations at Texas A&M University in College Station - the heart of the Research Valley. 


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RECON for July 22, 2022RECON for July 22, 20222022-07-22T05:00:00Z2022-07-22T05:00:00Z

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REMEMBER WATER? Before the record-breaking heat and widespread drought, TRERC Photographer JP Beato III captured this tranquil scene on the Guadalupe River near Hunt, Texas.
July 22, 2022

Existing Texas homes popular with foreign buyers

WASHINGTON (National Association of Realtors) – Texas is the third most popular state for foreign buyers shopping for existing U.S. homes.

International buyers purchased $59 billion in U.S. residential properties from April 2021 to March 2022, up 8.5 percent from the previous year, breaking a three-year streak of declines.

The average ($598,200) and median ($366,100) purchase prices by international buyers are the highest ever recorded by the National Association of Realtors.

China, Canada, India, Mexico, and Brazil were the top five countries of origin by U.S. residential sales volume. 

Eight percent of international purchases were in Texas. Florida was the preferred destination with 24 percent of all international purchases. California was second with 11 percent, Arizona fourth with 7 percent, and New York and North Carolina tied at 4 percent.

Tesla to add 500,000 sf to Austin Gigafactory

AUSTIN (Connect CRE) – Tesla has filed plans with the city to build a 500,000-sf addition to its newly opened Gigafactory at 13101 Tesla Rd.

The current facility, which opened in April, spans over four million sf.

The expansion will include two new assembly lines.

The Link a 'Dream' project for SA

SAN ANTONIO (Connect CRE) – The city has begun construction on The Link, a public pathway connecting the San Antonio Riverwalk and the San Pedro Creek Culture Park.

Universal Services Group's $400 million project will include green spaces, water features, and public art. A Dream Hotel will anchor one end of the pathway.

The city has allocated $41 million to begin work.

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Harwood acquires 170k-sf creative office building in Downtown Dallas

DALLAS (Harwood International) – Harwood International has acquired The Luminary, a 169,005-sf, Class A office building at 409 N. Houston St.

Standing seven stories, the building was built in 2019 by the anchor tenant, Corgan, and is 67 percent leased.

Amenities include a rooftop terrace, bike racks, shower facilities, lobby lounge, and 14-ft floor-to-ceiling, electronically tinted SageGlass.

Harwood plans to add a coffee bar and charging stations and update the lobby lounge and rooftop terrace.

In Other News: From the NewsTalk Texas feed
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Historical W-K-M buildings converting to mixed-use district

HOUSTON (Houston Chronicle) – Concept Neighborhood plans to convert the roughly 80-year-old buildings that once housed W-K-M in Houston's East End to a walkable, mixed-use district.

The redevelopment will consist of 145,000 sf spanning several sites around 201 Roberts St. It will be home to local businesses, boutiques, restaurants, and small office spaces.

Construction on the first phase, which will include 50,000 sf of retail and 23,000 sf of office space, will begin in fourth quarter 2022.

The redevelopment is expected to be completed by 2026. 

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Pearlstone planning 48-story Austin high-rise

AUSTIN (Connect CRE) – Pearlstone Partners is planning a 48-story residential tower on two vacant tracts at 62 and 64 East Ave.

The development will have 245 condominiums.

Construction begins in 2023 and will wrap up in 2026.

Office Properties Income Trust sells 206k-sf Houston office building

HOUSTON (JLL) – Office Properties Income Trust has sold Oak Park Office Center II.

The two-story office building, totaling 206,362 sf, is at 6380 Rogerdale Rd. in the Oak Park Business Park.

Oak Park Office Center II is currently 40.9 percent occupied on a long-term basis by Men's Wearhouse. The tenant uses the first floor as its headquarters. 

Additionally, the property has 1,070 parking spaces and three access points along Rogerdale Rd.

JLL marketed the property on behalf of the seller. 

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RECON for July 19, 2022RECON for July 19, 20222022-07-19T05:00:00Z2022-07-19T05:00:00Z

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LUXURY HOME SALES in Austin in the first five months of 2022 were almost twice the number sold there in all of 2018. The details are below. (Photo by Center Photographer JP Beato III)
July 19, 2022

Austin’s luxury home market catching up with Houston, DFW

COLLEGE STATION, Tex. (Texas Real Estate Research Center) – Sales of luxury homes – those priced at $1 million or more – have risen significantly from pre-pandemic levels in Texas’ four largest metros, with Austin showing particularly strong momentum.

The number of luxury homes sold in Austin in the first five months of 2022 was almost twice the number sold there for all of 2018. Compare that with Houston, Dallas-Fort Worth, and San Antonio, where the number sold during the same period was about on par with the total sold in those cities four years ago.

Housing data show Austin’s luxury market has been gaining momentum over the past few years.

In 2018, the city’s luxury sales were half of those in Houston and DFW. By 2021, though, Austin was only slightly behind Houston. The two cities have been neck and neck this year in terms of luxury home sales, and Joshua Roberson, lead data analyst with the Texas Real Estate Research Center at Texas A&M University, says Austin is poised to surpass Houston.

“What makes this all the more remarkable is that Austin’s population is only about one-sixth the population of Houston and one-seventh that of DFW,” Roberson said.

DFW has led the state in luxury home sales for five years in a row.

“In-state migration, particularly among higher-income households, has propelled luxury home markets,” Roberson said. “And booming DFW and Austin have provided steady growth for the state’s overall luxury market.”

However, while year-to-date sales are on pace to surpass pre-pandemic sales, Roberson says it’s too early to tell if there is enough momentum to exceed 2021 sales.
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Large-scale mixed-use development approved for Las Colinas

IRVING (Dallas Business Journal) – The city council has approved a large-scale mixed-use development for Las Colinas.

The more than 20-acre development will have 800,000 sf of office space, a couple hundred multifamily units, restaurants, and retail.

The project site is along Lake Carolyn within the Las Colinas Urban Center northeast of SH 114. 

Sketchy drawing of commercial buildingsThe Texas Real Estate Research 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. 

Three Pillars Capital Group acquires 544-unit multifamily community

HOUSTON (REBusiness) – Three Pillars Capital Group has acquired Del Mar Apartments and plans to implement a capital improvement program.

The 544-unit multifamily community has one-, two-, and three-bedroom units, a fitness center, and three pools.

Houston Income Properties represented Three Pillars Capital in the deal.

First Choice Management was the seller.

NewsTalk Texas logoHungry 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. 

Carolina Beverage Group adds 494k sf of industrial at AllianceTexas

FORT WORTH (REBusiness) – Carolina Beverage Group has signed a 493,920-sf lease expansion at AllianceTexas.

The company now occupies 695,124 sf there.

The newly leased space includes 36-foot clear heights, 135-foot truck court depths, and ample trailer parking.

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450,000-sf GAF Energy Building coming to Georgetown

GEORGETOWN (Dallas Business Journal) – California-based solar roofing company GAF Energy LLC is developing a 450,000-sf manufacturing, research, and office facility at the corner of I-35 and SE Inner Loop.

The city council unanimously approved the $100 million project July 12. The facility could create at least 265 jobs over five years.

Portman Industrial is handling construction. 

Completion is slated for June 2023 with GAF's lease beginning in 2024.

Communication Matters video seriesThe Texas Real Estate Research 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.

Northeast Houston retail center sells to South Florida investor

HUMBLE (JLL) – JBL Asset Management of Florida has purchased Humblewood Shopping Center from Forge Capital Partners.

The 163,897-sf power center at 19611 US 59 is anchored by Conn’s and Petco. 

Other tenants include Michaels, DSW, Five Below, Texas State Optical, Sketchers, GameStop, Honey Baked Ham, Jason’s Deli, Smoothie King, IHOP, Humble Nails, Gadget MD, and Ace Cash Express.

JLL represented the seller.

Free Land... Data! Texas, Louisiana, Alabama, Mississippi
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Texas Real Estate Research Center.
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