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RECON for March 27, 2020RECON for March 27, 20202020-03-27T05:00:00Z2020-03-27T14:00:00Z
RECON Real Estate Center
Old houses lined up in front of the San Antonio skyline
What's in today's RECON? San Antonio's home market finishes February on a high note; TREC, TALCB waive renewal, application deadlines; and Midland housing market trends toward buyer. Keep reading for the details. (Photo from Center files.)
March 27, 2020

Texas counties among those with largest population gains since 2010

WASHINGTON (U.S. Census Bureau) – Six of the ten counties with the largest population gains this decade were in Texas, according to the U.S. Census Bureau’s newly released July 1, 2019, population estimates.

Harris, Tarrant, Bexar, Dallas, Collin, and Travis Counties had some of the largest numeric population gains since 2010. 

On the list of top ten fastest growing counties by percentage since 2010, Texas had more counties than any state. Hays, Comal, Kendall, and Williamson all made the list. 

Over half (53.6 percent) of U.S. counties​ were smaller in 2019 than they were in 2010. Most small counties lost population this decade while most large counties gained people.

The Census Bureau's estimates provide data for the nation’s 384 metropolitan statistical areas, 542 micropolitan statistical areas, and 3,142 counties.  
graphs in front of houses and sky scrapers with the covid-19 virus
COVID-19 (coronavirus) has significantly shocked the economy and financial markets, lowering growth expectations and increasing uncertainty that could derail Texas' continued economic expansion. This document discusses how the state could be impacted.

TREC, TALCB waive renewal, application deadlines until May 31

​AUSTIN (TREC and TALCB) – Due to the COVID-19 outbreak, the Texas Real Estate Commission (TREC) and the Texas Appraiser Licensing & Certification Board (TALCB) are waiving all renewal and application deadlines until May 31.

Licensees with a license expir​ation date of March 31 or April 30 are granted an extension through May 31. Online or other distance education can fulfill continuing education requirements.

The quickest and most efficient way to renew your license is by using the agency's online services portal. 

Applications set to expire from March 11 through May 31 will have until May 31 to complete all license application requirements.

License examinations are temporarily suspended. If your exam eligibility expires before May 31, 2020, you are granted an extension to take and pass your exam.   

Applicants can check the status of their applications with the application status tracker on the TREC website and on the TALCB website
Helping Texans make the best real estate decisions since 1971.

WalletHub: Texas city home to most overloaded mortgage debtors

​​​WASHINGTON (WalletHub) – Willis is the city with the most overloaded mortgage debtors, according to a WalletHub study. 

The Montgomery County city has a median mortgage debt of $143,676 and a median house value of $82,300 for a mortgage debt-to-house-value ratio of 175 percent. 

The median income is $31,250. The mortgage debt-to-income ratio is 460 percent. 

Other cities with the most overloaded mortgage debtors include Bell Gardens​, Calif.; Ewa Beach, Hawaii; Dumfries, Va.; and Blacklist Estates, Ohio. 
toy blocks built up
Declining affordability is the new reality for Texas housing markets. Why? The answer is complicated. Read "Building Blockage: Affordability Obstacles Piling Up" online now.

SA housing market strong in February, uncertain for March

SAN ANTONIO (San Antonio Business Journal) – The metro’s housing market held strong last month following a year-over-year boom in January.

According to the San Antonio Board of Realtors, home sales rose 8 percent over the year to 2,282 homes in February. The month ended with 2,823 sales pending.

Inventory held steady at 3.2 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

The average home sales price was up 8 percent to $276,273 while the median sales price grew 6 percent to $238,000. 

Fluctuation in mortgage rates and uncertainty about job security and the economy due to the COVID-19 crisis will result in a slower-than-normal spring selling season, according to Meyers Research Chief​ Economist Ali Wolf.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Freddie Mac program to aid multifamily landlords, tenants

​​​McLEAN, Va. (Freddie Mac) –​ Freddie Mac has announced a nationwide relief plan for its multifamily borrowers and their tenants.

Under the program, landlords w​hose properties are financed with a Freddie Mac Multifamily fully performing loan can defer their loan payments for 90 days by showing hardship as a consequence of COVID-19 and by gaining lender approval.

In turn, Freddie Mac is requiring landlords not to evict any tenant based solely on nonpayment of rent during the forbearance period.

Freddie Mac anticipates the program will provide relief for up to 4.2 million U.S. renters across more than 27,000 properties.
market viewer screen shotTexas 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. 

Midland housing market trends toward buyer 

​​MIDLAND (Midland Reporter-Telegram) – The local housing market saw a trend toward the buyer last month, according to the Permian Basin Board of Realtors.

In February, the average sales price and median sales price were $329,500 and $295,000, respectively, both down year over year.

Days on market rose to 57 days, the longest since March 2017. 

The number of homes sold during the month rose 22.8 percent year over year to 178 homes. Listed homes increased 85.3 percent to 493.
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Jerry Jones adding to Frisco's Star

FRISCO (Dallas Morning News) – ​​Blue Star Land is adding an 11-story office tower to its $1.5 billion Star development at the Dallas North Tollway and Warren Pkwy. 

The 327,000-sf building will have an attached six-level, 1,200-space parking garage. It will be on the west side of the tollway next door to ​the new Twelve Cowboys Way apartment tower. 

Designed by Dallas-based HKS, the tower will be the third in the Star. 

Plans are still underway and awaiting city approval.

Blue Star Land is owned by Dallas Cowboys owner Jerry Jones.

Lynd picks up $110M apartment communities

ROUND ROCK (San Antonio Business Journal) – San Antonio-based Lynd Acquisitions Group has purchased two local garden-style apartment communities.

The Enclave Frontera at 2800 La Frontera Rd. offers 411 one- to three-bedroom units. Rents range from $785 to $1,279 per month.

The 366-unit Lakeside at La Frontera at 941 Hesters Crossing Rd. offers one- to three-bedroom floor plans. Rents range from $885 to $1,515 per month.

Lynd will complete $15 million in ​renovations and upgrades to the assets.

TPG Real Estate Finance provided a $105 million acquisition loan. 
Texas Realtors quote about Real Estate Center
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Copyright © 2020, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.

https://www.recenter.tamu.edu/news/recon/?Item=360
RECON for March 24, 2020RECON for March 24, 2020Bryan PopePope
2020-03-24T05:00:00Z2020-03-24T05:00:00Z
​ ​
RECON Real Estate Center
Open house sign
What's happening in Texas real estate? State personal income up 5.3 percent in 2019, HAR.com suspends open house display notices, and Impulse 4.0 signs industrial lease in El Paso. Keep scrolling for the details. (Photo from Center files.)
March 24, 2020

Texas personal income up 5.3 percent in 2019 

​​AUSTIN (U.S. Bureau of Economic Analysis) – Texas' personal income was over $1.52 trillion in 2019, up 5.3 percent, according to the U.S. Bureau of Economic Analysis.

The state's personal income grew the seventh fastest nationally.

Professional, scientific, and technical services were the leading contributors to Texans' earnings. 

Texas per capita personal income was $52,504, ranking 27th nationally. The country's per capital personal income was $59,663.

Nationally,​ personal income was $18.6 trillion last year. 
Outlook for the Texas Economy
Read more in the latest Outlook for the Texas Economy report. 

HAR.com suspends open house display notices

​​​HOUSTON (Realty News Report) –​ The Houston Association of Realtors (HAR) has suspended the display notices of open houses on their website due to the COVID-19 outbreak.

In addition, HAR is waiving third quarter Multiple Listing Service fees for most firms.​

Many national real estate franchises and brokerage firms have either canceled all in-person open houses or are strongly encouraging their agents not to hold them. 

Realtors are urged to use virtual open houses and video tours to help slow the spread of the coronavirus.

For those involved in the sale or purchase of a home, Texas Realtors has published the COVID-19 Addendum. The document provides a 30-day extension of the closing date in a residential sales contract if the closing cannot occur due to a voluntary or mandatory COVID-19 quarantine or closure.

Read more about the potential impacts of COVID-19 on Texas' economy and real estate markets. 
Sketchy drawing of commercial buildingsThe 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. 

Impulse 4.0 signs 125K-sf lease in El Paso

EL PASO (CBRE) – Impulse 4.0 has signed a 125,646-sf lease at 9581 Joe Rodriguez Dr. 

The deal brings the speculative industrial building to 100 percent leased. 

CBRE represented the landlords, Equity Industrial Partners and Raith Capital Partners. Commercial Border Partners represented the tenant.
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. 

Texas Supreme Court suspends residential evictions

​AUSTIN (KXII News 12) – The Texas Supreme Court has voted to halt most residential evictions through April 19 as part of the state’s response to COVID​-19. 

The order allows for new filings but states no trial, hearing, or other proceedings can be held until after April 19.

An exception will be allowed if the court finds the tenant poses an imminent physical threat to the landlord or is conducting criminal activity.
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Did you know you can get notified every time one of our new economic reports is released? Check out our email notification feature to get the latest economic data sent directly to your email inbox for free. 

Embrey breaks ground on 296-unit Estates at Hill Country Village

SAN ANTONIO (Connect Media) – Embrey Partners Ltd. has started on Estates at Hill Country Village, a 296-unit apartment complex on US 281 between Loop 1604 and 1-410. ​

The property will have one- to three-bedroom units. Rents will range from $1,200 to $2,500 per month. 

Amenities will include a fitness center, game room, and studio with on-demand virtual training. 

The first units will be move-in ready in second quarter 2021. Completion is set for early 2022. 
Communication Matters video seriesThe 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.

Jupiter Plaza under new ownership

​​​GARLAND (Marcus & Millichap) – A California-based private investor has purchased Jupiter Plaza, a 133,9​​24-sf industrial property. ​​

Built in 1974, the property is on just over 10.5 acres at 1001-1137 S. Jupiter Rd. 

Marcus & Millichap marketed the property on behalf of the seller, a private investor, and procured the buyer. ​
Helping Texans make the best real estate decisions since 1971

Fort Worth apartment complex sold

​FORT WORTH (Marcus & Millichap) – Copper Creek, a 274-unit apartment complex near the intersection of I-30 and Loop 820, has been sold.

Built in 1986, the 17-building property is on​ 12.4 acres at 6011 Oakland Hills Dr. ​​It underwent significant​ renovations in 2013 and 2017. 

Marcus & Millichap represented the seller, Florida-based DIJ Properties, and procured the Texas-based buyer. 
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Copyright © 2020, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=359
RECON for March 20, 2020RECON for March 20, 2020Bryan PopePope
2020-03-20T05:00:00Z2020-03-20T05:00:00Z

RECON Real Estate Center
A row of attached homes in Austin, Texas
What's happening in Texas real estate? Austin home sales strong in February, FHFA suspends foreclosures and evictions for eligible Fannie Mae and Freddie Mac borrowers, and $300 million mixed-use project coming to Carrollton. Keep scrolling for the details. (Photo from Center files.)
March 20, 2020

Office hours requirement temporarily suspended for mortgage lenders

AUSTIN (Texas Department of Savings and Mortgage Lending) – The Department of Savings and Mortgage Lending was authorized today to temporarily suspend any requirement that a mortgage lender's office be open to the public during posted normal business hours.

Additionally, licensed mortgage loan originators may work from home or another remote location, whether in Texas or another state, even if the home or remote location is not a licensed branch.

These allowances do not amend Texas Finance Code, Chapters 156 and/or 157 and are being allowed strictly due to the COVID-19 situation.

If a licensed residential mortgage loan originator or mortgage loan staff works remotely, licensed mortgage entities must ensure that:

  •  strict security of information is maintained;
  • all physical business records are kept at a licensed office, not at the mortgage loan originator’s home, a remote location or in any unlicensed branch office; and
  • that consumers are not allowed to go to the mortgage loan originator’s home.
These allowances will be effective until terminated by the Office of the Governor or until the March 13, 2020 disaster declaration is lifted or expires, whichever is earlier.
Texas Quarterly Apartment Report Infographic
Read our latest Texas Quarterly Apartment Report for the details.

FHFA suspends foreclosures, evictions for Enterprise-backed mortgages

WASHINGTON (Federal Housing Finance Agency) – The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the COVID-19 (coronavirus) national emergency.

The suspension applies to homeowners with an Enterprise-backed single-family home mortgage.

Earlier this month, FHFA announced the Enterprises would provide payment forbearance to borrowers impacted by the coronavirus. This allows for a mortgage payment to be suspended for up to 12 months for eligible borrowers.

Read about how COVID-19 could impact Texas' economy and real estate markets.
From required notices to referral fees to correctly completing contracts, the real estate industry has no shortage of pitfalls that can trip up even the most conscientious licensee. Avis Wukasch and Kerri Lewis answer your questions on our latest Red Zone podcast.

Austin housing sales strong in February

AUSTIN (Austin Board of Realtors) – Last month, home sales in the metro increased 6.8 percent since February 2019 to 2,524 sales, according to the Austin Board of Realtors (ABoR).

“Historically low interest rates are a driver in the market response we saw in February and will continue to act as a driver despite our shared concerns over the impact of COVID-19 in our community,” said 2020 ABoR President Romeo Manzanilla.

Residential home sales dollar volume increased 21 percent from February 2019 to over $1 billion.

New listings decreased 11.8 percent year over year to 2,965 listings, and active listings dropped 29.4 percent to 4,534.

Inventory dropped to 1.5 months of inventory, painting the picture of Austin's historically competitive housing market and high demand. The Real Estate Center considers six to 6.5 months of inventory a balanced market.

Pending sales jumped 10.9 percent to 3,137, and there were 2,534 closed sales across the metro.

With the impact of COVID-19 beginning to take hold, it's uncertain how social distancing will affect the way the market continues to operate.
Monthly Review of the Texas Economy
Read more in our latest Monthly Review of the Texas Economy report.

Energy firm takes space in The Woodlands

THE WOODLANDS (Realty News Report) – Western Midstream Partners has leased the top five floors of 9950 Woodloch Forest Dr., a Class AAA office building.

The 133,948-sf lease brings the 31-story tower to 35 percent leased.

The asset is one of two office towers formerly home to Anadarko Petroleum Corp.’s headquarters. The pair totals 1.4 million sf. 

In late 2019, the Howard Hughes Corp. purchased the towers from Occidental Petroleum before rebranding it as the Woodlands Towers at Waterway.

Colliers International represented the landlord, while Cushman & Wakefield represented the tenant.
Helping Texans make the best real estate decisions since 1971.

Construction kicks off on Southlake luxury home project

SOUTHLAKE (Dallas Morning News) – Luxury homebuilder Hawkins-Welwood Homes has started on The Metairie, a 29-acre residential development near White Chapel Blvd. and Dove Rd.

The project will include 56 homes averaging 4,500 sf. Lots will average a quarter acre.

Homes will be priced around $1.4 million.

Completion is set for early 2021. Move-ins will start later that year.

Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

National Apartment Association offers COVID-19 guidance

ARLINGTON, Va. (National Apartment Association) – The National Apartment Association (NAA) is offering guidance to apartment communities regarding COVID-19:
  • Refer media and stakeholder inquiries to resources from the Centers for Disease Control (CDC) and other qualified officials. NAA recommends that guidance from the CDC and other officials be treated seriously.
  • Continue to monitor the situation. Stay tuned to your local authorities and their ongoing communications.
  • If a resident is confirmed to have or is believed to have COVID-19, do not direct facilities management or maintenance staff to the apartment. Immediately notify the local health department and contact CDC for guidance regarding appropriate measures to take.
  • Ensure your office has the proper contact information of the local health authority and/or the best CDC resources on hand for handling queries from local stakeholders.
NAA also provided answers to potential questions from residents and/or media in its COVID-19 press release.
market viewer screen shotTexas 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. 

Howard Hughes sells M.D. Anderson Cancer Center building

THE WOODLA­NDS ­­­­­­(Houston Business Journal) – Howard Hughes Corp. has sold the University of Texas M.D. Anderson Cancer Center building at 100 Fellowship Dr. for $115 million.

M.D. Anderson will remain in the 208,000-sf building, which opened last September.

The sale is part of Howard Hughes' plan to divest $2 billion in noncore assets.
trees and grass in rural texas
The Real Estate Center's 30th Annual Outlook for Texas Land Markets conference has been canceled. Click here to read a message from Center Director Gary Maler.

Namhawk planning Carrollton mixed-use project

CARROLLTON (Dallas Business Journal) – Namhawk LLC is developing a $300 million mixed-use project called Carrollton Gateway.

The company acquired the 11.2 acres between N. Broadway St. and I-35 in early 2019.

Phase one will have a 325-unit apartment complex with a third-floor terrace, coworking space, and ground-floor retail. Phase two will include a 150,000-sf office building.

Later phases call for a hotel with at least 200 rooms and two eight-story condominiums.

Namhawk will work with the city to improve N. Broadway.

The Ratcliff Group LLC is the project manager, and Page Architects designed the master plan.

Belvoir buys building in Memorial Villages neighborhood

HOUSTON (Realty News Report) – Belvoir Real Estate Group LLC has purchased 7600 Woodway Dr., a 110,529-sf office building.

The asset, built in 1982, is near the intersection of San Felipe St. and Voss Rd. in the Memorial Villages neighborhood. It is 90 percent occupied.

Belvoir plans to improve the property.

JLL represented the seller and arranged financing.

Texas Realtors quote about Real Estate Center
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Copyright © 2020, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=358
RECON for March 17, 2020RECON for March 17, 2020Bryan PopePope
2020-03-17T05:00:00Z2020-03-17T05:00:00Z

RECON Real Estate Center
Sunset at Big Bend
The Real Estate Center's 30th Annual Outlook for Texas Land Markets conference has been canceled. Click here to read a message from Center Director Gary Maler.
March 17, 2020

Five Texas cities among most recession-resistant nationally

NEW YORK (SmartAsset) – Five Texas cities have landed on SmartAsset's list of the top ten most recession-resistant cities in America. 

"Texas performs particularly well for its state’s rainy-day funds as a percentage of state expenditures—ranking second-highest of all 50 states at almost 19 percent,” SmartAsset analysts said.

No. 1 Frisco was in the top 11 of all three broad categories SmartAsset analyzed: employment, housing, and social assistance. 

Frisco had the lowest housing costs as a percentage of income. It recently ranked 13th on SmartAsset's list of the top boomtowns in America.

Plano took the number three spot, ranking in the top 10 percent in SmartAsset's broad study categories.

No. 4 Denton was recently named the top boomtown in Texas and the second nationally. No. 5 Austin was also a top contender on that list. 

Lubbock ranked seventh, and it was recently named the third most affordable place for veterans. 

Round Rock, Arlington, and Killeen were the only other Texas cities in the top 25, ranking 11th, 19th, and 20th, respectively.

Cedar Rapids, Iowa, ranked second overall. 
Graphic featuring houses, commercial buildings, and the COVID-19 virus
COVID-19 (coronavirus) has significantly shocked the economy and financial markets, lowering growth expectations and increasing uncertainty that could derail Texas' continued economic expansion. This document discusses how the state could be impacted.

Texas’ unemployment rate holds steady in January

AUSTIN (Texas Workforce Commission) – Texas unemployment held steady in January at 3.5 percent, according to the Texas Workforce Commission.

Employers added 279,000 jobs over the past year and 19,500 jobs in January, an annual employment growth rate of 2.2 percent for that month. This marks 117 consecutive months of annual growth.

The state’s employment growth rate has held above 2 percent since February 2018.

Midland had the lowest non-seasonally adjusted unemployment rate in the state at 2.4 percent. McAllen-Edinburg-Mission had the highest at 7.6 percent.

The construction industry had the most seasonally adjusted growth in employment from January 2019 to January 2020, growing 4.6 percent. The mining and logging industry was the only sector to see a drop in employment, falling 8.5 percent.
Helping Texans make the best real estate decisions since 1971

Trammell Crow, High Street developing Block Yard

AUSTIN (Connect Media) – Trammell Crow Co. and its residential subsidiary High Street Development is developing the 280,000-sf Block Yard mixed-use development at 2900 E. Martin Luther King Jr. Blvd. 

The project will have 302 rental units, 63,800 sf of office space, and 4,200 sf of ground-floor retail.

The multifamily portion will have a mix of affordable and market-rate units. Amenities will include a fitness and conference center, pet-friendly lounge, and private pool. 

Work will start on Block Yard in June 2020. The office component will open in July 2021 with units ready for occupancy in January 2022. 

CBRE is handling office leasing.
Declining affordability is the new reality for Texas housing markets. Why? The answer is complicated. Read "Building Blockage: Affordability Obstacles Piling Up" online now.

Former Abilene middle/high school getting new life

ABILENE (Abilene Reporter-News) – Work has started on converting the former Lincoln Middle School/Abilene High School building into Abilene Heritage Square, an entertainment and civic center.

The 105,000-sf building at 1699 S. First St. will include a 700-seat auditorium, a centralized location for the Abilene Public Library, and an extension of the Grace Museum.

Renovations are estimated to cost $41.5 million, including furnishings.

The 1920s building, which is listed on the National Registry of Historical Places, closed in 2007. The city transferred ownership of the property to Abilene Heritage Square Inc. in December 2019.
Sun shines off a glass commercial building
Capitalization rates can be a useful tool when making commercial investment decisions. A Real Estate Center study found that cap rates in Texas' major metros have recently trended downward but are generally higher than other key rates. 

VillaSport opens third Houston-area location

KATY (Houston Business Journal) – VillaSport Athletic Club and Spa has opened a two-story location at 9930 Gaston Rd.

The 130,000-sf building features a spa, cafe, 12,000-sf kids' gym, an immersive spin room, locker rooms, four pools, and other sports equipment.

Berkley, Calif.-based ELS Architecture and Urban Design designed the complex.

VillaSport will hire 250 employees at the location, which anchors phase two of the 270,000-sf Stableside lifestyle retail center. 

Houston-based Baker Katz represented San Rafael, Calif.-based VillaSport. The developer of Stableside, Houston-based NewQuest, was self-represented.
Truck gets timber loaded onto the back
When lumber prices dropped after the Great Recession, East Texas' lumber industry overhauled its processes to optimize production and reduce waste. Learn more in "Knock on Wood: East Texas Timberland Production Gets Overhauled."

DFW immigration services building opens

IRVING (Dallas Morning News) – Trammell Crow Co. and ElmTree Funds have completed the U.S. Citizenship and Immigration Services’ Texas Service Center.

The 259,947-sf building is at 6064 N. Belt Line Rd. on 27 acres leased from the DFW International Airport.

Gensler was the project architect, and Mycoskie McInnis Associates handled the landscape architecture.

Work started on the one-story, Class A building in October 2018.
Communication Matters video seriesThe 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.

Presidium breaks ground on 370-unit San Antonio apartments

SAN ANTONIO (REBusiness Online) – Presidium has started work on Presidium at Chase Hill, a 370-unit apartment project on 17 acres on the northwest side.

Amenities will include pools, outdoor grilling areas, a two-story fitness center, Wi-Fi lounges, and a rooftop terrace.

RES Associates Inc. designed the project. Pape-Dawson is the engineer, and Hitchcock Design Group is the landscape architect.

Completion is slated for early- to mid-2022. 

The property is Presidium's first local project.

Work starts on Mueller district office

AUSTIN (REBusiness Online) – Black Creek Group has sold a 156,024-sf office building to Ascension Seton. 

The property at 1345 Philomena St. in the Mueller district serves as the buyer's headquarters.

SVN | Angelic and the Centurion Foundation represented the buyer. CGA Capital is providing $83.8 million in acquisition financing. 
Free land data ad
Looking for reliable rural land data for Mississippi, Louisiana, Alabama, and Texas? We've got you covered. Get the data exclusively from the Real Estate Center.
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Copyright © 2020, 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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
https://www.recenter.tamu.edu/news/recon/?Item=357
RECON for March 10, 2020RECON for March 10, 2020Bryan PopePope
2020-03-10T05:00:00Z2020-03-10T05:00:00Z

RECON Real Estate Center
Rendering of crown centre
What's happening in Texas real estate? Work starts on 1.8 million-sf San Antonio mixed-use project, Houston office vacancy up, metro Dallas project en route, and Plano named second happiest city nationally. Keep scrolling for the details. (Rendering from 505 Design.)
March 10, 2020

Smile, Plano! North Texas city second happiest nationally

​​WASHINGTON (WalletHub) – Plano has ranked second on WalletHub's list of America's happiest cities in 2020. 

The Collin County city ranked fifth in lowest separation and divorce rate, sixth in emotional and physical well-being, ninth in income and employment, and 16th in community and environment.

Austin ranked 22nd overall, the only other Texas city in the top 25. The Texas capital ranked fifth in highest income growth, sixth in income and employment, 12th in emotional and physical well-being, and 118th in community and environment. 

Laredo had the lowest suicide rate nationally.

Fremont, Calif., took the top spot in the overall rankings. The rest of the top five were San Jose, Calf.; Irvine, Calf.; and Madison, Wis.

Last year, Plano was first on WalletHub's list. 
The Real Estate Center will be closed for the rest of the week starting Wednesday, March 11. Happy Spring Break!

Sundt breaks ground on 1.8M-sf La Cantera Town Center

SAN ANTONIO (San Antonio Business Journal) – Sundt Construction Inc. has broken ground on the first phase of the La Cantera Town Center, a 1.8 million-sf, mixed-use development adjacent to the Shops at La Cantera. 

Phase one will include an outdoor amphitheater, trail system, and two parks.

Future phases will feature office space, boutique hotels, and residences.

The residences will include a 100-unit senior-living community. Cambridge Development and USAA Real Estate are the developers.

La Cantera Town Center was first announced in 2008.​
Hillcrest bridge
Relocating hundreds of families to new neighborhoods can be a massive undertaking. However, much can be learned from the aftermath of such a project. Read "Crossing the Bridge" for insights from a recent Corpus Christi neighborhood relocation project.

Developers gearing up for $1.5B Lewisville project

​LEWISVILLE (Dallas Business Journal) – Locally based Bright Realty is developing Crown Centre, a 140-acre mixed-use development that has been more than five years in the making. ​​

At full build out, the $1.5 billion project will have: 
  • 3 million sf of office space, 
  • a 500-room hotel with covered parking, 
  • 2,000 apartments​, 
  • 140,000 sf of retail space, 
  • green space with trails and lakes, and 
  • outdoor event space.
Lincoln Property Co. is handling leasing of the office portion.
Texas Quarterly Commercial Report: 4th Quarter 2019

Houston office vacancy rate up year over year

HOUSTON (NAI Partners) – Overall office vacancy is at 21.8 percent and availability is at 26.4 percent, both up between 70 to 80 basis ​​​points from this time last year.

According to NAI Partners, the local office market recorded two million sf of leasing activity—including both new leases and renewals—year to date in February 2020. Net absorption is at negative 206,000 sf, down from 762,000 sf year over year. 

Additionally, 180,000 sf has been delivered so far this year, composed entirely of the four-story office building in The Woodlands that Alight Solutions will occupy at 8770 New Trails Dr. 

The average asking full-service rent is at $29.36 per sf, up $0.23 from this time last year. 

Currently, there is over 3.5 million sf of office space underway. 
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TREC seeking feedback on recently proposed rules

​AUSTIN (Texas Real Estate Commission) – The Texas Real Estate Commission (TREC) is seeking input on recently proposed rules.

At its Feb. 10 meeting, TREC adopted three rules, including one based on a recommendation received from its inspector committee. ​Seven rule amendments were proposed, including an amendment to TREC Rule §535.92, related to continuing education requirements. 

License holders and the public are encouraged to review and comment on any proposed changes to the rules by emailing general.counsel@trec.texas.gov​ through March 31. These proposed rules will be up for adoption in May.​
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. 

179-acre mixed-use project coming between Buda, Austin

BUDA (Austin Business Journal)– Milestone Community Builders is developing Persimmon, a mixed-use project on 179 acres northeast of FM 967, east of the Coves of Cimarron subdivision.

The project calls for:
  • a 12-acre greenbelt,
  • 33-acre park,
  • 3.5-acre amenity park,
  • 1,025 single-family homes,
  • 250 multifamily units, and  
  • retail space.
The tract lays in Austin and Buda's extraterritorial jurisdictions. 
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Cawley, Rosewood to develop 1M-sf Plano office project

PLANO (REBusiness Online) – Cawley Partners and Rosewood Property Co. will develop a one million-sf office project at 412 Texas Dr. in Heritage Creekside.

Phase I will have a six-story, 250,000-sf building with a fitness center, conference center, and rooftop deck.

The four-building project will include a central courtyard and an amenity hub.​

Construction will begin by first quarter 2021.

Heritage Creekside is a 156-acre mixed-use development. ​
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20-story residential and hotel tower coming to SA's skyline 

SAN ANTONIO (San Antonio Business Journal) – DC Partners is building the Arts Residences and the Thompson Hotel, a 20-story, 337,000-sf high-rise tower at 123 Lexington Ave. 

The first 11 floors will be home to the 162-room Thompson Hotel.

The upper floors will include one- to three-bedroom condos. The top two floors will have three- and four-bedroom penthouses.

Construction of the hotel and the first 59 residential units will be complete this summer. 
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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 Real Estate 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. The Real Estate Center is part of Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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