RECON for July 10, 2018RECON for July 10, 2018Hayley Rieder2018-07-10T05:00:00Z2018-07-10T05:00:00Z

Real Estate Center Online News
Tacara Steiner Ranch aerial photograph
Tacara Steiner Ranch, a luxury multifamily community in Austin, has been sold. Get the details on this story and so much more in today's RECON. (Photo from the San Antonio Business Journal.)
July 10, 2018

Texas best state for business

​​​​​ENGLEWOOD CLIFFS, N.J. (CNBC) – Texas snagged the top spot on CNBC's list of America's top states for businesses.

The Lone Star state scored 1,651 out of 2,500 points, making it the only state to be named a four-time winner since the study's creation in 2007. Texas has placed in the top five every year.

Texas ranked first in the economy category, up from 25th last year. The study cited the state's 5.2 percent GDP increase in the fourth quarter. Texas added over 350,000 jobs in the past year, meaning one in seven jobs created in the nation last year was created in Texas. 

The state also took the top spot in infrastructure. Its lowest categorical ranking was number 37 for education. 

The rest of CNBC's top five include Washington, Utah, Virginia, and Colorado. 

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DFW home sales see first Y-O-Y decline in nearly two years

​​​​DALLAS (Dallas Morning News) – North Texas home sales fell 3 percent in June, marking the first year-over-year decline in almost two years. 

Last month, 10,754 preowned single-family homes were sold, according to data from the Real Estate Center and the North Texas Real Estate Information Systems. 

With June's decline, preowned home sales are up just 1 percent so far this year compared with 2017's record sales. 

Median home sales prices were up 7 percent over the year, hitting a record high of $273,000. ​

​There was a three-month supply of homes in the area. The average North Texas home was on the market for 38 days​. 

In June, there were 10,998 pending sales. There were 24,174 homes listed for sale in the metro, up 12 percent over the year.  

Obtaining a Texas Real Estate License coverObtaining a Texas Real Estate License is the most complete guide found anywhere to obtaining a Texas real estate salesperson's license. Everything from what activities require a license to actual application forms. This report has been reviewed by the Texas Real Estate Commission. 

Harris County gets $4.5 billion for flood-control projects

​​​HARRIS COUNTY (Community Impact Newspaper) – The county has been awarded $4.5 billion in federal funds for flood prevention projects. 

The funds will be allocated to:

  • Sabine Pass to Galveston Bay Coastal Storm Risk Management and Ecosystem Restoration Project, $4 billion;

  • Clear Creek, $295 million;

  • Brays Bayou, $75 million;

  • Hunting Bayou, $65 million;

  • White Oak Bayou, $45 million; and

  • Buffalo Bayou and tributaries, $1.4 million. 

About $14 million will be used to study future flood-control projects along the Buffalo Bayou and tributaries, Brazos River, Texas coast, and more.

The U.S. Department of Housing and Urban Development recently approved $5 billion of funding ​for a Texas hurricane recovery plan.  ​​

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. ​

Austin luxury multifamily asset sold for $48 million

​​​​​AUSTIN (San Antonio Business Journal) – A subsidiary of San Antonio-based Casey Development Ltd. has sold the Tacara Steiner Ranch multifamily complex for $47.9 million.

The 246-unit community​​ at 4306 N. Quinlan Park Rd. traded for about $195,000 per unit. 

Tacara offers one-, two-, and three-bedroom units averaging 959 sf. The average monthly rent is $1,425. ​

The buyer was​​​ TH Real Estate, an affiliate of Nuveen Global Cities REIT. ​

Jones Lang Lasalle represented​​ the seller. ​

St. Louis developer sells retail asset to Texas firm

​​FORT WORTH (REBusiness Online) – A Texas-based investor has purchased Westover Village from a St. Louis​-based developer.

The 111,374-sf retail center ​at 651 Alta Mere Dr. includes tenants such as AT&T, Firehouse Subs, and SportClips. It was almost fully occupied at the time of sale. 

The purchase includes additional land for developme​nt. 

Dallas-based Strive represented the seller. ​​​​

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CustomSpace leases 113,152 sf in Houston

​​HOUSTON (Realty News Report) – CustomSpace has leased 113,152 sf at 5301 Polk St. 

The company offers spaces ranging from 250 sf to 10,000 sf to companies needing storage or places for light assembly. This is CustomSpace's first Texas location.​

Colliers International and Lee & Associates represented the tenant. ​​​

Parkside on Legacy under new ownership

​​​PLANO (Dallas Morning News) – Dallas-based Cawley Partners has purchased the Parkside on Legacy building at 5120 Legacy Dr. 

Completed in late 2016, the three-story, 101,213-sf office project was developed by VanTrust Real Estate. Corgan designed the project, which is currently vacant. 

Weitzman Group brokered the sale. ​

Communication Matters video seriesIn a series of four videos, the Real Estate Center at Texas A&M University explores what it takes to be an effective communicator. The presenter is Mays Business School Executive Professor John Krajicek.

50 acres slated for Spring Fire Department multipurpose complex

​​SPRING ​​(Community Impact Newspaper) – The Spring Fire Department and the Harris County Emergency Services District No. 7 have acquired 50 acres at the northeast corner of Louetta and Lexington Roads. 

The property is the future site of a multipurpose complex. It will include the W.W. "Cotton" Weaver Training Center. ​

JV combining two Anderson Mill apartment communities

​​​AUSTIN (MultifamilyBiz) – A joint venture between JoCo Partners and The ValCap Group has acquired two apartment communities in the Anderson Mill neighborhood.

The 152-unit Westwood Apartments and the 164-unit Audubon Square were built in 1983 and 1986. They will be combined into a single 316-unit community called The Lantern. 

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