RECON for November 30, 2018RECON for November 30, 2018Bryan PopePope
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September 2018 marked the eighth consecutive month of declining home appreciation in North Texas as price growth slowed to 4.3 percent in Standard & Poor's/CoreLogic Case-Shiller Home Price Index. The details are in today's RECON. (Photo from Center files.)
November 30, 2018

DFW home price growth slows for eighth month in a row​

​​​​​​DALLAS (Dallas Morning News) – September 2018 marked the eighth consecutive month of declining home appreciation in North Texas as price growth slowed to 4.3 percent in Standard & Poor's/CoreLogic Case-Shiller Home Price Index.

Nationwide, home prices were 5.5 percent higher in September than a year earlier. However, the rate of home-price gains around the country has also been slowing this year.

"Home prices plus data on house sales and construction confirm the slowdown in housing," S&P Dow Jones Chairman and Managing Director David M. Blitzer said. "Sales of both new and existing single-family homes peaked one year ago in November 2017.

"One factor contributing to the weaker housing market is the recent increase in mortgage rates," he said. "Currently, the national average for a 30-year fixed-rate loan is 4.9 percent, a full percentage point higher than a year ago."

​Through the first ten months of 2018, North Texas median home-sales prices were 5 percent higher year over year. Preowned home sales in the area are flat from 2017.

Case-Shiller's index tracks over time the prices of single-family homes in each metropolitan area, not including condominiums and townhouses. It covers only preowned properties, not new construction.
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The Center's Annual Report + Calendar giveaway is back again! For a chance to get your hands on the 2019 edition of the always popular calendar (while supplies last), tell us your favorite 2018 Tierra Grande article before December 14. Click here to take the survey. No purchase necessary. 

Nicholas Residential acquires 2,115-unit MF portfolio

HOUSTON (REBusiness Online) – Nicholas Residential LLC has acquired a six-property multifamily portfolio totaling 2,115 units.

The properties are:
  • Chelsea Park at 11000 Crescent Moon Dr. in Houston;
  • Riviera Pines at 555 Normandy St. in Houston;
  • South Grand at Pecan Grove at 2400 Old S Dr. in Richmond; 
  • Country Club Place at 1111 Golfview Dr. in Richmond;
  • The Veridia​n at 695 Pineloch Dr. in Webster; and
  • Sky Hawk at 17231 Blackhawk Blvd. ​in Friendswood. 
The Dallas-based buyer will upgrade amenity spaces.

Hudson Advisors sold the properties. 
A $100 sits on a paper that says
Did a 2018 Texas Supreme Court ruling on the Property Tax Code open up a can of legislative worms or provide a solution to tax problems regarding certain property types? Possibly both. Center Research Economist Charles Gilliland explains. Read "Value Judgment: Property Tax Ruling Ushers in Problems, Opportunities" for more. 

Battery producer recharges operations with $106M facility

TEMPLE (Temple Daily Telegram) – Battery producer East Penn Manufacturing Co. will expand its operations with a $106 million distribution facility.

The new center will be built in a 305-acre industrial park near the intersection of I-35 and Loop 363. Construction is expected to start in third quarter 2019.

It is expected to create 266 jobs.

The company currently has a facility at 2526 Charter Oak Dr. where it employs about 80 people.
Real Estate Red Zone logoIt's nothing but news on this week's Red Zone podcast. Hosts Bryan and Hayley look at two new Center reports and real estate headlines from around the state. Plus, what day is the best day for closing on a house? Tune in for all this. (11 min. 15 sec.) 

KDC developing another Telecom Corridor data center

RICHARDSON (KDC) – KDC will develop a 130,000-sf powered shell data center in the city’s Telecom Corridor just south of its CityLine development.​

The new data center at 1510 E. Lookout Dr. near the intersection of Plano Rd. and Lookout Dr. will be completed in summer 2019.

Features will include a 190-mile-per-hour wind-resistant design, an on-site substation for robust power and short electrical feeder runs,​ and over 20 network fiber carriers.

Alliance Architects is designing the project, and Kimley Horn is the civil engineer. Telios Dallas is the mechanical and electrical engineer.

This project is KDC’s fifth ground up data center development in the city.​
An oil pump works at sunset
There’s no shortage of good news in The Tall City when oil prices are up: high housing demand, strong job growth, low unemployment, and high household income. These days, Midland is feeling the energy. Center Senior Data Scientist Joshua Roberson exmplains in "All's Well When Oil's Well," a Tierra Grande digital first. 

Oak Ranch expansion addresses affordability crisis

DEL VALLE (Business Wire) – Roberts Communities will break ground in January 2019 on 550 manufactured and 260 single-family home lots in the Oak Ranch community off Pearce Ln.

The 198-acre project will bring homes to the market for 50 percent less than the average single-family home.

It will also include a new 10,000-sf community center with a resort-style gym, pool,​ and event lawn
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

PacVentures down to Brownsville for 811K-sf acquisition 

BROWNSVILLE (REBusiness Online) – San Diego-based PacVentures has acquired a ten-property industrial portfolio totaling 811,092 sf. 

The portfolio was 96 percent leased at the time of sale to multiple tenants including Trico and Carter Fuel Systems. 

Transwestern and AQUILA Commercial represented PacVentures. The seller was​ Sealy & Co.

14-story multifamily project resurrected near River Oaks

HOUSTON (Houston Business Journal) – Atlanta-based Gables Residential has broken ground at the site of the former Westcreek apartment complex just north of the River Oaks District.

The 14-story project, which was expected to begin over three years ago, will open in 2020 along Westcreek Ln. between San Felipe St. and Westheimer Rd. 

The tower will have 295 units averaging 1,539 sf. Amenities will include concierge services, a rooftop swimming pool with outdoor kitchen, fitness room, bicycle storage and workshop, and a club room.

Locally ​based architecture firm Ziegler Cooper designed the project. 
City skylineMarket Research is your gateway to data on all 25 Texas metropolitan statistical areas, from Abilene to Wichita Falls. Whether you're looking for information on an area's demographics, top employers, or housing and commercial markets, chances are you'll find it here.

El Paso sparks up luck of the Irish

EL PASO (El Paso Times) – Ireland-based Eaton Corp. will open a design and manufacturing facility at 7800 Trade Center Ave.

Eaton is required to invest $15.7 million in improvements and equipment and create 200 full-time jobs.

This location will make switchboard and motor-control components when it opens in t​he first half of 2019.

Driftwood Hospitality acquires two Houston hotels 

HOUSTON (CP Executive) – Driftwood Hospitality Management has acquired two hotels with plans to upgrade. 

​The 480-key, 15-story Hilton Houston North at 12400 Greenspoint Dr.​ has a 40,000-sf atrium and 52,000 sf of meeting space. It has an ​outdoor pool, 23 flexible function rooms, and a fitness center.

Marriott Houston North at 255 N. Sam Houston Pkwy. E. ​includes 20 function rooms totaling 15,990 sf. The 390-room hotel has a central 12-story tower adjacent to an eight-story tower with a detached two-story parking garage. ​​
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Historic downtown tower sells to hotel developer

FORT WORTH (Dallas Morning News) – Tennessee-based Development Service Group Inc. has acquired the 24-story 714 Main building, formerly the Continental Life Insurance Building.

The 97-year-old high-rise was purchased from XTO Energy Inc., the latest in a series of property sales by the firm.

The new owners plan to redevelop the 185,000-sf landmark tower, which was renovated in 2010.

​JLL worked on behalf of the seller. 

334-unit Villas to new owner

SAN ANTONIO (San Antonio Business Journal) – GVA Real Estate Group has purchased the Villas del Encanto at 1830 Bandera Rd.

The 334-unit apartment ​complex has studio, one- and two-bedroom units. The average unit size i​s 5​18 sf, and the average rent is $615 per month.

Comunidad Realty Partners sold the property. ​
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Five-story self-storage facility coming to Westheimer & Beltway 8

​​​​HOUSTON (REBusiness Online) – Central Southwest Texas Development LLC (CSW) will develop a 1,311-unit self-storage facility at 10411 Westheimer Rd. off Beltway 8 in the Westchase neighborhood. 

The five-story, 132,350-sf property is expected to cost $16 million, according to the Texas Department of Licensing and Regulation.

JLL arranged construction financing. 

Alamo City makes room for Living Spaces

SAN ANTONIO (San Antonio Business Journal) – Furniture retailer Living Spaces has opened a 140,000-sf store at 4239 N. Loop 1604 W.

The store features QR codes on merchandise, which will enable shoppers to scan any product with a mobile device to see details, reviews,​​​ and more.​
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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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