RECON for December 4, 2018RECON for December 4, 2018Bryan PopePope

Real Estate Center Online News
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December 4, 2018

Texas metros bouncing back

​​​​NEW YORK (HSH) – Five Texas cities have landed on HSH's list of the top ten metros that have recovered most since the Great Recession. 

Austin-Round Rock home prices are 72.55 percent above the last housing boom's peak, the second-highest of all metros studied. 

Dallas-Plano-Irving (68.51 percent above peak) and Fort Worth-Arlington (59.85 percent) ranked fourth and fifth, respectively.

Houston-The Woodlands-Sugar Land followed closely behind at sixth with its home prices 57.05 percent above the prerecession peak. ​​No. 8 San Antonio-New Braunfels had home prices 44.47 percent above peak. 

The rest of the top ten are:
  • No. 1 Denver-Aurora-Lakewood, 87.88 percent above peak;
  • No. 3 San Francisco-Redw​ood City-South​​​ San Francisco, 68.90 percent;
  • No. 7 Nashville-Davidson-Murfreesboro-Franklin, Tenn., 56.70 percent;
  • No. 9 Buffalo-Cheektowaga-Niagara Falls, N.Y., 43.61 percent; and 
  • No. 10 San Jose-Sunnyvale-Santa Clara, Calif., 43.37 percent. 
So far, 73 U.S. home markets have seen their home values recover fully from the huge downturns some areas saw during the recession.
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Lakehouse livin'

HOUSTON (Houston Business Journal) – Trendmaker Homes has started construction on a 225-acre community called Lakehouse.

The gated community north of I-10 and west of the Grand Pkwy. near the intersection of Clay and Pitts Roads will have 350 homes ranging from the $200,000s to the $600,000s. 

Amenities will include a recreation center with resort-style pool, fitness center, playground, and a 2,800-sf activity lawn called Neighborhood Green where residents can do yoga. 

Homes at Lakehouse will vary from 1,800 to 5,000 sf on 50-, 60-, 70-, and 90-ft wide lots.

A grand opening is scheduled for March 2019.​
Black and white photo of former President George H.W. Bush

The Real Estate Center and all of Texas A&M University will be closed Thursday, Dec. 6, for former President George H.W. Bush's burial on the grounds of his presidential library in College Station. 

Commercial, residential construction hit the brakes in DFW

​​​DALLAS (Dallas Morning News) – A steep slide in commercial building pulled down total North Texas construction activity in October, continuing a trend from most of 2018, according to Dodge Data & Analytics.

Nonresidential building starts plunged 63 percent in October from a year earlier.

Year-to-date, commercial building in DFW has fallen 34 percent.

Commercial construction in the area has totaled just under $7 billion so far in 2018, compared with almost $10.5 billion in 2017.

Residential construction, which includes both single-family homes and apartments, also fell by 4 percent in October from the same month in 2017, according to the report.

However, through the first ten months of 2018, residential builders have started more than $12 billion in North Texas projects. That's an increase of 7 percent from the same period last year.
A luxury home in Bryan, Texas.
You might be surprised to learn that Texas has the fifth-largest luxury home market in the country. Where are all those high-end homes, who’s buying them, and what factors are driving that market? Hold onto your smoking jacket and martini, because we have answers. Read "Livin' Large: Texas' Robust Luxury Home Market" by Center Senior Data Scientist Joshua Roberson for more. 

Private hangar hub breaks ground at SA airport

SAN ANTONIO (Rivard Report) – Colorado-based Western has broken ground on a $25 million private hangar hub at the San Antonio International Airport.

Located off John Cape Rd., the nine-acre site will feature seven hangars totaling 100,280 sf. Hangars will range between 12,000 and 15,000 sf. There will also be over 25,000 sf of attached office space.

Six of the seven hangars have already been leased according to the developer.

The airport logged more than nine million passengers during 2017 and is on pace to surpass that by one million in 2018.
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. 

Lakewood at Brookhollow Prospering

PROSPER (Hines) – Hines has acquired the remainder of the Lakewood at Brookhollow master-planned community.

The firm will develop 360 single-family home sites in the 121-acre second phase. 

Toll Brothers, Highland Homes, Shaddock Homes, and Gehan Homes will add homes when home sites start in 2019.​

At buildout, Lakewood at Brookhollow will include 635 single-family lots across 230 acres.

The first phase of the 890-acre master planned Brookhollow neighborhood was re​cently com​pleted. 

Darling Homes, Britton Homes, and David Weekley Homes built homes in Phase I, which includes 247 developed lots and a public park, hike-and-​​bike trail, pool, and amenity center.

Future plans at Brookhollow include additional high-end single-family development, gated custom homes, luxury townhomes, and ancillary retail. ​
Texas Housing Insight report on a cell phone
Texas housing sales rebounded 11.8 percent in October but remained on a flat trajectory. The shortage of homes priced below $300,000 and rising interest rates continued to weigh on overall activity. Inventories inched forward but at an insufficient rate relative to demand, and housing starts fell for the fifth time in six months. Read the latest Texas Housing Insight report for more. 

Greybook, Marlin Spring acquire $68M multifamily portfolio 

HOUSTON (Connect Media) – Greybrook Realty Partners and Marlin Spring Investments have acquired two townhome apartment complexes totaling 566 units for $68 million. 

The portfolio consists of the 278-unit Lakeview Apartments at 16755 Ella Blvd. and the 288-unit Lakeview Estates at 1699 Romano Park Ln. 

The new owners are planning a value-add program to renovate units, improve common areas, and increase efficiencies across both properties, which are close to one another. 

The communities offer clubhouses, fitness centers, and resort-style pools. 
TREC has launched a new automated Certified License History tool on Monday December 10th. This new feature will allow anyone to print a certified license history ON DEMAND for FREE! This is just one more way TREC

Addison office building changes hands

ADDISON (Dallas Morning News) – Yacht Harbor Capital Advisors has purchased the Landmark office building at 14800 Landmark Blvd. in the Quorum business park.

The 160,000-sf property, just west of the Dallas North Tollway, was built in 1985.

Libitzky Property Co. and Sunwest Real Estate Group have owned the property since 2016.

Colliers International marketed the building for sale.
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What's happening around the Center? Get the inside scoop with Total RECall, a free monthly update that combines all of the Center's latest research and more into one neat package. Read the November 2018 issue online for free and join the VIP list.

Active, aged, and amenitized—the Trinity of senior living

McKINNEY (Dallas Morning News) – Del Webb, a division of nationwide Pulte Group, has started work on a 127-acre, 537-home project in the Trinity Falls community near Melissa.

The project will be aimed at buyers 55 and older and include a 1​2-acre amenities center with a clubhouse, pool, fitness center, and lounge areas.

The new development is Del Webb’s third project in North Texas, after its communities in Frisco and Little Elm.

Trinity Falls is one of the Dallas area's biggest residential developments and is owned by Houston-based Johnson Development. West of US 75, the 2,000-acre community opened in 2014 with plans for 4,000 homes and commercial space.
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. 

Small town expands parks, greenspaces with land buy

​​​​​GILMER (Longview News-Journal) – Yamboree Park will grow by 12.5 acres after the city council authorized the $65,000 purchase on the north end of the park.

​The buy is part of a 2017 parks master plan to upgrade the city's public green spaces. 

Most of the attention is going to Yamboree Park, with new fields and facilities planned. The park is between US 271 and SH 155 in Upshur County. 

According to city officials, walking trails are also planned.
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Work starts on $50M sports medicine center

WACO (Waco Tribune) – Work is underway on a $50 million sports medicine center at Baylor Scott & White Hillcrest.

The four-story, 106,000-sf Sports and Orthopedic Center will be built at 100 Hillcrest Medical Blvd.

About 50 support staffers and ten physicians will occupy the new facility when it opens in December 2019.

Resale, rebrand, ReNew at TPC

SAN ANTONIO (San Antonio Business Journal) – FPA Multifamily has purchased The Grand Estates at TPC at 5707 TPC Pkwy.

The 408-unit property was sold by W.P. Carey Inc. The complex has been rebranded as ReNew at TPC.

The property was built in 2007 and previously sold in 2015.​
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.

Finial Group developing 145K-sf industrial park

HOUSTON (REBusiness Online) – Finial Group will develop Independence Business Park, a 145,185-sf industrial project. 

The property will be on roughly 19 acres near Beltway 8 and SH 288 and have seven buildings ranging from 17,025 to 27,030 sf. 

Buildings will feature 10 percent office buildouts and grade-level doors. 

First phase completion is slated for third quarter 2019.

New Irving multifamily property sold

​IRVING (Dallas Morning News) – Local builder JPI sold its 371-unit Jefferson Riverside apartments at 655 Promenade Pkwy. 

The almost five-acre rental community opened last year near the Toyota Music Factory and the Irving Convention Center.

Deed records show Atlanta-based Cortland Partners acquired the property.

The four-story apartment project was designed by JHP Architecture and financed by Fifth Third Bank.

Institutional Property Advisors brokered the sale.
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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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