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RECON for November 15, 2019RECON for November 15, 2019Bryan PopePope
2019-11-15T06:00:00Z2019-11-15T06:00:00Z

RECON Real Estate Center
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You spoke. We listened. In response to recent reader feedback, we’re making some changes to Tierra Grande magazine. Starting with the January 2020 issue, you’ll notice more targeted content, a Q&A column, and a new name: TG. Read more about these changes in our latest Mixed-Use blog post. (Photo by Center Photographer JP Beato.)
November 15, 2019

Midland, Odessa had highest per capita personal income growth in U.S.

WASHINGTON (U.S. Bureau of Economic Analysis) – Two West Texas metros had the fastest growing per capita personal incomes nationally in 2018, according to the U.S. Bureau of Economic Analysis.

Ranking first, Midland's per capita personal income grew 12.6 percent last year to $122,247, the highest dollar amount in the nation. This growth is slower than the 45.5 percent change seen in 2017. 

Odessa's per capita personal income grew 11.1 percent to $47,271. The city ranks 160th in dollar amount. 

Real Estate Center Research Economist Dr. Luis Torres said the oil industry has contributed to the area's strong per capital persona income growth. What does this mean for the Petroplex?

"Increases in personal income per capita translate into better living standards for the population," said Torres. "However, like any other economic indicator, it has its limitations. The metric does not look at the income distribution of these gains to assess the effects on the overall population. It does not see if the growth has lifted all boats at the same level, or if these increases are concentrated to particular income g​roups."

In September 2019, Midland had the lowest unemployment rate in Texas at 2 percent, according to data from the Texas Workforce Commission. Odessa's rate was 2.6 percent, tied for third with Austin-Round Rock and College Station-Bryan. Read the Center's latest Monthly Review of the Texas Economy for more employment data. 

Other metros with high per capita personal income growth rates are Casper, Wyo.; Parkersburg-Vienna, W.Va.; and San Jose-Sunnyvale-Santa Clara, Calif. ​​
Outlook for the Texas Summary September 2019 Summary
Read our latest Outlook for the Texas Economy report for more.

NAR passes policy to end 'pocket listings'

​​HOUSTON (Houston Chronicle) – The National Association of Realtors (NAR) has approved a policy that would essentially put an end to "pocket listings," the practice of promoting real estate listings without posting them on a Multiple Listing Service (MLS) for the public to see.

​The new rule requires agents who sell through MLSs to submit their listing to the service within one business day of marketing the property to the public, whether that’s with a sign in the yard, an email blast, or through a Facebook post.

The rule change was overwhelmingly approved by the association’s board during its annual conference in San Francisco last weekend.​

The rule goes into effect Jan. 1, 2020, but MLSs will have until May 1 to fully adopt the policy. 

Currently, some MLSs across the country compile listings on their public-facing websites that allow agents to promote properties as "coming soon" before they are ready to show or sell.

The policy does not prohibit agents from taking office-exclusive listings, those that are shared within a particular agency. But once a listing broker advertises a property outside their brokerage firm, it must be on the MLS the following day.

Penalties are to be defined by each local association. For example, the fine in the Washington, D.C. area, which implemented a similar policy last month, is $5,000.

While some say the policy is a victory for consumers, opponents of the NAR rule argued sellers should have a choice in how they market their home.

Estimates show as many as 10 percent of listings​ nationwide are pocket listings.
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Manifold unfolds plans for 42-story office tower

AUSTIN (Austin Business Journal) – Manifold Real Estate is developing a 42-story office building on half a block west of the Austin Convention Center.

The 735,541-sf development calls for three levels of underground parking,​​​ 19 stories of above-ground parking, 23 stories of office space, and a rooftop terrace.

Before building the 613-ft tower, Manifold will demolish a half-block of low-rise buildings that include restaurants such as P.F. Chang's, Fleming's Prime Steakhouse, and Café Blue.

The site, which is leased to Manifold, is owned by developer Sandy Gottesman and partners.
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Benjamin Moore leasing Lewisville distribution center

LEWISVILLE (Cushman & Wakefield) – Benjamin Moore has signed a 238,000-sf lease in the Lakepointe Crossing development.

The space at 2525 E. SH 121 will be the company's​ regional distribution center.

Benjamin Moore's previous 70,000-sf distribution center in Mesquite will continue to serve as its manufacturing facility.

Cushman & Wakefield represented the tenant.​

Panache transforms old Motorola campus 

AUSTIN (Austin Business Journal) – Panache Development and Construction Inc. is developing the 109-acre Austin Viie office project at the ​former eight-building Motorola campus along US 183.

At full build out, the campus will include more than 4.6 million sf of office space. 

A ​trail system, 62,336-sf amenity center, and 327,278 sf of office space will be complete by 2020.

Amenities will include a theatre, conference center, game room, food court, Amazon lockers, electrical charging stations, and exercise facilities.

Around 350 workers are on the construction team.​
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. 

Windmill Ranch apartments underway in Odessa

​​ODESSA (Hunt Properties Inc.) – Dallas-based Hunt Properties Inc. has started work on Windmill Ranch, a 326-unit, Class A multifamily community. 

The property, on nearly 20 acres at the northeast corner of Dr. Emmitt Headlee Rd. and Medical Park Dr., offers one- and two-bedroom units averaging 881 sf. 

Amenities include a pool, outdoor pavilion​ with grilling stations, fitness center, cyber cafe, and dog park and washing station. ​​

Brownstone Construction is the general contractor. 

Completion is set for fourth quarter 2020. 

New Jersey developer building Dallas Design District tower 

DALLAS (Dallas Morning News) – Urby has purchased a vacant four-acre block on Hi Line Dr. ​to build a high-rise residential building.

The New Jersey developer purchased the property from Fairfield Residential, which had previously planned an apartment tower for the site.

Phase one of the two-tower development will deliver 381 units.

Construction will start in March 2020 and take 26 months to complete.
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Methodist Healthcare campus coming to Westover Hills 

SAN ANTONIO (Connect Media) – Methodist Healthcare is developing a clinical campus on 70 acres in Westover Hills.​​

The development will include a full-service hospital and a 100,000-sf medical office building with a first-floor ambulatory surgery center. 

The office building will take 24 months to complete.

Methodist Healthcare recently opened a smaller emergency facility in the same area at 5528 W. Loop 1604. 

GroundWork works on 2,100-acre Austin Green

AUSTIN (Austin Business Journal) – GroundWork is developing Austin Green, a 2,100-acre residential and commercial development along SH 130 from the Colorado River to FM 969.

The development calls for 12,000 residential units, 2.25 million sf of commercial space, and a three-acre fire station.

Construction will begin in 2021.​
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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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