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RECON for November 22, 2019RECON for November 22, 2019Bryan PopePope
2019-11-22T06:00:00Z2019-11-22T06:00:00Z
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RECON Real Estate Center
aerial view of a dallas suburb in the fall
According to the National Association of Realtors’ latest report, housing sales through MLSs rebounded across the nation in October, rising 4.6 percent year over year. How does that compare to the Lone Star State? Keep reading today's RECON to get insights from the Real Estate Center's research team. (Photo from Center files.)
November 22, 2019

Texas home sales growth robust amid strong economic activity

​​COLLEGE STATION (National Association of Realtors) – According to the National Association of Realtors' latest report, housing sales through Multiple Listing Services rebounded across the nation in October, rising 4.6 percent year over year. Texas doubled that growth amid robust economic activity. 

Researchers from the Real Estate Center at Texas A&M University said last year's combination of rising interest rates and falling oil prices stalled the housing market, setting the stage for the positive reading. Despite these base-year effects, the current trend points steadily upward. 

Texas sales surpassed a monthly high after accounting for seasonal factors and are projected to close the year up around 3.2 percent annually, while national sales look to be slightly below 2018 levels. Lower mortgage rates may encourage buyer activity into the holidays. ​

Nationally, exsiting-home sales rose 1.9 percent over the month in October. The median existing-home price for all housing types was $270,900. 

Existing-home sales in the South (the region that includes Texas) increased 4.4 percent to an annual rate of 2.35 million in October, up 7.8 percent from a year ago. The median price in the South was $234,900, a 6 percent yearly increase.​
white piggy bank wearing santa hat
Holiday spending is driven largely by the current economic climate. Three Texas cities have ranked in the top ten cities with the biggest holiday budgets. But how can Texans avoid breaking the bank this year? Read our latest Mixed-Use blog.

Old Boy Scouts camp to become 536-acre public park 

WIMBERLEY (Austin Business Journal) – The Nature Conservatory (TNC) and Hays County are turning 536 acres of El Rancho Cima, a former Boy Scout camp, into a public park and watering hole.

The land, which is 20 miles west of San Marcos along the Blanco River, will be turned into a large park with a mile of waterfront.

With the population of Austin expected to double by 2040, TNC's associate director of land protections says "it's critical we protect some of the environment and provide places for the public to recreate."

Rio Blanco LLC sold the 2,382-acre camp. Ranch Investments & Associates was the broker. 
pink and blue backgroun with 0s, 1s, and mathematical equations
With home sales data yo-yoing month to month, how can anyone make sense of what's happening in the market? The answer is much simpler than you might expect. Read "Filtering Out the Noise: Seasonally Adjusting Housing Data" online now.

Advenir acquires 360-unit Legado Ranch 

ODESSA (JLL) – Aventura, Fla.-based Advenir LLC has acquired the 360-unit Legado Ranch Apartments at 4001 De Morada Dr.

Completed in 2018, the 326,838-sf property offers studio and one- and two-bedroom units. Rents range from $1,275 to $2,025 per month.

Amenities include a pool, cabana, dog park, playground, clubhouse, movie theater, and fitness center.

JLL arranged a seven-year, fixed-rate loan through Freddie Mac on behalf of the new owner​. 
New Executive Director Announced The Texas Real Estate Commission (TREC) is pleased to announce Chelsea Buchholtz as Executive Director of TREC effective January 1, 2020. She will be the first female executive director in TREC’s history. The Executive Director also serves as the Commissioner of the Texas Appraiser Licensing and Certification Board (TALCB), who participated significantly in the selection process. Ms. Buchholtz currently serves as the Commission’s General Counsel. She will succeed long-serving Executive Director and Commissioner, Douglas Oldmixon, who will remain with the agency for a period of transition through March 2020. TREC and TALCB exist to safeguard consumers in matters of real estate property transactions and valuation services. More information regarding this transition to follow.

Apartment project to complete shopping center in Allen 

ALLEN (Dallas Morning News) – Dalcour Holdings LLC is building a 470-unit, four-story apartment community that will finish out an existing shopping center and Cinemark movie theater project. 

The project at the southeast corner of SH 121 and Watters Rd. will fill a seven-acre vacant tract in the middle of the mixed-use development.

Along with the standard rental units, the development will include 30 two-story live-work units. 

Construction will begin in early- to mid-2020.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

30-acre Sportsplex underway in San Marcos 

SAN MARCOS (Connect Media) – The city and Pursuant Ventures Development LLC are turning 30 acres on Centerpoint Rd. into an indoor/outdoor sports and entertainment complex.

The Sportsplex will feature eight championship baseball fields and education, computer, and study rooms.

The cost is estimated to be $19.8 million, including ​a 3 percent contingency fund.

Construction will start in early 2020.
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. 

Mexico City investor picks up 250K-sf Lewisville office campus

LEWISVILLE (Dallas Morning News) – A unit of Mexico-based Aztec Fund has purchased two office buildings totaling 250,000 sf.

Built in 2004 and 2006, the Lake Vista 3 & 4 buildings are near I-35E and Sam Rayburn Tollway.

They are fully leased to Nationstar Mortgage's Mr. Cooper home loan operation. They previously housed offices for JPMorgan Chase.

JLL marketed the buildings for sale.
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31-story tower rising near SXSW Center

AUSTIN (Austin Business Journal) – A partnership led by Cypress Real Estate Advisors is developing a 31-story tower at the corner of 14th and Guadalupe Streets.  

The 326,509-sf high-rise will​ replace the office building that currently houses the Combined Law Enforcement Associations of Texas headquarters. 

It will be directly across from the 13-story SXSW Center.​
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Mixed-use project underway in Las Colinas’ Urban Center 

IRVING (Dallas Morning News) – The city council has approved the construction of a 5.3-acre mixed-use project on a vacant corner at North O'Connor and Las Colinas Boulevards.

The project will include a ten-story, 248-room hotel; a nine-story, 225-room hotel; a four-story office building; and a parking garage. 

Type Six Development is working with the property owne​​r, an affiliate of Dallas' State Bank of Texas, on the project.
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Copyright © 2019, 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=329

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