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RECON for December 20, 1919RECON for December 20, 1919Bryan PopePope
2019-12-20T06:00:00Z2019-12-20T06:00:00Z

RECON Real Estate Center
Sold house sign in suburban setting. Focus on sign.
The Austin housing market is headed for record-breaking sales this year, according to the Austin Board of Realtors'​​​ latest market report. For November data, keep reading today's RECON. (Photo from Center files.)
December 20, 2019

ABoR: Austin to finish 2019 on high note

​​AUSTIN (Austin Board of Realtors) –​​ Central Texas' real estate market is headed for record-breaking sales this year, according to the Austin Board of Realtors'​​​ (ABoR)​​​​​ November market report.  

Last month, home sales throughout the five-county Metropolitan Statistical Area (MSA) grew 14.3 percent to​ 2,554 sales, pushing the year-to-date total to 30,561, approximately 300 homes shy of last year's total sales volume. 

Area sales dollar volume grew 18.3 percent last month to $984.2 million, and the median price for a single-family home increased 1.7 percent to $305,000.​​

Over the month, new listings decreased 0.5 percent to 2,351 listings, and active listings decreased 14.7 percent to 5,744. However, pending sales spiked 21.9 percent to 2,526 pending sales.

Monthly housing inventory declined 0.5 months year over year to 2.1 months of inventory. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

"Because the demand in Austin continues to outpace the supply, the market is experiencing increased urban sprawl," Kevin P. Scanlan, 2019 ABoR ​​​president, said. "Limited and pricey housing within the urban core is driving residents to relocate to the suburbs. Until we adopt a refreshed land development code that focuses on diverse housing options for all income levels within the city, homebuyers will continue to flood surrounding towns." 
Texas Border Economy - October 2019 Summary
For more, read our latest Texas Border Economy report.

Five Below plans 860K-sf distribution center 

​​​CONROE (Houston Business Journal) – Philadelphia-based Five Below Inc. is building an 860,000-sf distribution center in ​the Conroe Park North Industrial Park.

The building will be on 71 acres the company acquired in November for $15 million. Construction is expected to cost an additional $41 million.

Work will be completed sometime ​​​next year.

The business park is owned by the city, which recently approved $23.7 million in bonds to fund additional infrastructure.

$300 million community bringing 1,000 homes near Forney

FORNEY (Dallas Morning News) – Wynne/Jackson is building the $300 million Overland Grove community on FM 548 south of Forney.

The 360-acre project has been underway since last year and will include 1,000 new homes priced between $275,000 and $400,000.​

It will have a community center with a pool, hiking trails, a fishing pier, and private parks. ​

LandDesign is the landscape architect. 

Completion is scheduled for January 2020.
Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:

Hartman Income REIT acquires 222K-sf office portfolio 

HOUSTON (REBusiness Online) – Subsidiaries of Hartman Income REIT have acquired three office buildings totaling 222,043 sf in the Energy Corridor.

The properties are:
  • the 130,828-sf, 64.2 percent-occupied Timberway II building; 
  • the 34,089-sf, 34.6 percent-occupied One Park Ten Pl. building; and 
  • the 57,125-sf, 89.1 percent-occupied Two Park Ten Pl. building.​ 
All three properties were built between 1979 and 1983 and have subsequently been renovated. 
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. 

Shorenstein breaks ground on 211K-sf office building

AUSTIN (REBusiness Online) – Shorenstein Properties has broken ground on the Alpha Building, a 210,500-sf office property within the Mueller Business District.

Designed by Page, the asset will be at 1900 Aldrich St. and include 26,000 sf of ground-floor retail space.

Aquila Commercial will handle leasing of the building, which will be complete in first quarter 2021.

Mueller Business District has ​three development sites with the capacity to house four office buildings totaling 800,000 sf.​
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Creation Equity starts on 1M-sf Haltom City office project 

HALTOM CITY (REBusiness Online) – Creation Equity has broken ground on The 820 Exchange, a one million-sf office and warehouse project.

LGE Design Build is the general contractor.

The project is valued at $45 million and will be completed by fall 2020.​

GLO seeking input on flood mitigation funds distribution plan

​AUSTIN (Texas General Land Office) – ​The Texas General Land Office (GLO) is seeking input on the state's plan for using $4.3 million in Community Development Block Grant Mitigation funds to assist eligible communities with flood mitigation projects. The funds are from the U.S. Department of Housing and Urban Development.

These projects will address risks within the areas impacted by Hurricane Harvey as well as the 2015 and 2016 floods.

The plan has been published for public comment on the GLO's recovery website. All comments received before 5 p.m. on Monday, Jan. 6, 2020, will be considered. The GLO will respond to comments in the final submission of the document to HUD for approval. 

Comments can be sent via mail, fax, or email. 
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Geodis signs for 673K-sf warehouse in West Dallas

DALLAS (Dallas Morning News) – ​​​French logistics company Geodis is moving into a 672,775-sf​ warehouse just south of I-30 at 1401 Chalk Hill Rd. 

​​The company will take all of Building B in Commerce 30, Hillwood's 199-acre master-planned logistics park.

Geodis will install an automated conveyor system and platforms in its new space, according to plans submitted to the Texas Department of Licensing and Regu​​​​​​​lation. 

The $12 million project will be completed by next summer.​​

Nitya Capital, Tema Development plan Two Hermann Place

HOUSTON (Business Wire) – Nitya Capital and Tema Development LLC will develop Two Hermann Place, a 295-unit high-rise at 1661 Hermann Dr.

The development will offer 13 floor plans with high-end finishes.

Community amenities include a resort-style pool, 2,100-sf sky lounge, café  and bar, 11,000-sf amenity deck, conference area, dog park, barbecue area, and fitness center.

The 32-story building​ will break ground in first quarter 2020 with completion scheduled for winter 2022. 
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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.
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