RECON for March 24, 2020RECON for March 24, 2020Bryan PopePope
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RECON Real Estate Center
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What's happening in Texas real estate? State personal income up 5.3 percent in 2019, HAR.com suspends open house display notices, and Impulse 4.0 signs industrial lease in El Paso. Keep scrolling for the details. (Photo from Center files.)
March 24, 2020

Texas personal income up 5.3 percent in 2019 

​​AUSTIN (U.S. Bureau of Economic Analysis) – Texas' personal income was over $1.52 trillion in 2019, up 5.3 percent, according to the U.S. Bureau of Economic Analysis.

The state's personal income grew the seventh fastest nationally.

Professional, scientific, and technical services were the leading contributors to Texans' earnings. 

Texas per capita personal income was $52,504, ranking 27th nationally. The country's per capital personal income was $59,663.

Nationally,​ personal income was $18.6 trillion last year. 
Outlook for the Texas Economy
Read more in the latest Outlook for the Texas Economy report. 

HAR.com suspends open house display notices

​​​HOUSTON (Realty News Report) –​ The Houston Association of Realtors (HAR) has suspended the display notices of open houses on their website due to the COVID-19 outbreak.

In addition, HAR is waiving third quarter Multiple Listing Service fees for most firms.​

Many national real estate franchises and brokerage firms have either canceled all in-person open houses or are strongly encouraging their agents not to hold them. 

Realtors are urged to use virtual open houses and video tours to help slow the spread of the coronavirus.

For those involved in the sale or purchase of a home, Texas Realtors has published the COVID-19 Addendum. The document provides a 30-day extension of the closing date in a residential sales contract if the closing cannot occur due to a voluntary or mandatory COVID-19 quarantine or closure.

Read more about the potential impacts of COVID-19 on Texas' economy and real estate markets. 
Sketchy drawing of commercial buildingsThe Real Estate Center's Texas Quarterly Commercial Report looks at past, present, and future commercial real estate activity in the state's four major metropolitan areas. It covers the office, retail, and warehouse sectors. Read and download the report for free, and subscribe to know when the next issue is published. 

Impulse 4.0 signs 125K-sf lease in El Paso

EL PASO (CBRE) – Impulse 4.0 has signed a 125,646-sf lease at 9581 Joe Rodriguez Dr. 

The deal brings the speculative industrial building to 100 percent leased. 

CBRE represented the landlords, Equity Industrial Partners and Raith Capital Partners. Commercial Border Partners represented the tenant.
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. 

Texas Supreme Court suspends residential evictions

​AUSTIN (KXII News 12) – The Texas Supreme Court has voted to halt most residential evictions through April 19 as part of the state’s response to COVID​-19. 

The order allows for new filings but states no trial, hearing, or other proceedings can be held until after April 19.

An exception will be allowed if the court finds the tenant poses an imminent physical threat to the landlord or is conducting criminal activity.
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Embrey breaks ground on 296-unit Estates at Hill Country Village

SAN ANTONIO (Connect Media) – Embrey Partners Ltd. has started on Estates at Hill Country Village, a 296-unit apartment complex on US 281 between Loop 1604 and 1-410. ​

The property will have one- to three-bedroom units. Rents will range from $1,200 to $2,500 per month. 

Amenities will include a fitness center, game room, and studio with on-demand virtual training. 

The first units will be move-in ready in second quarter 2021. Completion is set for early 2022. 
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.

Jupiter Plaza under new ownership

​​​GARLAND (Marcus & Millichap) – A California-based private investor has purchased Jupiter Plaza, a 133,9​​24-sf industrial property. ​​

Built in 1974, the property is on just over 10.5 acres at 1001-1137 S. Jupiter Rd. 

Marcus & Millichap marketed the property on behalf of the seller, a private investor, and procured the buyer. ​
Helping Texans make the best real estate decisions since 1971

Fort Worth apartment complex sold

​FORT WORTH (Marcus & Millichap) – Copper Creek, a 274-unit apartment complex near the intersection of I-30 and Loop 820, has been sold.

Built in 1986, the 17-building property is on​ 12.4 acres at 6011 Oakland Hills Dr. ​​It underwent significant​ renovations in 2013 and 2017. 

Marcus & Millichap represented the seller, Florida-based DIJ Properties, and procured the Texas-based buyer. 
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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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