RECON for May 19, 2020RECON for May 19, 20202020-05-19T05:00:00Z2020-05-19T05:00:00Z
RECON Real Estate Center
Photo of governor preston smith signing SB 338 into law in 1971)
On Monday, the Real Estate Center celebrated its 49th birthday. When the Center was founded in 1971, the average U.S. home sold for $23,900. While much has changed since then, one thing hasn't: the Center's goal to help Texans make the best real estate decisions. (Pictured: Gov. Preston Smith signing Senate Bill 338 on May 18. 1971. L to R: Ervin W. Luedtke, Julio Laguarta, Robert Hale, Rep. Delwin Jones, Lawrence Miller, Dr. Harry O. Kunkel, Sen. William T. Moore, Dr. A.B. Wooten, and Cecil Culpepper.)
May 19, 2020

SA home prices rising despite slowing housing market

​​​SAN ANTONIO (San Antonio Express-News) – The metro’s housing market is slowing down, but prices are still rising. 

The San Antonio Board of Realtors reported that 2,748 homes were sold through the Multiple Listing Service in April, down 8 percent year over year. 

Pending sales fell from 3,182 to 2,652. 

Still, prices increased 5 percent to $241,500 as inventory tightened to 3.3 months. The Real Estate Center considers six to 6.5 months of inventory a balanced market. 

The metro's sales dip was smaller than the drop across Texas. Statewide, the number of homes sold decreased 17.4 percent to 24,795 homes. 
covid-19 and mortgageBroadly speaking, “acts of God” or force majeure are natural events that could not reasonably have been foreseen and prevented by parties in a legal contract. Whether the COVID-19 pandemic qualifies is an interesting question courts will need to address. See what Center Research Attorney Rusty Adams has to say.

McCord expanding 4,000-acre Generation Park development

​​HOUSTON (Houston Business Journal) – Locally based McCord Development Inc. has purchased 201.2 acres to expand its 4,000-acre Generation Park development. 

The land is near the northwest corner of E. Beltway 8 and N. Lake Houston Pkwy. 

The Harris County Appraisal District valued the land at nearly $3.5 million in January​.

Cresa Global Inc. represented the seller, Exelon Generation Co. LLC, an affiliate of Chicago-based Exelon Corp. Cushman & Wakefield represented McCord. 

Since 2017, Generation Park has welcomed 438,000 sf of office, 490,000 sf of retail, 908,000 sf of industrial, 251 luxury apartment units, and two colleges totaling $1 billion. An additional 2.1 million sf of projects is in the works.​
Helping Texans make the best real estate decisions since 1971

Fort Worth ISD approves sale of four surplus properties

​​​​FORT WORTH (Fort Worth Business Press) – The Fort Worth Independent School District Board of Education trustees approved the sale of four surplus properties for $13​ million.

The assets are:
  • the district's Professional Development Center at 3150 McCart Ave., $9 mill​ion;
  • the Thomas Place Community Center, $1.4 million;
  • undeveloped land at 840 Cooks Ln., $750,000; and
  • three undeveloped acres at the northwest corner of Wichita St. and I-20, $1.8 million.
The Thomas Place Community Center was purchased by the city.

 JLL brokered the sales.​
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. 

Kairoi Residential buys W. 6th St. site for apartment tower

​​SAN ANTONIO (San Antonio Business Journal)  – Kairoi Residential has purchased a quarter block along W. 6th and Rio Grande Streets for a new apartment tower. 

The 292,000-sf tower will sit on a 19,300-sf site​. 

Apartments will be available for lease starting in 2023. 
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1.1M-sf industrial space headed to North Fort Worth

​​FORT WORTH (Dallas Morning News) – DHL Supply Chain has filed building permits for two big warehouses near FM 156 and Alliance Airport.

The buildings will contain 1.1 million sf of logistics space. 

Called the DHL Alliance Buildings D and E, the warehouses are valued at more than $36 million.

ARCO National Construction Co. will build the pair. 
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.

140K-sf industrial building sold in La Porte

​​​LA PORTE (Realty News Report) – ​​Clay Partners-Port 146 #1 GP LLC​ has sold a 140,400-sf industrial property to an affiliate of Denver-based Black Creek Group.

The asset is on eight acres at 2020 N. SH 146. 

CBRE represented the seller. The buyer was BCI IV Port 146 DC LP. 
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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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