| RECON for June 26, 2020 | RECON for June 26, 2020 | | | 2020-06-26T05:00:00Z | 2020-06-26T05:00:00Z |
Real Estate Center Online News
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| International travel is just one of the many aspects of Texas’ border economy that has been hard-hit by COVID-19. The U.S., Mexico, and Canada agreed to limit all non-essential travel across borders beginning March 21, 2020. These measures were originally set to expire after 30 days but have since been renewed multiple times with the latest extension to July 21, 2020. It's unlikely that the travel restrictions will be recalled any time soon. Center Research Associate Paige Silva says more in our latest blog post. (Photo of McAllen from Center files.) |
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COLLEGE STATION (Real Estate Center) – Initial unemployment claims in Texas decreased last week to almost 84,700 after increasing the week prior.
From March 21 to June 20, nearly 2.6 million claims were filed in Texas, according to data from the U.S. Department of Labor (DOL).
Continuing unemployment claims decreased the week of June 13 to 1.2 million.
"The decline in continuing claims indicate that hiring continues, but that could be hindered by the resurgence in COVID-19 cases in Texas," said Real Estate Center Research Economist Dr. Luis Torres.
Using data from the DOL and the Employment and Training Administration, the Center estimates that from March 21 to May 13 nearly 562,400 seasonally adjusted claims were filed in Houston-The Woodlands-Sugar Land.
Houston has now surpassed Dallas-Fort Worth (561,800 claims) with the largest accumulated number of initial unemployment claims.
In San Antonio and Austin, an estimated 175,100 and 158,000 claims were filed during that time, respectively.
Along the border, an estimated 62,500, 59,200, 27,600, and 17,500 claims were filed in McAllen, El Paso, Brownsville, and Laredo, respectively.
From March 21 to June 13, over 12,600 unemployment claims were filed in College Station-Bryan.
Administrative/support/waste management/remediation services, accommodation and food services, and retail trade represented the sectors with the biggest unemployment claims.
Almost 47.2 million Americans filed initial unemployment claims in the past 14 weeks. Those weekly claims numbers have continued to decline.
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The National Association of Realtors' (NAR) 2020 conference and expo, originally scheduled for November 13-16 in New Orleans, will be transitioned to a fully virtual format in light of ongoing health and safety concerns stemming from the COVID-19 pandemic. NAR will announce more details, including registration information, in the coming weeks.
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AUSTIN (Austin Business Journal) – The metro ranked sixth in the country for the biggest decline in apartment rents since March, according to Apartments.com.
Multifamily rents fell 3 percent since March 31. Class A apartments took the hardest hit, falling 4.2 percent through June 12.
Rents are falling because COVID-19 has slowed down moves, and property managers are offering specials or rent concessions.
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| The high-tech home of the future is here. While smart devices may make living easier, they can make selling a home more complicated. Real estate attorney and former TREC General Counsel Kerri Lewis gives tips on how to sell smart homes on the latest Red Zone podcast. |
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ANNA (Dallas Morning News) – Centurion American is planning Hurricane Creek North, a residential community within the Villages of Hurricane Creek mixed-use development.
The project near US 75 will include 984 single-family homes, 400 multifamily residences, and 50,000 sf of retail, restaurant, and entertainment space.
There is also land set aside for a community garden, hiking trails, and an amenity center.
Plans call for single-story and two-story houses plus townhomes.
Construction will start in early 2021.
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 First quarter 2020 started strong until the COVID-19 pandemic shut down the economy in the last weeks of March. The duration of high unemployment rates will translate into higher vacancy rates and a decrease in effective rents. The number of tenants who will be able to pay rent going forward is unknown since it depends on them being employed and earning wages. Read more in our quarterly report.
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AUSTIN (Connect Media) – Governor Greg Abbott has suspended any further phases to reopen the economy due to the recent increase in positive COVID-19 cases and hospitalizations.
Businesses that are permitted to open under the previous phases can continue to operate at the designated occupancy levels and under the minimum standard health protocols provided by the Texas Department of State Health Services.
To help free up hospital capacity, Abbott suspended elective surgeries at hospitals in Bexar, Dallas, Harris, and Travis Counties.
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AUBREY (Dallas Morning News) – ZOM Living and Civitas Capital Group is building Mezzo, a 378-unit rental community near the corner of US 380 and FM 1385.
Stanford Construction is the general contractor, and JHP is the architect. Synovus Bank financed construction.
The first units are set to open in third quarter 2021.
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Looking for more real estate news? Our NewsTalk Texas feed has all the latest headlines. Here's a sample:
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EL PASO (El Paso Times) – Hunt Southwest Real Estate Development Co. has started on the Rojas East Distribution Center, a two-building, 370,000-sf industrial complex.
Hunt Southwest bought the 21-acre site at 12590 Rojas Dr. near Eastlake Blvd. in October.
The project will deliver in first quarter 2021.
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Economic conditions along the Texas-Mexico border plummeted during the statewide stay-at-home order and due to coronavirus-related disruptions. Almost 100,000 jobs were shed, more than a tenth of the border's employment base. Although labor market conditions improved in May, there are still too many unknowns to determine when a full recovery will be achieved. Read the latest Texas Border Economy report for more.
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HOUSTON (Realty News Report) – Alliance Residential Co. has purchased 13 acres at 12115 Main St. for a 336-unit multifamily project.
The three-story garden apartment community will offer one- and two-bedroom floor plans.
It will be part of the proposed Saint Nicholas Place campus.
JLL represented the seller, Taeken Ltd.
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| If not, click here to head to our website, where you can fill out this simple form for free. Once you do, the biggest headlines in Texas real estate will come straight to your inbox twice a week. Oh, and did we mention it's free? |
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MESQUITE (Dallas Morning News) – Wynne/Jackson is building a 280-acre industrial park in Kaufman County along I-20.
Buildings in the $200 million project will range from 120,000 to 1 million sf.
Stream Realty Partners will market buildings for lease.
Construction is set to start in early 2021.
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| https://www.recenter.tamu.edu/news/recon/?Item=386 |
